Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-12-01
h.. increased s4es ss7. 4s, and the aggregate

has increased s46s, 997. 4S, and the aggregate
is now 81, 526, 728.47.
The amount investel in railroad bonds is
sc, 843 1885,, an increase since last year Of
81 5i4.377.38.
The savings banks have absorbed in the
stock of national banks 81 900. 238 SO. This
is an increase of sl92,127.
Railroad stocks and other corporation
stocks and bonds have increased $40 .251 80,
and the aggregate is sl.37l6l IL.
The real estate owned by savings banks
has decreased S3l ,252 04. the amount at the
present time being 81, l02.727 80.
Loans on mortgages of real estate have in
creased from s. 645 500 08 to Sc, ll3,4l4 ~,
while other loans have increased from 81
PIG. 574.47 to "a, 76O, 804.56.
The uninvested cash on the first day of
November was 81 ,063, 749 22.
1t appeared by the appraisement oil the
assets OF the savings banks in May. that their
actual liabilities.
Stree that time there has been consider
able appreciation 10 the value of some Of the
choicest bonds held. and the next aopraise-
ment would have shown a handsome increase
in the surplus but for the loss of forty dol
lars per share on the 178 shares of the capt.
tai stock of the First National Bank of Port
land, the depreciation amounting to SS7, l2O.
This loss has materially reduced the surplus
of some of the smaller savings banks. and
prudent m Engagement will require slight re
duction in dividends until the amount of this
shrinkage has been restored.
NEWPORT SAVINGS BANK.
The receiver of the Newport Savings Bank,
j. w. Hobart, Esq reports that he has not
yaf haa obi 10 fn 10 hna NJ
its affairs, on account of the suits pending
against the stockholders of the Pacific Ma
tional Bank of Boston, the Savings Bank
being one of the creditors of that bank.
A. the decision has recently been rendered
by the Supreme Court of the United States
against the stockholders, there seems to be
prospect of an early settlement and larger
dividend to the creditors of the Newport
Savings Bank than could otherwise have
been realized.
TRUST COMPANIES.
The Portland Trust Company commenced
business in January. 1885, and the Peoples
Trust Company of Pennington the Septem
Der following.
Each has pa dup capital of 100000 and
the stockholders are liable to assessment t,
an amount equal to the par value Of the
shares held
The business to be transacted by these
is, as the name implies, in the
nature of dealing in trusts. Their charters
are exceedingly liberal, no restriction being
placed upon their loans or Investments.
With almost Unlimited discretionary powers.
great responsibility devolves upon the man
ayers of these trusts, and the character
OF the securities in which they invest. The
soundEess of Investments. convertbility 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.
LOAN AND BUILDING ASSOCIATIONS
The Peoples Loan and Building Associa-
ton of Richmond was organized under
special charter March 18th, 1875. On the
first day of November it had 1856 stockholders,
representing IA shares with assets amount
ing to sos 664.4l. During the eleven years
this Association has been in operation it has
aided in building ffty-one dwelling houses
in Richmond
Three Loan and Building Associations
have recently organized under the general
law of the State. They are located at
Bangor, Dexter and Skowhegan, and their
organization was authorized by the Bank
Elk miner, as there seemed to exist at these
places a legitimate ground for their opera
ton. SO far they have been reasonably
successful and it is a far presumption that
others will De organized when the public
more fully understand their plan of operation.
As the Legislature has recognized the use
fulness of these associations by providing
for their organizat alton, it seems proper to ex-
plain their system in order that it may be
more generally understood. With careful,
honest management they can hardly tail to
produce beneficial results. Such has been
the case 10 Boston, Chicago, Phiiadelphia,
and other smaller places in the United States.
In and about Boston there are upward of
thirty organizations; in Chicago there are
nearly two hundred; while in Philadelphia,
three hundred and forty three have been in
active operation for more than forty years,
using at the present time capital of over
$50 900, 900.
In the Province of Ontario, Canada, late
returns shoS wonderful growth, their
capital aggregating upwards of $4,000 900.
The object of these associations is to enable
persons of small means and limited Income
to buy or build their houses. This is accom-
plshed by small monthly assessments sp-
piled to payment on tile instead of rent. The
time required to complete the ownership is
about ten wears.
Strictly speaking, building associations are
cooperative banks applied to house building.
STATE TAX
Bv the report of the trsssurers of savings
banks Nov. LIST, it appears that the State tax
on deposits the past year was S232,973.74 or
S26, 7S8 81 more than in 1885
Without exception. the officers of savings
banks complain that this is an excessive
tribute.
INVESTMENTS.
The Examiner devotes considerable space
to this subject, discussing the character of
many of the investments offering. He ad-
vises savings banks managers to shun invest
ments in miscellaneous bonds, the securities
of small cities, local corporations and mort
cages of over-vslued real estate, and invest
only in the choicest securities. ''No financial