The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1905-01-19
The Banks of Maine.

The annual report OF the state bank ex-
aminer contains as usual much interesting
and important information, and it also
contains well considered Recommendations
which the Legislature should take under
advisement, looking to sane and safe fl
nance and the safeguarding of the peo-
ple's money. 1t appears that the number
of banking institutions GRATED under the
laws of the state are the same as a year
ago Ioo of which 81 are savings
banks, % trust and banking companies
and s. loan and building associations.
The total assets, however. have increased
more than five and quarter million dol
lars and now stand at $Io8, 766 500. The
number of depositors and shareholders is
258 363 against gag o7o the year before,
making a gain OF 8,784 The total assets
oil savings banks and loan and building
associations and deposits in trust compa-
MES, which are the funds belonging to the
depostoiS and shareholders, is SIo2, 1873,
o46, making gain OF 81 63I 617 in these
funds during the year. The amount OF
deposits alone IN all these Institutions is
500 ,6oo,o 33, an increase of 81 o83, COL
During the year these institutions palo 10
depositors and stockholders in interest
and dividends S. I2o, 7I2 as against s.,
o58 o6o in 1908, which is an increase
OF SI7o,743. The amount paid to de-
posltors in savings banks shareholders
10 loan and building associations and de-
posltors in trust companies was $4,000,
847-an increase of $I47,3o8 in the in
come upon the real savings funds in all
State banking institutions.
The banks are thus shown to be in a
very sound condition, but there are Ger
tain interesting phenomena in their opera
tons the pas year. which seem TO have
been due TO exceptional causes. The
gain in deposits during the year was
little more than half the gain in the pre-
ceeding year and much less then the gain
in either of the three preceding years,
The amount of deposits actually received
was $4,000 less than the Withdrawals.
This unusual withdrawal of deposits"
says the report, "has continued during
the whole year and had extended to every
section of the state.
The funds oft he people for some rea-
son, have been diverted from the savings
institutions, and have gone into other
classes of banks; or have been invested
directly, or used lp the many schemes ior
speculation which have been 50 generally
offered our people during the past year.
That these funds have been largely alb
sorbed by other classes OF banks cannot
be questioned. This is demonstra ed in
the fact that the 81 savings banks have
actually paid out 10 depositorS more than
they have collected during the year, and
that even with dividends added. they
have only increased their deposits aboul
two per cent, while the 3 trust Compa
MES have increased their savings deposits
abou 80 per cent. Nearly one-hali OF
the national banks in the state are also
competing Tor ,hiS class OF deposits, with
much the same results as observed in the
trust companies. A few years ago, Meth
er of these institutions were receiving any
large amount of deposits of this kind,
while now both are endeavoring to Oh ain
them They are offering special induce
ments for such funds and in some lustau-
ces even canvasiDg localities many miles
from the locality OF the bank. Had the
savings deposits collected by them during
the year been deposited in the savings
banks as formerly, these institutions
would have shown the usual and proper
amount OF increase.