Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-02-08
MAINE BANKS.
The Report Of Examiner Tim
berlake for 1903.
Substantial Gains in Deposits and
Number Of Depositors.
Seven New Banking Institutions Es-
tablished in 1903.

The annual report of the Hon. Ere
| mont E. Timberlake of Phillips, state
| bank examiner, was submitted to tho
| governor and council at last Friday.
session. The report shows that there
| are IL savings banks in the State. with
total assets of $50, 53S, 1890; % trust
ana banking companies, with assets OF
$lo,5l4,0l0.G3; and 50 loan and building
associations, with assets of s., 932 2O6 IS
The report says in part:
| ThlS is q gain of six in the number
of institutions reported, seven new
| institutions having been organized and
added to the list and one Iiauidated
| during the year. The total assets have
increased So ,640, 002.227. as against s., 04S,-
| 3O6.3S in 1902, being 1891, 495 SO in excess
OIL the increase for last year. This
unusually large increase is due to the
! additions coming from the new inSti-
| tutiOnS organized during the year. AS
i matter of fact the increase in assets
i'll those institutions organized prior to
| the present year has been less than
during 1902. This is undoubtedly due
| to the disturbed condition of business
affairs; and also to the great local de-
mand for capital which has led those
having surplus funds to invest a larger
portion of them directly, instead of
through the medium of banking insti-
tutiOns. These total assets make a
per capita of $14S.S6 for the inhabitants
of the state, as against $140.7S in 1902,
u gain Of $S.0S.
The amount of deposits in the say
l.,,,
the accumulated capital in the loan
and building associations is $92, 516,-
O12.36 as against $SS,6S2, 669.26 in 1902
a gain of 81, S33 10 i'll one year. The
number of depOsitors in savings banks
and trust companies and shareholders
in loan and building associations, has
increased from 237, 140 in 1902 to 249079
in 1903, a gain of II. 339. Thus 249O79
Of the 694 466 Inhabitants OF this State
are directly interested in their pros
perity, and are in some degree depen-
dent upon the income received from
these institutions.
During the present fiscal year the
state banking institutions have paid to
and dividends $2,95S, 1926. as against
S-,NlU,otUDt last tGlI. i Ills Is Ill III
crease Of $14S,42S12 in the amount of
income thus distributed among our
people. The total amount paid to
depositorS in savings banks. share
holders in loan and building asso-
Citations and depOsitors in trust COM
panies, in other words the amount paid
in dividends upon the real savings
funds in all state banking institutions.
has been $3.50 ,049.26. an increase of
$12S.45S.12 from last year. The aggre-
gate of the reserve funds set apart by
these institutions under provisions of
law. now amount to 1881 ,911.56. as
against $3.50 1926 in 1902. This is an
increase of $1.241,67S.6l, while last year
it was but $31S,876.13. This large in
crease in these funds is unprecedented
in the history of these institutions.
There is an increase of two in the
number of national banks, and an in
crease Of S1.113,742.52 in their assets
during the year, as against an increase
of 81, 947 ,O66.GS in 1902. The total assets
of all kinds of authorized banking in
stitutions in this state are now $153,
COS, 06691. This is a gain of $6.153, 744. 70
in this class of personal property dur
ing the year. In this connection it is
interesting to note that the assessed
IS aluation of personal property in the
state has increased but $685. 64 dur
ing the same time. An equal distri-
button of this banking capital would
give to each inhabitant of the state
$221. 10, n gain of 1913 during the year.
1t has been generally understood that
for most of the year all of these insti-
tutions have been unusually hsort of
current funds, or cash on hand. 1t
appears. however. that upon the date
OF these returns they had in cash OH
hand ard on deposit" 40, 504, S10.6i, as
against $685., 35S.57 at the corresponds
! irg date last year. or 3i.312.GI more
| in cash assets. While it is impossible
! to ascertain exactly the amount OF
actual cash held at these dates-the
returns of state institutions not giving
the necessary items-a careful compu-
! tation shows that including national
bank notes. it was at least s3.OOo,OOO.
1t appears that there has been ar
increase of $2GS4 1886 in the tOta
assets of these banks and of $1,000
27%.S9 in their deposits for the year, as
against a gain of $3,23o ,644.61 and
Z s2.S0S, 9S5.13 in the corresponding items
/ last year. While this increase is moi
equal to last year it is fully up to the
| average of the past ten years.
! The amount deposited, including
dividends credited. has been sl6.S14.-
?94.46 and that withdrawn s14.S10,115.5l
The amount of funds actually deposited
during the year, exclusive of dividends
has been s34S, 1856. 10less than the amount
withdrawn. That is to say. the de-
positors have not only withdrawn as
much as they deposited but have ais5
drawn upon their dividends credited tc
the extent of s34S,4S6.H.
| The total amount of the reserve func
at the present time is $3,57S,343.74. beins
416 per cent. of the total deposits