The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-23

tIon by street railway expert of the equip
ment and motors, etc, puts one in possess
sion OF all the facts that are necessary to
judge o. the value of a street railway prop
erty. 1t is possible to get good street rail-
way bonds. as the experience of some at
least OF the Maine Savings banks has fully
demonstrated. I should favor a modifica
ton of the law requiring that sum equal
to fifty per cent of the bonded indebted
ness shall have been paid in cash and ex-
pended on the property.
'BANK EXAMINATIONS.
81 have felt that the question of careful
examinations and having more of the bank
examiners time at the disposition of the
different banks in the state, was one of the
first consequence to US all. The bank exam
liner of the State of Maine at the present
time, is underpaid and can have but very
little time to himself. alt hough he has been
relieved of one of the examinations which
we had in previous years. Since the il
crease insthetnumber of trust companies and
loan building associations, all of whom pay
but a comparatively small amount of tax in
comparison with the savings banks, he has
been Obliged. to curtail the time given to
our interests.
Now with all Difference to the legislative
powers of this state, the institutions which
have fifty-five millions Of dollars in their
charge and pay over four hundred thou
sand dolla rs in taxes annually,to the sup.
port of the state.not one dollar of which tax
could be gotten but for the savings banks,
I say the institutions representing all this
wealth are entitled TO an expenditure of
such part of that tax as will give the de-
positors the best protection that frequent
examinations can give The State of New
Hampshire, understand, has three bank
examiners. and only seven more institu-
lions in charge. feel that we, in this state
should have at least two we'll paid exami-
ners. that they should be required TO make
two examinations each year. at least, and
should also have time to answer questions
relating to Investments. At any rate. it
seems wrong to deprive our depositors of
any safeguard which they have formerly
had. when we pas SO large par of the ex-
penses of running the state.
Several notifications of the ex-
listing laws relating to investments were
presented. and it was voted to recommend
tile adoption of these amendments by the
legislature and the following substitute was
ad opted: s3.S4 s4fl. 1aF9 ,.s
''Seotion 10o.-Savings banks and institu-
tions for savings are RESTRICTED to and here
after may invest their deposits in the pub
lie funds of any Of the New England States,
including bonds of tie Counties, cities and
towns of the same; i'll the public funds Of
the United States an1s Districtof Columbia !;
in the stock Of any bank Of banking asso-
citation iucor porate una err au thority of this
state; in the stock of any banS or banking
association inc orporated under the aut bori.
ty of the United cStates. if located within
the New England Statas; in the bonds is
sued for municipal purposes, land refunding
bonds issued to take up at maturity bonds
which were legal and constitutional when
issued. in which the interest has been fully
paid, of any city of ten thousand inhabi-
tanrs. or more, of the Safes of New York,
Pennsylvania. Maryland, Ohio, Indiana,
Kentucky, Michigan, Wisconsin, Minnesota,
Iowa. Illinois. Missouri, Kansas and Ne
braska, and in the public funds of each of
the above named states, and in the bonds
of counties in said states having twenty
thousand population when NOT issued in aid
OF railroad i; in the bonds or obligations of
street Improvement boards. school district
boards, boards of education. and other cor
porate bodies within such municipalities
authorized to contract debts and issue
bonds liable to be met by general tax
levy upon allsthe property of such munich
palities. providedstbat no investment shall
be made in fhe bonds of any cities or coun-
ties of the state above named Except cities
having a population of $4,000. OF more,
where the net municipal Indebtedness of
such city or county exceeds five per GENT.
of it's assessed valuation; in the first mort
gage bonds of any completed railroads OF
thessta ties above named, together with New
Jersey. but 10 bonds of street railroad 8
shall be purchased unless an amount Of
| capi lstock equal to fifty per cent of the
mortgage de bt shall have been paid in III
| cash and egpended upon He road, in adj
dition to the amount of the bonded debt !;
and I'm the first mortgage bonds. of the Cen
trial Pacific, Union Pacific and Mort bern
Pacific railroads, and in the railroad bonds
of this state; in the stock of any divi6 end
paying railroad in New England; and in
the stock and mortgage bonds of any rail-
road leased to such dividend paying railroad
upon terms guaranteeing thespaynent of
a regular stated dividend upon the stock
| of such leased road and the interest on its
| bonds; in the stocks of any railroad COM
| pany of this state uDencumbered BY mort
gage; in the mortgage bonds of any water
company in this state and New Hampshire
| actually engaged in supplying to any city
| or cities, town ol towns. village o. villages,
OF other municipal corporations, water for
| domestic use and for the extinguishment of
| fires whenever such company is earning
| more than its fixed charges. interest on
| its debts, and Its running expenses; in the
| stoo K and bonds of any other corporations
| incorporated under authority of this state,
which earn and are paying regular divi-
| bends of not less than five per cent year
and may invest by loan on first mortgages
| of real estate in this state and New Hamp-
shire, not exceeding sixty per cent OF it's
| value. and Ma, loan TO any county. city Or
| town thereof; and may loan on notes witt
a pledge as collateral OF any of the afore-
said securities. including savings. bank de-
posit books of any savin gs bank in the
state, and the stock OF any of said railroad
companies, not over seventy five per cent of
| the, market value of such stock land may
loan to corporations having real estate and
| doing business in this state; and may also
loan on pledge or mortgage of such other