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Commonwealth of Massachusetts.
OFFICE OF THE COMMISSIONERS OF SAVINGS BANKS,
COMMONWEALTH BUILDING, Boston, Jan. 7, 1886.
To the Honorable Senate and House of Representatives :
The Board of Commissioners of Savings Banks have the honor to present their Tenth Annual Report for the consideration of the legislature.
The number of savings banks and institutions for savings doing business in the Commonwealth is 171, three more than
NEW SAVINGS BANKS.
The Granite Savings Bank of Rockport, which was chartered by the legislature of 1884, although organized during that year, did not open for the receipt of deposits until April, 1885.
The last legislature granted acts of incorporation for five savings banks, two more than have been organized for the previous ten years.
The Somerville Savings Bank of Somerville was incorporated February 24, and commenced business April 15.
The Citizens' Savings Bank of Reading was incorporated the same date, but has not yet commenced business.
The North Middlesex Savings Bank of Ayer was incorporated March 5, and commenced business during the same month.
The Belmont Savings Bank of Belmont was incorporated at the same date, but has not yet commenced business.
The People's Savings Bank of Holyoke was incorporated March 19, and commenced business in May.
BANKS IN LIQUIDATION.
The Emigrant Savings Bank has been wound up by its officers. In compliance with the provisions of chap. 76 of the Acts of 1885, the officers have deposited the books and papers of the bank in this office. The balance of deposits unclaimed has been deposited with the treasurer of the Commonwealth. The total of dividends paid to depositors was 993 per cent.
The Groveland Savings Bank is being wound up by its officers. The treasurer reports that all but about $6,000 of the deposits have been paid. The depositors will receive, in addition to the principal of their deposits, a dividend of profits. The bank is being wound up because, in the opinion of its officers, there does not exist a need for it in the town; which has become a suburb of Haverhill, - where there are two savings banks, – being connected with it both by steam and horse railroad. Since its organization, in 1869, the deposits had only risen to $48,477.68 in 1885.
BANKS IN THE HANDS OF RECEIVERS. The final dividend of the receivership of the Scituate Savings Bank was allowed by the Supreme Judicial Court, October 20. The dividend was 25 per cent., which, with previous dividends, made the total percentage of deposits paid, 85 per cent.
The receivers of the Barnstable and Needham Savings Banks have deposited the books and papers relating to those banks and their receiverships in this office, in accordance with the provisions of chap. 258 of the Acts of 1883.
The receivers of the Lancaster Savings Bank presented their final account to the Supreme Judicial Court December 29. The account was referred to the Commissioners of Savings Banks for examination. In the meantime one of the receivers has absconded. The Lancaster National Bank of Clinton, of which he was president, is the repository of the greater portion of the money of the receivership of the bank, and some delay will result in paying the final dividend, owing to the embarrassment and loss to the National Bank from the misdeeds of its president.
The receivers of the Reading Savings Bank still report slow progress in winding up the affairs of that bank, owing to the continued delay in terminating the suits to recover securities in the possession of other parties. Until these suits are decided, the final dividend cannot be made.
On the next page is a tabular statement relating to the insolvent savings banks.