Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1907-05-10
Statement Of Farmers Banking and
Trust Company.

1
Statement of the affairs Of the Farmers
| Banking and Trust Company OF Mont.
gomery County for the year ended April
| 80, 1907, submitted by the Board OF Di.
rectors to the Stockholders, 10 annual
meeting held on the 9th day of May, 1907
To the Stockholders of the Farmers Bank.
ing and Trust Company OF Montgomery
County:
The laws Of Maryland require that the
Boards of Directors of Corporations In this
State shall make to the stockholders full and
particular report of the affairs of such cor
porations. In obedience to this requirement,
your Board of Directors submit the follow
Ing statement-the details being contained
In tables appended hereto:
From these tables 1t will be seen that the
resources of the Company have increased
$sS 800, or 8 per centum;
The loans have increased $4.S61, or 2t
per centum;
Bonds have increased 500 ,eOs, or 3sl per
centum;
Deposits have Increased $S7 1888, or 10 per
centum;
The surplus fund has increased So 900, or
4s8 per centum;
Undivided profits have increased $641, or
5O per centum;
ING bOGAl tTHnbhCtlOu5 nave luCEousou
$l9l ,531, or 7 per centum.
The small increase In the loans Is &C.
counted for by the fact that the Treasurer
5of Maryland asked for the substitution OF
registered stocks for the Frederick county
coupon bonds heretofore deposited with him
for the security Of depositors OF the Com.
pany, and this necessitated the calling In OF
some loans to provide the funds for the pur-
chase of the stock. The substitution was
completed on the Gath of April last. The
result Is highly satisfactory, and the total OF
loans and Investments shows the substantial
increase of $S4484, or 10 per centum over
the same items year ago.
Practically the entire deposits are thus
secured and the financial integrity of the
Company and Its ability, through the pos
session Of an abundant supply OF quick
assets, TO meet emergencies, are established
beyond oil question.
Equally gratifying Is the exhibit Of the
earnings OF the Company, the gross receipts
showing an Increase of 1919, or "a per
centum, and the amount carried to the sur
plus fund being twice as large as that OF any
previous year.
Our customers have continued TO partici-
pate In this increased prosperity, the amount
paid them during the year In interest on de-
posts being $5,79l.28, an increase OF $S13.61
over the preceding year, or l6& per centum:
During the last five years we have paid
interest on deposits to the amount OF $S0,667,
very liberal share OF the profits OF the busi-
ness.
The reserve Of available cash has not once
fallen below the amount required by the
bylaws, and II Is source OF pride that
since it opened Its doors for business the
Company has never had occasion to borrow
q dollar or re-discount loan.
Looking back over the six years Of bust.
ness since the Company took possession of
Its permanent quarters, the stockholders
have received 1900 In dividends and &c.,
600 In surplus, total OF SO per centum on
the capital stock, or Ct per centum per an
mum. II the undivided profits are included,
the yield per annum to the stockholders has
been 10 per centum.
There 10 strong, full note of encourage
ment In the exhibit here made, and with
some effort upon the part OF all OF US, the
coming year should show o decided advance
In oil departments of business and cor
responding increase of profits to those who
own the Company's stock.
PHILIP ID. LAIRD,
President.