The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1904-02-11
S,o7',S1. 286.2I

3s Loan and Building
Associations .93z,<Oo'<o
- -
log sos 5o4,3oo.<i
This is a gain OF six 10 the number oil
institutions reported, seven ne" lnstltu-
tons having been organized aud ADDED
to the list and one lqudated during tnt
wear. The total assets have Increased
IS, GAO, 002 ~ ss against 5000. 506.3e IN
1902, beiug 1891 ,495, SO 10 excess OF the
increase for last year. This unusually
large increase Ia due to the additions
coming from the new institutions organ
z4d during the year.
Asa matter OF fact, the Increase In
assets In those Institutions organized
prior to the present year has been less
Than during 1902. This is undoubtedly
due to the disturbed condition OF bust
ness h fl airs and also to the great local
demand for capital which has led those
having surplus funds TO invest larger
portion of them directly, instead OF
through the medium of banking lnstitu-
tons. These total assets make per
capital OF Sl4S.86 for the Inhabitants OF
the state. as against $l40.18 In l9O2-a
gain OF IS OS.
Savings banks and loan and building
associations are purely mutual IN their
character, and their assets belong TO the
depositors and shareholders. 10 othel
words, the contributions OF deposltors
and shareholders are the sole WORKING
capital OF these institutions, are holden
for all outstanding liabilities and are en-
titled to participate In all DIVISIONS OF
their assets. Trust companies are call
cd stock banks to distinguish them from
n
companies depositors do not participate IN
a general distribution of the assets or
profits and are not holden for the losses.
The depositors receive In addition 10 the
principal deposited only such interest as
may be agreed upon between themselves
and the particular institution In which
their funds are placed. The total as
sets of the first two classes OF institu-
tions and the deposits 10 trust compan
les. therefore, make up the fund belong
ing to depositors. The aggregate Of this
fund is now sos, 246 1922 as against
90, 708, 1851 in 1902, being a gain of
a. 53S, 1873. II 10 one year The amount of
deposits In the savings banks and trust
companies and OF the accumulated capt.
tai 10 the loan and building associations,
otherwise the amount actually standing
to the credit of depositors and share
holders--is s92 5l5 OH So, as against
$sS, 6S2. 500 20 in 1902 gain OF 81 1873,
400. 10 In one year.
The number OF depositors In savings
banks and trust companies aid share
holders In loan and building associations,
hss increased from 237 40 In 1902 to
249, 079 In 1908 gain OF II, 1893. Thus
249 079 Of the 694 ,466 inha9 ants OF this
state are directly interested in their pros
perity, and are 10 some degree DEEPEN
dent upon the income received from
these Institutions.
During the present tisca year the state
banking institutions have paid to de-
positors and stockholders in interest and
dividends 81, 958, 1859 26, as against 81
$40 $40 "a last year. This is an increase
OF S14S, 428 70 in the amount OF Income
thus distributed among our people. The
total amount paid to depositors In savings
banks, shareholders In loan and building
associations and depositors In trust com
panies, 10 other words the amount paid
10 dividends upon the. real savings funds
In all state banking Institutions, has been
81, 1922, 049 26 An increase OF $l28, 45S ~
from last year.
The aggregate OF the reserve funds BET
apart by these institutions under pre-
visions of law, now amounts to 81 DBL
OIL Sc as against 80 200 292 SO 10 1902.
This is an increase ofS1, PAL ,678 81, while
last year Ii was but 1878 S76 l3. This
large increase In these funds Is UMPIRE
cedented in the history OF these lnstitu-
tions. 1t clearly shows that they are
coming more and more TO appreciate the
importance OF setting apart portion OF
their current earnings, In times of bust
ness activity. an insurance against future
losses and the r. ductiop of income 10
cident to depressions In business affair.
There Ia n decrease Of two the M
tional banks and an increase OF 81 49,
742 81 10 their assets during the wear a.
against an increase Of 81 ,947 066 go In
1902
The total assets of all knds of author
lied banking institutions in this state
are now Sl53 COS 654 81. This is a gain
of So 1853 744 70 In this cllss OF personal
property during the year In this cot
nection 1t Is interesting t, note that the
assessed valuation of personal property
In the state has increased but 81, 633 064
during the same time. An equal dis
tribution OF this banking capital would
give TO each nhabitant ofthe state 1921 10
"A gain of 80 70 during the year.