The Barre daily times. (Barre, Vt.) 1897-1959, 1916-10-14
VERMONT SAVING BANKS.
Total Deposits at Close of Last Fiscal
Year Were s1o2,3oo, 3o4l5.

1
Year Were s1o2, 1860, 3o415.
The total deposits of all the saving,
| banks of Vermont at the close Of bus
/ mess June 30, 1916, were Sl02, 1850 ,304 / s
! being an increase over last year OF &c.
/ 500, 1882 This increase is divided a,
! follows; The 30 mutual savings bank.
! have increased S2,46s,90432 in deposits
and the 3s savings banks and trust com.
panies have increased S4,42l ,674.60 in de.
posits for the year, Two-thirds OF this
increase of deposits has taken place dur
ing the last six months of the period
! The savings deposits in all the banks
have been increased during the year So
907 sol 20. and the commercial deposits
have increased during the same time
1888 077.72. The number OF depositors
in all the banks has increased 9,45o and
the number Of Vermont depositors has
increased 1856, while the number of non
resident depositors has increased 794.
The amount OF deposits by residents OF
Vermont has increased S5,910.905.5l, and
the deposits by nonresident depositors
has increased S976,607.02. The number
OF depositors having more than $1,000
each of deposits has increased I,l2l, and
the amount OF such deposits has in
creased S4o95 99306 The banks have
paid depositors in interest during the
year S3.567 ,0539l being an increase OF
1856, 424.0s over the previous year. Divi-
dends paid to stockholders in trust com
panies have increased S34 57279, while
the rate of surplus to deposits has in
iuh4 ha ,aI
savings banks paid depositors at the rate
of per cent and two paid at the rate OF
AZ per annum, Thirtyfour OF the trust
paid at the rate OF per cent,
and two at the rate of Az per annum.
Two trust companies have no deposits.
Surplus.
The surplus of all the banks has in
creased during the year $s75,573.9l, the
ratio OF surplus TO deposits now being
.0s44 which is a good showing consider
ing the rapid increase of deposits during
the past year.
Taxes.
The amount of taxes paid the state of
Vermont upon deposits by the state
banks during the past year is $500 |
1912, being an increase of $2S, 05l.74 |
over the previous year. As very large |
of the savings deposits in the |
state banks belong to people OF small !
means and the average deposit is only !
$4,000, it is apparent that a large pro
portion of the tax upon deposits is de-
lived from small savings which otherwise
would pay no tax whatever.
Examinations.
The regular examinations have been
made during the past year, and the com
missioner has spent a large amount of
ime assisting banks officers in an effort
o improve and strengthen the banks and
he results have been very gratifying.
Investment Companies.
Under act No. ITO, laws of 1912, which
5 called the "Blue Sky law which re
uires corporations, partnerships, as
ociations, etc, to be licensed by the
ank commissioner before selling or of
ering for sale certain investments or Sc
urities, there has been licensed on an
verage about IS companies, a part of
he time being some less than this num-
er, and a part of the time 50 or more.
jnder the discretion given the commits {
Toner by the law it has been possible TO !
dminister it in such way as to fairly Il
rotect the state against the operations /
t those who would sell worthless securi- {
les and at the same time not to hamper 6
he business of legitimate investment \
lmpanies | have examined during the G
asst four years investment companies,
associations and individuals /
hich were offering for sale and selling +
| Vermont farm mortgages to the banks q
nd individuals, and have examined the =
,rritory where the mortgages were v
laced in the states of Iowa. Kansas +
klahoma. Missouri North Dakota. Min. 9
esota. Montana Washington. Georgia. +
exas, Colorado, California. Michigan. H. h,
nois, Arkansas and Oregon. and it is n
v opinion that it is safe for individuals :,
: banks to invest in first mortgages OF
approved farms in any of those states
divided the investment is made bv ex- i,
,rienced. responsible. reliable and com
tent companies or individuals. h
Investments. "
The investments by Vermont banks i
e OF high character. This Is due to I,
e restrictions enforced by the banking !,
VS. and to the excellent and conserva- a,
We character OF the men who are man Il
ing the banks in this state. The sg- =,
egate strength OF the banks in Yer \,
ont is not excelled by the aggregate ,,
rength Of the banks Of any state in the
untry. Considering the rapid increase
savings deposits in the banks Of the
ate. and the possible effect which the pl
raj credits law may have upon rates al
farm mortgages in the West and t.