Milford chronicle., 1951-01-26
Bank assets ShOW
Increase III DeIaIUare
Ccontlnusd from nrsr page,

crease Of S62 million since Deeem-
Der 81, 1919, and time deposits Of
individuals, partnerships and cor
porations Of $146 million, an i'm
crease Of $11 million for the en-
tire year and a decrease of $3.50. 600
since june 80. The increase in the
first half of tie year represented
the transfer Of trust balances.
Deposits Of state and political
subdivisions of S3S million. de-
creased s6 million. United States
Government deposits of S19 million
decreased $40 million. Deposits Of
banks were So million. Certified and
cashiers checks were over So mill
lion at the end Of 1850. Loans and
discounts reached a new high of
sl73 million, December 81, 1850, an
increase Of $29 million for the
year. and are now 27.3O per cent Of
assets. Commercial and industrial
loans increased $11 million, real
estate loans increased $13 million.
installment and single payment
loans increased $6 million in 1850.
Investments Of state banks and
trust companies in United States
Government obligations, on Decem-
Der 81, 1850, aggregated 1851 mill
lions which was an increase Of s2SI
million in the year. These invest
ments were 1929 per cent Of as
sets, ebcut the same as a year ago.
Other bonds and securities Of SeS
millioa were 50 million above the
amount held a year ago, and cash
and due from banks, of S1O5 mil
lion, increased SO million.
Capital Stock S10,51S,S4O
The unimpaired capital stock of
state banks and trust companies.
at the end of 1850, was S1O,518.34O.
surplus was $29. .999, $40, undivided
profits, $8.296,817 anu reserves of
$12,S80,775, a total Of S61, 1896, 900, !
representing 1883 per cen. of total
deposits.
Gross current operating earn
ings tctaled $16,553,000 in 1850.
S6,350,000 came from interest and
dividends on all securities, S6,84S.-
600 from interest and discounts on
loans, S421,000 from service
charges on loans, deposits, etc.
$2,619,000 from trust departments.
and $360,000 from other earnings.
Current operating expenses to-
tailed S9.2QS,000 in 1850. Included in
current operating expenses, is Of
hcers' salaries OF $1,683, 900, which
was $lS5,729, more than in 1949.
Salaries and wages of employees of
was S263,306 more. Fees
paid directors, members of commit
tees, etc, Of $1S1 ,566 were about
The same as in 1949. Interest on !
lime and savings deposits of 81
100000, was $154,756 higher than in
l949, and other expenses of S2,144.-
700 were $149,000 more. The aver
lge salary earned by bank officer
vas s7,105 in 1850, and the aver
ege salary earned by bank en-
oloyee was $2,3O7. Taxes, other
han on net income, advanced ST.
100. \
R.ecoveries, transfers from valu-
ltton reserves and profits on Sc
'urities sold or redeemed totaled
'45O,77O. However, losses, charge
ms and transfers to valuation re-
serves of $591. 1872 exceeded income
rom recoveries, ETC., by S14G.562.
federal income taxes absorbed So
$4,000, or 30.35 per cent of net
ncome before income taxes. Net
'rofts after Federal income taxes
we're S5,017,000, 42s3 per cent of
his amount, or $2,149, 900, was de-
Jared as cash dividend on com
non stock of $10,518,34O, repre-
enting a return Of 20.4S5 per cent
n the total par value of common
tOck. I