Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-03-29
IN OTHER STATES.
What The Loan and Building Associa
tons are Doing

I The Fall River Cooperative Bank has
first series Of over 1900 shares. and all il
money loaned. It opened its second serie
last Wednesday evening, and $50 share
were subscribed for. The directors feel
very we'll satisfied with the success OF tn.
Boston Cooperative band thus far Its
first year will expire next month.
At the annual meeting Of the Equity Co
operative bank of Worcester, THURSDAY
evening, about GOO shares of the new serie.
were sold, and $1,000 loaned in four lots at
from 8. - II per cent. Friday evening the
Home Cooperative Bank of Worcester
loaned sll,2s5 in u lots, at from 3. to : !.
per cent. At both meetings the bidding was
SPIRITED, and a majority of the bidders
failed to get any money at all. The Wor-
cester Cooperative Bank will carry 80 first
series shares to maturity in April. This
series natures in ia years, with value of
about s206 per share. After deducting
loans, about 81 900 will be required to re-
deem the shares, and it is not now conte M
plated to allow any part of this to lie upon
interest.
hearing will be given next Tuesday at
the State House. before the committee on
banks and banking, on the proposed appoint
ment Of an additional bank commissioner
the present board of two finding it physically
impossible TO examine the large and increas-
ing number of banks
The annual meeting of the Fidelity Co
operative bank of Fitchburg was held on
Tuesday evening, and 50 600 was loaned at
the following rates 81 800 at G.72 per cent.
81 40 at 6.l2 per cent, $3.50 at est per
cent. $50 shares in the third series were
sold.
meeting was held by the Whitman Co.
operative Bank Monday evening in Village
Hall. There was a good attendance, and
considerable enthusiasm was manifested in
the co operative plan of securing homes.
Four hundred shares were subscribed for,
and the money was sold at cents premium
The Gardner Cooperative Bank was
opened for business last Tuesday evening
in town hall, Gardner. The attendance was
large and the system was fully explained to
the people by Secretary d. Elaerdge of
Boston. There were about 1900 shares
taken by about $50 persons. and the money
was sold at slight advance on 6 per cent.
The president is Mr.. Augustus knovlton,
prominent chair manufacturer, and the sec
rotary is Mr.. John A. Stiles, a leading at.
torney, both wide awake men, and will give
the bank special attention
Minnesota is somewh hat aroused by the in
fux of foreign building associations. At a
convention ned last month at St. Paul, when
nearly so societies were represented, they
decided to memorabilia the Legislature to oh
tain its Interference. They say substantially
that they have IS 600 900 of capital acquired
in about 10 yeaTs, and that other societies.
taking substantially the same names, have
sprung up among them, taking their reputa-
ton and prestige and diverting such to uses
and purposes foreign TO the well established
usages and methods Of building associations.
They request the appointment of a committee
of the Legislature to investigate such socie-
ties and their methods mot in behalf of the
rich. but in the name f the poor and ignor-
ant people of this and other states" They
derisively term them the Jumbo" associa-
tons
Monday evening last the eighth annual meet
ing of the New Haven cooperative Savings
Fund and Loan Association was held. about
$50 members being in attendance. Six hun
dred shares, to be called the 10Th series,
were issued, and IS shares were sold during
the evening The present number of
shares is ll22, and 4 per cent divid md
has been declared annually since 1883.
The La Crosse Wis News recognizes
the fact that 1000 residents of North La
Crosse, as shown by the books of the build
ing associations, are patrons of that instltu-
ton. and that it has come to stay. The La
Crosse associations have furnished the home
builders in the aggregate $3.50, 900. all of
which has gone into houses in that city. The
money thus gathered in small Gums from
working people has been put to the best
possible use for the permanent improvement
of the city, adding value to the tax rating
and reducing floating population to per
manent residents.
building and loan association was recent
ly started in Troy, n. Y, and now has up
ward of coo members,
In St Louis the Western Building Associ-
alton journal, in Chicago the Building Soc-
ETY. Advocate and in New York the Home
Seeker, the new building association organ,
have taken up the question OF real estate tax
alton as it affects the small house owner. 1t
is claimed that present taxation methods are
inequitable and unjust that they tend TO dis
courage the small lot holder from building
by taxing him in the proportion to the i'm
provements he puts upon the land They
favor a system which would exempt improve
ments from taxation, putting the taxes upon
the land values alone.