Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-03-01

"In the second place, these institu-
tions offer every advantageous oppor-
tunities to those who would accumulate
substantial sum from small savings
The investor subscribes for one OF
more shares of two hundred dollars
each. On this subscription he pays
monthly one dollar per share At the
close of dividend periods his portion OF
the earnings is credited to his account
as part of his capital The result is
that he is stimulated to make regular
savings and finds himself able to
withdraw the full two hundred dollars
per share subscribed in consiG erably
less than that number Of months. In
the meantime if he desires a temper.
airy loan the association may grant il
on the pledge o( his shares as securi-
ty. Or if circu:n stnces render il nec-
essary for him To discontinue his pav-
ments and to withdraw his funds. the
association will make. a settlement and
viii net him il very satisfactory returu
on his investment.
Thcrc has been some agitation ,Iur-
ing the past year for the establish
nent Of cooperative institutions sim
liar u those now authorized by law in
Canada and in some parts of Eur,ne
IN which the in"mbcrs may acc1m,,late
l'ind 3y small regular payments and
from which they may borrow as their
circumstances require. So far as t,,f
opportunity and inducemcnt ror the
accumulation cf savings are concerned
this system is amply provided nv tbf
loan and building association as nav,
established. The opportunity for s;,cl
persons to borrow is now limited 10 tn,
present value Of their shares which
lncY would pledge as collateral. unless
lhcy would induce friends who wer,
also shareholders to loan them the So.
curlty of their shares in addition. 7,
might be safe to go SO far as to an.
thorizc some form of institutions who's,
capital consists of small savines do.
rosits to 'oaE without other securit,
than the mere promise of the borrow.
ei, but It "Dens very wide field anf
one which ] am not yet prepared t,
recommend For practical purnoses
within ABSOLUTELY safe lines | feel tha,
our loan and building associations yer,
substantially answer the require.
mentS.
WATEI;NILLE TRUST co.
Something over one third of the pro.
iiminary statement is devoted to the
history and analysis OF the trouble,
connected with ,he Waterville Trus,
Company.
This institution at the time of its
had oil i
tors. and tn" bank commissioner has
taken the matter up somewhat exhaus.
lively as the only practicable way OF
giving them individually. any adequate
understanding of the conditions. Tha,
part of his report, which concludes the
preliminary statement. is as follows
On May 3. 1909. secured a temper
airy injunction against the Wateryillt
Trust Company, enjoining it from do.
ing further business except the collec.
ton of money due it. On July LIST, af.
ter several unsuccessful efforts to in.
duce capitalists to take over the com.
pany and assume it's liabilities, the in.
junction was made permanent. an6
Hon. Charles f. johnson and Harry L.
Holmes were appointed receivers
THE receivers filed their bond ano
took formal possession July TO- 1909, al
that time making the following report
of its condition as shown by the books
OF the company. - 'ef
RESOURCES.
Stocks. bonds and vessel prop
erty, $40; $50 4,
Loans and discounts 727.03l O.
Real estate. Sj,Os2 8