Boston, March 25 - That the Martha’s Vineyard Co-operative bank, which heretofore has been a popular proposition on the Island, will soon become a certainty, and that the bank will be ready for business on the second Wednesday of April in the rooms of the Martha’s Vineyard National Bank at Tisbury, was the information given out this forenoon at the conclusion of the hearing which was held before the board of bank incorporators at Boston.
Those who appeared in favor of the petition for incorporation were William W. Boardman, Judge E. G. Eldridge, H. L. Peakes, William A. Robinson and Captain Gilbert L. Smith.
The officers of the new bank will be as follows:
President - Gilbert L. Smith.
Vice President - Henry L. Peakes.
Secretary-Treasurer - William W. Boardman.
Directors - John E. White, Orland S. Mayhew, Albert O. Fischer, William G. Manter, William Barry Owen, John E. Howland, Walter H. Renear, U. E. Mayhew, Edmund G. Eldridge, William A. Robinson, Beriah T. Hillman, L. Ernest Briggs.
Mr. Boardman, in speaking in behalf of the petition, stated that there was at the present time no savings bank on the island of Martha’s Vineyard, and no bank of the nature of the proposed one. There were two national banks there, but the residents, he said, had experienced difficulty in many instances in procuring loans on real estate, and the nearest place to do business was New Bedford. Some loans, he said, had been taken by the banks at the city, but it was inconvenient and unnecessarily expensive. Mr. Boardman laid emphasis on the thrift of the people of the Vineyard and the necessity of some bank of this nature where they could put their savings. At Tisbury, Mr. Boardman said, there were but two people so poor that they were dependent upon the town for support.
Judge Eldridge spoke of the great demand for a co-operative bank on the island, and stated that in his recollection he knew of no foreclosure of a real estate mortgage there. He argued that the proposed bank had met with popular approval in as much as 500 shared had already been subscribed for, and there was opportunity to sell 100 more as soon as the bank should be incorporated.
There was no opposition whatsoever.