Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-01-15
MAINE BANKS.
CONTINUED from Page Nlne.)

more than during the same period of
time last past.
Considering the present unexampled
nrosperity OF the trust companies II
nav seem unnecessary to suggest that
more stringent restrictions should be
invoked in the management of their
business. 1t Is now entirely within
the letter of the law for one Of these
institutions to loan to a single IN
dividual any amount in its possession
even in excess of it's entire capital and
surplus The only way now provided
by law for the State to regulate such a
contingency is for the bank examiner
10 oDply to the courts to interpose on
the ground that the institution is not
being properly managed. The neccs-
sary result of such action, whether war
ranted by the facts or not, would be 10
destroy the institution by destroying
the confidence of the public in it.
With the growth of the business
transacted by trust companies in this
state has come an increased demaIIu
fer permission to establish branches.
There are now thirty-five Of these
institutions in the State, the number
having continued the same during the
past four years. They show an in
crease in total assets Of $2i2.25302
against corresponding gain Of $685.
25G.1i during the previous year, well in
keeping with that made by the other
two classes Of banking institutions
when we consider the total amount
invested. The accumulated capital is
Sl67,71S.15 in excess Of that of Oct. IS,
1905. and the guaranty fund is now
$.S,373.11 against s74.245.92 Ct the
earlier date. There is an increase Of
~ in the number of shareholders
against IN increase OF S. i'll number Of
borrowers. an evidence Of the con-
tinued popularity OF these institutions
with the investing public.
The report contains The latest report
OF Slas ID. Andrews. receiver of the
oxford County Loan Association, which
is in process Of liquidation.
I should be ungrateful if l closed this
report without first having publicly
acknowledged the obligation | am un-
der to my predecessor III this Office for
Invaluable assistance rendered me in
taking up its duties. / found the de-
partment thoroughly equipped ana
systematiZcd and every record includ-
ing full minutes Of examinations ana
correspondence connected with every
institution under its jurisdiction for
the period of Mr.. Undertakes incum-
hency of the Office carefully filed and
readily accessible. This coupled with
q disposition to furnish every possible
detail Of information and suggestion
desired and an office force exreptiOnal-
IN conVersaEt with the work ana needs
Ok the department and ambitious onl-
1cr the discharge Of its duties in a
manner betting the dignity and i'm
Pcrtance of one Of the great denart-
h'ents of the State government. has
a"ced very materially to tho pleasure
~ the WORK and the possibility of IFS
proper execution. And if at TIL end of
NY connection with this department /
snail be able to command even 4 rea-
s"nable part Of the commentator Thar
| nave had the pleasure Of hearing H.
slowed upon tine work OF Elm VIVA has
3cen responsible for its ma1agerne,t
curing the past II years. [ shall FIJI
t"at my efforts have not been in vain
Respectfully submitted.
WILLIAM l.. SHELTON.
Bank Examiner