The new institution was not a private commercial venture created to earn a profit for its sponsors and managers. It bad no stockholders. Its earnings were to belong to its depositors. Its organization represented an attempt by Portlands public spirited business and civic leaders to find a more acceptable method of aiding low income workers. many of them newly arrived immigrants and their families. An institution for savings. organized to provide security and pay interest on the small deposits of working men and women. had been conceived some 50 years prior in Scotland by the Rev. Henry Duncan. who was anxious to substitute thrift for charity in his parish.
Keywords matched
immigrants