Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-02-09
From the State House.
Rosrnx. Wednesday. Feb. s.

Boston, Wednesday, Feb s.
Petitions still continue TO be poured into the
legislAture-some on new business, and Others
in aid Of petitions already in. Among those
presented to-day were the following: OF Albert
Mason and Others, for a railroad from Plymouth
to Sandwich; oil the Salem gas light company,
for authority to increase It's capital stock; of
Lysaudcr S. Richards and others, against capital
punishment, and Of Albert Freeman and others,
tor an alteration in the military law. Several
petitions for and against a change in the pilotage
laws were presented, and also petitions in aid of
the petitions Got a ten-hour law, and the petition
OF the Boston, Barre and Gardner railroad COM
paay,
In the senate orders were passed, that the
committee on charitable institutions consider
the eXpedency OF repeating chapter 81 of the re-
solves Of 1870, appointing commissioners for the
care OF disabled soldiers; and that the commit
tee on the judiciary consider the expediency of
fixing by law the salaries of registers of deeds.
A bill was introduced on leave authorizing the
Duxbury and Cohasset railroad company TO ex-
tend its road to tide water at Duxbuy, and
through Duxbury to Kingston to point on the
Old Colony railroad, and referred to the COM
mittee on railways. The bill to authorize the
birmingham and Lowell railroad company to
mortgage its road was discussed at considerable
length, and was then ordered to be engrossed
without amendment.
In the house bill was introduced on leave in
relation to the discharge of persons confined as
insane, and for other purposes, and several re-
ports of committees were made. Bills were re-
ported to revive the charter of the Taunton
street railway company, and to incorporate the
Brookline savings bank. The committee on
pensions reported that the resolve in relation to
an international congress ought to pass.
The only matter in the orders of the day which
gave rise TO debate, was the bill to incorporate
the town of Aver, now Groton Junction, the sub
ject under discussion being the name OF the
town. 1t was claimed that majority of the
citizens Of the place were in favor of the name of
Aver and the bill was ordered to be engrossed
as it stood. The bill to authorize the Worcester
gas light company to increase its capital stock
was also ordered to be engrossed.
SAVINGS BANKS.
The report OF the bank commissioner F. NJ
Stone, shows that there are $40 savings banks
in the state. OF these eight were established in
1870, viz: Emigrant and North End in Boston,
City Five Cent in Haverhill, Palmer in Palmer,
and one each in Easthampton, UXbridge, Wales
and Waterfowl.
Total deposits Oct. %, 1870. $780, 745,0 97
Showing an increase during the last $1,000.
And an Increase for the last two years
of.,...t.... NEUTRALITY-SUSPICIOUS.. 4USOo,ibl
The whole number of depostors is.4SS,797,
which gives to each depositOr the average of
S277. The total number Of deposits during the
wear was 506,S73, and the amount deposited
s47 261 $685. which makes the average Of each
deposit 500. The average of each deposit in the
wear 1869 was SIS. The amount invested in
United States securities has been decreased
about two million dollars within the
last wear, being now over S23 900.
curities where favorable opportunities existed
for investing in mortgages, except amounts re-
quislte 10 exempt them from taxation by the
United States. The investment in bank stock
has been increased over million dollars, and
the StOc. held is nearly sixteen per cent. of the
entire banking capital Of the state. No other
investment Tor a long term has proved equally
Temuueratlve. The loan upon mortgages of
real estate is about forty per cent of the depos-
its, and has been increased this year over four
teen million dollars. 1t the law regulating de-
posts shall remain as il now stands, q large an
nual increase may be expected, so long as
majority of the banks continue 10 pay the pres
cut rare Of dividends. If, in view Of the accu-
mutation of so much capital and its probable in
crease, it is thought wise to extend the limit of
IN additional element of safety, that the banks
be required to annually set apart a percentage
Of their earnings as Il reserved fund, to meet
losses and guarantee deposits, until the fund
amounts to such percentage of the deposits
as may be thought adequate for the purpose.
The commissioner saws:
"T1e reserved funu being established, no ne
cessity would exist fOr any reservation for extra
dividends, and ali net earnings would be paid
olJ il ordinary dividends, thus saving vast
amount OF clerical labor. Each year the number
of banks holding Il surplus for extra dividends
diminishes, and some evidence exists OF an I'M
healthy competition, showing itself in eXtraor-
binary eXertiOns 10 pay depositors higher rate
Of interest than reasonably to be expected This
naturally results in losses and it may be wise to
establish a reserved fund if no change is made in
the law regulating investments. The rate
charged upon majority of the loans last year
Was seven per cent; loans at eight per cent.
were notquite uncommon and in some instances
a higher rate was charged"