The Portland daily press., 1895-09-20

and calling for payments from the cltI.
zens of Maine, during the first year of
the life of these certificates and thereaf-
ter until maturity, Of nearly $50. 900 an
nually.
The Epayments to this company
from about =. 1886, 600, in December,
1894, to 1886, 046 so on June 1, 1885.
Though the Maine shareholders have paid
into this company 1886, 046. so, the report
shows they had standing to their credit
on the first day of June last only $247,.-
514. 80; and there has been charged back
against their accounts $13S, 532. IS for ex-
penses and fines. Or to state the propo-
sition in another form, the report shows
that the Maine shareholders had paid
into this association on thu first day OF
last June about 81. 55 for every that
stood to their credit on the books OF the
com pany. 5~ 7gei3 t
The examiner reports that the amount
standing to..their credit is fictitious on
account of the generalization of assets,
and that the company had 1923, 750 in
mortgages in process of foreclosure, and
$91, 1853. 46 of real estate already acquired
by that process.
And it appears by the annual cash
statement of the receipts and disburs-
ments of the association for.the past three
years that it has expended for expenses
each year more than it's entire receipts
from profit items. And the conclusion
is finally reached by the examiner that
this association, SO far as its dividend
paying properties are concerned, has
an apparent deficit of S13, O29 12
Upon the recommendation of the COM
missioners Of New Hampshire, the asso-
citation has voted to modify .its existing
bylaws in certain respects, which are are
fully set forth in the report herewith
submitted. While no recommendation
is made by the examiner as to the prop
riety of allowing the association to further
prosecute Its business in Maine, the sug-
gestion is made that if the association
complies. with and lives up to the recon-
mendations of the commissioners of New
Hampshire, the examiner believes it will
be move in the right direction.
| have heretofore expressed to your
department, my belief that it was not
for the best interests of the people of
our state to permit foreign loan and
building associations to prosecute their
business in Maine. Experiences has de-
monstrated that it has been and is a
citizens, injurious to our home loan and
building associations and saving banks,
and detrimental to the prosperity and
business interests of our state. The en-
tire authority, however, to revoke or sus-
pend the license already granted by the
banking department. W. Nidluo, Is plitC6u
by the statute under which the compa-
nv was admitted to business herein the
hands and at the discretion of the bank
examiner.
The law provides that whenever, up
on examination or otherwise, it is the
opinion of the bank examiner that any
such association or corporation is tran
sacting business in such manner as TO be
hazardous to the public, or its condition
is such as to render further proceedings
by it hazedous to the public, said bank
examiner shall revoke or.ssuspend the au-
thority given to said association or cor
poration. The entire question is sub
mitted to you. with the accompanying
repors and recommendation 1t is matter
of grave consequence to the state and the
investing public; and l have no doubt it
will receive from you the prompt and
careful examination it deserves.
Our savings banks, our trust compa-
MES, our loan and building associations
and the financial institutions of our state,
are under the direction and management
of able, discrete, careful and conserva-
tive men, affording safety to depositors
and investors; and whoever deposits or
invests in them receives credit for the
full amount.
Should you, after full and fair consid-
Grafton, decide to revoke or suspend the
| authority heretofore given to this associa-