The bank now has $1,723.93 in cash, $7,770.66 in outstanding loans on real estate, and also has foreclosed properties which stand on the books for $15,945. The cash which can be realized from the foreclosed properties is problematical, and the time necessary to liquidate the assets depends entirely upon the real estate conditions in North Adams; if the foreclosed real estate can be sold for anywhere near the book value the shareholders will receive more than their original dues. Every effort is being made to convert the assets into cash, and the liquidating committee hopes to be able to make a final report in the near future.

Condition of Co-operative Banks.

The following table shows the assets and liabilities for the years 1917 and 1918, and also a comparison by percentages of the distribution of the investments for the past six years:

Aggregate Statement of Condition of All Co-operative Banks.

Aggregate Statement of Condition of All Co-operative Banks · Concluded.

An analysis of this statement shows that during the past two years the banks have invested quite freely in all issues of Liberty Loan Bonds and in United States Certificates of Indebtedness. Investments in bonds and notes now amount to over $3,000,000, approximately $2,600,000 being in the bonds of the United States. The loans on real estate have increased about $12,000,000, and the loans to members on their shares show their shares show an increase of $102,654.75. The new loans on real estate were less than those made in 1917 by over $5,000,000, while the partial or full payments of these loans were $4,000,000 less. Investments in Liberty Loan Bonds and the cessation of building operations during the war time presumably explain the small amount invested in loans on real estate.

The amount of new loans made on shares was $146,000 less than in 1917, although the repayments on share loans were $142,000 more. The increase in total assets was 10.75 per cent. over the previous year, and considering the demand made upon the people to buy Liberty Loan Bonds, War Savings Stamps and for contributions to

many worthy causes it would seem that the co-operative banks are filling their place in the Commonwealth and their popularity will

continue.

Receipts and Disbursements.

From the following table it is seen that the total receipts and disbursements for any year is very large, the transactions during the year aggregating nearly $67,000,000.

The volume of business transacted each year by the banks shows the necessity of having influential and public-spirited citizens on the boards of directors and of having faithful and conscientious officers, The shareholders are to be congratulated upon the efficient management of their affairs.

Receipts and Disbursements for the Year ending Oct. 31, 1918.

Statistics of Business.

The total number of shares in force Oct. 31, 1918, was 2,273,216, owned by 247,224 members, an average of 9.19 shares to each member. The number of shares increased 36,304 during the year.

The number of borrowers shows about the usual increase, and there are now loans to 74,410 members, secured either by mortgages on real estate or by shares.

1,610,212

484,757

435,419

246,536

4,155

6,463

25,428

42,321

5.50

13,364

5.65

44,097

28,047

188,741

8.53

$61 44

49,853

138,888

5.20 5.10 $377,086 67 $343,171 53

.42

$6,312,964 82 $5,734,051 42 $5,179,244 20 $4,637,176 50 $4,143,368 23 $3,765,861 64

Profit and Loss.

From the following statement it will be noted that about the same percentage is being carried to the guaranty fund and surplus accounts as in past years, while the annual profits distributed remain practically the same.

During the year there has been carried to the guaranty fund $280,368.13 and to the surplus account $180,026.32, making those accounts $2,172,856.64 and $1,781,214.40, respectively. These two accounts aggregate 3 per cent. of the dues and profits capital.

Comparative Profit and Loss Statements for the Last Three Years.