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DEPLORES
(Continued from Page One.) rate this company would make about $700,000.00 year. looks as though normal times this company would gilt edge investment. Since the above were acquired the New England there has been paid out by them labor salaries total of about $29,000,000.00. In the week ending July 29th, 1933 five cotton mills employed persons paid out $93,178.17 1932 they employed 2,238 persons and paid out That increase 3,951 persons and week ending July 29, 1933 the Maine Seaboard Paper Co., paid and employed persons; Crosset Shoe Co., paid out employed 96 persons; the Keyes Fibre and employed persons; the Maine Steel Products Co., and employed sons. Apart from these companies the Central Maine Power employes about 700 persons and the annual The Bath Iron Works on account its being in my and ing morally and financially interested its account owning lot of real estate in this course the success of the Bath Works makes my property good deal more valuable affects every other loproperty owner in the way, And then again went down the old Goss Marine Iron Works the Gen. Hyde when abandoned plant him his son, John, building ways, wharves, chine shops until was one of the equipped plants the country. Taking all these circumstances together readily appreclate grateful to Mr. Wyman, as the New England Public Service came here bought when was being junked, and great deal had already taken out the plant when they took The plant had gone into receiver's hands and so far able to certain was the largest individual bondholder when it went into receivership and took my licking gracefully together small of the investment. felt worse about plant being junked than about the my Mr. Wyman, not being shipbuilder, bought this sold it to Mr. Newell very not only that, but assisted Mr. Newell in establishing line of credit through the delity Trust Co., without which would have been unable to give bonds ships and obtained material and labor after the Now this Bath Works, with its $7,000,000 able to along without having made good ord increased the the plant, and through successful erations the others who are able and to come with them and participate in the and the they obtain. Mr. Newell and his associates are the owners, control plant, but had not been for the helping of Walin its hour of need, this plant would entirely on the this time. With most of these numerous other plants have cited to, headthe same way, that say people in the immediate these plants should be grateful preciate Mr. Wyman's efforts their behalf, and coming to the these great 8006 people, exclusive of the Central Maine Power Co., and paying out weekly or $5,707,484.64 annually and these figures are likely to show marked This certainly wonderful right the midst the world wide the citizens of Maine should each and every one proud and the efforts this wonderful and man who has done very much for them. These plans that have cited you above, not the main industry which Mr. Wyman has been building The Central Maine Power Co. has been his special for many years. He has made every effort to develop this company and Maine's resources. This great company has functioned through pression, done what many other companies have been unable paid its preferred stock holders full, and now well on the road to better times, having its output the ratio 1,000,000 kilowatts 700,000. The Central Maine Power employs about 700 persons its annual payroll $1,020,000. This, aside from many construction jobs that not come under the regular payroll. Also, has have amount which employment great other The statewide criticism of Mr. Wyman account of the banksituation the Fidelity Trust Co., Portland, Maine, and the Augusta Trust Augusta, All kinds of charges have been made, all the way from the deto spending to enrich and his As near as have been able to ascertain the facts, the following the situation. During the depression active banks as well as individuals and other business have suffered. near could learn from men who ought to be able to judge, banks are going pay about 85 per more to the positors. After paying the large and unnecessary cost of as say to the things indicate that in this wrecking job they are faring than other parties involved but am quite certain that this wrecking job was unmost any other individual had our securities and real before the the money in either of trust and got 85 we per should great deal better off than we are going to give you illustration of what happened The depression certainly misleading. its course had periods way down when the ablest men, including President Hoover, declared the was over. In one of these periods good Public Utilities stock called North American, which had paid over 100 continuous stock dividends, which took them over period of years, went down to $100 per share and one of the most bankers know bought did not owe nickat that time had around 3,000 shares of good stock of various kinds. have made practice through life, which may be good or bad, of buying hiring the and pay. for them earned already 300 shares of North American, when got down $87 and bankers were buying thought would buy three hundred shares hired it. This North American stock kept going down until reached $15, or about 1-6 what paid for when bankers the depression was over. had had liquidate at this time and pay, would have been lasting dent in life's earnings. Banks cannot take the depositors money and lock up strong box and keep there, then pay dividends the depositors. They have loan and for collateral some such have cited above. This stock selling around and the present time 31 bringing per cent on citing this show you that instead buying that time, even sold the 300 shares North American that then had at share put ceeds in the Augusta Trust Co. or the Fidelity Trust Co. on deposit, would be paid about per cent. wish the attention some of the depositors to the fact that liquidate this stock today would get about per cent what would have had sold deposited the proceeds in either of these closed Trust companies. have other good stocks that are in the same about every man or corporation that has any of these securities in about the position. not obliged hoping that the market will improve in value. will cite to of my experiences in real estate. and graded lot Bath, Maine on Washington street, 25 years It cost me that time. the other day for which you some idea of real estate value Bath at this time, and shows that held by banks real estate are about as bad as other and this unfair to both stockholders and Now these depositors think that are the losers. will tell you where think Mr. Wyman suffered more, to, than most of Here this giant with his great ability and life time of hard from boy up, not only losing lifetime's earnings, but being for the and discredited by an army of depositors, lawyers, politicians. of no for any one deny is so common politicians and others, that time for each every and woman who believes in who has been indulging in this of talk propaganda, realize that instead Mr. Wyman making any money out these depositors he has entirely investment these banks: and Financial corporation that they say formed beat the stock holders tells put into and every any depositor worse off than this? The money loaned on estate that in normal times were vent had sufficient value to take any indebtedness they might incur. these hard place that life long customers, and to liquidand ruin them was probably the reason that banks be liquidated in depression and have never been favor of liquidating these banks could possibly bank that in pay per cent could got along plan. the ment into these banks who are qualified to judge as to the value of securities estate normal times and found that under those these banks solvent, and the these thereby stopping any these banks until better these banks could have continued to My who ought to know, that the capacity of the delity times would be the Trust Co., four or five thoudollars year, and the net earnings would be about of this which gest had followed, they would not be passing the valuable equity, the earning capacity these else and them. In other words, earning capacity, with the value in its and real estate had used an individual would handle his the would have been better for stockholders and depositors. In years their earnings would have paid the depositors and the would still these valcourse, people that they should have liquidated the prosperous times, but venture to say that there was more than one two hundred who did this. Therefor, they going blame Mr. man because they did not liquidate that the these conditions, paid per been pretty managed, when about every person holding would do to liquidate at per cent of what could in normal times. cannot hold Government bonds the reason that about every the Government oversubscribed from to 10 times the amount required the return on them is so small that order to pay the depositors reasonable interest the banks could not afford to buy this kind securities. They have certain amount of Government securities order establish bank. This is about all they afford to take and pay interest to the depositors. want to your attention to the some this amount of money to and these corporations that have cited The depression put them practically out of business. want also call your attention that the move toward recovery had to include these industries. In the group will notice textiles, that in my opinion are leading the world covery today, while the other industries close second.
