USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1940 > Part 23
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23
$ 1,098.51 $ 1,098.51
PUBLIC LIBRARY FUND Horace G. Wadlin
Balance Jan. 1, 1940
$ 1,825.18
Receipts
35.51
Payments
$ 117.00
Balance Dec. 31, 1940
1,027.81
$ 1,860.69
$ 1,860.59
STATEMENT OF INVESTED FUNDS Cemetery Bequest Fund
Investments Listed at Par :
$5,000 N. E. Tel. 1st Mort. 5's Series A 1952 $ 5,000.00
$5,000 No. Pac. Ry. Ref. and Imp., 6's Series B2047 5,000.00
$4,000 N. Y. C. R. R. Ref. Imp. 5's Series C2013 4,000.00
Blackstone Savings Bank, Boston, No. 10672 6,788.82
Home Savings Bank, Boston, No. 368,204 13.043.
Boston Five Cents Savings Bank, No. 948,228
17, 21.' )
Andover Savings Bank, No. 40177
.. , 2. ..
331
Cambridge Savings Bank, No. 89,112 4,849.28
Essex Savings Bank, Lawrence, No. 230779 4,873.15
Mechanics Savings Bank, Reading, No. 5103 4,891.66 Mechanics Savings Bank, Reading, No. 10714 2,307.24 Malden Savings Bank, No. 137,262 6,095.07
Woburn Five Cents Savings Bank, No. 61052 5,909.88
Cash in General Fund 100.00
$ 84,768.15
Library Fund
Investment :
Boston Five Cents Savings Bank, No. 987,334 $ 1,009.93
Cash in General Fund 17.88
$ 1,027.81
Horace G. Wadlin Fund
Investment :
Boston Five Cents Savings Bank, No. 1079095
$
1,743.59
Reading High School Scholarship Fund
Investments :
Andover Savings Bank, No. 39,861 $ 1,000.00
Charlestown Five Cents Savings Bank, No. 161,863 3,000.00
Essex Savings Bank, Lawrence, No. 230,306 1,000.00
First National Bank, Reading, Savings Dept., No. 5624 51.87
$ 5,051.87
Hospital Fund
Investments Listed at Par or Less :
$5,000 Chicago B. & Q. R. R. Co., Ill., Div. "M" 31/2, 1949 $ 5,000.00
$4,050-100 Shares First National Bank, Boston 4,050.00
$5,000 Consolidated Gas of Baltimore Gen. M 41/2s, 1954 5,000.00
$5,000 Ill. Cent. R. R. Co., Tr. 4's, 1952 5,000.00
$5,000 Ill. Cent. R. R. Co., St. Louis Div. 1st M 3's, 1951 5,000.00
$5,000 U. S. Treasury Bonds 41/4's 1952 5,000.00
$10,000 U. S. Treasury Bonds 23/4's 1963 10,000.00
$5,000 Pitts. Cinn. Chicago & St. L., 41/2's 1977 5,000.00
$7,000 U. S. Savings Bonds 1949 5,250.00
$5,000 Old Colony R. R. 1st 5's. 1945 5,000.00
1
$5,000 Penn. R. R. Co. Gen. Mort. 41/2's, 1965
5,000.00
335
American Mfg. Co., Common, 72 Shares
1.00
Home Bleachery & Dye Wks. Pfd., 2 Shares
11.00
Sharp Mfg. Co., Pfd., 55 Shares
1.00
Sharp Mfg. Co. Comm., 20 Shares (10921300)
1.00
Andover Savings Bank, No. 39860
7,970.67
Charlestown Five Cents Savings Bank, No. 162338
8,243.16
Essex Savings Bank, Lawrence, No. 230778
8,122.16
Mechanics Savings Bank, Reading, No. 9189
15,926.01
First National Bank, Reading Savings Dept., No. 6435
5,765.94
Chelsea Savings Bank, No. 154784
10,288.77
Danvers Savings Bank, No. 2189
1,129.22
Dedham Institution for Savings, No. 72053
3,229.58
Franklin Savings Bank, Boston, No. 187890
2,181.80
Lynn Five Cents Savings Bank, No. 244496
2,135.29
Malden Savings Bank, No. 141347
5,938.61
Melrose Savings Bank, No. 52937
2,160.08
Provident Institution for Savings, Boston, No. 615034
8,770.78
Suffolk Savings Bank, Boston, No. 544673
2,174.69
Wakefield Savings Bank, No. 45111
4,309.51
Warren Institution for Savings, Boston, No. 135648
11,182.83
Woburn Five Cents Savings Bank, No. 63401
4,945.62
Cash in General Fund
1,118.28
$164,907.00
I hereby certify that, in accordance with the provisions of Section 55, Chapter 41 of the General Laws, I have audited the account of the Commissioners of Trust Funds, have examined the securities and verified bank balances and report the foregoing to be a true and accurate state- ment, December 31, 1940.
LEON G. BENT,
Town Accountant.
336
TOWN OF READING BALANCE SHEET DECEMBER 31, 1940
ASSETS
LIABILITIES AND RESERVES
Cash in Banks and Offices
Temporary Loans Anticipation of Revenue
$250,000.00
Mun. Light Consumers' Deposit Fund
Guarantee Deposits :
Accounts Receivable :
Mun. Light Consumers' Deposit
10,335.54
Taxes : Levy of 1937
$ 40.00
Sewer House Connections
68.75
1938
277.94
Premium and Interest 586.84
1,118.28
1940
152,682.85
195,151.87
Motor Vehicle Excise :
Levy of 1936
25.01
1937
62.96
Cemetery Reserve Fund
5,491.33
1938
24.65
State and County Taxes
108.81
1939
88.05
Special Funds :
1940
1,473.93
1,674.60
Morrison Fund
86.51
Special Assessments :
Moth
1939
65.50
Dog License Fees
22.80
149.00
214.50
Tailings Account
879.16
Sewer Assessment Unapportioned
718.38
Reserve Fund Overlay Surplus
1,674.79
Sewer Asst. Added to Taxes 1939
5.91
Sewer Asst. Added to Taxes 1940
159.85
2,933.37
Sewer Asst. Interest to Taxes 1939
.35
3,823.89
Sewer Asst. Interest to Taxes 1940 ..
27.07
911.56
Revenue Reserved until Collected :
Sewer Rentals
1,071.83
Motor Vehicle Excise Tax
1,674.60
S & C. Asst. Unapportioned
2,251.25
Moth Assessment 214.50
1939
42,151.08
Hospital Fund
100.00
Cemetery Bequest Fund
Public Library Fund
17.88
Unexpended Appropriation Balances
19,642.90
Baseball Fund
60.50
1940
Overlay Reserve 1938 1940
277.94
Municipal Light Dept. Maintenance Account
$160,984.60 10,335.54
ASSETS
S & C Asst. Added to Taxes 1939 ..
76.47
Sewer Assessment and Interest
911.56
S & C Asst. Added to Taxes 1940 .. 282.86
Sewer Rentals
1,071.83
Sidewalk and Curbing Assessments and Interest 2,709.94
Highway Assessment and Interest 8,126.25
Sewer House Connections
410.19
S & C Asst. Interest Added to Taxes 1940
73.72
2,709.94
Tax Titles
11,765.46
Hwy. Asst. Unapportioned
6,915.72
Tax Possessions
5,096.91
Hwy. Asst. Added to Taxes 1939
245.15
Hwy. Asst. Added to Taxes 1940 ..
665.04
Water Department Rates and Liens
3,465.46
Hwy. Asst. Interest Added to Taxes 1939
83.25
Municipal Light Dept. Accts. Receivable
40,681.80
Hwy. Asst. Interest Added to Taxes 1940
217.09
8,126.25
Sewer House Connections
410.19
Tax Titles
11,765.46
Loan Authorized Unissued
9,500.00
Tax Possessions
5,096.91
Departmental Accts. Receivable
35,238.57
Water Rates Receivable
2,880.18
Water Liens Receivable 1938
353.28
Water Liens Receivable Add. to Tax 1939
86.32
Water Liens Receivable Add. to Tax 1940
145.68
3,465.46
Loans Authorized
9,500.00
Municipal Light Dept. Accts Rec.
$ 40,681.80
Overlay Deficit 1936
16.00
1937
75.52
1939
398.43
$487,829.03
$487,829.03
Water Available Surplus 9,490.04
Real Estate Account
1,841.00)
Road Machinery Account
6,572.75,
Surplus Revenue (Excess and Deficiency)
51,828.38;
Departmental Accounts Receivable 35,238.57
S & C Asst. Interest Added to Taxes 1939 25.64
LIABILITIES AND RESERVES
Apportioned Sewer Assessments not due Apportioned S & C Assessments not due Apportioned Hwy. Assessments not due .
DEFERRED ACCOUNTS
$ 2,355.16 Apportioned Sewer Assessment Revenue 1941-1949 .. $ 2,355.16
3,407.40 Apportioned S & C Assessment Revenue 1941-1949 .. 3,407.40
9,208.25 Apportioned Hwy. Assessment Revenue 1941-1949 ... 9,208.25
$ 14,970.81
$ 14,970.81
DEBT ACCOUNT
$474,500.00
General Debt :
Municipal Relief 1935
$ 15,000.00
1938
21,000.00
1939
21,000.00
1939
6,000.00
1940
30,000.00
Elementary School
98,000.00
Municipal Garage
16,000.00
County Hospital
4,000.00
Drainage
7,000.00
Sewer
50,000.00
Storm Damage
10,000.00
Tax Title Loan
2,500.00
Public Service Enterprises Debt :
Municipal Light Loan
151,000.00
Water Loans
26,000.00
Filtration Plant Loan
17,000.00
Loans Outstanding
$474,500.00
$474,500.00
TRUST ACCOUNTS
Trust Funds and Securities
$257,498.52
Hospital Fund
$164,907.00
Cemetery Bequest Fund
84,768.15
Reading High School Scholarship Fund
5,051.87
Library Fund . Library Fund (Horace G. Wadlin)
1,027.81
1,743.69
$257,498.52
$257,498.52
CONTRIBUTORY RETIREMENT FUND
Contributory Retirement Fund Cash .... Contributory Retirement Fund Savings
Deposits
9,045.00
Annuity Reserve Group
5.76
Pension Accumulation Fund Group I
5,685.84
Pension Accumulation Fund Group II
520.00
Investment Income
20.06
Expense Account
150.71
$ 10,720.02
$ 10,720.02
$ 1,675.02
Annuity Savings Group I
3,912.88
Annuity Savings Group II
424.77
REPORT OF RETIREMENT BOARD CONTRIBUTORY RETIREMENT SYSTEM -
To the Honorable Board of Selectmen and the Commissioners of In- surance of the Commonwealth :
Pursuant to General Laws Chapter 32, Section 31F, Subsection 6, the Retirement Board of the Town of Reading submits the following report :
At the annual election held in the Town of Reading, March 4, 1940, the Contributory Retirement System for Town employees was adopted, when Sections 26 to 31H of Chapter 32 of the General Laws were ac- cepted. The system became operative on July 1, 1940.
Board
Under provisions of the Statute, the Town Accountant is ex-officio a member of the Retirement Board; one member shall be appointed by the Selectmen and a third member shall be elected by the membership in a manner designated by the Selectmen.
On March 8, 1940, the Selectmen appointed J. Warren Killam, Jr., to the Board and at an election by the membership held September 12, 1940, John J. O'Brien was elected the third member.
Meetings
The first meeting of the Contributory Retirement Board was held April 8, 1940. The Board organized with J. Warren Killam, Jr., chair- man, and Leon G. Bent, Secretary. The meeting was then opened to employees and the procedure, benefits and requirements were explained by Gardner B. Wardwell, Auditor of the City of Melrose, and a member of the Retirement Board since 1937. The only other official meeting held prior to the election of the third member was held May 31, 1940, for the purpose of placing appropriated funds at interest.
After September 12, 1940, various meetings were held. All em- ployees in the system who applied for continuance in service were given a hearing. A representative of the Board employing such applicant was heard on the application prior to any action being taken by the Retirement Board.
The Board attended two meetings of the Association of Retirement Boards.
Policy
A great many perplexing problems have arisen and have been con- sidered by the Board. These problems in a great many instances had to be determined without the benefit of precedent. The Board in mat- ters of doubt has resolved that the benefit to the employee is one of the primary objectives of the Legislation.
341
Membership
The total membership on December 31, 1940 was 153. If a mem- ber of the system had reached the age of 70 years before July 1, 1940, that member could, upon application, be continued in employment for a period not to exceed two years, at the discretion of the Board. There was no provision for a continuance for an employee who attained the age of 70 years immediately after July 1, 1940. This situation will work a hardship in a few instances, but this provision will not affect mem- bers after the two years have elapsed. At the effective date of the System, there were nine employed who were over the age of 70 years. Of these, six were granted an extension not to exceed 2 years, but three, upon their own request, were retired. One member reached the age of 70 years after July 1, 1940, and was retired.
On October 13, 1940, Daniel J. O'Keefe, a member and an employee of the Board of Public Works, while in the performance of his duties, sustained injuries which resulted in his death. His minor children were granted the benefits provided by the Statute.
Members Retired in 1940
Mr. Arthur H. Cook-Retired September 15, 1940 at age 71, having served as School Janitor for approximately nine years.
Mr. Lewis O. Hawkins-Retired November 1, 1940 at age 73, hav- ing been in employ of the Light Department for approximately eleven years.
Mr. David Taggart-Retired November 1, 1940 at age 76, having served as Inspector of Plumbing and Health Officer for approximately twenty-eight years.
Mr. Sylvanus L. Thompson-Retired November 1, 1940 at age 70, having been employed as School Janitor for twenty-nine years.
The Board is very appreciative of the co-operation given it by the department heads, the Board of Selectmen, and Town Counsel, and par- ticularly appreciative of the assistance and advice of Mr. Francis A. Donovan, Jr., Assistant Actuary, Division of Insurance, and his staff, and of Mr. Kenneth H. Damren of the Division of Accounts.
342
-
Following is a financial statement of the Retirement Fund :
Receipts
Town Appropriation
$ 7,000.00
Contribution of Members
4,348.97
Dividend on Bank Deposits
45.00
$ 11,393.97
Expenditures
Pensions Paid
$ 294.23
Refunds Members Deductions
30.43
Operating Expenses :
Clerical
83.00
Books and Forms
204.88
Printing and Stationery
33.25
Express
.90
Assn. dues and travel
27.26
673.95
Balance Dec. 31, 1940
$10,720.02
Assets
Cash Deposit not on interest, First Nat'l. Bank $ 1,675.02
Deposits on Interest :
Mechanics Savings Bank
4,045.00
Charlestown 5c Savings Bank
3,000.00
Melrose Savings Bank
2,000.00
$ 10,720.02
Liabilities
Annuity Savings Fund
$ 4,337.65
Annuity Reserve Fund
5.76
Pension Accumulation Fund
6,205.84
Expense Fund
150.71
Investment Income
20.06
$ 10,720.02
343
INDEX
Page
Accountant's Report
Accounting Appropriations
305
Accounting Taxes and Assessments
301
Appropriations and Expenditures
292
Balance Sheet
307
Payments
292
Receipts
284 312
Invested Funds
334
Animal Inspector's Report
186 110
Assessors
Births Registered
86
Births Registered for Previous Years
Board of Appeal
Board of Assessors
Board of Health
Board of Public Welfare
Welfare Superintendent's Report
Board of Public Works
Executive Office
Highway Department
Park Department
Report of Board
Rolling Equipment
Sewer Department
Superintendent's Report
Water Department
Building Inspector's Report
Cemetery Trustees
Forest Glen Cemetery
Laurel Hill Cemetery
Chief of Fire Department Report
Chief of Police Report
Collector of Taxes Report
Contributory Retirement Board Report
Custodian of Soldiers' and Sailors' Graves
Deaths Registered
Dogs Licensed
Dog Officer's Report
Drainage Committee's Report
Elections : Town State
Electric Light Commissioners
Auditor's Report
Manager's Report Officers
Fire Alarm Superintendent's Report
Fire Chief's Report
Forest Warden's Report
176
Highlights in the Development of Reading Government 10 186
Inspector of Animal's Report
Inspector of Building's Report
108
Inspector of Milk and Food 272
Inspector of Plumbing 109
Inspector of Wires ..
128
Library Trustees Report
167
212 212 108 173 175 173 114 106 276 341 275 100 84 186 271 21 70 187 196 188 188 116 114
91 109 110 112 180 181 209 270 231 255 210 254 262
Town Debt
283
INDEX
Librarian's Report
List of Jurors
11
Marriages Registered
92
Milk and Food Inspector's Report
272
Middlesex County Extension Service Report
112
Municipal Light Board Report
187
Notice to Parents, Housewives, Physicians and Midwives
83
Planning Board
113
Plumbing Inspector's Report
109
Police Chief's Report
106
Public Library Report
167
Public Works Report
209 129 130
Administrative Officers
Age-Grade Table
162
Budget
135
Change in Personnel
137 163 164 131 134
Receipts Not From Tax Levy
School Committee's Report
133 132
School Schedule
Superintendent's Report
142 139 273
Sealer of Weights and Measures
117
Soldiers Relief Agent Report
Sporting Licenses
Statistics
Superintendent of Fire Alarm
Tax Collector's Report
Town Clerk Fees Received
Town Clerk's Report
Town Counsel's Report
Town Election
Town Meetings
Annual
Election
Party Primary
Recount for Governor
Referendum : Fire Truck, Sunday Sports
Registration for Selective Service
Special: May 1
Special: December 2
State Election
State Primary
Town Officers
Town of Reading. Statistics
Town of Reading, History
Town Warrant
Treasurer's Report
280 176
Tree Warden's Report
W. P. A. Sponsor's Agent Report
120
Welfare Board Report
180
Welfare Superintendent's Report
181
Wire Inspector's Report
128
Commencement Exercises
High School Graduates
No School Signals
Teachers in Service, Dec. 31, 1939
Selectmen's Report
185 84 9 116
276 85 14 177 21 14 25 21 48 77 44 68 55 79 68 60 3 9 10 14
School Committee
Page 169
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.