The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1917-12-08
INSTITUTION IN FINE CONDITION.
Continued on Page 81

olnecfa Tor their support throughout |
the year and complimcnted them on
their attendance at the regular meet
ings.
The financial standing Of the associa-
tion was printed in The Reformer Mon |
day, Dec. 3
When it came to the election of officers |
there was no competition, Mr.. Vaughan |
being re elected president, Scion A. Rich |
mond vice president and Carl 5 Hopkins |
secretary treasurer Freeman Scott and |
Christie b. Crowell were named directors
for two years and NJ J. Moran for one
year to succeed Alfred g. Jordan, who |
has withdrawn his shares. Auditors
chosen were Alfred B. Jordan, Clarence
Z. Merrill and O. f. Whitney 1t was
voted TO date shares in the future from
Jan. | and July |, beginning next July,
and to hold the present series of shares
open until Jan. 10, 1918 A vote of
thanks was extended all of the officers
for their work during the year just
closed
President Naugahns paper follows in
! part:
There are three reasons why any pro-
gressive community should have CO.
operative bank
The first one is that il encourages
/ thrift and the encouragement Of thrift
in your town is big asset as it makes
better citizens and citizens who assist
0 very materially in the prosperity of your
town.
: Second, it encourages home building.
= The merchants of the town, | am sure
: Will appreciate it when | saw that man
. who owns his own home is the man who
;. Is not shifting from one place to another
q and is the fellow who pretty generally
h pays his bills and makes a first class
. citizen.
n Third, the cooperative bank creates
(. taxable property for your town. Every
Z single cent that is deposited in this bank
!. Is invested in your own community and
every single cent goes into property
where tax assessors can get hold OF it.
The cooperative savings and loan as
sociations are not organized on a get
rich quick principle, but are organized
= for the purpose of systematic saving
for the small investor and enables him
TO get a start. 1t will not appeal to the
% large investor unless he is public spirited
enough to join the association to help
give it cash enough to assist the small
borrower"
At this point Mr.. Vaughan drew a clear
- comparison between the cooperative saw
II ings and loan associations and savings
banks in general, pointing out many
= things in common between them, but en-
phasizing that the former are designed
to reach class of people and assist the
~ class OF borrowers which the savings
banks do not
:. He explained clearly how man with
l. a few hundred dollars can find assistance
: from the association which savings banks
- cannot give Although the business Is
done on what seems at first a small mar
." gin OF safety, he pointed out how this i
continually increasing until no special
{" risk is assumed. Savings banks would
n not loan money with 80 small margin OF
- safety as We do" he said. IN time the
cd borrower transfers his loan to the savings
bank and pays back to the association
a the money loaned him This puts the
or money where il can be used for starting
hd another man; thus the cooperative bank
Ok is a feeder for the savings bank.
" These loan associations are purely
sc mutual; lend no money except to mem
-o- bers, receive no deposits except from
members; profits are distributed to mem
DIS bers only and the borrowers receive bach
es their proportion of total earnings: tiy,
he per cent of the profits each wear ar,
its placed to a reserve and guaranty fund
-. the borrower is borrowing of himself ant
the interest that he Is paying he is ais,
paying to himself
Each shareholder may have from on
10 p shares and no more, each valued a
He 5000. One share of stock means that tn
investor pays 81 month into the banl
for a period of II 10 years. at whicI
* time il is worth $500. The interest rat
re- allowed by the bank Is five per cent, O
Sal the STAG together with the accrued inter
iss est which begins each month, compound
bc ed semi annually, equals $500 All paw
az ments must be made on or before a speci
ad fed date each month or fine OF tw
al. cents a share IS assessed and when
81. share has reached maturity it is paid
~. Our sources of income are the due
~ which are paid each month; a number c
~ fines at two cents a share; interest whic
accrues from the loaning of money; tn
10 per cent OF the profits Of shares Will
drawn before maturity and income froI
reserve and guarantee fund
Finally, Mr. Vaughan gave brief hi,
ocl tory OF the local association which wa
organized by the late Myron p Davis.
young lawyer, and how it struggled frol
ex- what at first seemed like a white el,
cen plant into growing and prosperor
nit proposition. He concluded by saving:
nth IF the millions of dollars of saving
ar OF our people in Vermont could be il
inc vested in such a way that they wou
i, help our state ahead. help its manufa
ma turers, help develop its resources in gei
ure eral, what wonderful thing it would |
om lot US Al ihe present time millions
the savings of our Vermont people al
sent TO the West and middle westeI
states and are used for exactly this pu
pose in those states, when we need the
badly here. The cooperative savings al
-on loan associations are attempting to d
in small way, exactly this thing, tn,
: is, keeping our money here at home al
cit investing it in Vermont property whe
cen il can be taxed and where il will help Il
ord borrower"
fish
TO REPUDIATE LOANS.