Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-03-04

| 1867, 2j7.6I; bank stock, 81 533 1876 OS (;
| other securities, s., ,+43, ,90l SO; real estate
S!,OSl,4sl 90; loans on mortgages of real
| estate, Sc CSC, ,o55 81, thirty three per cent
of the limit prescribed by law; other loans.
ST AS 563 5o, premium account. S604.
800 a; cash. 81 800, ,00s.09; other re-
sources. Ssl PIG Sc.
In the Limerick Savings Bank there
has been a gradual decrease In deposits for
several years. The change in business
centers caused by railroad improve ments
has been such as TO convince the Jtfc RS of
this bank that its continuance wo1ld be
| attended with much uncertainty as 10 its
success, and il is the general sentiment
that II is best TO close up 'he business of
the bank. No new deposits are taken.
AL depositors have been promptly paid as
fast as they have presented their books
While my examination sh )ws only a small
surplus am satisti "a that the assets can
now be converted into money sutfieieut 10
pay all depositors in full. AT the same
time deem II hazardous to all interested
TO allow much ime to tlapse before some
arrangement is made either by increa. &c
of Law or otherwise tending to the fihal
adjustment of Its affairs.
The Portland Savings Bank has the lar
gest amount of deposits. SC 6J9 GS5 81;
the Maize. 81 SS9 .9s2 03; and the Au-
gusta is third IN the lis,, with $S45. $40 27
Trust com paDies are comparatively new
institutions in this State. They all exist
by special charter granted by thu Legisla-
lure, the first having been chartered in
1883. At the beginning of the year there
were only six organized and doing business.
Three new ones have been added during
the year. While they are authorized BY
charter to receive deposits similar to
savings banks. they are practically q pri-
vate corporation resembling in many re-
spects a State bank.
The nine companies have capital stock
paid in of S767 500. Their total deposits
(time and demand) amount to 81 552,-
425 40. Their total loan account, includ-
lng real estate loans, bills discounted, col
Lateral and all other loans, amount to
81 199 go 10 These institutions being
outside the restrictions placed by the State
around savings banks or the national gov
eminent around national banks, can make
themselves medium of great value to the
business interests OF the State, and shall
their officers realize fully the authority
granted them and adopt and carry out a
conservative policy, both in the line of
their investments and in their loans and
discounts, | predict successful and per-
maDent future for them.
At the be yin1lng of the year there were
fifteen associations organized under the
laws of this State, and during the year GER
tltcates of authorization have been issued
to five more, viz, the York of Biddeford,
Bucksport, H,llovell, Pittsfeld and Kenne
Dunk, all of which are doing business with
more or less prospect of success. With
these additions the total number has now
reached twenty. The accumulated capital
or dues of nineteen the Kennebunk having
| organized too late for Examination. togt ther
with the advances (dues unpaid) now
amount to S3l9, ,042 27, having nearly
doubled the last year. This amount is
| divided among 3 ,38l stockholders, 492 of
which are borrowers and 2 889 non borrow
ers or investlrs The 492 borrower. have
| received loans to the amount of 1927 956 O2,
an average loan to each of 1866 5s The
| above figures are good increase in the
| business Of the year over that Of the prevl-
Gus year and would seem to indicate a
healthy growth of the cities and towns
where these associations are located.
The Bangor Association is the largest in
| The State, having a capital of ga, ,052 As,
l26 borrowers and 40 nom borrowers The
| statement of the Peoples Loan and Build
ing ASSOCIATION, X richmond, is the only one
which shows any decline. The directors
are rapidly closing out the business and
paving of the capital as fast as the receipts
will admit, about one third of their capital
having been pad. OF their loans, twenty
| hve, aggrega'ing Sf2.l have been satis-
| fed. and there are noE only forty fve re-
manning. Mr. Bisbee says that these asso
| ciations can only prosper in growing towns
where the manufacturing and other indus
tres offer employ ymen;s to large number
| Of operatives no enGesvor to secure suit
able homes for themselves and families
| The frs, requisite for the location Of a
loan and building association, is there mu I
be sale for more or less building and the
| experience Of these associations in tle past
has CLEARLY demonstrated that they cannot
flourish when wholly dependen, upon farm
loans.
| MIR Bi.bee says he has failed to carry
| out'ihe Law Of lss9. which requires that all
| foreign corpors,ions engaged in selling
| boHds, mortgages, etc in the Safe send to
the bank examiner detailed statement Of
their assets and liabilities, and ne should
publish such s'atement, he exoen.e u
come out of the state treasury from the
| contingent funi Tne exnenditnre would
probably excel 9 so and he contingent
iund would not vafrslt such an ou lay and
for this reason he has not compiled with,
the Law. He recommends that tn, Law be
amer dsd 50 that such corpor atoms sh be
required TO furnish these statements 10 the
bank examiner and pay for the publication,
the same as c9rporation, existing by virtue
of the las OF M4ife.
Mr.. Bisoee. IN conclusion, briefly treats
he important suhj CT Of Investments and
Management II Our Banks" He says '.they
were never Intended a. place where the
capitalists could have his great wealth cared
for and invested xithou; charge, but rather
a. safe place where people Of small
means could dep 81; their weekly oI
monthly .ayings, and while the formsi
can afford to take the risk Of untried in
vestmenis in the hope Of extra large divi
dends, the IA ter is conte Mt With small re
turns, provided the prize pal is safe. an
aware that the depreciation in the values o
real estate, which all 50 we'll remember
with the attending loses to 20 many Of tn
banks, for time caused the old time rez
estate loan 10 De looked upon With disfavor
; With the present value of real estate an
|, in view Of the prosperity attending our AZ
ricuIt1ral and manufacturing inseress,
cannot Conceive Of . iser or more prope
investnle NJ than q we'll selected real estat
loan. Were 1 to offer word Of cauti ,
a. TO the Management of our banks,
i would be to repeat that from the chzsacte
= of these institutions large returns In tn
y way Of dividends 10 not the sole object, br
? rather the aafetg of the princinal [nyes