Morning journal and courier., 1880-01-09
LOCAL NEWS.
Savings Banks.

LOCAL NEWS.
 Savings Banks.
 Important Report of the Commission.
 The annual report of the Bank Commis- sioners was submitted in the House, Wednes- day afternoon, and referred to the Committee on Banks. The report shows the amount of deposits in the savings banks October l, 1879, as being SIP, s42, ,44s.39, a gain of $326, ,974.- S6 as compared with 1878. The interest and surplus was $2, s6a, ,1s7.74, an increase of $11, 067.70 for the year. The total number of depositors 2o2, 1885, being gain over 1878 of 2,590. The number of accounts opened during the year. was 26,67O, an increase of 254. The accounts closed were A, ,OsO, being decrease as compared with 1878 of 2, 116. The amount withdrawn was $14, 221. .O87. 64, 8 decrease of $4, 732, ,372. 93. The assets include loans on real estate, $45, 10s, sos, decrease of $3, ,O33, 894 for the year; Government bonds $803, ,695, an increase of $1, 383, 131; real es- tate owned $4, 959, 119, being an increase of $1, 251 ,986. The total assets are $76, ,241, S16, and the excess of assets over liabilities 3D. 863, ,188.
 The Commissioners say the general reduc- ton in the rate of interest upon United States bonds, and upon State and municipal securities, has affected to a considerable ex- tent the earnings of savings banks Interest upon loans, real or personal is by law re- stricted to six per cent, and as but four or five per cent. can be realized upon invest ments, except in rare instances, it is evident that the earnings of an equal amount of assets must be somewhat reduced from those of pre- vious years. Considering the low rate of in A. ~G investment securities. the depositors in savings banks in this State have no reason to com- plain of the dividends they have received i; and the fact that the entire income has not been divided shows that the officers are pur- suing conservative policy, and are unwilling to jeopardize the principal of the deposits for the name of paying large dividends.
 Of the 86 banks in the State 35 paid five per cent. 26 four and one-half per cent. i; 12, four; 3, four and three-fourths; l, five and one-haf; and 2, six per cent. Five of the banks paid nothing, four of them being under injunction during the year, and the oth- CT was winding up it's affairs The dividend of one of the banks paying six per cent. amounted to but $15.49, the bank having paid of nearly all it's depositors.
 Considerable space is devoted to the status and affairs of the late Dime Savings Bank, Hartford now in the hands of a receiver. The report says: The losses of the bank are " former treasurer, N. B. Stevens, upon in- sufficient security, and in many instances in violation of law. He used the bank largely in his own interest, making loans to personal friends, to associates in real estate specula- tions, and to himself through veils so thin that the real nature of the transactions is not concealed. If 1t had been the deliberate in tention to unload upon the bank outlying and unsaleable real estate at excessive valuations, some of the loans could hardly have been better arranged. The officers and trustees seem to have left the management of the bank pretty much to the treasurer, and cannot es- cape whatever of censure attaches to 8 ne- glect of duty. AS required by law, we report the Irregularities, or the more prominent ones, to the General Assembly.
 RECOMMENDATIONS BY THE COMMISSIONERS.
 As some of the banks under the present statute cannot proftably invest all the money which might be deposited within them, and so are obliged to turn away depositors, the Commissioners recommend:
 CD That trustees be themselves allowed to decide how much to lend on real estate instead of fixing the amount at half the deposits.
 f2) That recognizing the growth of the West bonds of other cities and States than those now named in the law be made legal in vestments.
 (3) That the first mortgage bonds of sound, dividend paying railroads be also allowed as investments.
 The Commissioners also recommend that the State Treasurer be custodian of the bonds and that these be renewed at least once in five years. They renew the recommendation that savings banks be forbidden to lend on securi- ties as collateral which the law forbids them to own as assets. In regard to State banks and trust companies they think the restriction as to the amount of loans to individuals no long, or need to be made and they recommend that the treasurers of trust companies be required to give bonds.
 STATE BANKS.
 The number of banks doing business under State charters is four-the same as at the date of the last report. The stock of the Connec- ticut River Banking Company has been re. duced to $15O, ,00O, as approved by the last General Assembly; it's suspended and over due paper has been written of, and with its present capital it has a handsome surplus. Dividends were resumed in July. The Me chanics Bank at New Haven also paid divi- dend in July so that all the State banks are now on dividend paying basis.
 THRUST COMPANIES.
 There are, as last year, ten of these institu- Trust Company at Willimantic, though re- taining it's organization, is not in active busi- ness, and the Thames Loan and Trust Oom- pany at Norwich is closing up its affairs. The Equitable Trust Company at New London, and the Middlesex Banking Company deal ex- clusively in real estate loans so that there are but six doing 8 general banking business. But four report dividends during the year.
 The receivers of the Townsend Savings Bank paid 10 per cent. dividend last year, making 40 per cent. so far. The nominal as- sets remaining are $935, ,02O.27, valued at $2o0, ,623. .61. The heavy charges of the re- ceivers and the current expenses are to be paid from this, so that there will be only small final dividend to come.
 Tho Meriden Poultry show.
 At the fourth annual exhibition, at City Hall, Meriden, of the Meriden Poultry and Pet Stock Club, which closed last evening, the following New Haven parties were awarded premiums
 J. A. Howarth, first prize on buff cochin fowls and chicks.
 F. W. Babcock, first on white cochin fowls and chicks and second on white cochin chicks and black cochin fowls.
 O. P. Jordan, first and second and special on black Hamburg chicks and third on black Hamburg fowls.
 F. A. Chase, second on blue wing turbits and special on black ross-combed bantams.
 George Cosgrove, of WhitneyviIle, first and second on black Leghorn chicks. Among the New Haven visitors to the ex- hibition yesterday were Messrs. Chase, En- sign, Edward Todd. Jordan, Babcock and Bunnef, of this city, and Cosgrove, Nichols, Baker, vining and Talbot, of Whitneyville. The exhibition drew throngs of people and g large number of Meriden ladies and gentle men of prominence evinced decided in- terest.
 CIDER CIDER ~p 50 BARRELS of the latest and best Cider BEkfor sale at KLAUS CIDER MILL,