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ANNUAL REPORT

OF THE

BOARD OF COMMISSIONERS/S

OF

SAVINGS BANKS.

1886.

BOSTON :

WRIGHT & POTTER PRINTING CO., STATE PRINTERS,

18 POST OFFICE SQUARE.

1887.

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Commonwealth of Massachusetts.

OFFICE OF THE COMMISSIONERS OF SAVINGS BANKS,
COMMONWEALTH BUILDING, BOSTON, Jan. 14, 1887.

To the Honorable Senate and House of Representatives.

The Commissioners of Savings Banks have the honor to present, for the consideration of the Legislature, their eleventh annual report.

The number of savings banks and institutions for savings now doing business in the Commonwealth is 172,- an increase of one for the year.

NEW SAVINGS BANK.

The Shawme Savings Bank of Sandwich, which was chartered by the last Legislature, was organized and opened for business in July, but so far with slight prospects of success.

The failure of the Sandwich Savings Bank, which occurred in 1877, has evidently so unfavorably affected the confidence of the community in which it was located that the growth of the new bank will be very slow.

BANKS IN THE HANDS OF RECEIVERS.

The receivers of the Lancaster Savings Bank presented their final account to the Supreme Judicial Court Dec. 29, 1885. The complications growing out of the fraudulent acts of the president of the Lancaster National Bank, who was also one of the receivers of the Lancaster Savings Bank, have delayed the

allowance of the final dividend. Until the courts have adjudicated the questions at issue relative to the deposit by the receivers of the Savings Bank in the National Bank, it will not be possible to pay the final dividend.

The receivers of the Reading Savings Bank are still unable to present their final account to the Supreme Judicial Court, by reason of delay in the decision of the suits to recover securities in the possession of other parties.

FRAMINGHAM SAVINGS BANK.

The injunction placed upon this institution by the Supreme Judicial Court, Sept. 28, 1885, still continues, under modifications made Oct. 27, 1885, Sept. 14, 1886, and Nov. 5, 1886.

The annexed statement shows the present condition of the bank, differing materially in its aggregates from the statement of one year ago, but in its general result verifying the estimates then made. It should be borne in mind that the statement in our last annual report, owing to the confused state of the accounts of the bank, was, in a great measure, made from data not fully verified.

This statement substantially agrees with that of the expert under date of July 1, 1886, the variations arising from payment of loans, interest, etc., and the usual changes and transfers in business transactions. The discrepancy in the total of assets results from "interest accrued," the larger part of which is omitted from this statement.

Condition of the Framingham Savings Bank, South Framingham, at the Close of Business Nov. 30, 1886.

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The liabilities are subject to a reduction. The item of "contingent, $82,346.88," is not yet verified, and is represented by accounts on the depositors' ledgers, for which no books have been presented; and in view of the careless manner in which the accounts of the bank were kept, the entries are not deemed sufficient to establish them as an unquestionable liability. It is thought best, however, in order to show the

Since sold for this amount.

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