220 



CONNECTICUT. 



institutions are fully entitled to the confidence 

 which they enjoy." 



With regard to the trust companies, during 

 the year ending April 14, 1875, there has been 

 no change, either in their number or condi- 

 tion, which appears to be satisfactory. 



The number of savings-banks in Connecticut 

 during the year was eighty-six, six more than 

 in 1873. The amount of their deposits taken 

 together was $73,783.802.28 ; an increase of 

 above $3,000,000 over the deposits of the pre- 

 vious year. The number of depositors in the 

 aggregate was 206,274, or 1,533 more than 

 in the preceding year. The average amount 

 due each depositor on the above stated sum, 

 if equally divided, would be $357.70. The in- 

 come of all the savings-banks in 1874 amounted 

 to $5,065,541.90 ; and the dividends declared 

 to depositors were $4,034,583.85. By a pro- 

 vision of the law, the savings-banks cannot 

 take a higher rate of interest on their loans 

 than seven per cent, per annum, nor declare 

 dividends exceeding six per cent. 



Of fire and marine insurance companies 

 which did business in Connecticut during the 

 year 1874, there were thirteen of the State, 

 and seventy -four of other States ; also four 

 mutual fire-insurance companies of other 

 States ; and eleven foreign insurance compa- 

 nies. The past year was a prosperous one for 

 them generally. The thirteen Connecticut 

 companies have a total paid-up capital of 

 $6,892,000 ; gross assets, $15,337,448.20 ; lia- 

 bilities, not including capital, $5,580,019.73 ; 

 surplus, as regards policy-holders, $9,757,- 

 428.47 ; liabilities, including capital, $12,472,- 

 019.73; surplus over all liabilities, $2^865,- 

 428.47. The totals belonging to all other 

 companies of other States and foreign coun- 

 tries doing business in Connecticut, were as 

 follows: Paid-up capital, $24,887,230; gross 

 assets, $73,899,327.97 ; liabilities, not includ- 

 ing capital, $31,353,924.64; surplus, as re- 

 gards policy-holders, $42,545,403.33; liabili- 

 ties, including capital, $49,349,154.64; sur- 

 plus over all liabilities, $24,550,173.33. 



The totals of income of the said companies 

 for the year ending December 31, 1874, were 

 respectively as follows : 



The thirteen stock companies of Connecticut. $10,735,388 3T 



Stock companies of other States 36,115,252 71 



Mutual Companies of other States 1.128,930 05 



Foreign companies 10,507,265 94 



Total $58,486,832 07 



The amounts paid by the said companies for 

 losses, cash dividends, and total expenditures, 

 during the same year, were as follows : The 

 thirteen stock companies of Connecticut paid, 

 for losses, $4,689,138.53 ; for cash dividends, 

 $1,392,156.72; total expenditures, $8,750,- 

 311.05. The stock companies of other States 

 paid on the said accounts, respectively, $15,- 

 517,430.38, $2,663,003.18, $28,918,125.02; the 

 four mutual companies of other States, $617,- 

 807.56, $34,454.53, $967,766.17; and the for- 

 eign companies paid, for losses, $4,239,735.48; 



for cash dividends, unreported ; total expendi- 

 tures, $7,054,041.44. 



The magnitude of the insurance interests 

 of Connecticut is disclosed by the fact that the 

 fire-insurance companies transact one-eighth 

 of the entire insurance business of the United 

 States, and have perpetually outstanding fire 

 risks in force equal to twice the amount of 

 the entire grand list of all the real and person- 

 al property of the State, and last year had a 

 cash income of more than $11,000,000, of 

 which over $10,000,000 came to companies in 

 the city of Hartford. 



The life-insurance companies doing business 

 in Connecticut appear to be equally prosper- 

 ous. The reserve held by them amounts to 

 over $82,000,000, being "considerably more 

 than one-third of that held by all the other 

 companies in the United States." Their income 

 during the year 1874 exceeded $25,000,000. 



The expediency of enacting a law has been 

 suggested, which shall put some restraint to 

 their power of investment, as a precautionary 

 measure, lest the sight of so much money ac- 

 cumulating in their hands should tempt and 

 betray them into venturing on hazardous spec- 

 ulations, to the detriment of the companies 

 themselves, and the people who have so great 

 an interest in their stability and good faith. 



The school-fund of Connecticut, on September 

 2, 1874, amounted to little less than $2,045,- 



000. It is invested for about one- sixth in 

 State bonds and bank-stock, the rest being 

 secured by contracts, bonds, and mortgages, 

 almost all within the State. 



The revenue of the school-fund, from April 



1, 1874, to April 1, 1875, was $159,572; the ex- 

 penditure during the same year, $160,014.61. 

 On April 1, f875, there was in its Treasury the 

 available sum of $39,117.77; and $6,095.20 

 were reported outstanding. 



The education of youth is very commend a- 

 bly provided for in Connecticut, both by the 

 State government and by the citizens general- 

 ly. Within the ten years last past several 

 changes have been introduced in the pub- 

 lic-school system of the State. There are 

 1,537 school districts, proportionally distrib- 

 uted among its eight counties ; and the num- 

 ber of children of school-age, between four and 

 sixteen years, in 1874, was 134,976 ; an increase 

 of 1,446 over their number in 1873.' The pro 

 rata dividend, which the State annually pays 

 for them, amounted last year to $148,473.60. 

 The average actual attendance of these children 

 at school the State Board of Education aver* 

 in their last report to be 71,433 in winter, and 

 63,052 in summer. 



The total receipts for schools, in 1874, 

 amounted to $1,619,948, an increase of $1,159,- 

 285 over their amount in 1865. The town 

 taxes now paid for that purpose are $669,857, 

 and the district tax is considerably more than 

 $500,000. In 1865 they were eight times 

 and three and a half times less than at present, 

 respectively. 



