TWENTY-THIRD ANNUAL REPORT

OF THE

BOARD OF COMMISSIONERS

OF

SAVINGS BANKS.

1898.

PART II.

RELATING TO

CO-OPERATIVE BANKS, COLLATERAL LOAN COMPANIES, MORTGAGE LOAN AND INVESTMENT COMPANIES.

BOSTON:

WRIGHT & POTTER PRINTING CO., STATE PRINTERS, 18 POST OFFICE SQUARE.

Commonwealth of Massachusetts.

OFFICE OF THE BOARD OF COMMISSIONERS OF SAVINGS BANKS,

ROOM 124, STATE HOUSE, BOSTON, Feb. 17, 1899.

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 Part II. of the twenty-third annual report of the Board, showing the condition at the close of business, Oct. 31, 1898, of the following institutions, viz. :

The number of these institutions has been increased during the past year by the addition of the

Roslindale Co-operative Bank,

located in that part of Boston known as Roslindale, which commenced business April 20, 1898.

BUSINESS OF THE YEAR.

During the year covered by the returns the sum of $6,180,425.98 has been paid into the 124 banks in monthly dues, the sum of $1,414,907.41 for interest, $54,103.02 for premiums and $48,743.13 for fines.

During the same period the banks returned to members $2,973,429.95 for dues on shares withdrawn, $65,627 for dues on shares forfeited, $1,813,705 for dues on shares retired, and $412,307 for dues on shares matured, - a total of $5,265,068.95, which amount represents sums which had been paid into the banks by members in monthly instalments, of dues, in actual cash.

In addition to the above sum, those members whose shares matured or were retired received $187,033.03 as profits on shares matured, $488,038.08 as profits on shares retired; and

there had been credited to those members whose shares were withdrawn or forfeited $453,001.90 in profits on shares withdrawn, and $9,952.69 in profits on shares forfeited, a total of $1,138.025.70, which represents the earnings of the sum above mentioned as dues eliminated.

The total number of shares issued during the year was 124,910, and the number eliminated was as follows, viz. : —

The net increase in number of shares in force being

6,352

Shares matured,

Total, .

The whole number of shares in force on October 31 last was 515,467, the monthly dues of $1 on each share calling for an investment on the part of the holders of $6,185,604 per annum ; were this sum to be contributed in equal amounts by the 66,163 members in all the banks, it would involve an average investment of $93.49 to each.

The number of shares pledged for loans is 149,161, as against 142,437 on Oct. 31, 1897.

PROFITS DISTRIBUTED.

The following statement gives the rate per cent. at which profits have been distributed during the year covered by this report: