Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-03-27
IN BAD SHAPE
Are Affairs of Granite State
Provident Association.
Maine Shareholders Have Paid in
at Least 100000.
Available Assets with which 10 Pay This Be.
Iieved 10 be Small.

State Bank Examine TimberlaAe
the Granite State Provident Associa =
ton. 1t is a question whether it VIII
be better to hold on t. what assets
there are in Maine ali distrib1'e
them among creditors in the State,
or pool in with the othe- % Estates where
the association has been doing bust
ness. Several other states where tho
association has been DONG business
for a shorter period than here have a
proportionately larger amount of as
sets than Maine
At all events receiver will be ap-
pointed and 4 man is wanted who. IL
it is deemed best to unite with other
states at the expiration OF any period,
viii be willing to resign as receiver
and give up his nice job
The efforts of the banking authori
ties viii be TO get as lcuch out Of il
as possible for the Maiae shareholders
Speaking of the work Of this asso-
citation in Maine, Mr.. Tirnherlake says
The Granite State Provident Asso-
citation has in Maine about 3464 share
holders. holding about 15,921 shares
common stock of that association. and
they have standing to their credit on
the books of the association as capital
dues 100000. When you take into ac-
count the fact that a .lr4e portion of
these shares have been issued within
the past three years an! The fact that
for the first year one-half of the pay
ments. or, in other words. S. out of the
ST. paid on each share VAS taken for
expenses. and that each year after the
first. one-siXth, or s. ont of every So
was applied to the same use anu
never credited to the shareholders on
the books of the association, ii is es-
timated that shareholders in Maine
have paid the association at leas.
100000, the $4,000 that has not adj
peared in previous statements OF
amount due shareholders in Maine be-
ing the portion of their payments that
were taken for expenses and largely
used to pay agents for soliciting the
business.
To meet this liability TO Maine cred
itorS, we have the entire assets of the
association scattered over % states of
the Union and consisting largely of
second mortgages of cal estate not
in the form of an ordinary note OF
mortgage but in the form of a contract
between the borrower ana the assoCia-
ton with which the morteagee's prop
erty was pledged for the payment of
dues; or. we have the amount of the
fund in the State treasury. the face
of which is $61, 1SI. 80, ana any other as
sets within the State that could be
found and held by the local receiver
The number of loans within the STATE.
made the association are 361, the
of the same $3i: 200, of which
$l14.l30 have been sold to third parties
and are first lien upon property mort
gagged and must be paid il. full to the
holders
This leaves about $4,000 due the as
ISOLATION on loans to Maine sharehol,i-
ars from which must be deducted such
payments as they have made to the as
ISOLATION on their stock either at the
full value of the same Or such percent
age as the court might determine. IN
any event. the amount of available
assets of the association with the State
that can can be realized apon over and