508 



MASSACHUSETTS. 



the entire cost will be about $1,800,000. It 

 will accommodate about 500 patients when 

 completed. 



The following table shows in concise shape 

 the statistics of the charitable institutions un- 

 der State management : 



Besides these, the following institutions and 

 charities received aid from the State: Massa- 

 chusetts School for Idiotic and Feeble-minded 

 Youth, 74 inmates ; Massachusetts Charitable 

 Eye and Ear Infirmary, 8,022 patients in the 

 course of the year ; Massachusetts Infant Asy- 

 lum, 48 inmates ; Temporary Asylum for Dis- 

 charged Female Prisoners, 33 inmates ; Agen- 

 cies for Discharged Prisoners ; and Disabled 

 Soldiers' Employment Bureau. These are un- 

 der private management, and maintained in 

 part by private contributions. 



Tho Clarke Institution for Deaf-Mutes at 

 Northampton had 61 different pupils during 

 the year ending September 1st. The receipts 

 and expenditures of the year amounted to 

 $35,250.00. 



The Perkins Institution for the Blind, at 

 South Boston, had 155 inmates October 1st. 

 The receipts for the year were $64,325.54 ; ex- 

 penditures, $81,036.32. 



Tho annual session of the Legislature began 

 on the 5th of January, and continued till April 

 28th, occupying 115 days. Two hundred and 

 forty-seven acts and fifty-seven joint resolu- 

 tions received the approval of the Governor. 

 Two acts were vetoed by the Governor. The 

 President of the Senate was Dr. George B. 

 Loring, of Salem ; and the Speaker of the 

 House of Kepresentatives, John D. Long, of 

 Hingham. Most of the legislation of the ses- 

 sion was unimportant. Among the acts wor- 

 thy of mention was one relating to savings- 

 banks. Tins provides that no person shall be 

 an officer of more than one institution of the 

 kind at the same time. It requires the trustees 

 to hold a meeting at least once in three montlis 

 to receive the report of the treasurer, and cause 

 a. statement to be made showing the condition 

 of the corporation as it appears upon its books. 

 The payment of interest is prohibited upon 

 sums greater than $1,600 received from any 

 one depositor, unless such depositor shall be 

 a religious or charitable corporation. Invest- 

 ments are restricted to the following classes 

 of securities : 1. Mortgages on real estate situ- 

 ated in the State, in amount not exceeding six- 

 ty per cent, of its valuation, and not more 

 than seventy per cent, of the deposits being at 

 any time so invested ; 2. Ihe public funds 

 of the New England States, the State of New. 



York, and the United States, the bonds or 

 notes of any city, county, or town of the 

 State, or the cities of any New England State, 

 and the notes of any citizen of the State, with 

 a pledge of any of these securities at not more 

 than their par value ; 3. The first-mortgage 

 bonds of any dividend-paying railroad of the 

 State, not including street-rail ways, or notes se- 

 cured by pledge of such bonds at not more 

 than eighty per cent, of their par value; 

 4. The stock of banks located in the State, 

 or notes secured by a pledge of such stock at 

 not more than eighty per cent, of its par value, 

 provided that no savings-bank shall hold more 

 than one-fourth of the stock of any other 

 banking association, or have more than ten per 

 cent, of its deposits, or more than $100,000 in- 

 vested in such stock; 5. Personal securities 

 of citizens of the State, who shall have at least 

 two sureties in each case, provided such loans 

 shall not exceed one- third of the moneys held 

 by the savings-bank or extend over a longer 

 time than one year; and, 6. Ten per cent, 

 of the deposits, but not exceeding $200,000, 

 may be invested in a site and buildings for its 

 own business. Neither the corporation itself 

 nor any of its officers can borrow of the funds 

 intrusted to it, and no brokerage or commis- 

 sion can be received for negotiating loans. At 

 the time of making each semi-annual dividend 

 not less than one- eighth nor more than one- 

 fourth of one per cent, of the whole amount 

 of the deposits shall be reserved from the 

 profits to constitute a guarantee fund against all 

 losses, until such fund shall amount to five per 

 cent, of the deposits. The income above rea- 

 sonable expenses and the requirements of the 

 guarantee fund are to be divided among the 

 depositors, but no ordinary dividend can ex- 

 ceed two and a half per cent, for six months, 

 and no dividend can be declared unless the net 

 profits for six months amount to two per cent. 

 of the deposits, except with the written ap- 

 proval of the Commissioners of Savings-Banks. 

 Extra dividends may be made from any ac- 

 cumulated surplus once in three years if it 

 amounts to one per cent, of the profits. No 

 dividend or interest can be paid until author- 

 ized by the trustees after an examination show-, 

 ing that the amount to be paid has actually ac- 

 crued from the net profits of the business. The, 



