Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-09-08
Bic INCREASE IN
BANK DEPOSITS
Report of Commissioner Williams
Shows Greatest Increase Of
Any Year Except One.
new LEGISLATION NEEDED
Some of the Present Banking
Laws Are Inconsistent-Offi-
GERS Seek Wider Range
Of Investment.
new LEGISLATION NEEDED


his report, which followsi
state of Vermont panklng Department,
Newport, vt. Aug l, 1910.
TO the General Assembly of the State
Of Vermont:
Agreeably to Section 4n2 Of the public
statutes. present tho report Of TINT de-
partinent of the state covering the NIT
tUal savings banks. ana the savings banks
and trust companies: building ond loan
associations and such other institutions
ne are required to 10 examined by the
bnnlk commissioner. Tho following re-
port together with tho report Of this
department issued Aug. = 1000. covers tho
biennial period ending Juno 90. 1910
There arc now 81 mutual savings banks.
and 81 eavinga banks and trust compan-
los with savings deposits, and two trust
compnn MICS without savings deposits. do
ing business IN tho State.
Table Nos. and show tho aggregate
RESOURCES. liabilities, and miscellaneous
stntistcs OF all three classes Of banks:
DEPOSITS
The total deposits OF the banks at tho
clos. Of business June go 1910, were Sos.
SO4 2o7.a,. being III increase for tho year
Of s4lI9,225 which Is the largest increase
IN any year, save one. IN tho history of
tho State This increase Is divided as fol-
lows: the Fl mutual savings banks have
Increased deposits S. 4sl. 1851, and the q
SC wings banks and trust companies which
have savings deposits have increased 81,
a37 1ds.6s.
The number Of depositors has Increased
$685., of which 2,n4, are residents Of Yer
mont, and l.s63 are nonresident. Depos-
It's by non-residents have increased $751;
$3.50. being now $l0.oS b3s.S.
Dividends paid dopositors have in
| creased S9y,6l55s while tho average
| amount to each depositor has decreased
sS959, being now only sS2G.7a.
Dividends paid Stockholders of trust
companies Increased $500 while the
rate Of surplus and profits to deposits
shows decrease.
Sixteen Of the mutual savings banks
paid depcsitors per cent; four 81 per
cent. one i l-2 per cent and of the q
savings banks and trust companies
| Which have savings deposits. q paid 4
per cent; two "a per cent; two 3ia per
cent. and one 3A per cent and per
cent. on deposits for the year.
SURPLUS
| 1t Is very difficult TO increase the per-
cei!tnge OF surplus while deposits are in
creasins SO rapidly IN many of the banks.
and pay per cent, with the laws and
| conditions as they now are and cond
| lions the past yeay have been as favor
able for the banks In Vermont as Wa
can reasonably expect they viii be the
coming year. The demand for money
locally has been good: rates have kept
up. and stnl the percentage of surplus
shows a slight decrease.
Under the present law the banks pay
a tax to the state of seven mills on a
dollar of deposits The great bulk of
savings deposits In our banks are owned
by persons OF small means, who would
pay practically no taxes upon II, were it
| invested in any other manner
l believe that there should be an in
crease of the PERCENTAGE OF surplus Ia
| deposits in all our banks until II reaches
at least 10 per cent, and believe It
would be n wise and practical idea to re-
duce the State tax to 1--WE mills, thus
| allowing the banks to pay per cent
OF, savings deposits, and increase the
| percentage of surplus and that the In
crease in deposits vii! more than offset
any apparent loss in taxes.
REPORTS AND EXAMINATIONS.
| made two examinations of each banl,
| In 1908 required by law, and carly ir
| 1910 I cent out blanks for a special re
port which included n great many things
which had never before been reported
aud also cent blanks to each director OF
| trustee of IA bank asking for full in
formation with relation to the manner 1,
which he had performed the duties per.
tanning to his position.
| The information acquired by these
| special reports was of great value. an
| while a very few Officers of banks oh.
| jected at first to giving the information
In the end nearly all ala so. Probably tn,
statute does not give the commissions,
tho right to have such Information I'm.
less he gets them by personal question.
ing at the bank. ana / think the Law
should be changed in that respect.
| My first examination in 1910 h,vo hear
devoted largely 10 the bookkeeping and
Inability side OF the banks. a side which
has been neglected heretofore. and whic,
| '""N i'N"'Ne HlOi' attention. There
are ID banks under the supervision OF Tho
bank commissioner. and no two hay,
exactly the same system of bookkeeping
and most Of them are very different, one
from the other.
mink system can be devised which
would DO practically uniform, which
would lessen the work in many banks
ana allow the bank commissioner tc
make more thorough examination II
tho tiine allowed.
made an effort to have the accrued
interest reported this year. but was moi
apie 10 have II done In all cases, as somt
banks reported that they had not thu
clerical force to do It In tho time allotted
and where 1t is not included. the report
SO states.
AUDITOR OF ACCOUNTS, STATE
TRDASCRER.
! examined the auditors accounts a
required by law, and found them cor
rect. This system of accounting Is OK
csllsnt. and full information with rela
tton to all accounts required BY law t.
DO kept by the auditor Is easily obtain
able.
With tho auditor examined the &C
counts Of the State treasurer as re
quirvd by law. and found them correct
and that all tho money which had com
into his hands rince tho last examtna
ton had been accounted for.