Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-14

the old law about 1000 of the 6..O0
shares of stock owned by his bank
had, under the old law been held by
charitable institutions and other
banks, where it had escaped taxa
ton and individual stockholders were
fast disappearing.
Mr.. Wcbbcr believed that the 1921
law was of great advantage to the
State in that it taxed more bank
stock and it also helped to increase
the number of individual owners of
banks.
Frank L. Palmer of Portland. for
mcr State Bank Commissioner. said
that one of the best ways of develop
ing Maine was through increasing the
capitalization of banks and the num-
bcr of individual stockholders and
this end was attained by the bill OF
1921. He pointed out that in the last
six years the total number of dcposl-
tors in savings banks had more than
doubled.
Representative Hamilton Of Carl
bou wished to know if putting low
or tax rate on farms would not help
. the bankers just as much as putting
a low rate on the bank stock would
held farmers to acquire 1t.
Representative Gardiner Of Gardi-
ner inquired if there was any doubt
as to the constitutionality of the law
of, 1921"
'If there had been any doubt tine
able opponents to the law would have
raised it at this hearing" replied Mr.
| Palmer.
Representative Briggs of Caribou
| speaking for the banking institu-
tons of Aroostool county, said that
! he had found it impossible to raise
capitalization under the old law
What we need is level course to
| follow. don't rock the boat" he ep-
pcaled to Representative Winn.
aren't YOU people who put iii the
new law two years ago rocking the
! boat" asked Representative Cum
mingS.
| 81 mean that we should keep the
new law until we find out how II
works out" explained Representative
Briggs.
Representative Cummings said ,nat
the CITY OF Portland had lost So
21553. under the change in the law
! and the other property of the city
was paying tax on an Increased Nalu-
! alton.
1 lICOfSt l.. Sdity VI tiiC y ii''i 800 =
| and Deposit Company of Portland
| said that he favored the law of 1921
| despite the fact that under it his
bank paid tax Of $1,000 instead of
| $500. because it gives a wider OPP
| pertunity for distribution of bank
stock
| Representative VIM in concluding
! the case for the proponents. said
! that the total loss to the state un-
der the law of 1921 was $4,000.
Le1al Affairs Hearing
| All but two of the several hearings
scheduled before the committee on
legal affairs for hearing Tuesday
afternoon were continued. and THESE
two measures related to the Maine
Institution for the Blind.
w. j. Ryan of Portland and j. F.
Baker of Gardiner appeared in be
half of the two measures. The first
measure provided that six OF the III
directors of the institution shall be
appointed by the Governor and enc
of these six shall be the State SUI
pcriEtcndcnt of schools.
Mr.. Baker stated that the bill
would place the institution under the
State department of education rarh-
or than under the State board OF
charities and corrections.
This institution is conducted along
educational and vocational lines, and
better work can be done under the
educational department. said Mr..
Baker. at was not intended that
this institution should be conducted
on the lines of charity.
The other bill broadcns the work
. of the institution and in speaking
i'm favor OF the bill. Mr.. Baker de-
clarcd that sister states arc far ahead
OF Maine in doing work for the cdu-
cation of the blind.
The hearing on the act to regulate
bakeries and bakery products. intro
duced by representative Rounds of
Portland. was continued until next
Tuesday.