278 History of Hingham. 



their benefit to the community where located by encouraging 

 saving, home-building, and home-owning, — determined to organize 

 one here and call it the Hingham Co-operative Bank. 



The interest of some older men, who are always ready to en- 

 courage any project for the good of the town and its people, was 

 secured, and on Wednesday evening, April 17, 1889, a public 

 meeting was held at Grand Army Memorial Hall, when Hon. 

 Starkes Whiton delivered an address on "The advantage of a co- 

 operative bank to a community and their business methods." 

 Mr. Whiton, whose duties as one of the commissioners of Savings 

 Banks for the Commonwealth had made him familiar with the 

 co-operative bank system, also delivered the address at a public 

 meeting, preliminary to organization, at Loring Hall, Saturdav 

 evening, April 20, 1889. 



On Tuesday evening, May 28, 1889, a meeting for organization 

 was held at Grand Army Memorial Hall. By-laws were adopted 

 and the following officers elected : — 



President — Ebed L. Ripley. 

 Vice President — Arthur L. Jacob. 

 Secretary — Walter B. Foster. 

 Treasurer — "William 13. Fearing. 



Directors. 



E. Waters Burr, Wm. Fearing, 2d, 



Edmund Hersey, Thomas Howe, 



Edward W. Bartlett, Francis M. Ripley, 



George Price, Edward G. Tinsley, 



Edgar M. Lane, Harry N. Andrews, 



Charles W. Burr, Waite W. Simmons, 



C. Sumner Henderson, Eugene F. Skinner, 

 Arthur M. Bibby. " 



Auditors — William L. Foster, David Breen, Jr., Edward B. Pratt. 



June 1, 1889, The Hingham Co-operative Bank was granted a 

 charter by the Commonwealth, and on the evening of the fifth 

 was opened for business in Loring Hall. 



Lieut. Governor Brackett, who was to have made the opening 

 address, being unable to be present, the address was delivered by 

 Horace G. Wadlin, Chief of the Massachusetts Bureau of Labor 

 Statistics. D. Eldredge, the Secretary and Treasurer of the 

 Pioneer Co-operative Bank of Boston, — the first co-operative bank 

 organized under the laws of Massachusetts, — also of the Home- 

 stead and Guardian Co-operative Banks of Boston, followed Mr. 

 Wadlin, and explained the system. Four hundred and seven 

 shares were sold at this meeting, and 8400 was sold to a bor- 

 rower at five cents premium. Joseph O. Burdett was appointed 

 the bank's attorney at this meeting. 



On the 31st of December, 1892, there had been 2,790 shares 

 issued in eight series, of which 2,517 shares are now in force. 

 The real estate loans amount to $55,050.00 ; the share loans 



