The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1917-09-15

ne tOWn VI DtuulnStOu Is SfONAnS |
steadily in population and would
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
score or more families which are
locking for tenements to rent and
there viii 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
I'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 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:
Thrift, for which Massachusetts,
residents have always borne an en-
viable reputation, is 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 II
1877.
Establishment of the system fol
lowed strenuous advocacy of the plar
before the legislature by Hon. Josial
Quincy, grandfather of former Mayor
Josiah Quincy, generally known al
the founder OF the Massachusetts, Go
operative Bank. The banks wer'
first known as Cooperative Sayinl
Fund and Loan Associations, which
concisely denoted the object OF Thu
institutions. Later the title wa
, changed to its present form-cc
Cooperative Banks.
The first cooperative bank to OF
ganize was the Pioneer of Boston
+ which received its charter July Y
-, 1877, and started business August
Mr.. Quincy was chosen president
Capt. Daniel Eldredge and forme
Gov, j. Q. A. Bracket, both of WHOM
were prominently associated with Nj
Quincy in having the General Cour
authorize the establishment of th
: system of saving, were made secI'
tary and attorney, respectively Tn
D bank is still in operation and is ger
successful.
II was largely due to the efforts c
the men named that the official SAM
). ton of the legislature was placed o
! the cooperative bank system. Bull
ing loan association had been in SUI
6 cessful operation in Philadelphia an
y It was from them that Mr.. Quinc
y conceived the banking plan whic
u has been a great boom to regular sa
s. ing. Gov. Alexander II. Rice signe
a bill, after some opposition, May
1877, the date of its passage by II
legislature.
T. There are now 1873 co-operati'
y banks in the commonwealth, mo-
Is than twice as many as there are tru
companies in operation Resourc
re of cooperative banks are increasiI
ID so fast that 1t is generally admitted
10 be but a question of time when tn,
IS will be close rivals to trust companl
In regard to assets. Boston alone h
? 81 cooperative banks. Practical
every city and very many towns
the commonwealth have one or mo
of the banks.
The primary object of the co-opC
alive bank is to provide means to p,
sons in ordinary circumstances to Q
quire homes. The banks also can
vest their funds in bonds or notes
towns, cities, states, railroads. sire
railways and in mortgages on real {
tate Since 1880 the number of {
operative banks has increased mate
ally each year and it is generally q
ticipated that before long the numb
of cooperative banks in the oommo
wealth will pass the number of sa
ings banks.
Operating Method.
AZ first the field Of investment W
confined to real estate In Massach
sets and to personal loans to shal
holders The original law did not
strict to first mortgages, and in sor
instances banks took second mo
cages that were looked upon with d
favor by the commissioners. In rs
the law was changed to demand fin
mortgages and the field OF investme
extended to any of the securities
which savings banks can invest.
But the cooperative bank, in me
cases, confines It's investments