Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-03-15
Names lnvestmnts.

Lewis A. Goudy~of Portland, mem
Der of the subcommittee on eonser-
walton and development discussed in
lively manner the financial condi-
tons of the State and advocated the
keeping of Maine capital within our
own State He said in part:
i an a believer in seeking the dla-
monds of commercial and industrial
life within our own domain. 1t seems
to NEE that we should use every eff
fort and influence possible TO induce
the controllers of savings depositares
to retain and invest within our own
State. the largest amount of such
funds possible.
oct %. 1911, there were - Savings
banks in Maine. The deposits, reserve
funds, profits, etc, as reported by the
bank commissioner. Hon. Robert f.
Dunton, aggregated $97 7S5, 409.04; the
number of depositors were 225.S01; az
erage to each depositor, $S96.34; aver
age rate of dividends, $50 per cent;
amount of dividends paid. s3,926 ,545.64;
municipal tax, $31. 5000; State tax,
S455, 934.17. surely magnificent show
ing for the sometimes heralded Poor
State of Maine Addition to this the
Trust Cos. show assets of S52,3IO, 26lo2.
The latter being semi-priyate banking
or investment companies. we Will not
attempt to influence other than to
urge their controllers and financial
representatives to think of Maine first,
rather than last, when they are seek
ing to invest the funds under their
control. The Savings banks on the
other hand shc.id De administered
and conducted with View TO upbuild
and develop the State and the inter-
ests of the people
The official statement of the bank
examiner shows the total investments
in public funds railroad bonds, cor
porations, railroad stocks, corporation
stocks. and National bank stocks out
of Maine to be s51 OF .999.S7: other re-
ported loans on collateral to munich
palities. corporations, etc, which may
be within or without the state as they
are not specifically indicated. aggre-
gate s31. 1s2, 51674. We hope that this
amount is invested within our own
State. Of the total amount reported,
S97. f05, 04. there are loans on mort
cages on real estate in gross, Sl2.264,-
769 49,. about one-eighth of the total.
This is a pretty small percentage
to be held for the benefit of our own
people, who desire to extend their
business, whether agricultural, COM
mercial or industrial as confined to
real estate security within this great
State of ours.
as 1t any wonder that our young men
and young women seek their fortunes In
other sections of the country where pos
sibly they can find some of their own
funds as loans through savings institu-
tons of Maine for the development OF
other communities in other States of the
great Emitted States? &
II find by an official report from the
banking department that there is s32l,-
'g57. 81 loaned by our savings institutions
on real estate out of Maine, which would
reduce. ihe-percentage when that amount
is deducted from the gross loans on
mortgages on real estate, to considerably
less than fifth of the total.
II do not wish to make any caustia
criticism or unjust comparison of asser-
tons but | do believe that our disti1-
guished financiers and directors of the
savings banks of Maine should look ut
home more largely for investments. In
other words, that our own funds should
be kept in our own dooryard, where
there is abundant opportunity for pafl
of the many millions from so to 60 pei
cent of the total now invested outside
our own borders"