Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-23

moved upward and downward accord
ing to the market to an average of
about 103 en- April l, 1928. total ad-
vance of about Il points. In the same
period the average Of IL Maine stocks
moved from about 1874 to 254-an ad-
vance Of about 80 points. 1t Is worth
: noting here that the average never
! moved downward during the II
| months" The same writer makes the
Illuminating comment that:
1T is certainly not to Names credit.
! that about IS per cent Of the important
=, Maine corporations are controlled by
| capital foreign to the State"
The newspaper that published the
above. on it's own part says:
! Maine industries have far outdis-
tanced those of the country as a whole
| in increase Of prosperity in the II
months ending April 1. This fact is
| in the value of shares Of capital stock
| in those industries-the average in
| crease in value per share in the Maine
! industries having been $50 while for
I the country as whole. the increase
was but $21 share.
Another fact to Names credit is
! that in the fourteen months for
! which comparison is made. the pros
, perity Of the industries has steadily
| increased. There have. been no ups
and downs; it has been q continuous
trend upward"
| The inconsistencies between the
| depressing articles referred to. and
| the statements of the Washington
| correspondent and local banking Arm
: may be explained by the thought
that the water power people by hav-
+! ing it appear that our industries are
. on the decline, seek to pave the
| way for further water power conces-
! sions; while the bankers, by show
| ing that our industries are prosper
/ ing and in a healthful condition.
! seek to encourage citizens to invest
| In them.
Real Water Power Issues
| The immediate issue before the
| people of Maine Is not between pub
lie and private ownership. 1t is:
| Shall the water resources Of the
State that now belong to the people
be decided to corporate interests
| forever. or shall they be leased to
| 80 that the people may share either
directly in the rentals accruing
therefrom. or indirectly through the
benefits that accrue by having
storage and its incidental power
| furnished at cost to our industries.
| municipalities and public utility
| companies.
| The corporations and some news
papers would have it appear that
the water question is one that only
| experts can understand. They DELHI
erately confuse the issue and do not
want it made clear and understand
IL =
being complicated. it is simple and
easily grasped by citizens Of average
intelligence. My views as to the
States policy are as follows:
| % Names hydro-electric energy
| should be retained within the State
for the benefit of our own people and
our own industries.
(2) Whatever water resources
now belong to the people of the
! State should be retained by them
! both for (a) development by the
State itself and OBJ development by
private interests under leases for
which adequate rentals are to be
| paid. Never again should the people
| deed away their water resources for
! all time.
| go Every charter hereafter grant
ing water rights should include a
| tlduSc StdtiHto LHdL IL the StdlS ever
acquires the property by legal
| process, no payment shall be made
for the franchise granted. I am
| responsible for having this clause as
well as one providing for non-trans-
mission inserted in all storage and
power, charters since 1917.
The Lakes Of Maine
The people Of the State Of Maine
1 -, l-~ l, \,
! are the actual owners of the lakes
of Maine and of the water contained
in them. These lakes and this water
are public property of inestimable
value. Although in the past much of
| this water has been given to GER
| tain private interests under legis-
| lative charters. in the future this
| practice must be discontinued and
| those who are privileged to use this
| natural resource for private purposes
| should pay for it.
The rights of riparian owners on
| lakes and rivers must always be
recognized. and l know of no one who
would interfere with them. Private
| owners are entitled to the natural
| flow of our rivers but their rights
do not extend beyond that point,
whereas if the State or private COR
benefit of these riparian owners
! they should pay for such use as they
make of it. Storage reservoirs bene-
| fit private property and increase it's
| value. They do not in any way
| interfere with the property rights
| of private owners. and their develop
| ment by the State does not involve
| the dangers usually incident to pub
| lie ownership.
Retain Our Own Hydro Electricity
Names policy of keeping her
water powers (hydro- electricity
| within the State already has been
| justified. Within the year a we'll
known New York engineer called
upon me and stated that if Maine
would not allow its hydro-electricity
| to be transmitted to Massachusetts
and the other New England States,
Names development would be stop
ped for generation. He stated that
! industries would not move into
Maine. notwithstanding the advant-
age of our water powers. and that
| the development Of these powers
would take place only in case out
side capital We're allowed to take
| the power to other states to use it
there. This engineer threatened that
| if Maine maintained her present nom
| transmission policy the New England
States would obtain all the power
they needed from Canada and New
York, and that Names undeveloped
water powers would remain idle for
| another so years. He pictured an
! industrial decline for Maine. but
| wanted our State to furnish cleo
| trical power to build up Massa-
| chusetts. Rhode Island and Connect
| cut.
| What actually has occurred? The
State Of New York soon may adopt
| a non transmission policy similar to