Commonwealth of Massachusetts. OFFICE OF THE BOARD OF COMMISSIONERS OF SAVINGS BANKS, 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 business Oct. 31, 1904, which includes 188 savings banks and institutions for savings with as and the Massachusetts Hospital Life Insurance Company with assets of . $674,644,990 17 222,276,144 84 27,991,328 66 During the year three trust companies and one savings bank have been chartered and commenced business, viz. : Harvard Trust Company of Cambridge, Essex Trust Company of Lynn, Washington Trust Company of Boston, and the 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 page 397. 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. * Consisting of interest and suspense accounts, taxes and insurance paid, real estate expenses, etc. |