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Deposits,
Guaranty fund,

Undivided earnings,

AGGREGATE STATEMENT OF LIABILITIES AND ASSETS. Showing Increase or Decrease, as compared with the Year ending Oct. 31,

1900.

Liabilities.

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Amount

Oct. 31, 1901.

$560,705,752 64
24,764,318 07
10,318,633 44
213,949 20
92,165 45

$596,094,818 80

18,484,306 33 $596,094,818 80

$69,457,699 59 $1,469,158 52

1,433,184 00

280,394 00

20,149,249 31

1,195,503 16
85,865,657 10 12,045,064 01

622,350 00

723,220 00

75,000 00 11,248,709 50 4,481,810 96 3,681,181 81 245,655,167 59 118,443,091 86 13,294,383 43 47,186 50

221,453 13
195,419 73
468,839 25
76,152 96
275,252 59 J

Increase.

75,000 00

85,378 50 384,486 23 7,318,982 77 4,122,755 13

1,996 12

111,503 14

Increase.

$20,302,066 04 1,188,362 47 296,137 37 59,200 82

11,812 15

Decrease.

$1,318,456 32
190,998 06

464,350 00

379,790 00

232,990 00

872,993 36
3,633 24

410,928 59

Investments to
Percentage of
Total Assets.

11.65

.24 3.38 .20 14.40

.10

.12

.01

1.89

.75

.62 41.21

19.87

2.23

.01

.04

-17

3.12

* Consisting of interest and suspense accounts, taxes and insurance paid, real estate expenses, etc.

LIABILITIES.

The statement of liabilities shows aggregate deposits of $560,705,752.64; this amount is represented on the books of the banks by 1,593,640 open accounts, an average to each of $351.84. Last year the average was $352.05.

The total amount of deposits, as given above, is $20,302,066.04 in excess of the amount Oct. 31, 1900.

The guaranty fund is now $24,764,318.07,- an increase of $1,188,362.47 over the year preceding, — and is equivalent to about 4.42 per cent. of the deposits.

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ASSETS.

A perusal of the foregoing table discloses a very marked increase in the item of railroad bonds, occasioned mostly by the recently extended field of investment in this class of securities. The holdings of these bonds are now 14.4 per cent. of the total assets, as compared with 12.86 the previous year.

There is also an increase in public funds of $1,469,158.52, as compared with a decrease of $3,919,650.57 in the year ending Oct. 31, 1900.

The increase in loans on real estate, say $7,318,982.77, is less than in the year previous, when it amounted to $9,656,953.98.

Loans on personal security have increased $4,122,755.13, as against an increase of $9,787,558.51 in the previous fiscal year.

Of the total amount of personal loans, say.$118,443,091.86, the amount of $73,091,718.71 is protected by the deposit of collateral security, in addition to the sureties required by statute.

It was hoped that the turning-point in the item of real estate held by foreclosure had been reached, and that the numerous sales of estates made during the year would show a decrease in this item; but the additional properties taken by the banks have exceeded the value of those eliminated, and the total amount now is $384,486.23 more than on Oct. 31, 1900.

A marked change appears in the investment in bank stocks, which has decreased in the sum of $1,318,456.32, and now amounts to 3.38 per cent. of the total assets of the banks, as against 5.90 five years ago.

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During the year the transactions in bank stocks have been as follows:

7,698 shares have been eliminated by the liquidation or reduction of capital of certain banks.

5,160 shares have been sold.

1,438 shares have been bought, distributed among 29 banks, 213 being the largest number purchased by any one bank.

The percentage which each class of assets bears to the total is shown in the table.

BANKS IN HANDS OF THE COURT.

Millis Savings Bank.

The receiver of this bank has a small amount of money in his hands, awaiting decree of the court, and efforts will be made to close up its affairs during the current year.

Framingham Savings Bank.

During the past year the receivers of this bank have made material progress in the settlement of its affairs, all of the collectible assets having been converted into cash.

The receivers, on April 3, 1901, presented a third report to the court, asking for the allowance of a third and final dividend of such per cent. as the court might determine; whereupon a final dividend of 8 per cent. was ordered, making in all 78 per cent. paid to depositors in liquidating the affairs of the institution.

Of the first dividend of 50 per cent., amounting to $413,682.60,
there was unpaid Oct. 31, 1901, .
Of the second dividend of 20 per cent., amounting to $165,473.04,

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there was unpaid Oct. 31, 1901, . Of the final dividend of 8 per cent., amounting to $66,189.22, there was unpaid Oct. 31, 1901, .

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$8,859 11

3,547 91

1,557 69

year

A condensed statement of the transactions during the ending Oct. 31, 1901, is as follows:

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Hampshire Savings Bank.

The receivers of this bank duly filed in the court a list of all unclaimed dividends, and a decree was issued requiring publication thereof.

Upon expiration of one year from the time of giving such notice it will be the duty of the receivers to make another report to the court, at which time it appears probable any amounts remaining unpaid will be ordered paid into the treasury of the Commonwealth, and the books and papers of said insolvent bank, including those relating to the receivership, will be deposited with this Board.

VERIFICATION OF DEPOSITORS' BOOKS.

Under the provisions of statute it became necessary for the several banks to call in the books of their depositors at somet time during the last calendar year. The statute provides this shall be done under rules to be prescribed by their respective boards of investment, duly approved by this Board.

This Board endeavored to have the work performed in as nearly a uniform manner as the varying circumstances in the several banks would admit, and hoped to be able to embody

in this report a tabulation of the result. A few of the banks, however, began the verification before submitting to this Board the rules they had adopted for doing this work, hence such institutions were unable to make as full a return as was desired by this Board.

A compilation of returns received reveals the fact that in the aggregate only about one-fifth of the outstanding books were presented. In some of the banks, books which were brought in for the entry either of a deposit or a withdrawal were not included in the list of books presented for verification, only those specially presented for that purpose being counted.

Sixty-five banks report that no differences were discovered between the books of the depositors and those of the bank; in most of the others the differences were slight.

In one bank a difference of $812 was discovered, a former treasurer having erroneously entered a larger sum on the books of the bank than was actually deposited, the original difference of about $500 having been increased to the sum mentioned by the addition of dividends accumulated during the term of thirteen years in which the book had not been presented at the bank. Had an accurate trial balance been taken at the time, as now required, the error must have been sooner discovered. The number of books reported as verified was 317,795, representing deposits of $130,948,145.22, being nearly onefourth of the amount of deposits reported as outstanding at the time the books were called in.

The whole number of books in which discrepancies were discovered was only 816, which well illustrates the accuracy with which the accounts of the banks generally have been kept.

In the light of this year's experience, it would seem that the law, as at present applied, was not accomplishing the desired result; and as in all cases it involves a considerable increase in the work of the officials and clerical force of the banks, and in many an added expense, it is suggested that a less frequent call for the books and a more extended examination would secure more satisfactory results; and it is therefore recommended that the law be amended so as to provide that the books be called in every five years, and that the work be then done under rules prescribed by this Board.

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