Bowdoinham’s 100-year Savings Fund: Part 2
I posted two weeks ago about Bowdoinham, the town that put money away back in 1912 to fund its 250th Anniversary party this year. I sent an email to the Bowdoinham Historical Committee trying to get more details and recently received this response:
So their 100-year plan was actually a success! They didn't reveal (at least, not to me) how much money their plan created, but a 1912 article in The Youth's Companion calculated that if they raised $400, they should have around $20,000 in 2012, assuming an interest rate of 4 percent. Since they raised $500, they should have a bit more than that. Enough to have a nice party, but not enough to make them all millionaires.
The Youth's Companion article also revealed that a box was buried in 1912 containing various curiosities, and it should be opened sometime this year:
the outcome of that story was that, yes, funding remained intact and has grown substantially after all these years.
There was $500.00 originally raised in 1912- mostly small donations of .25 here and there (it was a lot then!). It all added up. Remarkably, it stayed intact and is now being used to sponsor the many activities that Bowdoinham is planning in celebration during the coming year. You can read about it here: http://bowdoinham250.org/
There will be some funds reserved and kept to seed future celebrations. We are very fortunate that members of our town had the foresight to do this for us!
There was $500.00 originally raised in 1912- mostly small donations of .25 here and there (it was a lot then!). It all added up. Remarkably, it stayed intact and is now being used to sponsor the many activities that Bowdoinham is planning in celebration during the coming year. You can read about it here: http://bowdoinham250.org/
There will be some funds reserved and kept to seed future celebrations. We are very fortunate that members of our town had the foresight to do this for us!
So their 100-year plan was actually a success! They didn't reveal (at least, not to me) how much money their plan created, but a 1912 article in The Youth's Companion calculated that if they raised $400, they should have around $20,000 in 2012, assuming an interest rate of 4 percent. Since they raised $500, they should have a bit more than that. Enough to have a nice party, but not enough to make them all millionaires.
The Youth's Companion article also revealed that a box was buried in 1912 containing various curiosities, and it should be opened sometime this year:
In a sealed box, to be opened at the time of the celebration in 2012, were placed, among other things, letters from scores of those who contributed to the fund. Many of the letters were from Bowdoinham people, or the descendants of Bowdoinham people in other states or in foreign lands. In some cases the writers described the probable Bowdoinham of 2012 or the imagined conditions of life at that time. No doubt the letters will create much amusement when they are read a century from now.
Comments
Those letters would be cool compiled into a book I bet.
Posted by Patty in Ohio, USA on 01/13/12 at 09:08 AM
Cool!! Glad it all worked out for them!
Posted by Tyrusguy on 01/13/12 at 01:15 PM
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Category: Money | Parades and Festivals