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SAVINGS BANKS, INSTITUTIONS FOR SAVINGS, AND TRUST
18 Post OFFICE SQUARE.
Commonwealth of Massachusetts.
OFFICE OF THE BOARD OF COMMISSIONERS OF Savings BANKS,
State House, Boston, Jan. 20, 1905. To the General Court of Massachusetts.
In accordance with the Revised Laws of the Commonwealth, the Board of Commissioners of Savings Banks has the honor to submit herewith, for your consideration, Part I. of its twentyninth annual report, showing the condition of the savings banks and trust companies under its supervision at the close of busiDess Oct. 31, 1904, which includes
188 savings banks and institutions for savings with as
sets of 41 trust companies with assets of and the Massachusetts Hospital Life Insurance Com
pany with assets of .
$674,614,990 17 222,276,144 84
During the year three trust companies and one savings bank have been chartered and commenced business, viz. :
Harvard Trust Company of Cambridge,
Assabet Institution for Savings of Maynard. The Central Trust Company of Cambridge and the North Adams Trust Company of North Adams have also been chartered, but at the date of this report, Oct. 31, 1904, had not commenced business.
During the same period three trust companies have been placed in the hands of receivers, reference to which will be found on pages xii-xvii.
The Manufacturers' Trust Company of Holyoke was authorized, by an act passed by the Legislature May 27, 1899, to change its location to Boston, upon increasing its capital stock to $500,000.
On March 26, 1904, there was passed by the Legislature an act authorizing the change of name from the Manufacturers' Trust Company to the Commonwealth Trust Company of Boston. The condition of the act having been complied with, the company commenced business in Boston, April 28, 1904, under the name of the Commonwealth Trust Company.
The Attleborough Trust Company of Attleborough, incorporated April 8, 1902, and the Jamaica Savings Bank of Boston, incorporated March 4, 1902, having failed to organize within two years from the date of the passage of the acts of incorporation, the charters, under the law, have become void.
We are glad to record the fact that there are no savings banks in the hands of receivers, but on June 22, 1904, a temporary injunction was issued by the Supreme Judicial Court, restraining the Marblehead Savings Bank from further transaction of its business, except so far as might be necessary to maintain and continue its organization, and to do certain other acts necessary to conserve and protect the interests of the depositors.
During the two years preceding such action the institution had met with large losses arising from unfortunate investments in loans on personal security; it also held a large amount of real estate by foreclosure, involving more or less loss upon its sale, and there were also smaller losses in other channels of its investments, the aggregate of which considerably exceeded the total available surplus of the institution.
During the few months immediately preceding the court proceedings there had been extraordinary withdrawals, aggregating over $100,000; and after consultation with, and the approval of, the leading officers of the bank, it was deemed best for the interests of all concerned that its affairs should be temporarily enjoined, and its officers, under the direction and control of the court, should be permitted to still manage its affairs, with a view to resumption of business as soon as the accumulation of earnings should be sufficient to restore the bank to a sound and solvent condition.
While a matter of conjecture to some extent, yet a careful survey of the state of the bank at the time of suspension seemed to justify the belief that two years of recuperation would be a sufficient time in which to reclaim its affairs from the condition then prevailing.
The usual annual statement of the bank will be found on
Part II. of the report, giving statements of condition of one hundred and twenty-nine co-operative banks and three collateral loan associations, together with statements of the affairs of one co-operative bank, two savings and loan associations and two mortgage loan companies, either in the hands of receivers or being voluntarily liquidated, will be submitted later in the session.
SAVINGS BANKS. AGGREGATE STATEMENT OF LIABILITIES AND ASSETS, Oct. 31, 1904. Showing Increase or Decrease, as compared with Statement of Oct. 31, 1903.
$72,382,119 34 $3,036,405 82 Loans on public funds,
741,435 00 Bank stock, .
14,456,320 76 Loans on bank stock,
991,776 45 Street railway bonds, .
6,324,370 13 2,554,775 63 Loans on street railway bonds,
35,500 00 35,500 00 Railroad bonds,
113,510 243 78 11,295,958 14 Loans on railroad bonds,
1,727,030 00 165,765 00 Loans on railroad stocks,
415,685 00 Bostün Terminal Company bonds,
10,948,787 25 Railroad notes,
1,886,000 00 782,000 00 Real estate (for banking purposes),
6,518,883 14 220,346 76 Real estate by foreclosure, etc., .
3,987,389 65 Loans op real Atate,
276,118,360 63 9,084,110 53 Loans on personal security,
131,225,339 92 Loans to counties, cities and towns (notes), 13,719,636 61 Loans on depositors' books,
1,255 00 Sundry stocks, bonds and notes taken to Fecure indebtedness,
99,634 27 Espense account, .
236,760 40 Premium account,
309,605 64 Furniture and fixtures,
5,435 98 Sundry assets,
225,112 99 Cash on hand :In banks, op interest, $16,422,708 38 In banks, bot on inter. est,
316,540 63 In office,
18,360,062 30 1,583,399 03 $674,644,990 17
.59 40.93 19.45 2.03 .01
23.269 52 1,091,205 63
* Consisting of interest and suspense accounts, taxes and insurance paid, real estate ex. penses, etc.