The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1917-09-20


grow faster if more homes and tene-
ments could be provided. Prac-
tieally every mill in town would take
ON more help if employees were avail |
able and more people would come
here if they could find places in
which to live.
At the present time there are
score or more families which are
looking for tenements to rent and
there will be more a little later in
the fall A little has been done by
individuals but probably the best pro
gress can be made by the good old
fashioned Building and Loan associa-
ton, one of which was recently or
ganized here.
These have been tried in many
towns and have proved uniformly
successful In this matter Massa-
chusetts has made more advances
than any other state and in the Bos-
ton Herald a few days ago was an
article on the growth of this form of
town deyelopment&In Massachusetts
these associations are called coopera
tive banks but theA,sseope is precise
| ~ the same as heMAding and Loan
associations in VeriNdht.
The article fromifh4 Herald on this
subietiis as folloKH}
| Thrift, forY,whlfh Massachusetts
residents Have alwjtEl borne an en-
viable reputation, Isl Well exemplified
in the continued and constantly in,
creasing success Of the cooperative
bank system of saving and investing
surplus funds. The methodical and
advantageous plan OF banking money
for future use and for negotiating
loans for the purchase or construc'
tion of real estate was launched in
1877.
Establishment of the system fol
lowed strenuous advocacy of the plan
before the legislature by Hon. Josiah
Quincy, grandfather OF former Mayor
Josiah Quincy, generally known as
the founder of the Massachusetts Co
1 operative Bank. The banks wer'
first known as Cooperative SavinI
Il FAsnd and Loan Associations, which
concisely denoted the object Of thu
n institutions. Later the title wa
| changed to its present forln-co
i operative Banks.
u The first cooperative bank TO OF
/ / game was the Pioneer of Boston
I which received its charter July q
I 1871 and. started business August
: Mr. Quincy was chosen president
Capt. Daniel Eldredge and forme
Gov. j. @. A. Bracket. both Of WHOM
: | were prominently associated with Nj
Quincy in having the General Cour
!: authorize the establishment Of tn
! system of saving, were made, seeIt
/. tary and attorney, respectively. Til
. bank is still in operation and is yer
n successful
n 1t was largely due to the efforts {
z the men named that the official SAM
d ton of the legislature was placed 0
. the cooperative bank system. Bull
. ing loan association had been in su
cessful operation in Philadelphia an
1t was from them that Mr.. Quinc
conceived the banking plan whic
has been great boom TO regular sa
ing. Gov Alexander II. Rice signe
BILL after some opposition, May
y 1877, the date of its passage by III
IF Legislature.
Il There are now 1S3 co-operatiN
r, banks in the commonwealth, MOI
d. than twice as many as there are tru
e companies in operation. Resourc,
r, of cooperative banks are increasir
r. so fast that it is generally admitted
m be but question of time when the
~ will be close rivals to trust compani'
Il in regard to assets. Boston alone b.
90 81 cooperative banks. Practical
every city and very many towns
the commonwealth have one or mo
of the banks. e,,f.
The primary object of the co.opG
alive bank is to provide means to pr
Al sons ordinary circumstances TO Q
III quire homes. The banks also can
III vest their funds in bonds or notes
III towns, cities states. railroads, sire
vi railways and in mortgages on real {
III tate. Since 1880 the number of {
Ill | bduhh LAS lilNItdntu
III ally each year and 1t is generally a
III tcipated that before long the numb
N OF cooperative banks in the commo
III wealth will pass the number of SO
HI ings banks.
ii Operating Method.
III AT first the field OF investment W
H confined to real estate in Mossach
u sets and to personal loans to shai
= holders. The original law did not
strict to first mortgages and in sol
instances banks took second mo
cages that were looked upon with d
Ut favor by the commissioners. In is
the law was changed to demand fiji
ne mortgages and the field of inyestme
extended to any Of the securities
which savings banks can invest.
But the cooperative bank, in me
- cases, confines its investments