The daily morning journal and courier., 1902-10-21

and the conclusions to which am led spection and the carefully considered facts and opinions obtained from others than the company. As elements in my problem I included location and quail .ty of lands, and their availability for various crops; the development of rail- roads; the location and growth of towns; the character and populations; the multiplication of schools and churches; banking facilities; the quail ty, amount and permanency of immi- grafton and the general prosperity of communities and states.
 It is not requisite to my present pur- pose to discuss these properties in de- tail, and cont ent myself with express ing to your excellency my belief that the estimate made by the company of the value of it's lands, is. as a whole. whole, these lands may be reasonably expected to bring in the market at least the prices at which they are held.
 While it Is true that disastrous years, should they come, must to some extent depress the price of the lands, yet in my judgment, such depression can hardly be extreme or long continued, and am convinced that an increase in the value of much of the land is proba ble in the near future. And the com pany is rapidly selling its agricultureal lands at the estimated values.
 Human foresight being fallible, it could not be expected that the compa- nys operations, extending during so many years and over so wide and varied a territory.-much of it new and unde- veloped country,-should be without ex- ception entirely fortunate in every in- vestment; yet it is but fair to the man. agement to say that results demon strate the soundest discretion in the original selection of lands for invest ment.
 The general prosperity of the country and universally high prices which pre- vail for all kinds of agricultural pro ducts and the abundant crops last sea- son, and even better prospects for the present, all combine to advance and inn prove the value of the real estate of the company; and I found these conditions were being taken advantage of by the company and it's agents. and while sales were being made as raoidly as possible, the properties were, in almost every case, being improved by cultiva- ton and were producing in the aggre- gate an income large enough to cover expenses and a fair rate of interest upon the valuation put upon them. I believe, taken as a whole, this impor- tant asset of the Middlesex Banking company is reasonably sure to make a profitable return to the company.
 The proper amount of mortgages is on deposit for the security of the bond holders and the interest upon the same :, is being promptly met. Since the years of depression and large foreclosures. the very few and unimportant in amount. I believe that the company should continue it's policy of securing the ut most returns from it's lands while they are in it's possession and selling them as rapidly as possible at favorable prices, meantime introducing such inn provements in it's methods as may be possible and practicing due economy in it's expenditures es,-requirements which the company seems only too anxious to meet. Respectfully submitted.
 MORRIS c. WEBSTER,
 Building & Loan Commissioner.
 Dated at Hartford. Oct. 10, 1902.