Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-01-08

control through two commissioners
was changed and a single examiner
OF banks and insurance companies.
lie be appointed by the governor with
the advice and consent of the coun-
Gil and to hold Office for three years.
subject to removal, was provided for
by special act. This system of bank
supervision through single official
mas continued since that time except
that the banking and insurance de-
partmcntS were divorced in 1870 and
the title of the supervisory official
was changed to bank commissioner
in 1899
From the closing of the last bank
Of deposit and discount in 1877 until
the year 1885 the mutual savings
banks were the only banking institu-
tons authorized to do business under
state laws. In January, 1885, the
iIrst trust company was organized
under special charter granted by
the legislature. the Portland Trust
Company, of Portland, Maine. Since
that date the development of the sys-
TEN OF trust companies in Maine has
been one of the most remarkable
phenomena in the history of modern
banking. The first trust companies
WV VI E,SlliLti dIutE special cnaT-
tcrs, but in 1907 their organization
was authorized under general laws
| and the granting of special charters
prohibited. These institutions have
combined three distinct functions,
those CT savings institutions, banks
OF deposit and discount. and trust
companies properly speaking. Their
| investment privileges are much less
restricted than savings institutions
but savings depoSitorS are given a
practical priority under n law re-
quring assets to be segregated for
their benefit.
Mention should be made of the de-
>elopment of 4 system of loan and
building associations which has at
forded great assistance to home
builders and owners and also a
unique opportunity for regular peri
! Odical savers to obtain maximum
rates of interest. The first state
chartered institution of this charac-
ter was the Peoples Loan q Building
Association of Richmond, organized
IN March, 1875.
1t was not until within the past
decade that the state banking de-
partment was afforded sufficient
funds to permit thorough eXamina-
ZION Oh lHc INSTITUTIONS ulOer It's
supervision. The burden of the re-
sponsibility was carried by the ex-
aminer and one deputy until 1917.
when the present staff. consisting OF
Q commissioner. deputy commission
cr. three examiners and three assist
ant examiners was authorized. In
1913 the so-called Blue Sky" law,
requiring registration of dealers In
securities was enacted and it's super
vision vested in the banking depart
ment. In 1910 this law was radi-
cally revised and expanded and a
securities examiner authorized to
assist The bank commissioner in it's
execution.
The number and resources of the
various banking institutions operat-
ing in this State according to the
most recent available figures are as
follows:
IS Savings Banks Sis, 100, 5G3. 81
o. Trust Companies)
is Trust~tompany }
Branches } 1G5,021, O47.3S
o Trust Company }
Agencies
ID Loan and Building
Associations go. 14,795, $50 80
, Loan Companies S74,273.S3
/ Industrial Bank. 257. S65 81
! Credit Union 80. &c, 5G2 81
1s3 5000, H., S43. 20
co National Ranks 500 55f 00O 90