Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1885-12-05

Q
At the close of last year there were 90
7o8 depositors Of more than $500 each. while
now there are 22,827. This indicates thar
the large increase of deposits has not come
wholly from the saving of small earnings,
nut that persons who have a surplus income.
desiring to keep their funds as nearly in
hand as possible, have become depositors
until the conditions of business 80 change "A
to make it more profitable or less dangerous
to invest far themselves. Whenever the on
portunity for private investment becomes
sufficiently promising, these funds will leave
the banks
The aggregate Of deposits In the
savings banks Nov. /, 1884,
was &s2,ois,sas 10
nay iooo, u was 33,996, 1872 ~
The increase the first si1
months M, aA5 AZ
And during the last half of the ''"' 20
year, l,ll5.4l7 20
The increase for the full year ''" ~
The reserved fund increased ~"''0' %
mv 1oI Nov. l. 1884, and
And between May !, 1885, and
Nov. 2, 1885, 726.O05
And at the close of this year it
amounts to 122O S7i Il
or little more than 8 per
cent Of the deposits.
Regular semi annual dividends have been
paid BY all the savings banks, as follows:
S 81. b SaIs 3 per cent per annum.
Forty one banks, =
These dividends amounted to 81, 36s, OBS. :
IS, and at the close OF the year there re-
manned in the banks 1851 1856 SO in undivi-
ded profits
The investment in United States bonds has
decreased during the year from "a, 739. 84O.5s
to s4.42l,7s4 ~.
There has been an increase of holdings in
State, county and city bonds of Sl,l45,47l.-
80, the aggregate being Sl2, 057, 100 49,
The aggregate of railroad bonds owned by
the savings banks is S5.329 $50. Al; gain
during the year of 1866, 1851.
The amount invested in railroad stock and
stock and bonds of other corporations is ST.
1929, 366.78. This shows slight increase
since last year.
The savings banks own national bank
stock to the amount of 81, 708, lllS3, or
1924, 574 81 more than last year.
The real estate owned amounts to 81 49,
1884. The uninvested cash November 2
was 81 .0l6, 509.5s.
The loans on mortgages of real estate have
increased during the year from S., PIG, 929. II
to 81, 645 969. 0S; while all other loans show
being S4,2l9,57447.
The savings banks have the present year
paid the State Treasurer for tax on deposits,
S206, 1874 II: this is Sl4, 367.l4 in excess of
any previnns year.
The municipal lakes aggregate $14,6l0.H
The Receiver If the Newport Savings
Bank, J. W Hobart, Esq expects to make
final dividend of 5 per cent within short
time, which will give depositors Is per cent
of the balance to the credit of their accounts
at the time of its suspension.
Tie Peoples Twenty-Five Cent Savings
Bank of Bath, by order of court dated Dec
ember 20, 1884, declared a special dividend
of per cent. amounting to 1929, "a, and
the same has been paid to depositors whose
accounts were reduced by decree of the
Supreme Judicial Court in April, 1888.
The Wiscasset Savings Bank (Which was
enjoined by the court for a period that in
cuded three dividend dsys), on the End of
February last, declared special dividend
to its depositors of per cent, which amount
ed to S5,95717.
The Portland Trust Company commenced
business the first of the year and its progress
has been highly satisfactory to its manage
ment. The business consists of receiving
deposits, loaning money, buying and selling
investment securities for savings banks, trust
funds and private investors. 1t also accepts
and executes legal trusts, and acts as agent
for countersigning bonds, paying coupons,
&C. The security offered by the terms of its
charter has attracted deposits from all parts
of the State which now exceed $3.50 000.0 90;
and this confidence is confirmed by the char
acter Of the Board of Trustees directing and
managing it's affairs. From the earnings Of
the first year the company has carried a
satisfactory amount to the credit of its sur
plus fund, after reserving q sum sufficient to
pay dividend in January to the stockhold.
ers.
The Peoples Trust Company of Farming
ton was chartered by an act of the Legsla-
ture, approved February "a, 1885, and organ
lied the 9TH of September last.
Its officers are:
President, George W. Wheeler; Secretary
and Treasurer, Daniel NJ. Bonney; Trustees,
George W. Wheeler, Hiram Holt. James K.
Marston, George M. Currier, Daniel M.
Bonney.
At this date it can hardly be said to have
commenced business. The following is a
statement of its affairs November q
Liabilities.
Capital stock (paid in). $4,000 90
Demand deposits, VIZ 20 20
Profits, w
s59.l7s 10
Loans names, Sil,Vo W
Loan. on collaterals l0.4ss 90
Evnansa arconnt 176 0q
Cash on hand and on deposit, S'oif vi
sss.l7s 10
MANY thousands of the very highest-priced
bonds held by the savings banks VIII
mature during the next two years They
should be replaced by others equally
choice and dividends should be so
reduced that a portion of the earnings
may be applied to the premiums which must
be paid for such securities The character
of the assets should be considered first, the
income therefrom afterwards. Depositors
are pleased with generous dividends, but they
demand absolute safety.
When the old law in relation to the invest
ment of funds held by savings banks Of this
State was amended, and additional facilities
given TO the managers for investments, dis
cussiou arose as to the advisability of GER
TAIN provisions of the law. Among these
was the question of car trusts. At the time
there was evidently wide and marked diff
ference of opinion in regard to these securi-
ties. both parties believing honestly in their
views. The Legislature granted the banks
the right to make these Investments, but
nrobablv. owing as much as anything to the