Article Text
OUR SAVINGS BANKS. Report of the Bank Examiner. People of small means who have their savings invested in the banks of this State, will be deeply interested in the report of Bank Examiner Hon. Fred E. Richards. There are at present 55 savings banks in active operation in the State. The past year has been one of great prosperity, and the property in which their surplus is invested is constantly appreciating in value. A fact that speaks volumes for the prosperity of Maine is that during the year of 1878, the deposits of the savings banks decreased $3,725,320. In 1879. the decrease was $186,363. The present year there has been a net increase of $1,968,183-as appears by the abstract from the report of treasurers, made on the first day of November, This increase would have been much greater, had not the difficulty of making suitable investments compelled the banks to refuse new deposits, or restrict them to limited sums. The aggregate of the reserved fund held by the banks November 3d, 1879, was $519,721.98. November 1st, 1880, it amounted to $607,629.63. Three savings banks have practically closed their affairs during the year-the Backsport,Hartland, and North Anson banks. There are two banks whose affairs are being settled by receivers-the Newport and Salem savings banks. On account of the depreciation of values during the years of 1877 and 1878, thirteen savings banks availed themselves of the relief afforded by law. of reducing their deposit accounts. Seven of these have already been able to wholly or partially restore the amount so reduced to the credit of depositors. The indications are that within a short time nearly all the banks whose deposits were reduced will be able to restore the full amount to the credit of their depositors. The 55 savings banks have made dividends the past year as follows: 1 of 6 per cent: 19 of 5: 1 of 43: 12 of is; 5 of 4); 16 of 4. One has made no dividend, having been enjoined.
