Commonwealth of Massachusetts. OFFICE OF THE BOARD OF COMMISSIONERS OF SAVINGS BANKS, To the Honorable the Senate and House of Representatives in General Court assembled. The Board of Commissioners of Savings Banks has the honor to present herewith the eighteenth annual report of the condition of the institutions placed by statute under its supervision. By the provisions of chapter 126 of the Acts of 1890 the report is made in two parts. Part I, herewith presented, includes the following institutions: Making a total of 330 institutions under the supervision of the board, with assets of $537,105,294.14,- an increase in institutions of 5, and in assets of $8,561,217.81. * See page x for a statement of the affairs of this institution. INCREASE IN INSTITUTIONS. The following table exhibits the increase in institutions during the year, with the dates of incorporation and commencement of business : Savings Banks. City Savings Bank, Pittsfield, Trust Companies. NAME. Beacon Trust Company, Boston, Co-operative Banks. Middlesex Co-operative Bank, Lowell, ORDINARY DIVIDENDS PAID DURING THE YEAR ENDING OCT. 31, 1893. 66 แ The Palmer Co-operative Bank has discontinued business during the year. The Markets Savings Bank of Boston was chartered by the Legislature March 25, 1893, but up to the time of this report had not commenced business and consequently is not included in this report. DIVIDENDS. Rates of Dividends, showing Comparisons with Oct. 31, 1892. 66 66 Date of Incorpora- 66 66 June 14, 1892, May 8, 1890, June 14, 1892, Apr. 13, 1893, June Nov. 2, 1892, Date of Commencement of Business. 5 per cent. 4 1, 1893. Total amount of ordinary dividends for the year, $15,546,430 43 The City Savings Bank of Pittsfield, which commenced business during the year. Table showing Average Rate of Dividends each Year since 1876. 1876, 1877, 1878, 1879, 1880, 1881, 1882, 1883, 1884, 5.66 per cent. 5.00 4.00 3.68 3.93 4.00 3.97 66 Rent account, Due on incomplete mortgage loans, 19 19 4.09 66 4.15 66 15 66 66 66 66 1885, 1886, 1887, 1888, 1889, 1890, 1891, 1892, 1893, Amount Oct. 31, 4.14 per cent. 4.06 4.06 66 4.14 408 4.08 4.10 66 $399,995,569 81 15,743,022 40 4,674,665 17 3,628,219 85 264,450 78 100,610 96 41,145 29 73,067 05 58,583 07 $424,579,334 38 4.09 Increase. 4.11 66 $6,975,707 73 1,197,367 7 AGGREGATE STATEMENT OF LIABILITIES AND ASSETS, Showing Increase or Decrease as compared with the year ending Oct. 31, 1892. Liabilities. 508,099 44 46 66 66 66 66 Percentage of Increase. 1.77 8.23 6.10 AGGREGATE STATEMENT OF LIABILITIES AND ASSETS, ETC.— Concluded. It will be observed from the foregoing table that the aggregate amount of deposits is $399,995,569.81, an increase of $6,975,707.73 during the year. This large sum is represented by 1,214,493 accounts, an average of $329.35 to each depositor. This increase in the aggregate of deposits is much smaller than that reported in 1892, and the falling off is undoubtedly due to causes arising from the financial panic which has swept over the country during the year. Many deposits were withdrawn for investment, many were withdrawn through fear, and some were withdrawn to meet the actual demands of subsistence. The number of deposits made during the year was 1,101,410, a decrease of 73,885; the amount deposited, $75,727,471.03, a decrease of $6,808,063.12. The number of withdrawals was 953,053, an increase of 132,915, and the amount withdrawn, $84,403,075.29, an increase of $10,744,837.36. The amount withdrawn exceeded the amount deposited by $8,675,604.26. Dividends to the amount of $15,655,565.81 have been credited to depositors, an increase of $1,033,771.24 during the year. The total assets of the one hundred and eighty-five savings banks are $424,579,334.38, an increase of $8,681,174.94. The increase and decrease in each particular item of assets may be observed from an inspection of the foregoing table and from the table of comparative aggregates on pages 624 and 625. A few only call for special comment here. It will be seen that the investments in bank stocks has increased but $59,092.15, as against an increase of $636,910.41 in 1892. This small increase is greatly below the average increase for the last ten years. The amount loaned upon mortgages of real estate is the largest item of the assets of the banks, being $173,950,578.00, and is about forty-one per cent. of the total assets. The increase for the year is $8,095,941.62. The decrease in the amount of real estate held by foreclosure is $279,140.85. These results are gratifying and worthy of mention; for while a good real estate loan is a safe and valuable security for savings banks to hold, nothing requires more prudent care, good judgment and foresight than the valuation of real estate upon which mortgages are to be made. The good management of the banks seems to indicate that this principle has governed in the selection of real estate loans; for the amount of real estate now held by foreclosure is less than for any year since 1875, and the amount so held has been reduced yearly since 1879, when it amounted to $9,222,345.71. Loans on personal security have decreased $5,345,825.04. This result is undoubtedly due to the calling of loans on the part of the banks when they became due, during the panic, and it is a good illustration of the familiar principle that when money is needed to pay depositors the loan account is reduced. Loans on personal security are authorized only when the funds cannot |