The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1886-12-01

posits.
One bank has paid dividend of 81 per
cent. five of per cent. four of Al per cent.
one of At per cent: thirty-nine Of 4 per cent.
two of 81 per cent, and two of per cent
The amount of these dividends was $780,
515. 3S, and at the close of the year there re-
mained in undivided profits, $770,499.
The amount invested in United States
bonds has decreased during the year from
$4, 421, 784.12 to g., 1901, ,924.12.
The investment in county and city bonds
has increased $46S, ,997.48, and the aggregate
is now 1886, ,728.47.
The amount invested in railroad bonds is
$6,S43, ,9l3.S5, an increase since last year of
$1,514, ,377.3S.
The savings banks have absorbed in the
stock of national banks $1,000, ,23S.S3 This
is an increase of $192, ,l27.00.
Railroad stocks and other corporation
stocks and bonds have increased S49, ,251, ,33,
and the aggregate is 81, 1,371 ,618.11.
The real estate owned by savings banks
has decreased $3l, ,252.04, the amount at the
present time being 81, ,102, ,727.80.
Loans on mortgages of real estate have in
creased from $5,645, ,969.08 to $6,113, 414.72,
while other loans have increased from $4,-
219,574.47 to 50, ,760, S04.56.
The uninvested cash on the first day Of
November was $l,063, 1922.
1t appeared by the appraisement Of the as
sets of the savings banks in May, that their
value was 1858, 1876 in excess of the act
ual liabilities.
There has been considerable apprecia-
tion in the value Of some of the choicest
bonds held, and the next appraisement
would show a handsome increase in the sur
plus but for the loss Of $40 per share on the
2,178 shares of the capital stock of the First
National Bank of Portland the depreciation
amounting to $S7,1 This loss has mate
rally reduced the surplus of some of the
smaller banks, and prudent management
will require slight reduction in dividends
until the amount of this shriakage has been
restored
The receiver of the Newport Savings Bank
has not been able to make final settlement
OF its affairs on account Of the suit pending
against the stockholders Of the Pacific Ma
tional Bank of Boston, the savings bank
being one of the creditors of that bank. Now
that that suit is practically decided by the
decision of the United States Court against
the stockholders of the Pacific Bank, an
early settlement and larger dividend than
could otherwise have been realized would
seem to be assured.
TRUST COMPANIES.
The Portland Trust Company commenced
business in January, 1885. and the Peoples
Trust Company of Pennington the Septem-
Der following Each has a paid-up capital
of 100000, and the stockholders are liable
to assessment to an amount equal to the par
value Of the shares held. The business to be
transacted by these companies Is, as the
name implies, in the nature of dealing in
trusts. Their charters are exceedingly lib
eral, no restriction being placed upon their
loans or Investments. With almost unlimi-
ted discretionary powers, great responsible
ty deyolves upon the managers of these cor
porations, both in the economical manage
ment of these trusts, and the character of the
securities in which they invest The sound
ness Of investments, cOnvertibility of assets
and the economy in the management of their
trusts can be the only proper basis for the
increase of their deposits and the legitimate
expansion of their business.
LOANS AND BUILDING ASSOCIATIONS.
Under this head the Examiner gives his
tory of the Building Associations existing in
this State and their method Of operation.
The Peoples Loan and Building Association
OF Richmond was organized under special
charter, March 10, 1875, and is still in success
full operation. On the first day of Novem-
Der of the present year, it had 1856 stockhold-
ers, representing 744 shares, with assets
amounting to $55,664.41. During the eleven
years the association has been in operation
it has aided in building ffty-one dwelling
houses in Richmond. Three other similar
associations have recently been organized
under the general law of the State, viz: AT
Bangor, Dexter and Skowhegan. They have
been reasonably successful so far.
STATE TAX.
The State tax ON deposits in the savings
banks last year was $232, 1914, or $26, 1885, 81
more than in 1885. The Examiner inclines
to the opinion that the rate of taxation on
deposits ought to be reduced.
INVESTMENTS.
Under this head the Examiner says:
With the reduction of the national debt byi the
repeated calls for the optional bonds trust funds
invested in them have been involuntarily convert
ed into money, and the underlying mortgage
bonds of well-established railroad properties
have been substituted; so that the low rate of in
terest derived from investment securities dates
its origin from the commencement of the reduc-
tion of the national bonded debt. AS the rate of
interest has moved down, the premium on invest