The Barre daily times. (Barre, Vt.) 1897-1959, 1914-09-16
In Deposits of Vermont's
State Banks for Year
Ending June 80
BANK COMMISSIONER
WILLIAMS REPORTS
Number of Depositors Has
Increased by 7,17S-Divi-
dends Increased $12,257.59

Newport, Sept. l6.--Bank Commits
sioner Frank c. Williams has issued his
report for the year ending June 30, 1914.
He summarizes banking conditions in
Vermont as follows:
"Agreeably to section 402 of the pub
lie statutes, the bank commissioner pre-
sents the annual report of this depart
ment, covering the state banks, building
and loan associations and investment
companies, subject to examination by
the bank commissioner. At the close OF
business, June 80, 1914, there were TWEEN
ty.one mutual savings banks and thirty
six savings banks and trust companies
doing business in the state. On July !,
the Hartford Savings Bank & Trust
company of White River Junction was
organized and the Hartford National
bank and White River Savings bank
are now in process of liquidation, and ex-
pect to turn over their assets and de-
posits to the trust company. Tables No.
| and following show the the aggre'
gate resources, liabilities and miscel-
laneous statistics of the mutual savings
banks and the trust companies.
THE total deposits of all the banks
at the close of business june 30, 1914,
were S92,s62, 1920. being an increase
over last year, OF 1892, $1,000 This i'm
crease is divided as follows. the twenty
one mutual savings banks having in
creased $1,000 22l64 in deposits, and the
thirty-six savings banks and trust COM
panies have increased S2,923,50s.e6 in
deposits for the year. The number OF
depositors in all the banks has increased
7,l7S; the number of Vermont deposit
ors has increased CAT and the non-res-
ident depositors has increased 73l. The
amount of deposits by residents OF YER
mont has increased S4,38550, and the
deposits by non residents have increased
S606. 972l0. The number of depositors
having more than two thousand dollars
each of deposits has increased l05l and
the amount Of such deposits has in
creased S4,s46,25s70 The state banks
have paid to the state OF Vermont in
taxes during the year, S62s,8l602 being
an increase over the previous year, of
S5I, 237.s2 The banks have paid de-
positors in interest during the year, So
250,044.g5, being an increase of $751;
300. l5 over the previous year,
Dividends to stockholders in trust
companies have increased Sl2.25l.59, as
against a decrease of the previous year,
of S30,05s.25. The rate of surplus to
depositors has increased .005l over the
previous year. Nineteen of the mutual
savings banks paid depositors at the
rate Of 4 per cent per annum on de-
posits, and two paid 3i2 per cent. per
annum Two trust companies have no
deposits. Thirty-one trust companies
paid per cent. per annum on savings
deposits, one paid Az per cent. per an
mum, one paid AZ per cent, and one paid
33s on deposits.
"The ratio OF surplus to deposits shows
healthy increase this year, although it
has not reached the point set by the
commissioner as the goal which he urged
the banks TO work for, namely, 10 per
cent but an examination of the reports
of banking departments of the other
states, shows that the banks of Yer
mont, taken as a whole are not excelled
in percentage of surplus, by the banks
of sister states.
The amount of taxes paid the state
of Vermont upon deposits by the banks
the past year is over 100000, an in
crease of over $4,000 over the previous
year, and the average deposit of resi-
dent depositors is S42l.96. This large
amount of taxes is collected. very large
w. upon the small savings of the people.
"The banks have been examined twice
during the year, as required by law. The
liability side of nearly one-h half the
banks has been examined by the COM
missioner during his term of Office. As
have previously stated, ] consider 1t
highly important that the liability side
of the banks be more thoroughly and
carefully examined than is possible
without more assistance.
"The investments by Vermont banks
are of high character. This is due to
the restrictions enforced by the bank
ing laws, and to the excellent Judgment
and conservative character of the men
who are managing the banks in this
state. This has been very forcibly i'm
pressed upon me during the past two
years. when ! have had an opportunity
10 learn the character of investments in
the banks of other states. Some criti-
cism has been made OF the fact that so
large an amount Of savings deposits was
invested in western farm mortgages, but
IL has been impossible in the past, to in
vest all the savings deposits in Vermont.
under the very wise restrictions Of our
banking laws One bank in the state,
for a good many years. made a very sim