Norwich bulletin., 1913-10-10

\. fund. s50620: city of Norwich, police pension fund, $5,sGs.27; Howard F. stanton, trustee fremens fund, $S5.3b,
 Certificates of Deposit
 In certificates of deposit. whicl to- Iaied S7S,6SS.66, those who held these TOT over s1.000 were Estate Susan N. Armstrong, New London, $1,51S.9l, Co., lumous Casualty company ColumDuss o, S4,0oo; ". H.. Ida F. and MargUer7 lte Doane, Watch Hill two for S25,0q0 each; Lillian c. Loomis, Lebanon, Sb 800; Thomas c. Perkins, Hartford s1- 900 Joseph Sarles, Norwich, s25lS25; George A. Stafford and J. w Sanders Stamford, $2,500; Union National Acci- dent company. Philadelphia. 10000,
 Commercial Deportncnt.
 In the commercial department here the total deposits were shown af $199- $50, these were the accounts o5 about 800 depositors, among which those that had deposits of over $1. 090 were the following: c. J. Abell, admr 7 Lleban- on, $1.622.51; H. F. Buell. Colchester, S!748.11; The L. L. ChapmansCo Nor wlch, $2,754.13; M. J. Cummings, Nor- wich, s1,346: 96: The c. P Darling New. York, $1,15S.64: George W. Dart Montville, $1,954.95 Emil Dashefy Yantic, $2.545.17; Fibre License Co.,, Norwich, $1,S01.57; 5 GolaberE, $1,- 1sS2S; Jacob Gordon, Noswich, $2,-  Norwich, $1,08236; M. KEngon. Col chester, $1,625.S3; ". KudIick West Hoboken, N. J., 1000 A. R. Manning, Yantic, $1.S41.63; w. E. Manning, Yan- tic, S1,0o0; Maynard and Lambert, Taftville, $1,400; Jacob Munz, Norwich, $105729; Norwich Grain Go, $1,116.- A: Norwich Hospital for Insane, su- perintendent's account, $12,9S8.74; Nor- wich & Westerly Traction Co., $5,421.- 47; Norwich Police Pension Fund, S4,- 191.97; James L. Raymond. Hadlyme, $1o8O38; Simeon Rosano, Norwich, 900; Mary w. Smith, Norwich, $2- 109.86; Sterling Improvement Co, New York, $S.657.53; Sterling Securities Go, New York, S9,726.04; Town of Lisbon $2.91448: Town of Preston, $2,194.75; United Railways Co.,, $2,S96.42; United ly and Connecticut Ky Go, $2,042S6; William B. Wilcox, Norwich Town, S1,73862.
 Besides the towns of Montville and Lisbon which had accounts here the Town of Montville also had a deposit, the amount being $955.16.
 Receiver Seeking Courts Advice.
 In the course of the exercise of his duties as receiver of the bank MT. Thayer has found it necessary to ap- ply to the superior court for instruc- tons and advice upon certain Ques- ttons arising in his administra ton as receiver of the trust company. This suit is now in the status of having been reserved by agreement for the supreme court to decide upon the points in yolved. In asking for the advice he seeks Receiver Thayer refers among other things to the bank method of doing business between it's commercial department and it's savings depart ment and states that the aggregate credit balance in the savings deposits and in the home bank account on April Is, 1913, was $589, 536.59, and the Thames Loan and Trust company as sets held and reported to the bank commissioners as investments set aside for savings depositors consisted of the following items
 Loans on real estate .21 Loans on collateral security. .182, ,25722 Loans on personal security
 Town, city and borough
 notes and orders ..,:..,. 26,5Oo.oO
 orders ............... 10000 Railroad bonds ...... 24,700.00 Bank stocks ............. 64,5S6.50 Deposited in National Bank
 of Commerce. New York, a5,779.9o
 Total .......... ........$508. 5OO.98
 This leaves a balance of $8L035.66 in IIl6 general 1uuQS or the trust com pany. This item of $S1 035 66 is in- cluded in an item entered on the books of the trust company as general de- posits $280 94467' but unlike general deposits 1t is not entered on passboOks held by depositors subject to check
 This item of 81,035.66 so appearing in the aggregate of general deposits" is not liability of the defendant cor poration to any other person, the re- ceiver alleges, but represents the amount of savings deposits which it had failed to invest in securities re- quired by statute for the investment of deposits by savings banks, and the extent to which the Thames Loan and Trust company had failed to comply with the provisions of public acts of 1907, chapter 85. section l.
 The receiver claims further that the foregoing items of investments set aside for savings depositors' included second mortgages and mortgages for amounts in excess of 50 per cent. of the value of the mortgaged property held as security, and also shares of the At lantic National bank of Providence, in the state of Rhode Island. among bank stocks" as shown in the fore going schedules
 The question seems to be here as to whether Receiver Thayer can take the $81, ,035.66 wherever it may be found in the assets of the trust company and return IL to the SaVlngS department, where he claims it properly belongs. or whether the savings department is a creditor of the commercial side of the bank and should receive only it's pro rata share with the other creditors of that department.
 Statute on Investing Savings Funds.
 The statute referred to in the receiv- er's request to the court for advice is as follows:
 Chapter 85, Section All banks and trust companies maintaining a savings department, or soliciting or receiving deposits as savings, shall invest all such deposits hereafter so received ac- cording to the requirements of the statute laws of this state concerning banks; and said investments shall be for the exclusive protection of the de- positors in said savings department, and shall not be liable for or used to pay any other obligation or liability of said bank or trust company until aft CT the payment of all the deposits of said savings department.
 Sec 2-Satd banks and trust com panies shall pay to the state on all savings deposits the same tax which is required to be paid by savings banks by section 2422 of the general statutes, as amended by chapter 1S9 of the pub lie acts of 1903, on the savings depos- its held by them, and such Gavings de- posits shall be exempt from all other taxation and said banks and trust companies shall also transmit to the bank commissioners, on or before the ener if required by the commissioners, rtoF ho oF