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BOSTON:
WRIGHT & POTTER PRINTING CO., STATE PRINTERS,

18 Post OFFICE SQUARE.

1883.

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Commonwealth of Massachusetts.

OFFICE OF THE COMMISSIONERS OF SAVINGS BANKS,

STATE House, Boston, January 31, 1883. To the Honorable Senate and House of Representatives.

The Commissioners of Savings Banks have the honor to present their Seventh Annual Report for the consideration of the legislature.

There are now 167 savings banks and institutions for savings, doing business in the Commonwealth, an increase of two during

the year.

The last legislature granted an act of incorporation for the Warren Savings Bank, to be located in Warren, which is a thriving manufacturing town. The bank was organized and commenced business in August last, under favorable conditions.

The Lexington Savings Bank, which, by decree of the Supreme Judicial Court, was placed in the hands of receivers Dec. 13, 1878, was restored to its corporate powers by this court August 15, and allowed to reorganize and resume business.

Three dividends of twenty-five per cent. each of the principal of its deposits had been declared and paid, when a large number of the depositors petitioned the Supreme Judicial Court to allow the bank to be restored, alleging the need of a bank in that locality. After an examination of the affairs of the receiver had shown the ability to pay the deposits in full and leave a surplus of twenty per cent. over the balance due the depositors, after paying all the expenses of the receivership, the court dissolved the injunction. The deposits received since the resumption have been nearly double the withdrawals, and the bank seems to be again in a fair way for success.

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