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 1941 > Part 3
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Outstanding January 1, 1941
$2,470.23
Commitments
18,264.05
$20,734.28
Collections
$16,441.16
Water Liens to Tax Collector
751.33
Abatements
222.16
$17,414.65
Outstanding December 31, 1941
$3,319.63
WATER RESERVE
Surplus January 1, 1941
$74,781.18
Collections
452,350.77
Appropriation Balances
3,683.15
$530,815.10
Appropriations
$195,260.30
State Assessments
191,277.90
Council Transfers
84,500.00
Adjustments
220.04
$471,258.24
Surplus December 31, 1941
$59,556.86
WATER LIENS
Outstanding January 1, 1941
$51,868.88
Commitments
27,490.76
Adjustments
478.96
Collections
$34,064.74
Tax Title Credits
3,282.95
Abatements
965.83
$38,313.52
$79,838.60
Outstanding December 31, 1941
$41,525.08
REPORT OF TREASURER
47
REPORT OF THE TREASURER
January 1, 1942.
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
DEAR SIR:
I submit herewith, the report of the Treasurer of the City of Quincy for the year ending December 31, 1941.
Respectfully, HAROLD P. NEWELL, City Treasurer.
TREASURER'S STATEMENT
Receipts
Cash on Hand January 1, 1941
$394,293.76
General Revenue:
Taxes 1941
3,277,397.18
Taxes Previous Years
754,271.07
Taxes-Motor Excise
225,769.88
Tax Titles Held by City-Redeemed
82,565.95
Licenses
73,252.00
Permits
2,721.00
Court Fines
3,110.19
Grants and Gifts (Dog Licenses)
5,503.82
State of Massachusetts
700,586.22
Special Assessments :
Sewer Assessments
16,707.53
Sidewalks
1,080.66
Street Betterment
18,436.21
General Government:
Tax Collector and Treasurer-Costs
7,207.03
City Clerk
5,190.27
Police Dept.
68.77
Fire Dept.
105.16
Sealer Weights and Measures
939.45
Building Inspector
3,105.00
Engineering-Grade Fees
794.77
Wire Inspector
2,617.25
Gypsy Moth
795.00
Board of Health-Con. Diseases
19,055.37
Con. Dis. T. B.
1,129.20
Plumbing Inspector
2,184.75
Milk Licenses
249.50
Scavenger
1,440.25
Garbage Disposal
8,752.00
Highways ..
2,378.19
Welfare Dept.
29,281.51
Welfare-Dependent Children
18,554.37
48
CITY OF QUINCY
Welfare-Old Age Assistance
133,627.29
O. A. A. Fed. Grant
185,777.48
Dependent Children Fed. Grant
29,992.84
Hospital Dept.
383,529.23
School Dept.
2,134.66
Trade School Receipts
485.22
School Accts. Rec.
7,163.53
Smith Hughes and Deen Funds
5,664.35
Voc. Edu. of Defense Workers-Federal
30,125.50
Library Fines, etc.
3,451.50
Particular Sewer Receipts (Treas.)
20,225.07
Miscellaneous City
6,365.67
Departmental Refund Account
159.46
Sale of Tax Possessions
15,750.00
Income from Tax Possessed Property
1,565.24
Public Services :
Water Rates 1941
397,507.40
Water Rates prior
4,337.47
Water Liens-Tax Collector
34,064.74
Water Service Connections
16,441.16
Cemetery-Care and Sale of Lots
19,474.00
Cemetery Foundations
2,814.56
Interest :
Tax Collector-Taxes and Assessments
25,773.10
City Treasurer-On Tax Titles
9,334.44
Perpetual Care Fund
9,324.20
Other Trust Accounts
9,444.83
Accrued Interest on Bonds
678.75
Premium on Bond Sales
3,371.85
Municipal Indebtedness :
Temporary Loans 1941
2,350,000.00
Bond Anticipation Loan
200,000.00
Loan on Tax Titles
105,000.00
Water Loans
45,000.00
General Loans
1,036,000.00
Agency, Trust and Deposits :
City Clerk-Dog Licenses (County)
7,120.00
City Clerk-Hunters' Licenses (State)
4,102.00
Perpetual Care Fund
10,095.00
Other Trust Funds
2,036.75
Deposits-Scavenger
1,377.00
Particular Sewer
17,975.00
Water
5,675.00
Hospital Nurses Tax Possessed Property
465.00
2,149.50
Retirement System
24,072.94
Fed. Sur. Commodity Stamp Plan
41,933.00
Quincy Hospital Diagnostic Clinic
400.00
Street Construction-State
9,577.24
Total
$10,881,041.28
Transfers
267,500.00
$11,148,541.28
49
REPORT OF TREASURER
Payments
Paid out on Mayor's Warrants 1941 Transfers
Cash on hand, December 31, 1941
10,115,005.89 267,500.00 766,035.39
Total
$11,148,541.28
Cash on hand, January 1, 1941
$ 394,293.76
Cash Receipts 1941
10,486,747.52
Cash Expenditures, 1941
Cash on hand, December 31, 1941
10,115,005.89 766,035.39
HAROLD P. NEWELL, Treasurer
Rock Island Fund
Quincy Savings Bank
$1,000 00
Fund ......... $1,000 00
Income ยท
Unexpended Income, January 1, 1941 $54 18
Interest Receipts, 1941 20 10
Balance on hand, December 31, 1941 .. $74 28
C. C. Johnson-Turkey Fund
Quincy Savings Bank $2,000 00
Fund $2,000 00
Income
Interest Receipts, 1941
$40 20
Credited to Welfare Department
40 20
Charles E. French Fund
Quincy Savings Bank $3,000 00
Fund .... $3,000 00
Income
Interest Receipts, 1941
$60 30
Credited to Burial Department 60 30
George Pierce Fund-Perpetual Care Lot No. 252
Quincy Savings Bank
$200 00 Fund ..... . $200 00
Income
Unexpended Income, January 1, 1941
$43 06
Interest Receipts, 1941 4 02
$47 08
Expended
.... .....
7 00
Balance on hand, December 31, 1941 ... $40 08
50 91100
CITY OF QUINCY
C. C. Johnson-Perpetual Care Lot No. 945
Quincy Savings Bank $150 00
Income
Fund $150 00
Interest Receipts, 1941
$3 01
Credited to Burial Department
3 01
Mary Willson Tucker Fund-Perpetual Care Lot No. 679 Quincy Savings Bank $400 00
Fund .... $400 00
Income
Unexpended Income, January 1, 1941 .... $132 62
Interest Receipts, 1941
8 04
$140 66
Expended, 1941
5 00
Balance on hand, December 31, 1941
$135 66
William S. Williams Fund-Perpetual Care Lot No. 848
Quincy Savings Bank $400 00 Fund $400 00
Income
Unexpended Income, January 1, 1941
$152 81
Interest Receipts, 1941 8 04
$160 85
Expended 1941
10 00
Balance on hand, December 31, 1941
$150 85
Alfred A. Dell-Flower Fund-Lots No. 896-898 Quincy Savings Bank .. $200 00 Fund $200 00
Income
Unexpended Income, January 1, 1941
$4 44
Interest Receipts, 1941 4 02
$8 46
Expended, 1941
4 00
Balance on hand, December 31, 1941
$4 46
51
REPORT OF TREASURER
Minnie B. Bent-Flower Fund-Lot No. 744 Quincy Savings Bank $250 00 Fund $250 00
Income
Unexpended Income, January 1, 1941 ... $6 28
Interest Receipts, 1941
5 00
$11 28
Expended, 1941
4 00
Balance on hand, December 31, 1941
$7 28
Abraham Rich-Flower Fund-Lot No. 548
Quincy Savings Bank $176 00
Fund
...... $176 00
Income
Unexpended Income, January 1, 1941 ... $ 67
Interest Receipts, 1941
3 53
$4 20
Expended, 1941
2 50
Balance on hand, December 31, 1941 ... $1 70
Alexander Nugent-Perpetual Care Fund
Quincy Savings Bank $125 00
Fund $125 00
Income
Interest Receipts, 1941
$2 51
Paid Trustees St. Mary's Cemetery 2 51
Hospital Trust Funds
Quincy Savings Bank $9,453 25 Fund $9,453 25 Also 24 shares Walker-Stetson Co. Common Stock (Capital) Class A (Par value $50. each)
Income
Unexpended Income, January 1, 1941 .... $8,422 30
Interest Receipts, 1941 310 00
Balance on hand, December 31, 1941
$8,732 30
Hospital Trust-D. L. Jewell Fund
Quincy Savings Bank $5,000 00 Fund ..... $5,000 00
Income
Unexpended Income, January 1, 1941 $2,114 60
Interest Receipts, 1941 100 50
Balance on hand, December 31, 1941
$2,215 10
52
CITY OF QUINCY
Hospital Trust Funds-Special
Quincy Savings Bank .... $423 18
Granite Trust Co-
Savings 120 07
Quincy Savings Bank .. $431 67 Granite Trust Co. Savings 121 27
$543 25
Interest Receipts, 1941 ..
9 69
$552 94
$552 94
Hospital Trust-Mary Parker Fund
Quincy Savings Bank $5,000 00 Fund
$5,000 00
Income
Unexpended Income, January 1, 1941 .... $264 55
Interest Receipts, 1941 100 50
Balance on hand, Devember 31, 1941 .... $365 05
Hospital Trust-Richard E. Raycroft Fund
Quincy Savings Bank $1,444 55
Fund .......
$1,444 55
Fund, January 1, 1941 $1,350 74
Addition to Fund, June 11, 1941 166 50
$1,517 24
Interest Receipts, 1941
38 78
$1,556 02
Expended, 1941
111 47
Balance on hand, December 31, 1941 .... $1,444 55
Hospital Trust-William B. White Fund (Accepted by City Council, January 20, 1941) Fund Received by City, January 15, 1941 $1,500 00
Expended by Hospital Department, 1941 1,500 00
(For X-Ray apparatus)
53
REPORT OF TREASURER
Perpetual Care Fund
Cash on hand, January 1, 1941
$719 83
Receipts
Perpetual Care of Lots
$10,095 00
Interest Receipts
9,449 76
Sale of Bonds
49,487 29
69,032 05
$69,751 88
Expenditures
Purchase of Bonds
$58,714 02
Accrued Interest on Bonds
529 23
Income credited to Burial Department
8,920 53
$68,163 78
Cash on hand, December 31, 1941
1,588 10
$69,751 88
Analysis of General Fund
Fund, January 1, 1941
.$258,165 20
Perpetual Care Lots, 1941
10,095 00
Profit Bond Sales
455 92
$268,716 12
Balance Sheet
Cash on Hand $ 1,588 10
Fund $268,716 12
Investments 267,128 02
$268,716.12
$268,716.12
54
CITY OF QUINCY
Investments
$10,000 Atchison, Topeka & Sante Fe Ry. 1st Ref. "A" 41/2s, 1962 $ 11,000 00
5,000 Atlantic Coast Line R. R. 1st 4s, 1952 5,000 00
5,000 Baltimore & Ohio R. R. 1st 4s, 1948 4,637 50
2,000 Boston & Albany R. R. Ref. Deb. gtd. 5s, 1963 2,000 00
3,000 Boston & Albany R. R. Imp. 1917 5s, 1942 ...
3,000 00
10,000 Boston & Albany R. R. 1st "A" 41/2s, 1943 9,425 69
6,000 Brooklyn Union Gas 1st & Ref. "B" 5s, 1957 ....
6,300 00
5,000 Central Pacific Railway 4s, 1949
3,562 50
10,000 Chicago, Burlington & Quincy R. R. Gen. 4s, 1958
9,895 36
5,000 Chicago, Indiana & Southern R. R. 4s, 1956
4,817 92
1,000 Chicago & North Western Ry. 1st & Ref. 5s, 2037
200 00
10,000 Great Northern Ry. G. M. "G" 4s, 1946
10,000 00
5,000 Great Northern Ry. Gen. "I" 334s, 1967 4,875 00
5,000 Illinois Central Railroad 1st Gold 31/2s, 1951
4,537 50
5,000 Jamestown, Franklin & Clearfield R. R. 1st 4s, 1959
4,756 25
5,000 Kings County Lighting 1st Ref. 5s, 1954
5,000 00
4,000 Louisville & Nashville R. R. 4s, 1960
4,000 00
5,000 Louisville & Nashville R. R. Paducah & Mem- phis Div. 1st 4s, 1946
4,963 49
5,000 Metropolitan Edison Co. 1st "G" 4s, 1965 ... 2,000 New Jersey Power & Light Co. 1st 41/2s, 1960
5,250 00
2,000 New York, Chicago & St. Louis R. R. Ref. "C" 41/2s, 1978
1,885 00
5,000 Norfolk & Carolina R. R. 2nd G. B. 5s, 1946 5,000 Northern Pacific Ry. Ref. & Imp. "A" 41/2S, 2047
5,000 00
5,000 Pennsylvania Electric Co. 1st & Ref. 5s, 1962
5,172 73
5,000 Pere Marquette Railway 1st "A" 5s, 1956 ..
5,204 68
5,000 Pittsburgh, Cincinnati, Chicago & St. Louis R. R. 5s, G. M. "A," 1970 5,343 90
5,000 Oregon Short Lines 1st G. B. 5s, 1946
5,300 00
5,000 Savannah Electric & Power Co. 1st Ref. "F" 5s, 1955 5,250 00
6,000 Southern Pacific R. R. 1st Ref. 4s, 1955
6,000 00
5,000 Southern Railway Co. 1st Cons. 5s, 1994
5,000 00
8,000 U. S. Treasury 11/8s, 1943
8,000 00
2,800 U. S. Treasury 2s, 1955
2,800 00
3,800 U. S. Treasury 21/2s, 1972
3,800 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 00
4,000 Cohasset Savings Bank
4,000 00
5,000 Dedham Institution for Savings
5,000 00
5,000 Granite Trust Company-Savings Dept.
5,000 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
$267,128 02
4,000 Brookline Savings Bank
2,100 00
5,000 00
55
REPORT OF TREASURER
REPORT OF THE TREASURER OF THE WOODWARD FUND AND PROPERTY
January 1, 1942
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
DEAR SIR :
I submit herewith, the report of the Treasurer of the Wood- ward Fund and Property for the year ending December 31, 1941.
Respectfully, HAROLD P. NEWELL, Treasurer, Woodward Fund and Property.
STATEMENT
Cash on hand, January 1, 1941 $3,634 51
Receipts
Payments on Mortgages
$9,096 00
Sale of Securities
18,993 69
Sale of foreclosed property
6,200 00
Withdrawals from Savings Banks
6,000 00
$40,289 69
Interest and dividends, stocks and bonds
$3,606 96
Interest-Savings Banks
271 70
Interest on mortgages
6,961 86
Rents
8,283 63
Income from Institute
1,301 00
$20,425 15
Reserved Collections-
For Taxes and Water Accounts
928 11
$65,277 46
Expenditures
Purchase of bonds
$29,300 96
Accrued interest on bonds purchased 289 51
Mortgage loans
11,400 00
Administration
61 25
Expense on properties ---
Gilson Road
77 15
Repairs on Fund owned properties
3,749 09
$44,877 96
56
CITY OF QUINCY
Expended by Board of Managers
On Institute-Repairs $810 31
Insurance
310 59
$1,120 90
Expenses of Institute
Pay Rolls
$12,050 00
Books, supplies and sundries
935 75
Fuel
1,450 50
Lighting
248 36
Telephone
55 99
Improvements, repairs and fixtures
444 04
$15,184 64
Expense-Reserved Collections -
928 11
Cash on hand, December 31, 1941
3,165 85
$65,277 46
Unexpended Income Account
Balance, January 1, 1941
$1,318 25
Expenses in excess of receipts
57.39
Balance, December 31, 1941
$1,260 86
Balance Sheet
Cash
$3,165 85
General Fund $353,251 71
Investments
92,780 31
Unexpended Income 1,260 86
Mortgage Notes
123,550 00
Profit Bond Sales .... 80 23
Institute Land and
Building 58,900 00
Property-
Gilson Road 2,868 64
Property Foreclosed
73,328 00
$354,592 80
$354,592 80
57
REPORT OF TREASURER
Investments
$5,000 Atchison, Topeka & Santa Fe Ry. (Cal. & Ariz. Lines) 41/2s, 1962 $5,500 00 4,000 Baltimore & Ohio R. R. Pitts. Lake Erie & W. Va. Ref. 4s, 1941 4,000 00
5,000 Boston & Albany R. R. 5s, 1942
5,000 00
5,000 Boston & Albany R. R. 1st Mort. "A" 41/2s, 1943 4,588 19
5,000 Empire District Electric Co. 1st & Ref. 5, 1952 5,000 00 5,000 Great Northern Railway Co. "H" G. M. Convert. 4s, 1946 4,938 28
5,000 New York Central R. R. Cons. "A" 4s, 1998
4,837 50
5,000 Pennsylvania Electric Co. Series "H" 5s, 1962 5,000 00
5,000 Pere Marquette Railway 1st "B" 4s, 1956 4,967 50
5,000 Pittsburg, Cincinnati, Chicago & St. Louis 5s, 1975
5,350 00
5,000 Southern Pacific Co. Oregon Lines 1st "A" 41/2s, 1977 4,887 50
5,000 Southern Railway Co. St. Louis Div. 1st 4s, 1951 4,700 52
4,500 U. S. Treasury 21/2s, 1972 4,500 00
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
5,400 Hingham Institution for Savings
5,000 00
500 Quincy Savings Bank 500 00
500 Weymouth Savings Bank 500 00
$92,780 31
58
CITY OF QUINCY
REPORT OF THE ADAMS TEMPLE AND SCHOOL FUND
HON. THOMAS S. BURGIN, Mayor
January 1, 1942 Quincy, Massachusetts
DEAR SIR :
The report of the Treasurer of the Adams Temple and School Fund for the year ending December 31, 1941, is herewith sub- mitted.
Respectfully, HAROLD P. NEWELL, Treasurer, Adams Temple and School Fund.
Cash on hand, January 1, 1941
.... $870 17
Receipts
Notes secured by mortgages
$912 00
Sale of bonds
17,610 00
Savings Bank withdrawal
1,000 00
On foreclosed property
70 00
$19,592 00
Mortgage Loans
$347 82
Stocks and Bonds
6,188 83
Savings Bank deposits
1,067 49
Rents
1,970 00
9,574 14
$30,036 31
Charles Francis Adams Fund
Income
780 44
$30,816 75
Expenditures
Purchase of bonds
$19,100 80
Accrued interest on bonds purchased
114 30
Administration of Fund
522 20
Bond-Treasurer's Department
10 00
Taxes on land in Braintree
3 20
$19,750 50
Income
59
REPORT OF TREASURER
Expenses on Property
Adams Academy-Insurance $135 35 Materials and repairs 842 25
Care grounds and build- ing 1,877 93
Foreclosed property repairs
144 58
$3,000 11
Expenditures-School Department
Pay Roll, Librarian-Quincy High School .... $2,145 00 Bills covering supplies for School Libraries 3,717 47
$5,862 47
$28,613 08
Charles Francis Adams Fund-Income
Expended by School Department ...
416 44
$29,029 52
Cash on hand, December 31, 1941
1,787 23
$30,816 75
Unexpended Income Account
Balance-January 1, 1941
$13,619 25
Unexpended income 1941
61 86
$13,681 11
Unexpended Income Charles Francis Adams Fund
Balance-January 1, 1941
..
$6,446 24
Unexpended income 1941
364 00
$6,810 24
Balance Sheet
Cash $ 1,787 23 General Fund $189,801 20
Investments
207,853 82
Unexpended Income 13,681 11
Mortgage Notes ...
5,075 00
C. F. Adams Fund .. 10,396 88
Property Foreclosed
5,973 38
Unexpended Income 6,810 24
$220,689 43
$220,689 43
All various parcels Real Estate-Assessed Valuation $136,275 00
60
CITY OF QUINCY
Investments
$5,000. Associated Electric Co. Deb. 41/2s, 1953 $4,474 00 5,000. Atchison, Topeka & Santa Fe R. R. Gen. Mort. 4s, 1995 5,438 33
5,000. Atchion, Topeka Railway- (Cal. & Ariz.) 1st Ref. 41/2s, 1962 5,500 00
5,000. Atlantic Coast Line R. R. 1st 4s, 1952 5,000 00
5,000. Baltimore & Ohio R. R. Pittsbg. Lake Erie & W. Va. Ref. 4s, 1951
5,000 00
5,000. Boston & Albany R. R. Main Line 41/2s, 1943 ...
4,850 00
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
1,500. Boston & Maine R. R. 1st Mortg. Series R. R. 4s, 1960
1,500 00
1,500. Boston & Maine R. R. Inc. Mortg. "A" 4s,
1,405 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
4,343 39
5,000. Carthage & Adirondack Ry. 1st gtd. 4s, 1981 .... 4,000. Central Pacific Railway Co. 1st Ref. 4s, 1949 ..
2,850 00
5,000. Chicago, Burlington & Quincy R. R. G. M. 4s, 1958
4,888 51
6,000. Empire District Electric Co. 1st Ref. 5s, 1952 5,000. Great Northern Railway Gen. Mortg. G. B. "L" 334 s, 1967
4,875 00
4,000. Great Northern Railway "G" Con. G. M. 4s, 1946
3,985 66
5,000. Illinois Central R. R. 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
5,000. Jamestown, Franklin & Clearfield 1st 4s, 1959
4,781 94
6,000. Louisville & Nashville R. R. 1st 4s, 1946 ... 4,000. Louisville & Nashville R. R. 1st 4s, 1946
4,060 00
10,500. Northern Pacific Railway Ref. & Imp. "B" 6s, 2047
10,132 50
5,000. Pennsylvania Electric Co. 1st Ref. "H" 5s, 1962
5,055 00
5,000. Pennsylvania Railway Gen. M. 41/2s, 1965
4,862 50
5,000. Pere Marquette Railway 1st "A" 5s, 1956 .. 5,000. Savannah Electric Power 1st Ref. G. B. "F" 5s, 1955
5,200 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 11/8s, 1943
5,000 00
2 Shares-Boston & Maine R. R. 1st Pref. "D"
520 00
37 Shares-Eastern Gas & Fuel Association Prior Pref. 2,927 62
200 Shares-National Shawmut Bank of Boston 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
8,500. Quincy Savings Bank
8,500 00
3,500. South Weymouth Savings Bank 3,500 00
5,000. Weymouth Savings Bank 5,000 00
$207,853 82
cumulative, 1970
6,150 00
6,300 00
4,862 50
61
REPORT OF TREASURER
REPORT OF THE TREASURER OF THE CITY OF QUINCY, RETIREMENT SYSTEM
January 2, 1942
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, 1941.
Respectfully,
HAROLD P. NEWELL, City Treasurer.
CITY OF QUINCY-RETIREMENT SYSTEM
Receipts
Cash on hand, January 1, 1941
$4,340 49
Deposited by Members 24,072 94
Appropriated by City
26,482 36
Income from Bonds
Bonds sold and called
$54,895 79 8,738 54 63,326 90
$126,961 23
Expenditures
Warrant Payments .$19,994 86
Securities Purchased 103,373 06
Accrued Interest on Securities Purchased 719 53
Cash on hand, December 31, 1941
......
$124,087 45 2,873 78
$126,961 23
Statement of Fund
Cash on hand $ 2,873 78
Fund $241,034 27
Investments
238,160 49
$241,034 27
$241,034 27
62
CITY OF QUINCY
Investments
$10,000. Alabama Power Co. 1st & Ref. 41/2s, 1967 $10,100 00
5,000. Allegheny Valley Railway G. M. 4s, 1942 5,000 00
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 5,066 08
1,000. Boston & Albany R. R. Imp. "17" 5s, 1942 1,000 00
5,000. Boston & Albany R. R. 1st 41/2s, 1943 4,750 00
3,000. Boston & Albany R. R. 31/2s, 1952 2,860 00
2,000. Boston Elevated Railway 30-yr. 5s, 1942 2,048 75
10,000. Chicago, Burlington & Quincy G. M. 4s, 1958 9,288 28
5,000. Dominion of Canada 4s, 1960 4,837 50
15,000. Dominion of Canada 21/2s, 1945
13,963 28
5,000. Illinois Central R. R. Ref. 5s, 1955 3,565 59
10,000. Kentucky Utilities Co. 1st 4s, 1970 10,310 42
5,000. King's County Lighting Co. Ist & Ref. 5s, 1954 5,250 00
10,000. Louisville & Nashville R. R. P. & M. 4s, 1946 10,481 60 5,000. Louisville & Nashville R. R. 4s, 1960 5,025 00
7,000. Morris & Essex R. R. 1st & Ref. 31/2s, 2000 6,246 22
4,328 34
5,000. New York Central R. R. Cons. "A" 4s, 1998 ... 5,000. Northern Pacific Railway - Gen. Lines S. F. 3s, 2047
3,750 79
4,000. Oregon Short Lines 5s, 1946
4,365 72
8,000. Pennsylvania Electric Co. 1st & Ref. 5s, 1962 ..
8,211 67
10,000. Philadelphia, Baltimore & Washington G. M. "D" 41/2s, 1981
10,676 06
10,000. Shamokin, Sunbury & Lewiston R. R. 2nd Ex. 5s, 1945 10,262 50
5,000. Southern Pacific Co., Oregon Lines 1st 'A"
41/2 s, 1977
4,900 80
10,000. Southern Railway Co. St. Louis Div. 1st 4s, 1951
8,343 59
5,500. Springfield Gas & Electric 1st "A" 5s, 1957
5,610 00
15,000. U. S. Treasury 2s,, 1942
15,055 83
10,000. U. S. Treasury 11/8s, 1943
10,126 57
15,000. U. S. Treasury 34s, 1944
15,000 00
10,000. U. S. Treasury 2s, 1948 10,028 40
10,000. Virginia Public Service 51/2s, 1946 10,100 00
5,000. West End Street Railway 5s, 1944 5,215 00
$238,160 49
63
REPORT OF THE RETIREMENT SYSTEM
REPORT OF THE QUINCY RETIREMENT BOARD
February 27, 1942
HONORABLE THOMAS S. BURGIN, Mayor City of Quincy, Massachusetts
The Quincy Retirement Board submits its seventh annual re- port, being for the year ending December 31, 1941, with appended tables setting forth the financial and statistical results.
While the number of employees covered by the Retirement Sys- tem continued to grow, the net rate of expansion was smaller due to the substantial number of resignations from the service of the City. This has not, however, as yet found any reflection in the basic rates for contributions by the City as determined by the Actuary, these rates being continued for another year at the same levels as have prevailed since the beginning of the System in 1935.
The Board has continued the policy discussed in its report two years ago of confining investments to relatively short maturities. This has again made necessary the appropriation of a fairly sub- stantial sum to offset a deficit in earnings at the 4% rate credited on average funds. The trend of bond prices over recent months would seem to indicate that a period of somewhat more liberal yields were developing which might ultimately be expected to elim- inate the need for such additional apppropriation.
Respectfully submitted,
GEORGE H. BONSALL, JOHN J. KEEFE, LEO E. MULLIN,
Quincy Retirement Board.
64
CITY OF QUINCY
TABLE I Statement of Cash Receipts and Payments for the Year Ending December 31, 1941
Receipts
Cash on hand, January 1, 1941
$ 4,340 49
Members' Contributions
24,072 94
Appropriations by City :
Pension Fund
$26,482 36
Expense Fund
2,780 22
29,262 58
Bonds Sold or Called
63,326 90
Income from Investments:
Interest on Bonds
8,738 54
Total
$129,741 45
Payments
Refunds of Contributions :
On account of Resignations and Dis-
missals
$10,942 38
On account of Death in Service
1,918 64 $ 12,861 02
Pension Payments
Bonds Purchased
Accrued Interest on Bonds Purchased
719 53
Expenses :
Secretarial
$1,450 00
Actuarial
900 00
Printing
161 75
Postage and Supplies
32 97
Bonds
75 00
Miscellaneous
26 00
$2,595 72
New Equipment :
Adding Machine
184 50
2,780 22
Total
$126,867 67
Cash Balance as of December 31, 1941
2,873 78
Total
$129,741 45
7,133 84 103,373 06
65
REPORT OF THE RETIREMENT SYSTEM
TABLE II
Income Account-1941
Cash Interest Received
$8,738 54
Interest Accrued but not due December
31, 1941
2,745 02
$11,483 56
Less: Accrued Interest January 1, 1941 $2,243 64 Interest Paid on Bonds Purchased 719 53
Premiums on Bond Amortized out of Income
846 55
3,809 72
Net Interest Earned
$7,673 84
4% Credited on Average Funds:
Annuity Savings Fund
$4,261 34
Annuity Reserve Fund
124 45
Pension Accumulation Fund
4,919 63
9,305 42
Deficiency to be made up by City
$1,631 58
TABLE III Balance Sheet as of December 31, 1941
Cash
$ 2,873 78
Annuity Savings
Investments
238,160 49
Fund
$115,840 71
Accrued Interest
2,745 02
Annuity Reserve Fund
3,513 91
Pension Accumu-
lation Fund ..
123,248 31
Surplus
1,176 36
Total
....
... $243,779 29
Total
$243,779 29
66
CITY OF QUINCY
TABLE IV Schedule of Investments
Par Value
Book Value
$ 10,000 Alabama Power Co. 1st & Ref. 41/2s, 1967 $ 10,100 00
5,000 Allegheny Valley Ry.4s, 1942 5,000 00
5,000 Atchison, Topeka & Santa Fe 4s, 1995 5,087 50
8,000 Atlantic Coast Line 1st 4s, 1952 7,305 00
5,000 Baltimore & Ohio 1st 4s, 1948 5,066 08
3,000 Boston & Albany 31/2s, 1952
2,860 00
5,000 Boston & Albany 41/2s, 1943
4,750 00
1,000 Boston & Albany R. R. Co. 5s, 1942
1,000 00
2,000 Boston Elevated Ry. Co. 5s, 1942
2,048 75
10,000 Chicago, Burlington & Quincy 4s, 1958 9,288 28
15,000 Dominion of Canada 21/2s, 1945-43 13,963 28
5,000 Dominion of Canada 4s, 1960 4,837 50
5,000 Illinois Central Ref. 5s, 1955
3,565 59
10,000 Kentucky Utility 4s, 1970
10,310 42
5,000 Kings County Ltg. Co. 1st & Ref. 5s, 1954
5,250 00
10,000 Louisville & Nashville R. R., Pad. & Memphis Div. 4s, 1946
10,481 60
5,000 Louisivlle & Nashville R. R. Co. 4s, 1960.
5,025 00
7,000 Morris & Essex 1st 31/2s, 2000
6,246 22
5,000 New York Central Consolidation 4s, 1998
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