Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1865-01-12
DAVENPORT, IOWA, THURSDAY, JANUARY II, 1866.

DAVEVfOh1, ~
Davenpers savings Bank.
ANNUAL REPORT.
n Cemplete History ofthe Bust
neSs ~ the Concern.
To sAs HssidSws, Bbsrd Of Control, and
Stockholders ftk DssenPort Sseia0s IN
stitutjon:
0sx7lsnsx Your committee appointed
to examine and report upon the condition
Of the Davenport Savings Institution, would
respectfully BEG leave To report, thet they
have made q thorough "a examination Of
it, affairs q the time ct their disposal would
permit.
They t,nd from the books that there has
been deposited since the opening Of The In.
stitution. and up to the date ofsxAminAtioC,
December 92d, 1894, in Ill e0l, ,8O6.O2, Of
which 494, ,764.07 had been withdrawn,
leaving on deposit Ct that timss 90, ,t9l .96.
A. this amount was very near the limit Of
indebtedness allowed by the charter, the
olIResfs had bsen obliged TO refuse 70 recsive
further deposits, and some Thousands Of
dollars Of offered deposits had been turned
away.
Taking into consideration the fact that
this is ths hrst year ofa comparatively new
undertaking, and that but little soliciting Of
business has been done by advertising or
otherwise, this amount Of deposits seems to
Us to give good promise for the future.
On the second Wednesday Of October the
interest due on deposits up to that time,
was calculated and passed to the credit Of
depositors amounting in oil to $553. "a
Since October, and up to January, 1860, in.
terest has accrued as follows Upon de-
posits made, to draw interest from July
| 18th, (S19,176.95) 447087; upon deposits
drawing interest from October 18th, ($l7,-
1896. .40) 1924. %, making total Of accrued
interest to be credited to depositors in jan
usry, S7O8. 80, and total of interest paid
and to be paid, 1,1e2.96. In making their
calculation Of interest due, your committee
were obliged to take - . basis the
individual accounts Of depositors at the
date of examination, - these accounts will
be changed by drafts, ETC., before reckoning
| day, the actual amount OF interest which
will be credited to depositors in January,
may vary somewhat from the above figures.
If those figures are correct, it appears that
out of $66, SILL on deposit, only $S7, ia, )
43, or abort 56 per cent. was drawing in
terest, showing the average rate OF interest
paid upon total amount ofdeposits to be less
than per cent. Your committee therefore
see no reason why the rate of interest a.
lowed depositors should be considered ~
too high.
AssErrs.
Your committee find that the assets Of
the Institution are IS follows:
Loans secured BY mortgage upon
real estate drawing 10 per
cent. .$19,936 10
Do, drawing 8 per cent. ...... lO,352 90
| U. S. bonds, 65 81............ 10000 OO
Two wear per cent notes :. q, 900 90
Cold 43O 90
Scott County bounty warrants. $50 90
Cash on hand. nd.............. b,5Ul.o6
The loans upon mortgages have been
made, your committee understands, only
after personal examination of the premises
bv some one of the Loan Committee, in
most cases upon improved property, and
usually only to an amount onc-half the cash
! value. But few loans of this kind are Of.
fcred, and all have been taken that were
considered safe.
The U. S. Bonds were purchased at .
! premium of per cent. They have since
advanced to 10 per cent, while the interest
received Calculating the premium on gold)
has more than made up the premium paid,
besides yielding fair return on the invest
ment. As fast as deposits have accumula-
ted beyond demands for loans, they have
been invested in per cent. notes, until
S25, 900 have been thus disposed Of. The
ready availability Of these notes for pay
ment Of depositors, recommends them as
safe investment, and your committee are
Of the opinion that while more permanent
investments might prove more profitable
for the stockholders perhaps no more judic-
ious one, taking everything into considera-
ton, could be found.
The amount Of accrued interest upon the
bills receivable, per cent. notes. bounty
warrants, ETC., was found to be as follows
Upon the 10 per cent. mortgages
up to Dec. 22d, 1864. ........ ..$6lS 90
Upon per cent. up to Dec 22d,
1904. foA VI
Upon per cent. notes. s........... 20 W
Upon Scott County bounty war
rants. ................" IVA oV
| Total. ...1,olo Az
| This amount is inclusive Of what has a.
ready been paid and passed to account Of
profit ard loss.
i EXPENSES.
| Your committee were agreeably surpris-
ad to find that the expenses Of the 1nstitu-
ton amounted to SO little being in total only
S393.4 most of this is for stationery, Of
which supply is still on hand. By the
arrangement with the First National Bank.
all salaries to officers and clerks and rent Of
rooms are dispensed with, and it is to be
hoped that the interest Of stockholders in
each Institution may continue to be identi.
cal as at present, and the arrangement be
permanent one.
REcAPrruLAfroN.
} To give . more concise statement Of the
affairs of the Institution, your committed
submit the following list Of assets and
liabilities:
ASSETS.
Bills receivable with accrued in
tere9t. v0A ,O04 =
|, Gold with premium, 2.25. 965 8
I'M interest sa -. .'' - s5,o75 oc
Scott County bounty warrants. 1904 81
1'o7 Observation-Disclosures. 1o,7oo OF
Cash ON hand. ................. 6,501 81
$79,7s2 "a
csp;t,l stock .41o. 600 OQ