Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-02-10

be,land Of Portland, BAH and Mechanic
Falls. This makes tie total number il
the State twenty seven, tssnty-four CT
which makes returns in the report for
1890, these having commenced business
100 late for ofic al examination last fall
These tsenty-foar associations have
1896 shareholders. S07 Of this number BE-
Jog bj.rowers whose average loan is SI53.-
G3 ard tseir total assets amount 10 s6S3.-
C59 81
The figures of total assets are taken
from The result Of ex4niratioas made at
ditferert dates and I will be sesn a. oncs
that coasd they have b5en cole oted on ihe
daie of the last exsuinst on they would
have been very much larger than here
given, and II is safe TO estimate them q. the
prese n tine moro than ts.ce as large as
in 1889.
Loau and bailding assoCisti )us have been
received Sith much favor throughout the
Sise, and with the proper management,
~h'n located in growing towns, cannot
but prove successful.
Col. bisbee says the payment of large
div dends by ,ht Sc associations should be
discouraged, as il is plain that all profits
mus cone from the borrower AID when
th5 IaJ ment of these Profits becomes bur-
den lis monthly payments cease ard the
ass Citations are obliged TO realize from the
mortgl ged premises, aud when there is no
inducement offered to the borrower and the
ass, cation has ceased to loan it, funds the
pri cip.l object has been destroyed. The
firsr So p IN large dividends is excessive pre-
NUNS AID excessive premiums means q
ba,ien 10 the borrower. Col. Bis
bee recommends that the present
l,w governing these associations should be
so hanged as to require tina: the duties of
tfes surer and secretary sasli be performed
by one person as treasurer who shall also
be eI otieio clark or secretary of the cor
poratlou, SIMILAR to the provisions of law
nov existing as to savings banks. This
cha 1ge he thinks would not only be appre-
cia, I'd by he associations but facilitate the
woI Of the examiner.
Interesting and Concluding Observa-
tiOns.
II closing his report. Col. Bisbee Gays
thst the nety-lhree Institutions which
have come under his examination duriog
the year form an important factor in the
bus ness and development of the State. The
que s,.oc of finding legal and sale invest
me il is one that pressns itself very forci-
~ tucsc at pESocub tluTs huu
IN this important subject Col. Bisbee
/. ,;es The following very pertinentrema,ks ::
IF nv observations are correct the in
CT alton to find a home Investment that is
fairly remunerative is much stronger than
it on sad two Years ago. Ii looks a.
If lbs strong wave then exciting toward
western AID foreign securities in the many
form. had nesrly spent its force. The
favorable treatment given the init oions
i, 'his department. by the State, as we'll as
the fact that their asses come almost
wholly FROM our own people, would seem to
civ. 4 Maine man or Maine enterprise the
frs right 20 the use of their funds, provid-
ed the security Offered WAS Of equal safety
Err M line 10 lime the restrictions as 10 the
limit Of Investments las been ex nded :;
doubtless this Limit may safely be made to
Include ether sscTiics not now author
izst. bot 10 exceeding it great caution
she II d be exercised. Those in charge of
savings bank Investments are resp ,nsibIe
only for their integrity and that they COM
ply with the statute regulations, governing
Investments; they have no responsibility
similar to the stockholders or other bank
ing Corporations.