USA > Massachusetts > Norfolk County > Quincy > Inaugural address of the mayor, with the annual report of the officers of the city of Quincy for the year 1938 > Part 6
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7,000. New York State Electric & Gas. Corp. 1st 4s, 1965
7,140 00
5,000. Northern Pacific Railway Ref & Imp "A" 41/2s, 2047
5,138 53
5,000. Penn. Elec. Co. 1st & Ref 5s, 1962
5,200 00
5,000. Peoples Gas Light & Coke 1st & Ref "D" 4s, 1961
4,962 50
5,000. Pere Marquette Railway 1st "A" 5s, 1956 5,248 54
5,000. Savannah Elec. & Power Co. 1st Ref. F 5s, 1955
5,287 50
6,000. Southern Pacific Railroad 1st Ref. 4s, 1955
6,030 58
5,000. Southern Railway Co. 1st Cons 5s, 1994
5,037 50
5,000. Wisconsin Power & Light 1st "A" 4s, 1966
4,850 00
100 Shares -- First National Bank of Boston
4,775 00
200 Shares - National Shawmut Bank of Boston
5,237 50
10,000. Abington Savings Bank 10,000 00
10,000. Braintree Savings Bank
10,000 00
4,000. Brookline Savings Bank
4,000 00
4,000. Cohasset Savings Bank
4,000 00
5,000. Dedham Institution for Savings 5,000 00
8,000. Granite Trust Co. Savings Department
8,000 00
15,000. Hingham Institution for Savings 15,000 00
16,038. Quincy Savings Bank 16,038 00
5,000. Randolph Savings Bank 5,000 00
7,000. South Weymouth Savings Bank 7,000 00
7,000. Weymouth Savings Bank 7,000 00
$234,640 46
4,537 50
106
CITY OF QUINCY
January 14, 1939
HONORABLE THOMAS S. BURGIN
Mayor of Quincy
Dear Mr. Mayor.
I submit herewith a report of my activities as Property Manager for the year ending December 31, 1938.
Number of parcels listed as of January 1, 1938 .... 801
Additional parcels Treasurer's sale Dec., 1938. 208
Titles by foreclosure in Land Court 38
Total
1047
Area 801 parcels Jan. 1, 1938 8,856,312 sq. ft.
Area 208 parcels Sale Dec. 1938
1,164,590
Area 38 parcels Foreclosed Land Court. 1,196,226
Total
11,217,128
Last assessed value 801 parcels $233,560 00
Last assessed value 208 parcels 45,600 00
Last assessed value 38 parcels 124,975 00
Total
$404,135 00
Taxes due on 801 parcels Jan. 1, 1938
$ 73,689 45
Taxes due on 208 parcels Dec., 1938 14,026 22
Taxes due on 38 parcels Foreclosed Land Court 24,273 41
Total $111,989 08
Sales January 1, 1938 to December 31, 1938
Number of parcels
38
Area
198,350 sq. ft.
Assessed value
$ 26,600 00
Taxes due
6,323 88
Sales price
8,020 00
Profit
1,696 12
Gross Receipts
Net Receipts
Sale 38 parcels
$8,020 00
Profit sales $1,696 12
Rental 9 parcels
1,030 20
Rentals 1,030 20
Total
$9,050 20
Total $2,726 32
Receipts from rentals for the year have shown a substantial in- crease. This has been possible by making repairs to buildings taken over and making them habitable for tenants. It has been possible to make some of these repairs with Welfare labor thus keeping costs down to a minimum.
By so doing some revenue has been derived, the City's investment has been protected and the properties saved from destruction by vandalism and exposure to the elements. As an example, by making minor and only emergency repairs to nine properties that were last assessed for $24,825. and upon which there were unpaid taxes of $5,717.40, rentals were received in the amount of $1,030.20.
107
REPORT OF TREASURER
There is need for further repairs to these and other properties recently acquired, so as to produce revenue, in lieu of taxes and protect their value until they can be sold.
Many properties taken for non-payment of taxes include old, dilapidated buildings that have deteriorated beyond repair or re- demption. These old buildings are not only unsightly but constitute a nuisance becoming fire and health menaces. Upon the recommen- dation of the Building Inspector and the Chief of the Fire Depart- ment, and after every effort has been made to salvage some value for the City, several such buildings have been demolished at no direct cost to the City.
In some instances we have conferred with the City Engineer with the result that while being City owned property, one street corner has been rounded and another is under consideration.
At present there are listed 1009 parcels of property, taken by the City for non-payment of taxes under Chapter 60, Sec. 79, G. L. or by foreclosure of tax titles in the Land Court.
Area 1,009 parcels 11,018,778 sq. ft. Last assessed value .$377,535 00 Taxes due when taken $105,665 20
Yours very truly,
GEORGE E. MOREY, Property Manager.
108
CITY OF QUINCY
REPORT OF THE TREASURER OF THE WOODWARD FUND AND PROPERTY
JANUARY 2, 1939. Quincy, Massachusetts
HON. THOMAS S. BURGIN, Mayor
DEAR SIR:
I submit herewith the report of the Treasurer of the Woodward Fund and Property for the year ending December 31, 1938.
Respectfully, HAROLD P. NEWELL, Treasurer, Woodward Fund and Property.
STATEMENT
Cash on hand January 1, 1938
Receipts
Payments on mortgages
$236 22
Savings Bank principal
6,500 00
$6,736 22
Interest and dividends, stocks and bonds
$2,647 75
Interest Savings Banks
395 00
Interest on mortgages
8,374 25
Rents
6,023 00
Income from Institute
1,142 00
Miscellaneous-Refund of Insurance Premium
4 42
$18,586 42
Reserved Collections-
Interest on Mortgages
$961 21
Taxes & Water Accounts
542 05
1,503 26
$27,457 51
Expenditures
Notes secured by mortgages
$2,600 00
Addition to mortgages (Taxes and Insurance)
244 86
Expense on Fund owned property
1,873 58
Administration
57 35
Expense on properties-
Gilson Road
101 02
Repairs on Fund owned properties
1,882 52
$6,759 33
Expenses of Institute
Pay Rolls
$11,895 09
Books, supplies and sundries
749 53
Fuel
1,316 20
Lighting
278 42
Telephone
61 40
Improvements, repairs and fixtures
678 07
$631 61
$14,978 71
TREASURER OF WOODWARD FUND AND PROPERTY
109
Expended by Board of Managers
On Institute-Hurricane repairs
$636 37
Other Repairs 1,046 95
Insurance 404 68
$2,088 00
Expense-Reserved Collections-1938
$542 05
1937
78 07
$620 12
Cash on hand December 31, 1938
3,011 35
$27,457 51
Analysis of Unexpended Income Account
Balance-January 1, 1938
$3,208 36
Unexpended Income
440 03
Balance-December 31, 1938
$3,648 39
Balance Sheet
Cash $ 3,011 35
General Fund $354,647 54
Investments
82,413 84
Unexpended Income 3,648 39
Mortgage notes
140,125 37
Institute Land and
Building 58,900 00
Property-Gilson Rd. 2,868 64
Property foreclosed 70,976 73
$358,295 93
$358,295 93
Investments
$4,000. Baltimore & Ohio R. R. Pittsburgh, Lake Erie & W. Va. Ref. 4s, 1941 $ 4,000 00 5,000. Illinois Power & Light 1st & Ref "C" 5s, 1956 4,910 00
3,000. Jersey Central Power & Light 1st "C" 412s, 1961 3,000 00
5,000. New York Central R. R. Cons. "A" 4s, 1998 4,837 50
5,000. N. Y. State Electric & Gas Corp. 1st 4s, 1965 5,000 00 5,000. Penn. Elec. Co. Series H, 1962
5,137 50
5,000. Peoples Gas Light & Coke 1st & Ref "D" 4s, 1961
4,962 50
5,000. Pere Marquette Railway 1st "B" 4s, 1956
4,967 50
5,000. Southern Pacific Co. Oregon Lines 1st "A" 412s, 1977
4,887 50
5,000. Southern Railway Co. St. Louis Div. 1st 4s, 1951 36 Shares-American Tel. & Tel. Co.
2,644 85
8 Shares-Boston & Maine R. R. Prior Preference
800 98
66 Shares-Boston & Maine R. R. 1st Pref. "A"
7,260 00
27 Shares-Boston & Albany R. R.
4,900 00
135 Shares-Pennsylvania R. R.
7,904 99
5,000. Hingham Institution for Savings 5,000 00
2,500. Quincy Savings Bank 2,500 00
5,000. Weymouth Savings Bank 5,000 00
$82,413 84
4,700 52
110
CITY OF QUINCY
REPORT OF THE ADAMS TEMPLE AND SCHOOL FUND
JANUARY 2, 1939. Quincy, Massachusetts
HON. THOMAS S. BURGIN, Mayor
DEAR SIR:
The report of the Treasurer of the Adams Temple and School Fund for the year ending December 31, 1938, is herewith submitted.
Respectfully, HAROLD P. NEWELL, Treasurer, Adams Temple and School Fund.
Adams Temple and School Fund
Cash on hand-January 1, 1938 $689 12
Receipts
Notes secured by mortgages ... $100 00
Sale of land
1,400 00
Sale of bonds
12,334 57
Withdrawal from Savings Banks 1,000 00
$14,834 57
Income
Mortgage Loans
$476 02
Stocks and bonds
6,989 17
Savings Banks deposits
1,307 02
Rents
1,275 00
Miscellaneous receipts
20 94
10,068 15
$25,591 84
Charles Francis Adams Fund $660 00
Income
660 00
$26,251 84
Expenditures
Purchase of bonds $12,825 00
Accrued interest on bonds
146 08
Administration of Fund
550 71
Bonds-Treasurer's Dept.
85 00
Taxes on land in Braintree
3 72
Sale of land
84 00
Permanent repairs Adams Acad- emy
720 08
Hurricane Damage
621 28
$15,035 87
111
Expenses on Property
Insurance-Adams Academy ... $152 72
Materials and repairs -- Adams
Academy
929 12
Care grounds and building
1,636 83
$2,718 67
Expenditures-School Department
Pay Rolls
$2,200 00
Bills covering supplies - Libra-
ries
4,078 46
$6,278 46
$24,033 00
Charles Francis Adams Fund-Income
Expended by School Dept.
$340 00
$24,373 00
Cash on hand December 31, 1938
1,878 84
$26,251 84
Analysis of General Fund Account
Balance-January 1, 1938
$188,899 18
Gain from sale of securities
118 89
Sale of land
1,400 00
Balance-December 31, 1938
$190,418 07
Analysis of Unexpended Income Account
Balance-January 1, 1938
$14,207 14
Unexpended income 1938
201 51
$14,408 65
Hurricane damage
$621 28
Permanent repairs-Adams Academy
720 08
1,341 36
Balance December 31, 1938
$13,067 29
Balance Sheet
Cash $ 1,878 84 General Fund $190,418 07
Investments
209,279 64
Unexpended Income 13,067 29
Mortgage Notes 8,200 00
C. F. Adams Fund . 10,396 88
Unexpended Income 5,476 24
$219,358 48
$219,358 48
Investments
$5,000. Associated Electric Co. Deb 412s, 1953 $4,712 50
5,000. Atlantic Coast Line R. R. 1st 4s, 1952 5,150 69
5,000. Baltimore & Ohio R. R. Pittsbg. Lake E. & W. Va. Ref 4s, 1941 5,188 50
5,000. Birmingham (Ala.) Electric Co. 1st & Ref. 412s, 1968 2,000. Boston & Albany R. R. M. L. 1st 41/2s, 1943 2,105 00
4,762 50
TREASURER OF ADAMS TEMPLE AND SCHOOL FUND
112
CITY OF QUINCY
8,000. Boston & Albany R. R. Ref Deb gtd 5s, 1963 8,000 00
5,000. Boston Elevated Ry 30-yr Deb 5s, 1942 5,000 00
3,000. Boston & Maine R. R. Mtge "II" 5s, 1955 2,905 84
5,000. Brooklyn Union Gas Co. 1st Ref G. B. 5s, 1957 ... 5,252 50
5,000. California Oregon Power 1st & Ref 4s, 1966 4,962 50 ... 5,000. Carthage & Adirondack Railway 1st gtd 4s, 1981 4,343 39 4,000. Central Pacific Railway Co. 1st Ref 4s, 1949 2,850 00 .. 3,000. Empire Gas & Elec. Co. & Empire Coke Co. 1st Ref. 5s, 1941 3,030 00
5,000. Great Northern Railway Gen G. B. "I" 334 s, 1967
4,875 00
5,000. Illinois Central Railroad St. Louis Div & Term 31/2s, 1951
4,513 53
5,000. Illinois Central R. R. Louisville Div. 1st 31/2s, 1953
4,575 00
6,000. Illinois Power & Light 1st & Ref "C" 5s, 1956 5,000. Jamestown Franklin & Clearfield 1st 4s, 1959 .. 9,000. Jersey Central Power & Light 1st "C" 41/2s, 1961
9,090 00
5,000. Monongahela Railway 1st Ref A 4s, 1960
5,112 50
10,500. Northern Pacific Railway Ref & Imp "B" 6s, 2047
10,132 50
5,000. Pennsylvania Electric 1st Ref. H. 5s, 1962
5,055 00
5,000. Pennsylvania Railway Gen. M. 1965 41/2
4,862 50
4,000. Peoples Gas Light & Coke 1st & Ref. "D" 4s, 1961
3,900 00
1,000. Peoples Gas Light & Coke 1st & Ref "D" 4s, 1961 952 50
5,000. Pere Marquette Railway 1st "A" 5s, 1956
4,862 50
5,000. Savannah Electric Power 1st Ref G.B. "F" 5s, 1955
5,250 00
5,000. Southern Pacific R. R. 1st Ref 4s, 1955
4,837 50
5,000. Southern Railway Co. 1st Con 5s, 1994
5,050 00
5,000. U. S. Treasury Bonds 314 s, 1945
5,253 13
5,000. Wisconsin Power & Light Co. 1st "A" 4s, 1966
4,975 00
2 Shares Boston & Maine R. R. 1st Pref. "D"
520 00
37 Shares Eastern Gas & Fuel Associates Prior Pref.
2,927 62
200 Shares National Shawmut Bank
5,700 00
10,000. Braintree Savings Bank
10,000 00
5,000. Cohasset Savings Bank
5,000 00
14,000. Hingham Institution for Savings
14,000 00
10,500. Quincy Savings Bank
10,500 00
3,500. South Weymouth Savings Bank 3,500 00
5,000. Weymouth Savings Bank
5,000 00
$209,279 64
Also various parcels of real estate-assessed valuation $136,275 00
5,790 00
4,781 94
REPORT OF TREASURER OF THE RETIREMENT SYSTEM
113
REPORT OF THE TREASURER OF THE CITY OF QUINCY, RETIREMENT SYSTEM
JANUARY 2, 1939.
HON. THOMAS S. BURGIN, Mayor
Quincy, Massachusetts
DEAR SIR :
I present herewith the report of the Treasurer of the City of Quincy, Retirement System for the year ending December 31, 1938.
Respectfully, HAROLD P. NEWELL, City Treasurer.
CITY OF QUINCY-RETIREMENT SYSTEM
Receipts
Cash on hand January 1, 1938
$ 1,387 73
Deposited by Members 19,232 52
Appropriated by City
19,857 18
$40,477 43
Income from Bonds
$ 4,201 66
Sale of Securities
8,314 92
$52,994 01
Expenditures
Warrant Payments
$ 5,805 10
Securities Purchased
43,245 74
Accrued Interest on Securities
405 83
$49,456 67
Cash on hand December 31, 1938
3,537 34
$52,994 01
Statement of Fund
Securities
$115,841 79
Fund
$119,379 13
Cash on hand 3,537 34
$119,379 13
$119,379 13
114
CITY OF QUINCY
Investments
$5,000. Atchison Topeka & Santa Fe G.M. 4s, 1995 $ 5,087 50
8,000. Atlantic Coast Line R. R. 1st 4s, 1952 7,305 00
5,000. Baltimore & Ohio R. R. 1st 4s, 1948 5,094 41
3,000. Boston Albany R. R. 312s, 1952 2,860 00
5,000. Chicago Burlington & Quincy G.M. 4s, 1958 4,875 00
4,000. Commonwealth Edison 1st Coll "F" 4s, 1981 4,160 00
5,000. Illinois Central R. R. Ref. 5s, 1955
5,065 59
3,000. Kansas Power & Light 1st 41/2s, 1965
3,240 00
7,000. Morris & Essex R. R. 1st Ref 31/2s, 2000
6,246 22
5,000. New York Central R. R. Cons. "A" 4s, 1998
4,328 34
6,000. New York State Electric & Gas Corp 1st 41/2s, 1980 6,020 38
5,000. Northern Pacific Railway Gen Lines S F 3s, 2047
3,750 79
8,000. Penn. Electric Co. 1st & Ref 5s, 1962
8,245 00
8,000. Peoples Gas Light & Coke 1st & Ref. "D" 4s, 1961
7,755 42
5,000. Southern Pacific Co. Oregon Lines 1st "A" 41/2s, 1977 4,900 80
5,000. Southern Railway Co. St. Louis Div 1st 4s, 1951
4,905 40
5,000. Springfield Gas & Electric 1st "A" 5s, 1957.
5,150 93
10,000. U. S. Treasury 278s 1960
10,384 07
5,000. U. S. Treasury 234 s, 1948-51
5,206 25
5,000. Washington Water Power Co. 1st & Gen 5s, 1960 5,302 88
6,000. Wisconsin Power & Light Co. 1st "A" 4s, 1966 5,957 81
$115,841 79
115
REPORT OF THE QUINCY RETIREMENT BOARD
REPORT OF THE QUINCY RETIREMENT BOARD
March 1, 1939
To the HONORABLE THOMAS S. BURGIN, Mayor: Quincy City Hall, Quincy, Massachusetts.
The Quincy Retirement Board submits its fourth annual report, being for the year ending December 31, 1938, with appended tables setting forth the financial and statistical results.
In his report to us, the Actuary retained by the Board comments "that the operation of the Retirement System during the past year has been very satisfactory. The only point in which the experience of the system does not measure up to the expected is in the yield on investments which was not quite as good as it was last year, and is still below the 4 per cent requirement. However, this loss from interest has been more than offset by the experience of the system in other respects which has been favorable. The favorable experi- ence is manifested in the decrease in the accrued liability, in the change from the deficit balance to a surplus balance in the Annuity Reserve Fund, and in the fact that the normal and accrued liability rates which were certified last year continue to be adequate as a basis for determining the City's appropriations."
The problem of investing funds is one to which the Board has necessarily had to devote much attention. It recognizes the dual nature of its responsibility, as trustees to both the members and to the City. Aside from the necessity of conserving principal, it is under the obligation to make its investments earn as much as is consistent with safety, both because of the fact that accumulated interest is such an important element in the retirement allowances ultimately to be paid and because of the liability upon the City to make up any deficits in earnings. To that end, it has availed itself of opportunities both to purchase securities of higher ratings and to lower the average price at which certain of its holdings already stood.
The Board believes that the policy which it has adopted will, over a period of years, lead to an annual earning power that will assure payment of the full retirement allowances contemplated when the system was established, without the necessity of resort to City appropriations to make up deficits in income.
Respectfully submitted, GEORGE H. BONSALL, JOHN J. KEEFE, LEO E. MULLIN, Quincy Retirement Board.
116
CITY OF QUINCY
TABLE I Statement of Cash Receipts and Payments for the Year Ending December 31, 1938
Receipts
Cash on hand, January 1, 1938.
$ 1,387 73
Members' Contributions
19,232 52
Appropriations by City :
Pension Fund
$19,857 18
Expense Fund
2,388 10
22,245 28
Bonds Sold or Called
8,314 92
Income from Investments :
Interest on Bonds
4,201 66
Total
$55,382 11
Payments
Refunds of Contributions :
On Account of Resignations and Withdrawals.
$ 1,401 69
Pension Payments
4,403 41
Bonds Purchased
43,245 74
Accrued Interest on Bonds Purchased
405 83
Expenses :
Secretarial
$ 1,200 00
Actuarial
900 00
Printing
54 22
Postage
7 50
Office Supplies
49 15
Bonds
150 00
Furniture and Fixtures
10 73
Miscellaneous
16 50
2,388 10
Total
$51,844 77
Cash Balance as of December 31, 1938
3,537 34
Total
$55,382 11
117
REPORT OF RETIREMENT SYSTEM
TABLE II Income Account-1938
Cash Interest Received
$4,201 66
Interest Accrued but not due December
31, 1938 1,210 63
$5,412 29
Less: Accrued Interest January 1, 1938 .... 936 25
Interest Paid on Bonds Purchased .. 405 83
1,342 08
Net Interest Earned
$4,070 21
4% Credited on Average Funds :
Annuity Savings Fund
$2,044 80
Annuity Reserve Fund
45 28
Pension Accumulation Fund
2,188 06
4,278 14
Deficiency to be made up by City
$207 93
TABLE III Balance Sheet as of December 31, 1938
Cash $ 3,537 34 Annuity Savings Fund $61,969 33
Investments 115,841 79 Annuity Reserve Fund 1,585 58
Accrued Interest 1,210 63 Pension Accumulation Fund 56,987 43
Surplus
47 42
Total ......
$120,589 76
Total $120,589 76
TABLE IV Schedule of Investments
Par Value
Book Value
$ 5,000 Atchison, Topeka & Santa Fe General 4s, 1995 $ 5,087 50
8,000 Atlantic Coast Line 1st 4s, 1952. 7,305 00
5,000 Baltimore & Ohio 1st 4s, 1981 5,094 41
3,000 Boston & Albany 31/2s, 1952
2,860 00
5,000 Chicago, Burlington & Quincy 4s, 1958.
4,875 00
4,000 Commonwealth Edison 1st 4s, 1981
4,160 00
5,000 Illinois Central Ref 5s, 1955.
5,065 59
3,000 Kansas Power & Light 1st 41/2s, 1965
3,240 00
7,000 Morris & Essex 1st 312s, 2000
6,246 22
5,000 New York Central Consolidation 4s, 1998.
4,328 34
6,000 New York State Electric & Gas 1st 412s, 1980
6,020 38
5,000 Northern Pacific General 3s, 2047
3,750 79
8,000 Pennsylvania Electric Co. 1st & Ref 5s, 1962.
8,245 00
8,000 Peoples Gas Light & Coke 1st Ref 4s, 1961.
7,755 42
5,000 South. Pacific Co. Oregon Lines 1st 41/2s, 1977
4,900 80
5,000 South. Railway, St. Louis Division 1st 4s, 1951 4,905 40
5,150 93
10,000 U. S. Treasury 27ss, 1960.
10,384 07
5,000 U. S. Treasury 234s, 1948-1951
5,206 25
5,000 Washington Water Power 1st 5s, 1960. 5,302 88
6,000 Wisconsin Power & Light 1st 4s, 1966
5,957 81
$115,841 79
$118,000
5,000 Springfield Gas & Electric 1st 5s, 1957.
118
CITY OF QUINCY
TABLE V Membership Active Members
Without Prior Service Credit
With Prior Service Credit
General Employees
General Employees
Male
Female
Firemen, Police- men
Male
Female
Firemen, Police- men
Total
Membership Jan. 1, 1938 Enrolled during 1938
82
100
1
21
83
20
307
Withdrawals Deaths
1
...
....
....
....
....
3
Membership Dec. 31, 1938
81
93
2
26
120
26
348
Retired Members
Membership Jan. 1, 1938 Retirement for Superannuation
4
2
....
....
....
....
6
1
2
....
....
....
....
Membership Dec. 31, 1938
5
4
....
....
....
....
9
Total
Membership Dec. 31, 1938
86
97
2
26
120
26
357
1
....
1
8
47
6
63
....
5
....
3
10
....
1
Retirements
1
2
....
....
....
....
18
3
119
REPORT OF RETIREMENT SYSTEM
TABLE VI
The Distribution of the Number and Weekly Salaries of Members With Prior Service Credit By Age as of June 30, 1938 GENERAL EMPLOYEES
AGE
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
23
1
$15
1
$15
24
2
27
2
27
25
7
141
1
$20
6
121
26
5
98
1
20
4
78
27
5
118
1
30
4
88
28
4
99
2
52
2
47
29
8
187
1
30
7
157
30
8
241
5
121
3
75
31
8
214
4
166
4
93
32
1
22
1
22
33
3
84
2
62
1
22
34
2
61
2
87
4
125
36
5
188
4
158
1
30
37
38
3
100
2
75
1
25
39
4
134
2
88
2
46
40
4
122
4
122
41
10
347
7
272
3
75
42
4
110
1
28
3
82
43
44
7
233
2
5
143
45
3
97
2
71
1
26
46
3
97
1
54
2
43
47
1
24
1
24
48
5
198
3
142
2
56
49
2
76
1
42
1
34
50
1
32
4
140
3
78
52
3
52
3
52
53
54
7
210
4
143
3
67
55
9
281
6
193
3
88
56
4
167
3
153
1
14
57
5
145
2
78
3
67
58
4
134
1
64
3
70
59
4
156
3
129
1
27
60
2
78
2
78
61
3
122
3
122
63
4
134
2
69
2
65
64
4
134
1
48
3
86
65
3
83
1
30
2
53
66
4
121
2
60
2
61
67
2
55
1
35
1
20
68
1
30
1
30
69
1
33
1
23
70
2
56
1
32
1
24
Total
181
$5,486
82
$3,045
99
$2,411
2
61
35
6
212
1
32
51
7
218
TOTAL
MEN
WOMEN
62
120
CITY OF QUINCY
TABLE VII The Distribution of the Number of Weekly Salaries of Members With Prior Service Credit By Years of Total Service as of June 30, 1938
GENERAL EMPLOYEES
Years of Total Service
TOTAL
MEN
WOMEN
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
1
1
$30
1
$30
2
2
55
2
55
3
5
118
2
50
3
$68
4
19
508
11
348
8
160
5
12
316
6
200
6
116
6
24
600
6
189
18
411
7
9
254
5
176
4
78
8
6
169
2
68
4
101
9
13
331
4
131
9
200
10
14
394
4
152
10
242
11
10
357
7
283
3
74
12
8
334
5
244
3
90
13
12
385
6
241
6
144
14
6
178
2
71
4
107
15
4
141
3
112
1
29
16
17
4
149
4
149
3
76
19
6
189
3
110
3
79
20
2
65
2
65
22
3
109
2
97
2
69
24
3
98
2
71
1
27
25
1
34
1
34
26
2
69
1
40
1
29
27
1
48
1
48
28
2
99
1
64
1
35
29
30
31
1
34
1
34
32
1
30
1
30
34
35
1
34
1
34
37
38
1
52
1
52
40
1
64
1
64
Total
181
$5,486
82
$3,045
99
$2,441
18
3
76
21
3
109
23
4
166
33
36
39
121
REPORT OF RETIREMENT SYSTEM
TABLE VIII The Distribution of the Number and Weekly Salaries of New Entrants By Age as of June 30, 1938 GENERAL EMPLOYEES
TOTAL
MEN
WOMEN
AGE
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
19
1
$15
1
$15
20
3
41
41
21
10
148
2
$39
8
109
22
6
98
1
17
5
81
23
7
114
1
17
6
97
24
7
150
7
150
25
14
351
2
38
12
313
26
8
191
8
191
27
3
76
76
28
4
85
4
85
29
9
261
1
45
8
216
30
6
175
2
49
4
126
31
7
176
1
28
6
148
32
33
2
70
1
42
1
28
34
4
123
4
123
35
3
60
1
20
2
40
36
2
138
1
106
1
32
37
38
3
63
39
3
115
2
87
1
28
40
3
98
1
48
2
50
41
1
11
1
11
42
43
1
20
44
45
1
63
1
63
1
18
48
1
14
1
14
49
3
103
3
103
2
74
51
2
47
1
35
1
12
52
1
14
53
2
65
2
65
54
1
28
1
28
55
1
24
56
1
41
1
41
57
58
59
2
53
1
35
1
18
60
61
62
1
28
63
1
28
Total
126
$3,151
26
$906
100
$2,245
47
1
18
50
2
74
1
14
1
24
1
20
46
3
63
3
3
122
CITY OF QUINCY
TABLE IX
The Distribution of the Number and Weekly Salaries of New Entrants By Age as of June 30, 1938 FIREMEN AND POLICEMEN
AGE
Number
Weekly Salaries
29
1
$34
30
4
154
31
1
40
32
7
268
33
4
144
34
3
114
35
2
76
36
37
38
1
40
39
2
80
40
2
76
Total
27
$1,026
TABLE X The Distribution of the number and Weekly Salaries of New Entrants By Years of Service as of June 30, 1938
TOTAL
MEN
WOMEN
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
General Employees
0
27
$684
b
$153
21
$531
1
47
1,103
10
332
37
771
2
44
1,210
10
421
34
789
3
8
154
8
154
Total
126
$3,151
26
$906
100
$2,245
Firemen and Policemen
0
7
$238
7
$238
1
3
108
3
108
2
7
280
7
280
3
10
400
10
400
Total
27
$1,026
27
$1,026
Years of Total Service
123
REPORT OF RETIREMENT SYSTEM
TABLE XI
Valuation Balance Sheet Showing the Assets and Liabilities of the Funds of the Quincy Retirement System as of June 30, 1938
ASSETS
Annuity Savings Fund $ 51,975
Annuity Reserve Fund 1,091
Pension Reserve Fund ......
Pension Accumulation Fund
58,241
Total Present Assets $111,307
Present value of the prospective contributions payable by
the City into the Pension Accumulation Fund 252,726
Total Assets $364,033
LIABILITIES
Present value of benefits on account of which contributions have been paid by members into the Annuity Savings Fund $ 51,975 Present value of benefits payable on account of bene- ficiaries or their dependents now drawing annuities from the Annuity Reserve Fund 1,039
Present value of benefits payable on account of beneficiaries or their dependents now drawing pensions from the Pension Reserve Fund
Present value of benefits payable on account of beneficiaries or their dependents now drawing pensions from the Pension Accumulation Fund 32,026
0
Present value of benefits to members with prior service to be paid by contributions of the City into the Pension Ac- cumulation Fund 218,053
Present value of benefits to new entrants to be paid by contributions of the City into the Pension Accumulation Fund 60,940
Total Liabilities $364,033
No account is taken of the future contributions of members into the Annuity Savings Fund because the benefits provided by these contributions are exactly equal to the accumulated amount of the contributions and therefore they do not affect the balance in the fund.
124
CITY OF QUINCY
REPORT OF THE BOARD OF ASSESSORS
HON. THOMAS S. BURGIN, Mayor
Quincy, Massachusetts
Dear Sir:
The following is respectfully submitted as the report of the Assessing Department for the year 1938:
Valuation
Value of Buildings $ 78,860,300 00
Value of Land 34,498,050 00
Value of Land and Buildings
$113,358,350 00
Value of Personal 9,088,975 00
Total Valuation of the City as determined
January 1, 1938
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