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SAVINGS BANKS, INSTITUTIONS FOR SAVINGS, AND TRUST
18 Post OFFICE SQUARE.
Commonwealth of Massachusetts.
OFFICE OF THE BOARD OF COMMISSIONERS OF SAVINGS BANKS,
State Horse, Boston, Jan. 13, 1902. To the Honorable the Senate and House of Representatives in General Court
The Board of Commissioners of Savings Banks has the honor to present its twenty-sixth annual report, relating to the institutions now under the supervision of the Board.
The number of such institutions on the 31st of October last, to which date the statutes, require the anpual reports to be made, was 355, viz. :
186 savings banks,
36 trust companies, 128 co-operative banks,
3 collateral loan companies,
2 mortgage loan and investment companies, with aggregate assets of about 8816,000,000.
Part I. of the report herewith submitted gives the statistics of
186 savings banks with assets of .
Information regarding the institutions last mentioned is given on pages viïi, ix and xiii; abstracts from the annual reports of the others are appended hereto.
Part II., to be submitted later in the session, will include the reports of
128 co-operative banks.
3 collateral loan companies.
During the year ending October 31 last, two new institutions have commenced business, viz:
The Revere Co-operative Bank, at Revere; and the
Dividends. The following table gives the rates of dividends declared during the year, as compared with those of the previous fiscal year :
Those banks (98 in number) which declared dividends at other than the rate of 2 per cent. semi-annually, made their dividends as follows:
2 banks paid 14 per cent. the first term, 14 per cent. the second term. 4 1}
2 2 11
1) 66 18
2 3 2
11 19 2
The total amount of dividends declared was $19,313,792.99,
an increase of $646,465.45 over the amount declared in the previous fiscal year; the average rate for the year was 3.75 per cent., as compared with 3.81+ the preceding year.
The decrease in rates of dividends within the last five years is shown by the fact that the number of
Banks paying less than 4 per cent. per annum in 1896 was 10; in 1901, 98 Banks paying 4 per cent. per annum
in 1896 was 157; in 1901, 88 Banks paying over 4 per cent. per annum
in 1896 was
19; in 1901, 0
Three banks have commenced business since Oct. 31, 1896; during the past fiscal year 2 of these paid 4 per cent., the other paid 31.
STATISTICS OF BUSINESS. The annexed statement gives details of the business of the banks, as also of the increase or decrease in the several items, as compared with the report of the preceding year :
Number of open accounts,
1,593,840 Arerage amount to the credit of each account;
$351 84 Number of deposits,
1,545, 159 Jamber of withdrawals,
1,224,413 Amount deposited (not including dividende), : $96,531,498 85 Arerage of deposite,
62 47 Amount withdrawn (including dividends), 95,535,702 81 Average of withdrawals,
78 03 Amount of expenses,
1,333,523 21 Total earnings,
25,417,188 50 Total ordinary dividends,
19,313,792 99 Yamber of loans of an amount not exceeding $3,000 each,
69,716 Sumber of loads upon real estate;* : :
* Averaging $3,006.43 each.
The amount deposited during the year, say $96,531,498.85, was the aggregate of 1,545,159 in number of deposits made, – an average of $62.47 to each.
The amount withdrawn during the year, say $95,535,702.81, was the total of 1,224,413 withdrawals, - an average of $78.03 to each.
Compared with the previous fiscal year, these figures show an increase in deposits of 65,754 in number and of $3,431,874.81 in amount ; also an increase in withdrawals of 50,055 in number and of $6,011,102.85 in amount.
The average of deposits was $62.47, as against $62.93 the previous year; the average of withdrawals being $78.03, as compared with $76.23 the previous year.
Notwithstanding the increase of rising $50,000 in the aggregate expenses of the banks, the ratio of expenses remains about the same, being less than one-fourth of one per cent. of the deposits.