The Republican journal. [volume] (Belfast, Me.) 1829-current, 1896-01-30
Granite state Provident Association.

A TEMPORARY SUSPENSION THAT MAY BE
PERMANENT. THE CONDITION OF MAINE
INVESTMENTS.
The directors of the Granite State Provi-
dent Association have decided that the or
ganization shall do no further new business
until further orders, and the Boston Herald.
that the death knell of this much advertised
association has been sounded. 1t says:
Ex-Commssioner Whitten of Maine has
claimed that a settlement of affairs last
September would show liabilities in excess
of assets, with the latter taken at their face
value. Matters are in worse state to-day,
and it is probable that hurried settlement
in the hands of receiver would result in
hundreds of thousands of dollars loss That
IS the prospect at present.
1t IS estimated that the closing up of the
business of the concern to-day would lead to
losses OF at least 800, 900, which would come
on the investors rather than the borrowers,
and it is said that one-third of this loss
would fall upon New England. Maine is
largely interested, and an Augusta despatch
to the Herald gives the situation in this
State, as follows:
According to returns made to the Bank
Examiner up to Nov l, 1895, the number of
shareholders in Maine was :, AGA. The num-
Der OF shares outstanding was 1921. The
amount of withdrawal certificates out-stand-
ing was S6S559. The total amount due Maine
shareholders does not appear in these re-
turns, but is estimated to be 100000. The
amount on deposit with the State treasurer
OF Maine for protection of Maine sharehold-
ers is S67 ,797 ,09, made up of the following
items:
Cocheco National Bank stock, Dover,
Traders National Bank stock, Lowell,
Maine Central and E. & n A. rail-
ways As Observation-Disclosures. 100000
Concord & M )ntreal railroad 4s. s......... 900 90
Certificate of deposit, Merchants Ma
tional Bank, Manchester, N. H........ 10000 90
Maine central railroad 4s.... 100000
Certificate of deposit, Franklin Nation
al Bank, New York. .................. 1o,232 so
Certificate of deposit, Portland Trust
Company, Portland. ...... ............ 6,399OO
Certificate of deposit, Portland Trust
Company Portland. Observation-Disclosures. 6,O56 80
Iotal. -........................ S61 1877 80
The amount of mortgage loans outstand-
ing in Maine is 1914 200, of which S174,13O
has been sold to other parties and guaran-
teed by the association. Those Sold being
in every instance first mortgages, are prob
ably amply secured by the liens on the real
estate. This leaves S14O,O70 in loans in
Maine that the associatio has been carry
ing. The number of mortgages in Maine is
361.
1t is we'll known that since the association
was not allowed to do business in this State,
shareholders in some localities have paid no
assessments on their shares, while in other
sections many of them have been paying
dues, with view of taking withdrawal GER
titicates as soon as they had made the re-
quiste number of payments to entitle them
to the same, as provided by the rules of the
association There were, however, not a
few shareholders in the State who, notwith-
standing the adverse report of the bank ex-
aminer and the fact that the association had
been suspended, persisted in making their
payments, believing that the association
was sound
Later reports as to the Granite State are
more favorable and indicate the resumption
OF business under improved methods.