Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-12-02

, $3.50 as compared with s241,o59,-
o44s7 one year ago, the gain of $685.
| l94.007.33 in resources during the past
year being far in excess of the growth
OF any preceding year in the history of
the banking department.
| 1t. is especially pleasing to note
that this unprecedented growth of our
State banking institutions is due in a
large measure to very rapid increase
in the savings deposits of trust COM
panies and savings banks" says Com
missioner Palmer in his report
These institutions show a gain of
approximately $16.s00.0o0 in the total
| number of savings deposits. which is
the largest annual increase in the his
J tory OF banking and exceeds that of
the previous year by approximately
| s5,000.0O0. 1 also wish to call atten-
| ton to the tables which show a very.
| gratifying increase of 23.4S5 in the to-
tai number of savings depositors of
trust companies and savings banks
i during the past year
| The Increase in number and amount
of savings deposits has been made not
understanding the fact that certain
banking institutions without the State
have been actively soliciting deposits
and offering higher interest rates.
! While on first thought. high interest
rates may seem attractive, neverthe-
, less depositors are primarily interest
ed in the safety Of their deposits and
the privilege of withdrawing their saw
| ings at any time without delay. Con-
seQueht1y, the conservative investment
OF such savings and adequate provi-
sion against future loss are of the ut
| most Importance. The banking insti-
tutions OF Maine have wisely pursued
the sound policy of maintaining their
rates at four per cont rather than
undertaking to increase their rates In
, competition with banking institutions
of another state. That such a conser-
| vative policy inspires public confidence
/ is Indicated by this remarkable ia
| crease in number and amount of de-
posits.
During the past year there have
! been. no bank failures in Maine, and
| no banking institutions within the
State has had occasion to require the
statutory notice of depositors desiring
to withdraw their deposits.
'The resources of the loan and
building associations of Maine are
small in comparison with the resources
! of other classes of banking institu-
tions, yet they serve an equally worthy
purpose and have shown a correspond
ing progress and prosperity During
the past year the number Of share
| holders in these institutions has in
|, creased 2054 as compared with AN in
crease of 427 during the preceding
| year and an increase of SO during the
year 1918. These associations have al
so increased their resources S1,19S,-
! o2s.94 as compared with an increase of
S799!S2.59 in the year 1919. and an in
crease of s579.s2s.45 in 1918.
AT present there are III institu-
tions under the supervision Of the
banking department as against 1854 for
the corresponding period a year ago.
These consist OF 43 savings banks,
! with resources of $114.1SS, 1890, So
trust companies, 25 trust company
branches and six trust company
agencies with resources of sI41.7c3,-
24o.26, 80 loan and building associa-
tions with resources of $9,24S, 9Sg.57.
i've loan companies with resources of