St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1914-09-30
MORE SAVINGS DEPOSITS
Report of Commissioner Shows
Growth of Vermont Banks.

MORE SAVINGS DEPOSITS
Report of Commissioners Shows
Growth of Vermont Banks.
Frank c. Williams of Newport,
bank commissioner of Vermont, in
the report which he has prepared for
submission to the general assembly,
says that the total deposits of 81
mutual savings banks and SO saw
ings banks and trust companies of
the state at the close of business,
June 80, 1914, were $92, 1862, 1920,
being an increase over last year of
S4,992,730.60. This increase is di-
vided as follows: The 81 mutual
savings banks have increased ST.
O6S, 221.64 in deposits, and the SO
savings banks and trust companies
have increased $2,923, 5O8.96 in de-
posts for the year. The number of
depositors in all the banks has in
creased IT'S; the number of YER
mont depositors has increased SAT-
and the nonresident depositors has
increased 731. The amount of de-
posits by residents of Vermont has
increased $4,385, 1880, and the de-
posts by non-residents have increas-
ed S6O6,972.10. The number of de-
positors having more than $4,000
each of deposits has increased 1,051
and the amount of such deposits has
increased 846,258.7O. The state
banks have paid to the state of Yer
mont in taxes during the year,
$628, 616.O2, being an increase over
the previous year of $51 ,237.82. The
banks have paid depOsitors in in
terest during the year, $3.250, O44.95
being an increase of 1921, 309.15
over the previous year.
Dividends to stockholders in trust
companies have increased $12,251.49
as against a decrease of the previous
year of $3O,058.25. The rate of sur
plus to depositors has increased
0O51 over the previous year.
The ratio of surplus to deposits
shows a healthy increase this year,
although it has not reached the
point set by the commissioner as the
goal which he urged the banks for,
namely, 10 per cent, but an exami-
nation of the reports of banking de-
partments of the other states shows
that the banks of Vermont, taken as
a whole, are not excelled in percent
age of surplus, by the banks of sis
ter states.
The amount of taxes paid in the
state of Vermont upon deposits by
the banks the past year, is over
$600,000, an increase of over $780,
900 over the previous year, and the
average deposit of resident deposit
ors is $421.96. This large amount in
taxes is collected, very largely, upon
the small savings of the people.
Mr.. Williams urges the banks to
meet all legitimate demands of Yer
mont borrowers. Under our state
law banks cannot loan, in all cases,
where it is desirable that the Dor
rover be accommodated, and there
should be some agency created for
financing such cases on such terms
as will be reasonable.
While deposits in the banks dur
ing the past year have not increased
as much as in previous years, yet
the growth has been healthy, the
banks are in excellent condition and
the Investigations convince the COM
missioner that the banks of Vermont
taken as a whole, are not excelled in
strength, character of investments,
and management, by the aggregate
banks of any state. This means
much to the state. The census of
1910 gives the population of Yer
mont as 1896; 1896 Yer
mont citizens are depositors in it's
savings banks, and if the deposits in
those banks were divided among the
whole population of the state, each
man, woman and child would receive
over $3.50. This is a splendid show
ing and the habit of saving which it
indicates, should be- encouraged in
every way.
The legislature of 1912 passed
Act ITO, called the ''blue sky law, 4"
which requires corporations, copart-
nerships, associations, etc., to be IL
censed by the bank commissioner be-
fore selling or offering for sale GER
tain investment or securities. This
act went into effect April 1, 1913,
and the number of investment com
panies licensed under that act and
doing business in Vermont, has
steadily increased since the last re-
port of this department, and there
are now 81 investment companies
licensed and doing business in Yer
mont.