Milford chronicle., 1923-02-02
BANKS in STATE
SHOW BIG GAINS
CONTINUED from first page)

Taxes were collected IOr Lne year
from state banking institutions to the
amount of $24,77O,S4 and from Ma
tional banks to the amount OF SS,-
581.92. making a total of $33,352.26,
which is an icrease over the amount
collected last year of $S56.91.
The total examination fees collect
ed from banks during the year amount
to S2.424.55; from building and loan
association $69997; certificate to new
hanks $50; and licenses to building
and loan association $165, making the
total income from this department for
the year SS6, ,709.40. This amount is
S12623.5 in excess if the income OF
the department for the year, 192O,
which was the first full year after its
establishment. This increase of in
come alone exceeds the total cost OF
operation of the department for the
past year.
An examination of all state banking
institutions was made during the year.
The examination department Oh the
Federal Reserve Bank co-operated
with this department in the examl-
nation of the following institutions
which are members of the Federal Re
serve System, viz:
Equitable Trust Company, Whining
ton.
Security Trust and Safe Deposit Co.,
Wilmington. ,.,
wilmington Trust Company Will
mingtOn. .
Milford Trust Company, Milford.
The cooperation of the Federal Re-
serve examiners in this respect mas
been of material help in facilitating
the work and in lessening the ex-
nenses. In the examination of some
of the larger institutions it was nee
essary to employ additional examln-
ers in order to give those institutions
the service which they should have.
The demand on banks and building
and loan associations for loans on
mortgages has been very great our
ing the last year. During TINS perlou
the two mutual savings banks Inaue
new mortgage loans amounting TO S1'-
SO6,O9O. The total mortgage loans held
nv banks, savings banks, and build
ing and loan associations amount to
approximately $16,S25,OOO, as follows:
Two Mutual Savings Banks $6'Il4'-
900. ooco
Other Banks and Trust Co., $685.
1858. oooooo
Building and Loan Asso., $4,2SS,OOO.
The school savings idea has been
promulgated in the public schools OF
Wilmington through the cooperation
of one of the mutual savings banks.
It is reported that during the period
from November 80, 1922, the date OF
tte starting of the system, to Decem-
her 30, 1922, that ten thousand, hve
hundred and eighty-seven pupils
ayailed themselves of this opportunity
to save. The total balances to the
credit of these children on the latter
date was reported to be $11,lO5. Nine
ty-two rooms in the wilmington
Schools report one hundred per cent
of enrolment as having opened ac-
counts. The number OF deposlts eacn
week ranges from six thousand hVe
hundred to eight thousand one nun
dred. AS the matter of thrift IS large
ly controlled by habit, tine plan OF IN
stilling in the minds of the children
the valuable habit of saving, will, no
Doubt. tend to develop them into bet
fer citizens. It is hoped that this idea
will be further developed in other
towns throughout the State.
BuiIding and Loan Associations
These associations have become an
important element among the imam
cial institutions of the State. They
are becoming more popular and are
Commanding the confidence of the
people. They fill a valuable place in
the community by affording a means
of systematic savings for the small IN
vestor, which usually returns MN
more than six per cent and permits
him to obtain a mortgage upon MS
home with the opportunity OF paying
II off in monthly installments. Ihese
associations have been valuable help
in supplying mortgage money for the
nurchase of homes, supplementing ma
teriallv the amounts invested in mort
cages by banks and savings oanKs'
During the past year there nave Deeh
nine new associations formed ana nave
started business. They are all snow
ing signs of prosperity and bid fair
to grow into successful financial in
stitutions. ..-.
The building and loan association
idea has been fostered by an organl-
e zation of public spirited men in Will
nington known as the Building and
Loan Information Bureau. Great cred
it is due this organization for its SER
vice in encouraging the formation of
new associations, and they have CO.
operated splendidly with this depart
ment in the drafting of model char
ter and bylaws, and in the adopting
of standard and modern methods OF
accounting. This bureau has now dis
solved and is succeeded by The Della
ware Building and Loan Association
League, which plans to carry on
similar work.
Ali of the associations that have
been doing business longer than one
wear were examined during the past
wear by this department, and a de-
tail of their assets and liabilities is
shown in the report.
The officers have shown splendid
spirit of cooperation with the de-
nartment and can see no reason why
these associations with proper man
agement should not have prosperous
future, with an opportunity OF ac-
complishing unlimited good in the way
of helping the real estate situation in
the various communities in which they
operate.
This department has endeavored to
bar from the State some of the fore
ign companies, with their various
plans of operation, believing that none
- aaar