Advertisement. Advertise with us



Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for
Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for “social investment.” (Jim Kevlin/

S&P 500 Stocks Shifted To S&P 475


COOPERSTOWN – Rejecting the advice of the village treasurer, the Village Board this evening voted unanimously to shift its investments in S&P 500 stocks over the next year into an S&P 475 scrubbed free of fossil-fuel companies.

Trustees acted despite Treasurer Derek Bloomfield, citing guidelines for CFAs (chartered financial analysts), advising them that a fully diversified portfolio, including fossil-fuel stocks, is the most stable. “Social investment should be done with one’s own money,” he said.

Historically, Bloomfield said – and he underscored this was just his opinion – fossil fuels have done more to raise mankind out of poverty than any other development through the ages.

But Trustee Lou Allstadt, the retired Mobil executive vice president, shot back: “I totally disagree with the statement that fossil fuels have been a boon to humanity. They’ve created a great threat to humanity.”

Eventually, he predicted, fossil-fuel stocks will drop, and the village should get ahead of the curve. Looking into the stock for any market could be a risky deal, which why it is nice for anyone who is interested in investing in any type of stock to do research using something similar to Stocktrades as well as watching the market.

Trustee Ellen Tillapaugh Kuch seconded Allstadt’s motion, and the rest of the trustees and Mayor Jeff Katz voted aye. The money, about $140,000, will be shifted in quarters every three months for the next year.

The Village Board then accepted a sales tax report from Trustee Kuch showing July revenues up 27 percent over the year before, largely due to more fans buying gasoline, it was noted, to get back and forth from the record-breaking Griffey Jr.-Piazza induction.


Leave a Reply

Your email address will not be published.

Related Articles

Customers Still Without Power After Severe Storm

Otsego Electric Cooperative’s website reports 217 power outages as of 4:55 p.m., following severe thunderstorm activity earlier in the day. New York State Electric and Gas is currently showing 684 customers without power in Otsego County.…

Templeton Applies Again for Special Use Permit

The Templeton Foundation announced today that it has applied for the issuance of a Special Use Permit from the Village of Cooperstown for its multi-residential project on Averill Road in the village.…

Road Work To Begin in Village on Monday

Milling and paving in the Village of Cooperstown is scheduled to begin on Monday, September 11. The work is weather dependent and is anticipated to take two weeks.…