USA > Massachusetts > Middlesex County > Lincoln > Town Report on Lincoln 1956-1959 > Part 12
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60
6,300
365.40
Rogers, Edward H.
19,000
1,102.00
Rogers, John H., Estate of
7,500
435.00
Rollins, Barbara
500
29.00
Rollins, Elmer A.
800
46.40
Rollins, J. Leslie & Barbara
7,900
458.20
Rollins, Oliver W. & Hala P.
7,500
435.00
Rood, Allan & Jane
6,400
371.20
Rooney, Edward D. & Elizabeth M.
5,300
307.40
Rooney, John J. & Margaret C.
1,500
87.00
Root, Harriet E.
600
34.80
Root, Lily Frederica
3,350
194.30
Ross, William C. & Marian L.
10,200
591.60
Rouner, Thomas J. & Doris J.
8,250
478.50
Row, Ronald V. & Jane E.
4,900
284.20
169
Personal
VALUATION LIST
VALUATION LIST, JANUARY 1, 1956
Aggregate Value of
Aggregate
Value of Real
Personal Estate
Estate
Tax on Real and Personal Estate
Name of Taxpayer
Rowe, Lawrence L. & Mildred M.
1,700
98.60
Rowe, Standish S.
6,500
377.00
Roy, Nancy C.
3,800
220.40
Rufo, John & Helen L.
3,400
197.20
Ruocco, Ralph J. A. & Isabel I.
5,000
290.00
Russell, James D. & McPartland,
Marguerite
5,750
333.50
Ryan, James J. & Helen
4,000
232.00
Ryan, Frank A.
100
5.80
Ryan, Lawrence
3,500
203.00
Ryan, Mary A.
2,400
139.20
Ryan, Mary J.
4,000
232.00
Ryer, Russell E. & Margaret C.
6,500
377.00
Sagendorph, Mrs. J. Hansell
15,200
881.60
Sample, Wilbur H. & Joan G.
4,500
261.00
Sampson, Coleman W. & Phyllis Elizabeth
7,000
406.00
Santangelo, Laura B. & John
350
20.30
Satterfield, Charles N. & Anne P.
1,125
65.25
Sautter, Louis E. & Mildred E.
4,100
237.80
Sawtell, Clement C. & Adelaide I.
6,000
348.00
Schaal, Albert A. & Zelpha M.
200
11.60
Schirmer, Ruth A.
6,500
377.00
Schlaifer, Robert 0.
5,700
330.60
Schumacher, August
2,510
145.58
Schumacher, August & Mary L.
1,150
66.70
Schwann, William
7,450
432.10
Scott, Hermon H.
8,500
493.00
Scott, Robert W.
21,400
1,241.20
Secora, Julia
2,500
145.00
Seeckts, E. William
6,700
388.60
Seeckts, Marion E. & Ehlert W.
4,000
232.00
Segadelli, Doris C. & John J.
6,500
377.00
Sexton, Maurice J.
2,100
121.80
Shambaugh, Benjamin & Joan D.
5,600
324.80
Shank, Maurice E. & Virginia
5,500
319.00
Shapiro, Ascher H. & Sylvia C.
600
34.80
Shaw, Alice DeS.
19,600
1,136.80
Shaw, Harold & Ethel C.
500
29.00
Shea, Catherine E., Estate of
4,500
261.00
Shea, William J. & Margaret T.
5,000
290.00
Shepard, Paul F.
4,650
269.70
Sherman, Daniel E.
9,800
568.40
Sherman, D. Everett, Jr.
500
29.00
Sherman, Daniel E., Jr. & Sadie J.
5,250
304.50
Sherwin, Edward V.
1,500
87.00
Shomphe, Patrick W. & Annie B.
6,000
348.00
170
VALUATION LIST
VALUATION LIST, JANUARY 1, 1956
Aggregate Value of
Aggregate Value of Real Estate
Tax on Real and Personal Estate
Name of Taxpayer
Shrock, Robert R.
300
17.40
Shurling, Watson & Emily I.
1,300
75.40
Siler, William C. & Barbara Jean
4,200
243.60
Silva, Manuel, Jr.
1,750
101.50
Silva, Mary E.
5,400
18,250
1,371.70
Simonds, Anthony J.
5,300
307.40
Simonds, Lena J.
100
5.80
Sims, Mildred A.
1,700
98.60
Sisson, John H. & Barbara
10,800
626.40
Skilton, Edna R. & McDermott, Pauline F.
5,000
290.00
Small, William A. & Dolina N.
6,200
359.60
Smith, Carl D. & Florence C.
5,500
319.00
Smith, John E. & Patricia Ann
4,500
261.00
Smith, Sumner
900
55,700
3,282.80
Smith, William B. & Mae W.
5,500
319.00
Smith, William B. & Mary W.
3,900
226.20
Smith, William J. & Barbara J.
2,700
156.60
Smith-Petersen, Hilda D.
2,150
124.70
Snelling, Charles A.
4,100
237.80
Snelling, Dorothy R.
4,300
249.40
Snelling, Howard & Elizabeth J.
4,500
261.00
Snider, Joseph L. & Greta W.
750
43.50
Sorenson, Hans, Heirs of
4,050
234.90
Sorenson, J. Oscar
4,250
246.50
Spence, Robert A. & Helen M.
6,000
348.00
Spencer, Henry W. & Marguerite G.
11,500
667.00
Spooner, Frederick C. & Sarah W.
3,800
220.40
Spooner, Kenneth O. & Vera H.
5,000
290.00
Spooner, Lily T.
4,100
237.80
Stahleker, Carl & Edith H.
5,250
304.50
Sterner, John
1,000
58.00
Stevens, Kimball C. & Eleanor G.
6,000
348.00
Stockellburg, Arthur A.
1,750
101.50
Stratford Realty Co., Inc.
8,200
475.60
Street, Earle B. & Janet H.
5,250
304.50
Striker, William W. & Marjorie B.
5,000
290.00
Sturgis, Alanson H., Jr. & Anne H.
5,900
342.20
Sturm, Henry A., Jr. & Harriet W.
5,200
301.60
Sullivan, Francis J. & Gladys S.
3,500
203.00
Sullivan, Winifred P.
1,200
69.60
Swan, Edmund & Eleanor G.
5,400
313.20
Swanson Pontiac, Inc.
1,500
87.00
Swanson Realty Corp.
2,300
133.40
Swanson, Alfred & Alma
6.350
368.30
Swanson, Arthur W. & Helen K.
7,100
411.80
Swanson, John, Realty Corp.
12,500
725.00
Personal Estate
171
VALUATION LIST
VALUATION LIST, JANUARY 1, 1956
Aggregate Value of
Aggregate Value of Real Estate
Tax on Real and Personal Estate
Swartz, Eli & Jeanette W.
4,350
252.30
Sweeney, Joseph E. & Jeanne M.
5,250
304.50
Swift, Orlando B. & Janice B.
8,650
501.70
Swift, William N. & Phyllis C.
8,600
498.80
Swinconeck, John J.
1,600
92.80
Taillacq, Elsie
4,000
232.00
Tarbell, George G. et al, Trustee
21,200
1,229.60
Tarbell, George G., Jr.
8,100
469.80
Tarky, William J., Jr.
1,000
58.00
Tasker, Eliza J.
3,500
203.00
Taylor, Edward S.
6,950
403.10
Taylor, Frederick B. & Lex H.
8,000
464.00
Teabo, Eugene R. & Alice M.
1,400
81.20
Telling, Irving & Jane C.
5,500
319.00
Tennessee Gas Transmission Company
49,350
2,862.30
Tetreault, Arthur Hubert & Anne G.
5,000
290.00
Tetreault, Arthur H. & Claire F.
6,000
348.00
Tew, John B.
15,400
893.20
Thiessen, Arthur E. & Laura
13,600
788.80
Thomas, Melvin H. & Phyllis I.
2,600
150.80
Thompson, Cameron S., Jr. & Nancy L.
5,200
301.60
Thompson, Donald O. & Barbara Ann
5,000
290.00
Thompson, G. Brooks, Jr. & Arlene
8,300
481.40
Thorpe, Margaret M.
7,000
406.00
Thorson, Robert H. & Kathryn F.
7,100
411.80
Tirrell, Horace P. & Ethelyn S.
5,500
319.00
Tobey, Aubrey C. & Cynthia W.
100
5.80
Todd, Mabel H.
16,700
968.60
Todd, Pauline E., Admx.
27,900
1,618.20
Toler, Louise C.
5,000
290.00
Tonseth, Didrick & Phebe
1,850
107.30
Torode, Herbert L. & Lorraine S.
2,750
159.50
Tracey, Elizabeth M.
8,300
481.40
Tracey, Joseph
500
29.00
Tracey, Joseph R. & Elizabeth M.
4,200
243.60
Tracy, John W. & Gertrude G.
3,000
174.00
Troisi, Ferdinand L. & Mary G.
1,900
110.20
Trueworthy, Thurston C. & Helen F.
500
29.00
Tucker, Gardner
500
29.00
Tunnell, Raymond W. & Suzanne D.
6,500
377.00
Turner, Charles F. & Winifred A.
4,400
255.20
Tyler, Ethel A., Admx.
2,700
156.60
Tyler, Watson, Heirs of
2,700
156.60
Umbrello, Carmel V. & Francesca
6,000
348.00
Umbrello, Francis
1,500
87.00
Name of Taxpayer
Personal Estate
172
VALUATION LIST
VALUATION LIST, JANUARY 1, 1956
Aggregate Value of
Aggregate Value of Real Estate
Tax on Real and Personal Estate
Name of Taxpayer
Umbrello, Francis & Virginia
8,950
519.10
Vance, Jane K.
18,700
1,084.60
Van Leer, Hans L.
1,600
900
145.00
Van Leer, Hans L. & Mary K.
11,000
638.00
Van Wart, Walter L. & Mary A.
1,600
92.80
Vercollone, Edmund S. & Julia
6,100
353.80
Vitale, Joseph A. & M. Frances
7,100
411.80
Wadsworth, Charles Y. & Virginia D.
18,200
1,055.60
Waible, Wendell J. & Florence E.
5,200
301.60
Walen, Roger S. & Constance M.
4,000
232.00
Wales, Andrew M. & Betty R.
11,500
667.00
Wales, Isabel G.
14,800
858.40
Ward, Henry DeC. & Janet Clark
11,700
678.60
Ward, Walter B. & Sophie E.
5,000
290.00
Ward, Walter B., Jr. & Marie L.
4,750
275.50
Ware, H. Spanton & Vivian V.
6,500
377.00
Warner, Henrietta S.
9,500
551.00
Warner, Henry E.
3,600
208.80
Warner, Henry
100
5.80
Warner, John Burton & Barbara K.
10,500
609.00
Washburn, Mabel L. & Rachel W.
4,400
255.20
Washburn, Rachel W.
100
5.80
Webb, Rosella
5,500
319.00
Welch, Vernon F. & Leatrice June
5,250
304.50
Weld, Anne S. & Frederick C.
10,500
609.00
Wells, George & K. W.
8,300
481.40
Westcott, Charles W. C. & Mary
3,500
203.00
Westcott, Vernon C. & Mary Alice
6,500
377.00
Weston, Georgianna H.
4,500
261.00
Western Union Tel. & Tel. Co.
2,100
Wheeler, Elizabeth F., Ann H., Mary L. & Ruth A. Gale
17,150
994.70
White, Katharine S. & John W.
13,200
765.60
White, Robert E. & Marion J.
4,800
278.40
Whitney, Harold A. & Consuelo V.
5,100
295.80
Wilbor, John S. & Anne F.
6,900
400.20
Wiley, G. Arnold & Helen
10,850
629.30
Wilfert, Walter A. & Eleanor A.
200
11.60
Wilfert, Fred J. & Eleanor M.
5,400
313.20
Wilfert, Walter A. & Fred J., Eleanor A. & Eleanor M.
600
34.80
Wilkie, Earl L. & Virginia A.
4,600
266.80
Willard, Henry L. & Helen S.
8,000
464.00
Willard, Leslie M. & Bernice L.
4,750
275.50
Whalen, William B. & Mary E.
3,500
203.00
121.80
173
Personal Estate
VALUATION LIST
VALUATION LIST, JANUARY 1, 1956
Aggregate Value of
Aggregate Value of Real
Tax on
Name of Taxpayer
Personal Estate
Estate
Real and Personal Estate
Williams, Edwin L., Jr.
4,900
284.20
Williamson, Elizabeth R.
1,300
75.40
Wilson, Elizabeth
6,100
353.80
Wilson, John Otis
9,100
527.80
Wilson, Melvin S. & Eleanor F.
5,250
304.50
Wilson, Montgomery S. & Mary Ann
6,500
377.00
Wilson, William A. & Eleanor L.
9,200
533.60
Winchell, Gordon D. & Enid M.
5,000
290.00
Winchell, Guilbert & Evelyn
27,650
1,603.70
Winchell, Guilbert S. & Amy Jane
3,200
185.60
Witham, Arthur R. & Margaret F.
3,200
185.60
Witherton, John R.
5,800
336.40
Wood, Frank H. & Jeanne R.
8,200
475.60
Wood, George A., Jr. & Nancy L.
5,000
290.00
Wood, James D. & Ruth E.
4,500
261.00
Wood, James & Lizzie
4,500
261.00
Wood, O. Chester & Hilve V.
4,950
287.10
Wood, Robert C. & Margaret B.
5,000
290.00
Woodington, N. Gordon & Mary L.
8,600
498.80
Woodland Trust
420
24.36
Woods, Henry A. & Barbara R.
6,500
377.00
Woodward, Thomas M., Jr. & Barbara L.
4,800
278.40
Woodworth, Robert W. & Catherine S.
3,500
203.00
Worsham, Jack L. & Charlotte A.
500
29.00
Worthington, Thomas K. & Elizabeth C.
6,000
348.00
Yagjian, Jacob & Inez
600
34.80
Young, David B. & Cora S.
3,150
182.70
Young, Edward L.
2,350
136.30
Zarella, Joseph S. & Lillian M.
1,100
63.80
Zdanowski, John J. & Mary A.
4,530
262.74
Ziegler, Elmer H. & Hilda M.
5,100
295.80
Zinck, Floyd A. & Elma W.
6,500
377.00
Zollo, Carmen
2,500
145.00
174
TRUST FUNDS
REPORT OF COMMISSIONERS OF TRUST FUNDS
The maturity of U. S. A. 22% Series G bonds in 1956 and the availability of savings bank deposits, together with the pronounced rise in interest rates since the middle of the year, have provided an opportunity to increase income. Accordingly, as U. S. A. 22% Series G bonds matured and as savings bank interest dates occurred, the Trust Fund Commissioners purchased a number of corporate bonds yielding to maturity from around 3.55 to 4% depending upon the particular issue.
It has been the policy of the Trust Fund Commissioners to proceed in this direction in a number of steps, reserving, when practicable, funds for later investment in the event of higher rates of interest.
Respectfully submitted,
Richard F. Schroeder William T. King Clement C. Sawtell
Commissioners of Trust Funds
175
TRUST FUNDS
JOHN H. PIERCE LEGACY
Cash Account
Cash balance at January 1, 1956
$ 842.24
Income received in 1956:
Savings bank and bond interest
$ 682.53
Annuity u/w John H. Pierce
3,000.00
Rent of Pierce house - 1955
600.00
- 1956 (one-half)
300.00
Well-Child Clinic fees
31.50
Dental Clinic fees
2,154.47
Salvation Army, for Dental Clinic
420.00
7,188.50
Refund of benefits paid
54.00
U. S. A. Series "G" bonds matured
11,000.00
Withdrawn from savings bank
1,000.00
$20,084.74
Payments per order Selectmen:
Hospital and nursing home aid
$1,445.66
Medicines
37.50
Doctors' bills
103.00
Well-Child Clinic
437.15
Dental Clinic
2,497.01
Repairs to Pierce house
396.00
Care of grounds
175.00
Ambulance
12.00
$5,103.32
Savings bank interest allowed to accumulate Accrued interest paid on bonds purchased
57.25
Bonds purchased:
3,000 Federal Land Banks 3 7/8% due 1972
2,984.25
3,000 Niagara Mohawk Power Co. 3 5/8%
due 1986
2,913.75
3,000 Pacific Tel. & Tel. Co. 4 3/8%
due 1988
3,138.75
2,000 Southern California Edison Co. 3%
due 1965
1,905.00
1,000 Virginia Elec. & Pwr. Co. 4 1/8%
due 1986
1,038.75
17,284.21
Cash balance at December 31, 1956
$ 2,800.53
Cash and Securities at December 31, 1956
Cash on deposit Middlesex Institution for Savings
2,496.65
Provident Institution for Savings
1,374.40
8,500 USA Series "F" due April 1, 1958, at cost
6,290.00
176
$ 2,800.53
143.14
TRUST FUNDS
2,700 USA Series "F" due Dec. 1, 1960, at cost
$ 1,998.00
3,500 USA Series "F" due July 1, 1962, at cost
2,590.00
2,500 USA Series "G" 2 1/2% due Nov. 1, 1959 2,500.00
2,000 Baltimore & Ohio RR Equip. Tr. "CC" 3% due 1961 1,995.72
3,000 Federal Land Banks 3 7/8% due 1972
2,984.25
2,000 Great Northern Rwy Equip. Tr. 2 7/8% due 1960
1,990.62
3,000 Niagara Mohawk Power Co. 3 5/8% due 1986
2,913.75
3,000 Pacific Tel. & Tel. Co. 4 3/8% due 1988
3,138.75
3,000 Southern California Edison Co. 3% due 1965 2,905.00
1,000 Virginia Electric & Pwr. Co. 4 1/8% due 1986 1,038.75
2,000 USA Series "F" due March 1, 1960 1,480.00
$38,496.42
De CORDOVA SCHOOL EQUIPMENT FUND
Cash Account
Cash balance at January 1, 1956
6.51 653.43
Interest income of 1956
Interest credited to book value of bonds to amortize purchase premiums
4.34
$664.28
Net income paid to Town
653.43
Cash balance at December 31, 1956
$ 10.85
Cash and Securities at December 31, 1956
Cash on deposit
$ 10.85
Cambridge Savings Bank
2,791.52
Middlesex Institution for Savings
2,247.48
10,000 USA Series "G" 22% due April 1, 1958
10,000.00
1,000 USA Series "G" 22% due Nov. 1, 1959
1,000.00
1,000 U S Treasury 22% due March 15, 1970-65
1,010.83
2,000 U S Treasury Reg'd 2 3/4% due April 1, 1980-75
2,025.45
1,000 Alabama Power Co. 32% due Jan. 1, 1972
989.80
1,000 American Tel. & Tel. Co. 2 3/4% due 1975
948.30
1,000 Baltimore & Ohio RR Equip. Tr. "CC" 3% due Sept. 1, 1961
997.86
1,000 Northern Pacific RR Equip. Tr. 2 3/4% due Aug. 10, 1966.
989.95
1,000 Southern California Edison Co. 3% due 1965 1,000.00
1,000 Western Maryland RR 4% due 1969
1,021.43
$25,033.47
177
TRUST FUNDS
ABBIE J. STEARNS FUND FOR THE SILENT POOR
Cash Account
Cash balance at January 1, 1956
$ 9.07
Savings bank interest received in 1956
92.09
Withdrawn from savings banks
60.00
$ 161.16
Safe deposit box rent
$ 3.00
Savings bank interest allowed to accumulate
92.09
Paid per order of Selectmen
58.25
153.34
Cash balance at December 31, 1956
$ 7.82
Cash and Securities at December 31, 1956
Cash on deposit
$ 7.82
Boston Five Cents Savings Bank
1,261.08
Middlesex Institution for Savings
1,878.22
$ 3,147.12
Accumulated income
$ 1,922.07
Principal
1,225.05
$ 3,147.12
GRAMMAR SCHOOL FUND
Cash Account
Savings bank interest of 1956, paid to Town
$ 37.89
Savings Bank Deposits at December 31, 1956
Middlesex Institution for Savings
$ 722.00
Cambridge Savings Bank
495.52
$ 1,217.52
178
TRUST FUNDS
DONALD GORDON RECREATION FUND
Cash Account
Cash balance at January 1, 1956
$ 269.29
Interest income for 1956
150.03
Withdrawn from Provident Institution for Savings
1,020.13
$1,439.45
Payments per order Commissioners of Trust Funds: July 4 Band Concert
300.00
Badges and rosettes
29.41
Savings bank interest allowed to accumulate
69.10
Purchase of 1,000 Virginia Electric & Power Co. 4 1/8% due 1986
1,038.75
Accrued interest on same
1.84
1,439.10
Cash balance at December 31, 1956
$ .35
Cash and Securities at December 31, 1956
Cash on deposit
$ .35
Boston Five Cents Savings Bank
1,050.91
Middlesex Institution for Savings
1,304.34
1,000 Baltimore & Ohio RR Equip. Tr. "CC" 3% due 1961
997.86
1,000 Southern California Edison Co. 3% due 1965
1,000.00
1,000 Virginia Electric & Power Co. 4 1/8% due 1986
1,038.75
$5,392.21
Accumulated income Principal
$ 197.46
5,194.75
$5,392.21
179
TRUST FUNDS
LINCOLN SCHOLARSHIP FUND
Cash Account
Donations to Fund:
Net proceeds of Lincoln School benefit performances
$ 864.68
Miss Fanny S. Campbell
1,000.00
Mrs. Robert L. DeNormandie
250.00
Douglas Roberts
25.00
Pre-War July 4th Celebration Committee
80.00
$2,219.68
Payments per order Scholarship Fund Trustees:
Northeastern University, for Barry G. Andrews
$200.00
Bouve Boston School, for Annie Murphy
150.00
$350.00
Supplies
11.60
Deposited in Provident Institution for Savings
500.00
Purchase of 1,000 Federal Land Banks 3 7/8% due Sept. 15, 1972
994.75
1,856.35
Cash balance at December 31, 1956
$
363.33
Cash and Securities at December 31, 1956
Cash on deposit
$ 363.33
Provident Institution for Savings
500.00
1,000 Federal Land Banks 3 7/8% due Sept. 15, 1972
994.75
$1,858.08
Robert L. DeNormandie Fund
$ 250.00
General Fund
1,608.08
$1,858,08
180
TRUST FUNDS
BEMIS LECTURE FUND
Cash Account
Cash balance at January 1, 1956
$ 1,185.10
Interest income for 1956 from savings banks and bonds
952.00
U. S. A. Series "G" bonds matured
11,000.00
Withdrawn from Provident Institution for Savings
1,000.00
$14,137.10
Payments per order Bemis Lecture Fund trustees:
January 6 - Charles Eggert
300.00
February 24 - Hal Linker
150.00
April 6
- Robert St. John
250.00
September 21 - Capt. Irving Johnson
250.00
October 26
- Arthur C. Clarke
200.00
Printing and postage
183.48
Janitor service at lectures
12.35
Taxi for lecturer
7.00
Film projection
40.00
$1,392.83
Safe deposit box rental
3.00
Savings bank interest allowed to accumulate
45.51
Accrued interest paid on bonds purchased
57.25
Bonds purchased :
3,000 Federal Land Bank 3 7/8% due Sept. 15, 1972
2,984.25
2,000 Southern California Edison 3% due 1965
1,905.00
3,000 Niagara Mohawk Power 3 5/8% due 1986
2,913.75
3,000 Pacific Tel. & Tel. 4 3/8% due 1988
3,138.75
1,000 Virginia Elec. & Pwr. 4 1/8% due 1986
1,038.75
13,479.09 $ 658.01
Cash balance at December 31, 1956
Cash and Securities at December 31, 1956
Cash on deposit
$ 658.01
Cambridge Savings Bank
1,500.00
Middlesex Institution for Savings
2,028.04
Provident Institution for Savings
545.51
3,000 USA Series "G" 22% due April 1, 1957, at cost
3,000.00
4,800 USA Series "G" 22% due May 1, 1957, at cost
4,800.00
1,000 USA Series "G" 22% due Nov. 1, 1959, at cost
1,000.00
3,000 Atchison Topeka & Santa Fe RR Gen'l Mtg 4% 1995
3,000.00
3,000 Federal Land Bank 3 7/8% due Sept. 15, 1972
2,984.25
3,000 New England Power Co. 34% due 1961
3,000.00
3,000 Niagara Mohawk Power Co. 3 5/8% due 1986
2,913.75
3,000 Pacific Tel. & Tel. Co. 4 3/8% due 1988
3,138.75
181
TRUST FUNDS
3,000 Southern California Edison Co. 3% due 1965
$ 2,905.00
1,000 Virginia Electric & Power Co. 4 1/8% due 1986
1,038.75
$32.512.06
Accumulated income Principal
$ 672.02
31,840.04
$32,512.06
LINCOLN LIBRARY TRUST FUNDS
Cash Account
Cash balance at January 1, 1956
$
4.26
Income received in 1956:
Julia A. Bemis Fund
$ 21.95
Elizabeth and Leland Burr Fund
2.37
Codman Fund
14.57
Robert L. DeNormandie Fund
12.79
Hugh Anthony Gaskill Fund
4.74
John H. Pierce Fund
34.82
Philip W. Place Fund
1.84
George Russell Fund
13.79
Abbie J. Stearns Fund
61.64
Abbie J. Stearns Special Fund
39.04
George G. Tarbell Fund
97.42
Constance Taylor Fund
2.36
C. Edgar and Elizabeth S. Wheeler Fund
39.72
347.05
$ 351.31
Savings bank interest allowed to accumulate
$268.45
Safe deposit box rent
3.00
Edith B. Farrar, Librarian, income from John H. Pierce Fund
34.82
306.27
Cash balance at December 31, 1956
$
45.04
Savings Bank Deposits at December 31, 1956
Accumulated Income on Deposit
Principal
Total
Julia A. Bemis Fund
Middlesex Institution for Savings
$ 64.80
$ 684.05
$ 748.85
Elizabeth and Leland Burr Fund
Middlesex Institution for Savings
11.34
70.00
81.34
182
1
TRUST FUNDS
Accumulated Income On Deposit
Principal
Total
Codman Fund
Middlesex Institution for Savings
$ 22.46
$ 474.59
$ 497.05
Robert L. DeNormandie Fund
Warren Institution for Savings
39.02
397.00
436.02
Hugh Anthony Gaskill Fund
Middlesex Institution for Savings
158.89
158.89
John H. Pierce Fund
Cambridge Savings Bank
500.00
500.00
Middlesex Institution for Savings
614.57
614.57
1,114.57
1,114.57
Philip W. Place Fund
Warren Institution for Savings
1.84
61.00
62.84
George Russell Fund
Middlesex Institution for Savings
54.51
415.74
470.25
Abbie J. Stearns Fund
Middlesex Institution for Savings
117.09
930.00
1,047.09
Provident Institution for Savings
51.06
1,000.00
1,051.06
1,930.00
2,098.15
Abbie J. Stearns Special Fund
Middlesex Institution for Savings
1,301.03
1,301.03
George G. Tarbell Fund
Middlesex Institution for Savings
77.38
1,138.38
1,215.76
Provident Institution for Savings
51.06
1,000.00
1,051.06
Warren Institution for Savings
50.91
1,000.00
1,050.91
3,138.38
3,317.73
Constance Taylor Fund
Warren Institution for Savings
7.81
73.00
80.81
C. Edgar and Elizabeth S. Wheeler Fund
Middlesex Institution for Savings
119.03
1,235.46
1,354.49
4
$668.31
$11,053.71
$11,722.02
Accumulated income on deposit
45.04
45.04
$713.35
$11,053.71
$11,767.06
183
FINANCE COMMITTEE
Recommended Budget for 1957 for General Purposes and for the Water Department
The Finance Committee recommends that the Town adopt for its 1957 Budget the several appropriations listed by number and amounts in the attached SCHEDULE aggregating $664,632.33 for General Operating Ex- penses and $41,999.75 for the operation of the Water Department. These aggregates compare with actual expenses for 1956 as follows:
Actual 1956
Recommended 1957
Increase
General Expense
$564,422.31
$664,632.83
Water Department
31,300.06
41,999.75
$100,210.52 10,699.69
Unspent appropriations for 1956 for General Purposes of $43,626.92 were added to surplus. The Water Department added the sum of $28,308.82 from operations to its working balance.
All but $686.98 of the $13,000.00 appropriated for use by the Finance Committee was used on 24 applications for transfer to meet unforeseen requirements.
"Free cash" as certified by the State for 1957 has been set at $106,041.00, compared with $106,361.00 for 1956. At the annual meet- ing last year $65,611.21 was authorized out of that account and was effective in the computation of last year's tax rate of $58.00.
The Surplus (free cash) account was restored by the end of the year to approximately the same amount as at the beginning because,in fixing the tax rate, estimated receipts from various sources turned out to be low and approximately $24,000 was restored from used appro- priation for school addition #2 to which the Smith Legacy was applied.
The SCHEDULE attached provides for the use of a total of $18,000 from Surplus on certain indicated items which are primarily outlays for which the Town will have reimbursement from sources other than local property taxes.
The 1956 tax rate of $58.00 was applied to a total real and per- sonal property valuation of $6,617,000.00. This was $364,000.00 greater than the valuation on which the $54.00 rate in 1955 was applied. The Committee estimates that the valuation base in 1957 will end up in the neighborhood of $7,000,000, so that each $7,000 of appro- priation at the annual meeting will be reflected to the extent of one dollar in the new rate.
184
FINANCE
In our report last year we called attention to the increasing capital requirements into which we were heading. In addition to school construction, this is particularly true in the matter of long- lived equipment, for which the Town sets up no reserve accounts. Two
of such replacements will be brought up on special articles in the warrant, inserted by the Selectmen, which we have discussed with them in considerable detail. We are in full accord as to the necessity as well as desirability of favorable action on them at this time and recommend that the cost of approximately $28,500 be taken from surplus.
We believe that the Town should consider seriously the establish- ment of a Stabilization Fund as permitted by Sec. 5B of Chapter 40 of the General Laws of the Commonwealth and plan to make an annual appro- priation to it for the purchase of equipment. That Section permits a town to appropriate money to assist in stabilizing expenditures for capital requirements. The annual appropriation to a Fund, in the absence of permission from the State Emergency Fund Board, cannot ex- ceed 5 per cent of the tax levy of the previous year. It may be used only by a two-thirds vote of the Town, and, unless the State Emergency Finance Board approves of some other purpose, only for the purposes for which the Town can borrow money under Chapter 40.
It is our opinion that good business judgment would suggest that our surplus account should be maintained at about 10% of the budgeted operating expenses of $665,000.
Respectfully submitted:
Russell L. Haden, Jr.
Leonard Larrabee
Paul F. Norton
William N. Page F. Winchester Denio, Chairman
185
FINANCE COMMITTEE
FINANCE
SCHEDULE OF APPROPRIATIONS AND EXPENDITURES OF 1956 AND RECOMMENDATIONS FOR 1957
Appropriation 1956
Expenditures 1956
Recommendations 1957
GENERAL GOVERNMENT
Selectmen.
1.
Salaries, Selectmen
$ 600.00
$ 600.00
$ 600.00
2. Executive Secretary
2,800.00
1,267.12
2,704.11
3. Clerks
2,000.00
1,969.24
1,500.00
4. Out of State Travel, etc.
500.00*
5. Supplies & Misc.
1,340.00
1,556.59
1,500.00
6. Consulting & Engineering Services
3,000.00
2,230.31
3,000.00
$9,740.00
$7,623.26
$9,804.11
* To be taken from Free Cash
Treasurer.
7. Salaries
$ 400.00
$ 400.00
$ 400.00
8. Clerical
1,000.00
925.26
1,500.00
9. Supplies & Misc.
500.00
449.18
250.00
Protectograph
525.00
523.50
$2,425.00
$2,297.94
$2,150.00
Collector.
10. Salary
$2,000.00
$2,000.00
$2,000.00
11. Supplies & Misc.
400.00
379.42
400.00
$2,400.00
$2,379.42
$2,400.00
Town Clerk.
12. Salary
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.