Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-12-01
An Appreciation of
The High Cost of Living

ne party was ScdeSN AZ eiiS AN]>N~@
tive Councils chamber during recess
of that body the other evening, chat
ting about the present high prices or
about everything eatable, except rice.
that is to be found in the market. Stew
ard and Treasurer Samuel N. Tobey of
the Augusta State hospital was among
those chatting and remarked that,
knowing as he did The tremendous ad-
vances in food stuffs. through his pur-
chases for the hospital, he couldn't see
much relief in sight. All agreed that
II was a great hardship on the laborers
whose wages had not advanced i'll pro-
portion to the advance in. prices, when
Mr.. Tobey said:
Il saw an article in New York pa
per concerning that point that greatly
interested me-showing the disposition
of some employers to help their en-
ployes tide over the present strenuous
period of living problems" and at the
request Of the crowd, read the follow
ing:
Trustees Of the Central Trust Com
pany at their meeting today (Nov. 2G
decided to relieve their employees of the
burdens imposed by the present high
prices for food and clothing by setting
aside a special fund sufficient to cover
the increased cost of living for period
of one year. The plan adopted will. in
its practical operation, amount to 81
per cent. increase of the major portion
of the employees salaries, it having been
determined that the greater part of the
money paid to the men is used for the
hoe of nd C1nthjnp'
I'm addition to this increase in pay.
which officers of the bank refuse to
regard as a salary increase, the en-
ployes will receive for Christmas their
usual bonus amounting to so per cent.
of the annual salary.
1T was learned today (Nov. 24) that
the action on the part of the trustees
was the result of an experience of the
banks president James n. Wallace,
who was struck with the substantial
increase in prices of food products when
he had occasion to make some pur-
chases for his own family. 1t was at
his suggestion that the trustees decid-
ed to make a careful investigation of
the increased cost of living. Dealers
of various articles of food and clothing
/
compared with prices of a year ago.
This information was scientifically
compiled and a study of the relative
expenditure showed an increase of 81
per cent. in the cost.
| The investigation also took into ac-
count the portion of the employees
salary which was spent for articles
which have gone up in price. and in the
| final determination of the amount of
money required to offset cost of liv-
| ing, the figuring was done on the basis
of expenditures classad under the broad
heading Of necessaries of life. The ex-
act percentage of salary spent for such
articles was not disclosed. but it was
stated that it formed the major por-
| ton.
"A separate check covering this 81 per
| cent. increase will be handed to each
employee every month and this special
disbursement will not be considered as
an advance in salary. These payments
will continue as long as the present
high prices prevail the trustees hav-
ing made provision for regular distri-
buttons covering a period Of one year.
About 10 employees will receive the
benefit from the trustees action.
"A few weeks ago. the Brooklyn Trust
Company sent checks to it's employees
with note stating that the money was
to cover the additional expenses incur
red as result of high prices"
The party unanimously voted that it
was an action worthy of the considera-
ton of all EMPLOYERS