Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1919-01-02

eminent securities held by our Maine
banks.
The total amount Of Withdra walls
during the past year has been o2,603.
7VSSi as compared with sol. ,al2.i3 the
previous year.
The net decrease in deposits during
the year amounted TO s2.634,546.ai. A
tabulation Of the weekly reports re-
ceived by this department shows a very
rapid recovery in amount OF deposits
between the several Liberty Loans.
During the period between the second
and third Liberty Loan. there was an
increase in deposits amounting to $e02.
3s6c0. There was also an increase Of
$780, 7iGl during the period preceding
the Fourth Liberty Loan. Should the
present wage scale continue for any
length of time there will undoubtedly
be a very material gain in savings de-
posts during the coming year.
There are at he present time 22,33,3H
depositors as compared with 236. SO At
the time of the last annual report This
shows a net decrease Of SAG depostors.
If you will analyze the foregoing state
ment you will note that while there was
a material loss in the number of small
depoSitors. this was partially Offset by
an increase iii the number Of larger de-
positors.
There was a decrease Of 4olo in num-
Der and 81. S33 1914 g in the amount of de-
posts of 5000 or less OF the foregoing.
1896 in number and $2lS,lE.55 in amount
represented deposits of $500 or less.
it'll 4
s4.615.s4 in amount represented de-
posts angling from $500 to 5000. On
the other hand there was an increase Of
rs in number and 81, SO, S46.9S in amount
of deposits ranging from $300O to 5000.
This decrease in the number and
amount of deposits Of 5000 or less may
have been due, in part, to the change
in the statutes, which become operative
in July, 1917. increasing the limit of or
binary deposits to 5000 Prior to the
adoption of this act. ordinary deposits
were limited to $500 When deposit ac-
counts reached his limit. the natural
course was to open a new account in
another institution for the deposit OF
subsequent savings. Under the present
amendment. depositors whose accounts
have reached sc09 may continue to de
post in the same institution until sue,
an account reaches 5000. The natural
result of such legislation would be to
somewhat check the increase in number
OF small deposit accounts. and add to
the amount Of deposits in excess of
5000
TT is very apparent. however. that
other causes must have contributed
largely to this decided decrease in the
number OF small depositors. The great
err part Of such loss was no doubt due
to the Liberty Loan campaigns during
which the people were urged TO sub
scribe to the government loans TO the
utmost OF their ability. while it is true
that the government urged the public
to pay for their bonds out Of current
and future awnings rather than to with
draw their savings already invest
ed by the banks. nevertheless. deposit
tors Of limited means frequently drew
upon their past savings to enable them
TO subscribe more literally for Liberty
Bonds.
THE average rate Of interest paid
during the past year has been $50 per
cent. as compared with the average
rate of 31s per cent for the preceding
year. During the past year six savings
banks increased their rate from three
and one-half to four per cent. AS two
Of these institutions did not increase
their rates until the latter part of the
year. the average rate for the next
wear will show somewhat higher than
at present. assuming tina: there is no
further change in rates.
There has been a very rapid growth
in the number of trust, companies and