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In his report Commissioner Smith says: Trust Companies. "The changes for the year among the trust companies all occurred during the term of my predecessor. "The Pittsfield Trust Company of and its two at Jonesport was Pittsfield and Corinna, brances closed May 27, 1913, by order of the court, and a receiver appointed. "The People's Trust Company of Farmington completed its liquidation without loss to the depositors. "The Lincoln Trust Company of Lincoln, on April 16, 1913, the Mousam River Trust Company of Sanford, on Jan. and Trust of Old on Company 16, 1913, Town Old certificates Town March 12. each granted of Mr. for the part organization 1913, reports, were by Dunton, of their and their first year, appear among the trust company reports. Loan and Building Associations. "The number of these associations is the same as last year, but two were made. The Mechanic's of in changes Portland, Loan and Building June, 1913, Association paid all bills of its the loss on was the sold, association, office the real furniture estate assessed to the stockholders, and mailed in of all checks final was settlement were for accounts. the balance The loss to the share-holders was very slight. "The Central Maine Loan and Building Association of Lewiston began business January 7, 1913. "These associations are a powerful incentive to thrift, are great home builders, and the total accumulated capital of all the companies in the United States was over $1,120,000.00 last year. National Banks. "The national banking system, in the of reserves, is investments, matter undergoing circulation believe re-or- and ganization and whether we in the fundamentals of the new law, and do not approve of some of the minor or whatever our of be, we must provisions, mind may loyally attitude guard help who must guide and in the At the same our banking. our the men section field time of of $172,700,- national State with total assets must be thought banks, 000.00 savings of and banks protected. Our mutual New England exist mainly in the are they a institution northeastern do and not The South and West and have no in the new states. have them. them, Hence, interest currency in was made for them, and was made any to bill no provision no place in way protect our loan and building associations. "There was an opportunity offered trust companies to enter and members of asto become the doing the reserve come : sociation, and by so under national supervision and examination. But our trust companies have wait and watch the develbecause they can see no decided proments, to institutions enter adto their to and because can do a better at ventage that this they time, they work under feel for communities if they are and From it they own the their supervision State. control of received their their their charters, to it they pay taxes. and in the election and appointof its officers, they and the peo. whom they serve have a rather han to be of voice, ple ment under knowledge the direct control of men who have no the local conditions. very wisely did not put objectionable guarantee of ly, the "Congress the most federal feature, it deposits. is name- still currency bill, but consideration by a of the Banking and mittee into under the sub-com- Currency and may come up again Not only would this put a soon. Committee, effect premium on poor banking but its by on our State institutions can be seen any thinking man. Verification. "The coming year, the pass books the savings banks and trust comsavings be by such method of panies verified having deposits commissioner and under must as the bank The to each bank, such will may write rules prescribe. commissioner and which suggest will directors three plans the result to accomplish the desired with positive the and the best also asking them to or least check, friction recommend person to him for approval some work, accountants to do the estimate of and firm an of itemized would the cost be State, adding that it that the to accountant or to some his the preference competent directors least firm hire the make a thorough audit of at have liability side of their banks and the the banks pay the balance between of allowed by the and the entire cost, amount State thus the auditor liability getting thorough audit, of a side more of these banks then this department can accomplish without many times more funds.