The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1913-05-15
NEW IMPETUS
WAS GIVEN
Public Meeting in Interest
of Local Cooperative
Association
SPEAKERS TOLD OF
SUCCESS ELSEWHERE
Applause as Secretary of Greenfield In
stitution Signed for Shares-Brattle
horo Man Took IS Shares of New
Issue-Outline of Plan,


Frank Z. Snow, treasurer of the same
institution, and Attorney GriswoId of
Greenfield, who acts on legal matters
for that highly successful cooperative
bank, were the speakers who told a
gathering of some half a hundred resi-
dents of Brattleboro, assembled in
Grange hall last evening, the real value
OF savings and loan institution such
as has been started in BTattleboro. land
gave new impetus to the local insti-
tuition. To emphasize his belief in such
institutions and, incidentally because
OF brief residence here some wears
ago, Secretary Snow subscribed for the
first five shares of the second series
issued by the BrattlebOro Cooperative
Savings ( Loan association, an action
that caused spontaneous applause.
President NJ. j. Moran of the Brattle-
boro association presided at the meet
ing. He told of the forming of the
association last November and of the
fact that the organizers deemed it ad-
visable to go slow at first and not to
push for members until after the holi-
day season. This accounted for the
activity now manifest. He introduced
President Allen of Greenfield rs the
/ first speaker.
/ Mr.. Allen explained that in Massa-
chusetts such associations or organiza-
lions are terms under the laws of the
F.. state cooperative banks, - and he
considered that such title gave a
/ greater sense of security than the. term
applied to such institutions in other
state. He spoke of the fact that
Greenfield, when it organized a cooper
ative bank, knew nothing of the man
ner of conducting affairs of that ma
ture and called upon Northampton for
aid, which was granted, and he and
the others of the Greenfield bank were
especially glad to help out Brattleboro
with any information that would prove
beneficial
He said that the Greenfield Co-opera-
tive bank had always, during its seven
years of existence, paid five per cent.
1t had been proved there to be a great
inducement for savings, as similar
banks elsewhere had been. The savings
banks of Massachusetts regarded the
cooperative banks, of which there are
1872 in the state, not as competitors,
but as business bringers and beneficial
institutions. The cooperative bank
loans on real estate piecemeal while
the savings bank does not. 1t is often
the case that when the cooperative
bank depositor has paid up his loans
from that bank to a point where the
savings bank can lawfully take a mort
gage on the property for 90 per cent
OF the value, the cooperative bank de-
positor withdraws his loans from that
bank and takes one out with the saw
ings institution. But it was the co
operative bank that created the home
by the small loans properly secured by
first mortgages on real estate which
the savings bank could not have made
i'll the small amounts as needed.
Cooperative banks, or savings and
loan associations, are operated for d
very small expense. The Greenfield
bank was conducted the first year with
out penny of expense for officials OF
Office rent. There is no time from ths
= moment the depositor puts in his frs
\ dollar for one share in such an insti
. tuition that he has not absolute contro
of his money. He may add TO TIT
number of shares at any time or will
draw what he has in at any time.
! In answer to a question MIR. Amer
said that their bank had never lost
cent on loan and had never had t
foreclose except i'll one instance an,
then there was some $500 equity in tn
property above the claim of the ban
upon it. In answer to another questio
n he said that an Investment of 81
Z month for seven years with accumU
lations amounted to $109 and he mad
the further point that money began
draw interest Immediately when place
=, in the bank and did not wait fe'
months as it does sometimes in saving
II banks before beginning to draw int
II est.
II Mr.. Snow said he was especial
II pleased to come to BrattlebOro an
II give what help he could, because of tt
II fact that for a short time he was
- resident here while in the insuran(
business in the Crosby block late
@ the eighties and of his memory of I'll
many kindnesses shown him by Il
late Colonel Hooker and l.. F. Adam
He could not understand why so mar
people considered that q eooperatl7
savings and loan association was ne
thing. for such institutions under Il
49, name of cooperative banks were esta
\ 4 lished in Massachusetts as far back
1877 and now there are 1872 of them
; | the state. During the 50 years of the
existence only seven have liquidat
and FIVE of those seven paid 100 cen
on the dollar, one 81 cents and one
cents, a showing that made such ms
buttons practically a certainty tn
go money would not be lost. The asst
- of those banks are $75,000,000 a
there are $4,000 members, Accord
to statistics furnished by the Bank
and Tradesman The co-operati
banks in the United States have asst
y of over one. billions dollars and wi
>. membership of over (, 2o0,0e0.
For failure to pay the monthly dt