Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-03-14
A HOPELESS CASE.
Granite State Provident Association
In Very Bad Shedding.
Bank Commissioners Say II Cannot Hope to
Meet Liabilities.

Concord, n H., March 1.-THE New
| HAMPSHIRE bank commissioners have re
ported to Governor Busiel their cxamina
| ii ID Of the affairs Of the Granite State Prov
| ident Association of Manchester, which
| has extended over several weeks The,
| find deficit Of 1861 ,9lS. and say that !
| TO the deficit Ia added the sum Of $54s, G72
| the amount Of dues taken for expenses ant
| fines, $50 $50 is found as the amount th'
association must earn in order to pa,
| back to the members what they have pait
in; and the question, when the shnres car
| be matured in accordance with the asso
ciation's published plans, Is not wortl
dwelling upon, as it is perfectly apparent
| that the power Of the association can never
accomplish it, and shares can only bt
matured by receipts from rev members
The total liabilities are figured at So, 132,
| iGl, and assets g., $40, 243.
The association was started for life In
| surancc and cooperative building and
| loanng The commissioners say the
| company's business Is not susceptible
of intelligent supervision by examiners,
and must inevitably lad TO nisundcr.
| standings and disappointment On the part
| of those who join in IL, of which many in
| stances have already come to the knowl
| edge Of the commissioners.
That the association proposes to re
| pudiate such portions OF its contracts as
] are unequal, does not ob9iate the obicc-
| ton. It cannot sat up its wrongful acts
| as an excuse for not fulfilling Is promises,
and retain the confidence Of its member.
and Of the public. Certain losses have oc-
Cured from the Withdrawal Of larger
sums than the members proportIonatc
hare, by reason Of unwise or Invalid con
tracts IDade by the management by rehat.
ing gross premiums ana By the maturiog
VI shares by an unequal division of the
profits.
Whore 1t is possible to reimburse the
| menber for these losses, from whom, snd
by what proceedings, u the province OF
the attorney general 10 determine II is
evident that great efforts have been made
"a Insure II large number of new members.
chose money seems to have been needed
by the association in order to fulfill the
promises held out to the public
Any business depending upon the col
lection from new members Is against pub
lie policy and has not been permitted t.
continue in New Hampshire. The pay
ment Of as. 25l so 70 Mr, stewart on Oct
49, 1895, WIS Illegal and steps should he
saken for recovering. The many doubt
full, II not dangerous. plans and methods
IF business adopted by the as o,iation. the
extreme uncertainty Of the value of ii,
assets, the almost certain shrinkage o.
dissipation OF values in case the members
lefault in their regular payments and the
many questions Of legal nature which
ar Sc upon consideration of its contracts
nave caused the comm issioners to deem ii
necessary for the public safety that they
,ay the facts in writing before the attor.
aey general, and require him 10 file an in
junction against the corporation for the
purpose Of vaeating its charter as author
zcd by section IA. chapter 1872, Of the
public statutes, as well as to petition the
supreme court that a receiver he appointed
to take charge of the property and effects
If said association. and that the court viii
prescribe such order and rules ms may .,a
necessary in the premises.
The rerort is signed by A. W. Baker,
John Hatch. X. p Hatch and Thomas j
Walker, bank commissioners.