The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-02
IN NEW QUARTERS.
Old Colony Cooperative Bank Makes an
Important Change.

The officials of the Old Colony Co.
| operative bank have made an important
change by the removal Of their offices.
| While the change is actually but one
| floor, the bank having been removed from
the seventh TO the sixth floor of the In
dustral Trust Company Building the new
quarters are so unquestionably superior TO
the old that the advantages of the new
offices are apparent to the most casual
visitor While the Old Colony Co-opera-
tive bank was formerly practically at the
top of the building the fact that the new
offices are direcly in front of the elevator
seems almost like bringing the bank
down to the street.
The present quarters were formerly
occupied by Mr.. Joseph Banigan and
consisted of two large rooms. The first,
No. COZ, is used as the banking office and
here there is every facility for the con-
venience of the patrons of the institution.
The second room is used as the private
office Of the secretary, Colonel John G.
Wyman and the general manager of the
bank, Mr.. Edward III. Weeks. Here also
like the banking apartments proper, is
, furnished with a view to the convenience
and comfort of those who are compelled
to occupy them.
The Old Colony Cooperative bank was
incorporated under the laws of the state
OF Rhode Island some time ago and it has
already attained height of success and
popularity that would have been regarded
as impossible by persons unacquainted
with the cooperative banking system. In
organizing the bank its incorporators were
not looking for gains alone. While they
wished to secure their money as natural
course they realized that Ithe corporation
would be great agent for good in the
community as its very presence would
induce the habits of saving and frugality
which would result in the creation of
homes and the dissipation of independence.
Already the incorporators of the COM
pany have seen their hopes realized TO a
great extent and the manner in which the
Old Colony Cooperative bank had been
its success for many years to come.
The third semi-annual statement of the
bank, which was made on December 3lst
last, was as follows: Resources: Mort
gage loans, sl6s 600.0 90; stock loan,
$40. 90; cash In trustees hands, 1890. 7s;
coupons and interest paid, $4,000 90, re-
serve fund, s3547. 56; dues in course of coll
lection, Sl23l. 20; sundry accounts, S2i. "a.
Total s1Sl, 1873. So. 4
Liabilities: Stock, $16l, 43l 80; due bor-
rowers, s5,0l70i; unpresented coupons
S236 80; dues paid in advance, 81, s37 O6;
sinking fund, S}3ll 81; accrued interest,
SliiI67; guaranty contingent fund,
s69l 80; suspense account, S9l. 40; earnings
for term (6 months) s7066. ST.
The officers of the bank are: President
Ex-Governor d. Russell Brown; vice
president, ex-Mayor Henry r. Barker;
second yicc-presidcnt, Arnold b. Chacc;
secretary, Hon. John c. wyman; title
attorney, Hon. Joseph l.. Sphinx, judge of
the probate municipal court; executive
committee Hon. Henry r. Barker Henry
4. Root Hon. George r. Baker, General
Elisha ii. Rhodes, Albert a. Baker,
general counsel, and Edward III. Weeks
secretary OF the committee.