508 



MAINE. 



Concerning the bonded debt, the Treasurer 

 says: "The refunding of our public debt be- 

 tween this date (Jan. 1, 1889) and the 1st of 

 October is an imperative duty and of the 

 amount now outstanding, $1.748,000 fall due 

 on the first day of June and $2,187.400 on the 

 lirsf, of October : against this aggregate amount 

 of $3,935,400 and available for its payment, 

 we have securities in the sinking-fund whose 

 market value is about $1,200,000 ; there is to 

 be paid from the estate of Hon. Abner Coburn 

 $150,000, of which the State has accepted the 

 trust, and we may possibly have an additional 

 sum of $357,702 from the National Government 

 as a refund of the direct tax of August, 18til. 

 The debt to be refunded can not, 1 think, ex- 

 ceed $2,600,000 in amount, and may possibly 

 be as low as $2,200,000." 



The sinking-fund is wholly composed of 

 United States 4 and 4 per cent, bonds, and 

 Massachusetts and New Hampshire 5 and 6 per 

 cent, bonds. More than 70 per cent, of the 

 fund is invested in United States bonds; these 

 securities will not shrink in value and they 

 bear an average interest in excess of 4 per 

 cent., and can profitably be maintained for the 

 last payment. The refunding act of 1887 fixes 

 the date for the issue of the new bonds at Oct. 

 1, 1889. 



The State College has on deposit with the 

 State Treasurer, under the provisions of cer- 

 tain resolves and acts of the Legislature, vari- 

 ous State bonds, amounting to $118,300. This 

 whole sum now stands in bonds which become 

 due in 1889, and for the purpose of refunding 

 them the Treasurer suggests that he be author- 

 ized to issue a registered bond for the full 

 amount in favor of the State College of Agri- 

 culture and Mechanic Arts bearing interest at 

 the rate 'of 5 per cent, per annum. 



The Maine Insane Hospital fund has been in- 

 creased by the trustees paying into the treas- 

 ury $50,000 which they received from the 

 estate of Hon. Abner Coburn. This has bei-n 

 accepted in trust, for which the annual interest 

 is to be paid as authorized by resolve of the 

 Legislature of 1887, which directed the Treas- 

 urer to issue to the hospital an unnegotiable 

 registered bond for $50,000, bearing interest at 

 the rate of 4 per cent, per annum, payable 

 semi-annually. 



Savings - Banks. The fifty-five savings-banks 

 in Maine have assets amounting to $5,031,- 

 497.44 in excess of all liabilities, and during 

 1888 paid a State tax of $268,868.06. The to- 

 tal number of depositors on Nov. 1, 1888, was 

 124,562, of which number 99,293 represent a 

 deposit of less than $500 each. During the 

 year there has been an increase of 5,333 in the 

 number of depositors, with an average balance 

 to each of $328.91, an increase over that of 

 1887. The amount deposited Nov. 1, 1888, 

 was $40,969,663.05 a total increase for the 

 year of $2,150,019.83. Every bank in the 

 State has paid its regular semi-annual divi- 

 dend, the total amount of dividends paid being 



$1,479,785.68, and nt the close of the year 

 there remained in the banks $1,024,807.61 of 

 undivided profits. There are in Maine also six 

 trust companies and fifteen loan and building 

 associations, which are represented in a most 

 healthy, prosperous condition. 



Education. The Maine State College has con- 

 tinued to flourish. The State experimental 

 station at the college was abolished on Oct. 

 1, 1887, and was then transferred to and be- 

 came the property of the college. Meteoro- 

 logical observations are regularly made there. 

 A new building for the use of the department 

 of agriculture and natural history was com- 

 pleted during the year. The State apportion- 

 ment of the school-fund and mill-tax amount- 

 ed to $372,703.89, which was divided among 

 the different counties according to the number 

 of pupils in each. The total number of pupils 

 was 211,968, a decrease of 590 for the year. 

 The report of the State Superintendent of 

 Schools indicates that there are fewer pupils in 

 the State than in 1886, yet there were 444 

 more attending school ; the registered attend- 

 ance in the summer and autumn terms was in- 

 creased by 1,807 and the average daily attend- 

 ance by 1,844; the registered and average 

 daily attendance for the winter and spring 

 terms was increased by the numbers 1,315 and 

 632 respectively. 



The reports of the Madawaska Training 

 School, normal department of the Maine Cen- 

 tral Institute, and Lee Normal Academy, are 

 very satisfactory, as are also the reports of the 

 trustees of the three State institutions. 



Railroads. The commissioners report that 

 during 1887 the York Harbor and Beach Rail- 

 road has been wholly constructed and was 

 opened to public travel on August 8. This rail- 

 road extends from the Boston and Maine Rail- 

 road depot in Kittery to York Beach, about 

 11-,% miles. 



The Penob^cot and Lake Megantic Railroad, 

 now known as the International Railroad, is 

 being constructed from the west line of the 

 State easterly by the southern side of Moose- 

 head Lake to a connection with the European 

 and North American Railroad at Mattawam- 

 keag station. 



The Somerset Railroad Company contem- 

 plates the extension of its railroad from the 

 present terminus at North Anson, northerly 

 and easterly to the village of Bingham, about 

 sixteen miles, and has graded a large portion 

 of the road-bed. 



Notwithstanding the multiplicity of railroad 

 charters granted by the Legislature during the 

 last session, three railroad corporations have 

 been organized under the general law, viz. : 

 Harmony and Wellington Railroad Company ; 

 Rumford Falls, Andover and Rangeley Lake 

 Railroad Company ; and Boston and Quebec 

 Air Line Railroad Company. 



There is at the present time (January, 1889) 

 a total of 1,1 82 '22 miles of railroad in the State 

 of Maine. 



