Rural Credit 275 



"Our plans for the establishment of cooperative credit 

 associations or banks, which we had under consideration 

 for the past two years, and of which mention was made in 

 our last annual report, have this year materialized, and 

 we now have three such associations in operation: the 

 Jewish Farmers' Cooperative Credit Union of Rensselaer 

 County, New York; the Jewish Farmers' Cooperative 

 Credit Union of Fairfield County, Connecticut; and the 

 Jewish Farmers' Cooperative Credit Union of Ellington, 

 Connecticut." 



The objects of these Credit Unions are fully set 

 forth in their 'Articles of Association,' which are here 

 quoted : 



"WHEREAS, a system of personal credit, whereby short-term 

 loans for productive purposes can be obtained for moderate 

 amounts and on easy terms, is of prime importance to those en- 

 gaged in agriculture ; and 



"WHEREAS, our faith in the benefits of cooperation and mutual 

 self-help leads us to believe that a loan association managed co- 

 operatively will best satisfy the needs and conserve the interests 

 of the Jewish farmers in the vicinity ; be it 



"RESOLVED, that we, the Jewish farmers of , hereby 



associate ourselves into a voluntary or unincorporated associa- 

 tion to carry out the objects above set forth." 



"Each of these Credit Unions raised $500 through the 

 sale of shares to members, and our Society loaned them 

 $1000 two dollars for every dollar raised among them- 

 selves bearing interest at the rate of two per cent per 

 annum. The three Credit Unions commenced operations 

 May 1. The results of their operations for the fiscal 

 year ending September 30 a period of five months 

 are given below : 



