The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-10-10
BANK DEPOSITS GROW.
Report of Commissioner Williams
Shows $7,5ss,2s4.s9 Increase.

Newport, Oci. ~. u. Williams,
! Vermont bank commissioner, in his
annual report to the General Assem-
| bly, states that four trust companies
| have been organized and opened for
! business the past year: The Granite
Trust company at Hardwick, the
Quarry Savings Bank & Trust com
pany at Barre, the Valley Savings
Bank & Trust company at North
Troy and the Essex Trust company
at Essex Junction. The Essex Trust
company did not open for business
until after the 30th day of June, so
its statement does NOT appear in
the commissions report.
The total deposits Of the banks at
the close of business, June 30, 1913,
were $S7, 929.764S0, being an in
crease for the year of ,$7,539, 294.89,
which IS much the largest increase
in any year in the history of the
State. This increase is divided as
follows. The twenty-one mutual
savings banks have Increased 49,
1S151306, and the thirty-three trust,
companies which have savings de.
posts have increased S4,357, 781.S3. F..
The number OF depositors has in.
creased 1852. The number of Yer
mont depositors has increased S,56Sl
and the number Of nonresident de-
positors has increased 1,2S3. The
amount of deposits by residents OF
Vermont has Increased $G,5G6. 6603S;
the amount OF deposits OF non-resi
dents has increased $912,575.31. The.
number of depositors having more
than two thousand dollars each of
deposits has increased 1889 and the
amount of such deposits has increas
ed S5,10S. 1879. The State banks
have paid to the State OF Vermont
in taxes during the year, $577,37S.20,
year OF Sal ,S9T,l1. The banks have
paid depositors in interest durine
the year, s3,01S.735.SD, being an in
crease of 1921. 1888 over the pre-
vious year.
Dividends paid stockholders OF
trust companies have decreased $780,. 4
05S.25. The rate Of surplus to de
posts has increased over one PEI
cent. due TO the change in the law
which requires accrued interest to
be figured in determining surplus. /
Nineteen Of the mutual savings
banks paid depositors Mt the rate O.
fou. per Gems. interest on deposits,
and two paid 35s per cent. Thirty
Of the trust companies paid interest
Oh deposits at the rate of four per
cent per annum. one at the rate of
3a per cent and one three per
cent. for six months and 3i5 pc:
cent. on commercial deposits.
The ratio OF surplus TO deposits
has not increased as much as good
banking requires. and as repeatedly
stated in past reports. ''it is impos
sible to make any appreciable in
crease in surplus while deposits are
increasing so rapidly and banks pay
four per cent. interest" The very
substantial increase of surplus this
year Us due TO the change in the law
requiring accrued interest to be
computed in estimating surplus. The
demand for money in the State has
NOT increased during the past year
as rapidly as deposits, and ii has
been necessary for the banks to con
tinue loanng large amounts on out
of-state mortgages or purchase NUM- |
cipal bonds.
The amount of taxes paid the
State OF Vermont by the banks the
past year is considerable over $780,
900, and an increase of $41,S97.l
over the preceding year. The aver
age amount OF deposits TO each resi-
dent deposition has increased $16.49, |
seventies of the gain in deposits dur
ing the past year is in accounts of
more than two thousand dollars
each. but an examination of the de
posits In all the State banks dis.
closes the fact that very large
proportion of the eighty-seven mil.
lions of deposits is owned by people
OF small means.
Under the law it was necessary for
the officers of State banks. under
the supervision OF the bank commits
sicner. 10 verify deposit accounts
during the year 1913, and the month
OF May was selected as the period in
which TO do the work. An examina
Aith VI Nit AtlOitS VI thCSt Ntllitd-
lions in the past by the bank com
missioner disclosed the fact that in
very many cases the work had MOI
been done rs thoroughly as a proper
administration of the law required.
and an effort was made this year to
have the veriiication as effective as
possible. a few hanks did not at
tach as much Importance to this
work as did the bank commissioner
and did not make as great an effort
as was desired TO make the verihca.
ton effective. A large proportion
OF the banks advertised for the re-
turn of depositors' books and sent
personal notices TO each deposition.
and in most cases the results were
very gratifying | think the law
should be changed SO as to give the
bank commissioner full authority TO
make such veffcation of deposits