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The number of banks now in the hands of receivers is seven, five less than at this date last year.
The five receiverships which have been closed during the year were those of the West Boston Savings Bank, which has paid in all 85 per cent. to its depositors; the Rockport Savings Bank, which has paid 8418 per cent. to its depositors ; the Hyannis Savings Bank, which has paid 7746 per cent. to its depositors; the Mercantile Savings Institution of Boston, which has paid 8315 per cent. to its depositors ; and the Lexington Savings Bank, previously referred to, resumed payment in full.
Of the seven banks still in the hands of receivers, the affairs of two, the North Bridgewater and the Needham savings banks, will be closed at an early date. The depositors of the former will receive a final dividend of about five per cent., which will make the percentage of the principal of the deposits paid to them about 93 per cent.
The depositors of the Needham Savings Bank will probably be paid the full amount of the principal of their deposits.
The delay in closing the affairs of the Barnstable, Lancaster and Sandwich savings banks is represented by the receivers to be the difficulty of obtaining a fair market price for certain large lots of unimproved land, some of which are flats or marsh, in Boston and vicinity. If their expectations in regard to prices cannot be realized early in the coming season, it is our judgment that they would be justified in selling the property at the best prices then attainable, in order to close the receiverships, one of which has existed more than seven years, and the other two nearly five years.
The settlement of the affairs of the Scituate and Reading savings banks is delayed by litigation. The receivers of both banks express the confident belief that all suits pending will be settled during the year, and that the final dividends can then be paid.
The receivers of four savings banks which have been wound up, have paid into the treasury of the Commonwealth the unclaimed moneys or dividends remaining in their hands for one year after the final settlement ordered by the Supreme Court, in accordance with the provisions of chap. 116, sect. 44, of the Public Statutes. These were the Dorchester, Mechanics', West The number of depositors in the Dorchester Savings Bank, at the date of the perpetual injunction, was 1,478 ; the total amount of dividends paid by the receivers was $368,883.87; the balance paid into the treasury of the Commonwealth by the receivers was $9-13.28, due to 88 depositors. The number of depositors in the Mechanics' Savings Bank was 1,709; the total amount of dividends paid was $309,302.45; the balance paid into the treasury of the Commonwealth was $622.63, due to 159 depositors. The number of depositors in the Rockport Savings Bank was 882; the total amount of dividends paid was $154,425.77 ; the balance paid into the treasury of the Commonwealth was $141.14, due to 8 depositors. The number of depositors in the West Boston Savings Bank was 5,451; the total amount of dividends paid was $1,548,713.44; the balance paid into the treasury of the Commonwealth was $5,450.92, due to 891 depositors.
In compliance with the requirements of chap. 77 of the Acts of 1882, the receivers of the Mechanics', West Boston and Rockport savings banks have also deposited with the commissioners the books and papers of these insolvent banks, including those relating to their receiverships. These books and papers have been placed in a room assigned by the sergeantat-arms, but owing to the crowded condition of the State Hlouse, a proper repository, where they may be assorted and classified, has not yet been obtained.
On the following page is a table giving some statistics relative to banks in the hands of receivers.
The Emigrant Savings Bank, which is being wound up by its officers, has paid its depositors one dividend of ten per cent. during the year, which makes the dividends to date 80 per cent., and its officers feel confident that the bank will pay the depositors nearly, if not quite, the full amount of their deposits.
The amount of deposits in the savings banks doing business October 31, 1882, was $241,311,362.49, being $10,866,883.39 more than at the same date of the previous year.
The surplus was $5,032,414.74, showing an increase of $141,814.07 for the year.
* The receivers of these banks are paying the final dividend.
· The receivers of these banks have deposited with the treasurer of the Commonwealth the balances due depositors, in accordance with the provisions of
3 In addition to this amount, is the sum of $68,091.84 due from the late treasurer. * This is the balance of assets after paying the dividend of ten per cent., Dec. 21, 1882,
The guaranty fund was $4,027,205.28, which was an increase of $686,142.93 for the year.
The number of open accounts was 772,518, an increase of 33,567 for the year; which would make the average of the accounts $312.37, an increase from the average of the previous year of $0.52.
The amount of deposits during the year was $49,234,652.63, $1,011,155.77 more than the previous year, and the number of deposits (677,422) increased 61,908. The average of deposits was $72.68. The average the previous year was $78.35, being a decrease of $5.67 for the year.
The total of withdrawals was $44,318,521.56, showing an increase of $4,105,735.12 from that of the previous year. The number of withdrawals was 458,494,-38,535 more than the previous year.
The average of the withdrawals was $96.66, an increase of $0.91 from the previous year, when it was $95.75.
Investments in United States bonds have decreased $3,712,882.08. State and municipal bonds have increased $433,288.60.
Loans on public funds have decreased $842,375.38. Investments in bank stock have increased $363,256.01.
Loans on bank stock have increased $113,747.76. Investments in railroad bonds have increased $1,214,352.06.
Loans on mortgages of real estate have increased $3,611,069.57, and $850,845.29 have been deducted from real estate acquired by foreclosure, which is $7,201,605.50.
Loans on personal security have increased $8,578,519.05. The deposits in banks bearing interest are $12,907,905.40, an increase from the previous year of $1,137,490.13.
The percentage of assets in the various classes of investments is about fourteen and seven-tenths per cent. in public funds, and loans on public funds; ten and fifty-four one-hundredths per cent. in bank stock, and loans on same; three and fifty-nine one-hundredths per cent. in railroad bonds; thirty-four and thirty-six one-hundredths per cent. in loans on mortgages of real estate ; three and seven-eighths per cent. invested in real estate, including foreclosures; twenty-two and seven-tenths per cent. in loans on personal security ; three and three-fourths per cent. in loans to counties, cities and towns ; five and fifteen one-hundredths per cent. in deposits in banks on interest ; one
and thirty-three one-hundredths per cent. in cash on hand and sundry items.
The earnings of the banks were $12,645,648.65,-$360,303.30 more than the previous year. The amount of dividends was $8,530,385.21, an increase of $236,610.84.
Seven banks paid the highest rate of dividend of interest allowed,-five per cent; seventeen banks paid dividends between four and five per cent. ; one hundred and twenty-seven banks paid four per cent. dividends; two banks paid three and three-fourths per cent. dividends; six banks paid three and onehalf per cent. dividends; four banks paid three per cent. dividends; three banks paid no dividend of interest, but of these, one was organized the present year; two were temporarily enjoined by decrees of the Supreme Judicial Court, one of which has resumed business during the year, and the other is being wound up by its officers.
The average rate of ordinary dividends was three and ninety-seven one-hundredths per cent., or three one-hundredths per cent. less than the previous year.
The condition of the savings banks is generally satisfactory. They are gradually but continually increasing the guaranty fund, and slowly disposing of the real estate acquired by foreclosure. A few of them have suffered considerable loss by the failure of the Pacific National Bank, and by the assessment on the stock of that and another bank considerably involved with it.
The tendency of the act of last year, restricting the investments of savings banks in the stock of any one national banking association to three per cent. of the deposits, will be conservative in its effect; but authority still exists to invest in bank stock to an amount that could absorb the entire deposits of a majority of the banks, if the management so desired.
We respectfully renew the recommendation made in our last annual report, that investments in the shares of national banks be limited to one-quarter of the deposits of any one savings bank.
LOAN AND TRUST COMPANIES. The number of loan and trust companies now doing business in the Commonwealth is six.
There is nothing of special importance to be reported rela