Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-03-12
STATE HOUSE.
Character of Maine Savings
Banks Investments.
Government Issues Bulletin on the
Building Of Earth Roads.
Wants State Pension for Losing Hand
in Saw Mill.


and comprehensive report of the STATE
I bank examiner, many items of impor-
| lance are discovered. The abstract o.
! the annual reports of savings banks 1
especially interesting. for it gives the
condition of every bank in the State;
shows its liabilities and its resources
I and tells just what the character OF LIS
assets may be- The reports of trustees
also contain much information OF value
| because they describe the sort OF secu-
rites in which each banks money IS II
! vested.
/ These securities include many classes
! from United States bonds to corpora
! ton mortgages. 1t is q noticeable fact
that the savings banks Of the State are
rapidly reducing the amount of govern
mcnt bonds owned by them. In 1900
more than per cent. of their assets
was of this character while in 1901 the
| amount decreased TO about 2i2 per cent.
Nearly onc-third Of all the resources
Of Names 81 savings banks, or. to be
accurate, BIO per cent, comprise rail-
road bonds out of Maine. Of the VII
C23. 1I1.G3 total resources the above class
of securities amounts to 3.65S. ~. Al.
In 1890 the per centage of this class was
about one-h1lf what it is today. AS a
result Of this great change in the char
acter of savings banks securities as ex-
cmplifed by these figures the loans on
mortgages or real estate, on collateral
and to corporations have been consid-
crably reduced.
The amount Of public funds-State,
county, city and town bonds-in Maine
SHOWS slight increase. The public
funds out Of Maine have been cut down
about 6 per cent since 1890, but have
begun to increase once more.
These figures present interesting
phases OF the savings banks question"
said well-informed bank official. to
the Journal, yesterday. Public funds
in Maine are not SO profitable as are the
high grade county and municipal bonds
out of the State. Take the resources of
The Augusta Savings Bank, for in
stance. The assets Of this bank amount
to a little more than 5000, goo OF this
sum $4C17.S5o or more Than one-half.
comprise county and city bonds out of
Name The market values of these
bonds is far above the par value there
of. These bonds are issued by prosper
Gus counties and cities in Ohio, In
diana. Wisconsin, Iowa, Minnesota,
Michigan Kentucky and other states.
The city Of Cincinnati and per cent.
bonds are high-grade investments, al
though they are due in 1904.
$50 you can go through the list and
you will find that the investments
which the savings banks make in NUM-
cipal bonds are generally made for the
purpose getting a fair rate of interest
combined with absolute safety.
Nearly one-half of the resources of
the Bangor Savings Bank consists of
this class of securities. The resources
OF the Gardiner Savings Institution
amount to 50, $50. 1920. and of this sum
81. 329. 200 are public funds out of Maine.
The Hallowell Savings Institution is al
| 50 owner Of a large slice of these kinds
of bonds. The total resources is $500
&C. Sc and the public funds out of Maine
amount t. $31S 200. The Kennebec Saw
| ings Bank of Augusta. holds $685. 300 OF
public funds out of the State, more
than one fourth of its entire assets.
| In looking over their returns, how
ever You will notice that the estimated
and market value of these securities IS
far above the amount charged upon the
books of each bank. The Augusta SAY
ings Bank holds $4,000 in Cincinnati s.
| due in 1904. and yet the market value is
said to be s27. 625. The estimated mar
ket value of resources of this bank.
above liability for deposits. earned divi-
dend and State tax. is stated as SLOT
3S5.53. The resources of the Kennebec
Savings Bank have market value Of
| $145 961 10 above all liabilities.
| These figures show that the banks
are wisely and prudently managed, and
that the officers have an eye to the best
interests of the depositors at all times.