Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-03-04

wherein is described great BANQUET,
ABOUT the boards of which gather Cap
'a'ns OF industry, while those who have
prepared the feast and are called upon
70 root the bills are permitted only to
STAND by a'"a look on. as the self invit-
GU guests pass INTO the banquet haII-A
peep through the crack of the half
oPen Size door of banks and financial
.''stiea'ions-How the peoples money
IS mace to earn enormous fortunes for
the few WHO handle it. but not for the
many VINO own it-eanks that pay de-
pos'.ors per cent to per cent while
earning ~ per cent. to $50 per cent. for
'ne'r Standardization $500 was
savea from trust company that faiIe.4,
ana what the money is earning now
special Introductory March offer to in
~esto:s that will prove interesting to all
| readers.
nave been gathering some facts and
| 'uicH on The subject of banking
| nav "eeh looking up statistics, and cX-
| "'''''iii's som" rather exclusive publica-
.''iio when are authorities on the sub
| jcct.
| wonder how many of my readers
| ic"hS Understand the dark and mys-
| ferrous side OF banks and bHnkingo I
| Noila"r now many have actually neue-
f''tcd beneath the skin of the colossal
| system in order to ascertain how the
| money If the people is handled by our
eminent and distinguished fin;inciers? T
| wonder how many have been privileged
| 10 l'eep in at the side door and discover
| no" The money of the people deposited
| III banks and trust companies, and for
Nhich ocpoSitorS receive in MANY cases
| II" returns Whatsoever, and at best
ohlE m"aGrc returns. is really handled
i wonder how many were ever grant
td the privilege of Il i"Uk through the
crack OF Il half-Opcn side door l,u..
enough to understand how this money
Is made I" earn enormous fortunes for
the few who handle it. but not for the
many who laborei for 1.-THE MANY
Miln burned the midnight oil for 1.-THE
many who own it"
l have an idea that vcr;- few of my
! reaGers-at least. Very few of those
whom | would ike to know personally
and address by naIne--understand a
great deal about the subject. For that
| reason, during the last two or three
| d2ys-or, rather. nights when ;tll was
| qlllct-l have given sufficient time TO
| turn over the pages OF books and eX;tin-
| inc reliable statistics on the subject.
and | make bold now to say at the be-
| ginning that What | shall write in this
| column today will Omen wide the eyes
| OF countless Thousands throughout the
country. who little dream that such Z,
condition actually exists
| ! ;;Ei going, to give some facts as TO
| hAnkiliG profits, ubt;inabc only by
| thos" who have ;iccoss to expensive
| books ana statistics not easily Ia be
had. am going L. show what the
peoples money is doing for somebody
else. an. going to SHOW that By the
labor ard savings Of the people. a great
banquet has been prepared. about the
boards Of which gather only the Cap
! thinS Of Industry, while the people
| themselves. vino have prepared the
| fest and are called upon to foot the
| bills. are permitted only to stand by
ana see these Captains Of Industry as
| they alISht from their glded chariots
and pass in.
+ shall begin by directing attention to
| the banks Of New York city. that enur-
! NOUS centre of the financial system of
| the United States. There if anywhere.
is the test properly made. III New York
! city are erected the thrones OF money
| kings, and there also are to be found
the heaviest burdcncd slaves of the
pow er OF gold.
| In the city of New York there are
| f"urScore national banks. Taking
| those nose figures are available in all
! details, ! ind that the total capital is
| $.",3.-. ,UG--SurclE not Il very large
| sum to be invested in national banks
| in the second largest city of the world.
| The 12urcS before me Show that the
| Investment OF $19.322 100 in national
banks III New York city has proven a
| fort'ilat" Investment indeed, for the
| gentlemen who either bought or inher-
| iicd the shares in the various institu-
| lions.
| The figures before me show that
| these banks have Filled up the enor-
nous surplus and undivided profits of
s,o3.?5l ,1Ga. ana that Tie total Invest
mtnt is yielding average dividends of
| Ia per cent. Ter year. And yet saw
iIit-7 '''ilINH 'tilpN l't'T ana per
! cent. for money deposited. while ma
| tional banks and trust companies as Il
rule. favor" drpositors by ALLOW ing in
| icr"st ut the rate of per cent. on
| monthly balances exceeding $1,000.
| have directed attention TO the aver
age rate of dividends paid by the bank
| Ing institutions of New York. because
| want to be conservative, and yet
! cannot resist the temptation to point
| out Il few institutions that have proved
| far more profitable than the average.
| The Aston National Bank of New
| York pays to its stockholders each year
20 per cent. while the New Amsterdam
distributes among the small coterie of
fortunate gentlemen holding its shares
"a per cent. annually. The New York
| County Bank, with an original and
| present Investment il capital stock Of
| S'M',h0n. pays to the gentlemen owning
| this stock - per cent. in dividends each
| year, while the little Fifth Avenue
| Bank. with its absurdlv small capitali-