The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1917-09-18

grow faster if more homes and tene-
ments could be provided. Prac-
tically 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 a
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 few days ago was an
article on the growth of this form of
town development. In Massachusetts
these associations are called co-opera-
tive banks but their scope is precise
ly the same as the Building and Loan
associations in Vermont.
The article from the Herald on this
subject Is as follows.
K Thrift, for which Massachusetts
residents have always borne an en-
viable reputation. is well exempliiied
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-
ton 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
operative Bank. The banks were
first known as Cooperative Saving
Fund. and Loan Associations, which
concisely denoted the object OF the
institutions. Later the title was
changed to its present form7-Go
operative Banks.
The first cooperative bank to or
ganize was the Pioneer Of Boston
which receited its charter July 26
1877, and started business August g
Mr.. Quincy was chosen president
Capt. Daniel Eldredge and former
Gov. j. @. A. Bracket, both of whom
were prominently associated with Mr.
Quincy in having the General Cour
authorize the establishment OF the
system Of saving, we're made secIe
tary and attorney, respectively. Tit
bank is still in operation and is yer!
successful. th
1t was largely due to the efforts o
the men named that the official sane
ton of the legislature was placed OF
the cooperative bank system. Build
ing loan association had been in sue
cessful operation in Philadelphia ant
it was from them that Mr.. Quinc,
conceived the banking plan whicl
has been a great boom to regular say
ing. Gov Alexander II. Rice signe
bill, after some opposition, May IA
1877, the date of its passage by tn
legislature.
There are now 1873 co-operativ
banks in the commonwealth, NOR
than twice as many as there are trus
companies in operation. Resource
of cooperative banks are increasin
so fast that 1t is generally admitted I
be but question of time when the
will be close rivals to trust companie
in regard to assets. Boston alone ha
81 cooperative banks. Practical
every city and very many towns {
the commonwealth have one or MOI
of the banks.
The primary object of the co-ope
sons in ordinary circumstances to a
quire homes. The banks also can i
vest their funds in bonds or notes
Towns, cities. states, railroads, sire,
railways and in mortgages on real e
tate. Since 1880 the number of c
operative banks has increased matel
ally each year and it is generally a
.ticipated that before long the numb
of cooperative banks in the commo
wealth will pass the number of sa
ings banks.
Operating Method.
At first the field of investment W
confined to real estate in Massach
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
favor by the commissioners. In IS
the law was changed to demand fl
mortgages and the field of investmC
extended to any of the securities
switch savings banks can invest.