The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-11

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The Fulton BuisaaaIg socasty.
"A prblic meeting OF. this association Wa heiAeD
THssday evening. at Chathan Hall.
b. Potter, the attorney TO che society, said tkst,
il not then the intention - entcr into an
nation Of the objects Of tho sseioty, but he woula
sinply state that il was q collection Of individuals
who sgreed to pay small SUNSET money. until ttsy
should.amount to 500. TheEpaid aa entrance 80
of half dollar, and monthly payment Oft 90
and. divided among the membsrs Of tho associat,a
tho sym Of 5000 Should nok the association have
occasion to lend the money to sny Of its memhers it
authorized to lend it on god security. The in.
sttuou would cont nue. until the payments and TIA
interest amounted to $780, anoSt had eight hundrsd.
members. Each member was entitled, BY contraots
to receive, at the termination Of tho association.
5000 Now, instead Of taking that sum then, q.
member could tako q sum ut any time before; that.
was called tho redemption Of ssharc; and what tho
member would receive would depend upon what it
would fetch by an auction, and upon receiving
the amount he agreed to discharge tho assooia-
ton and pay over the 500. He was, liabls
to pay his two and half dollars till tho end Of the,
association, and must give security BY way Of mort
gage to tho society to conduct himself as . membop
Of tho association and to pay tho charges in relation
to such membership. At the termination Of the as
back the mortgage cancelled That was tho sub,
stance of tho whole arrangement. These societies
had aince been made saving institutions, BY persons
paying over money. and bong allowed seven per
after entrance and receive back tho moneys paid to,
gcther with interest but not any portion Of the pro-
fits, nor any fines paid for misconduct Members
could transfer their shares, at all times, upon pay
ment of 81 per share. To the security Of the funds
in the event of the secretary at any time decamping
ho said they would be lent out mortgage and bond
and, therefore, he had only tho documents in hia
possession, which, if purloined. tho only inronve-
nicnoe and expense which would result would be this
procuring attested copies. Due and cautious prove
sion was made as to tho valuation of property, and
the affairs and officers of the society under tho
control of its members, who met monthly.
Some new members wero then admitted, and tho
meeting adjourned.
The New Industrial Savings Movement.
THE IRVING BUILDING AND MUTUAL LOAN AsSO-
CITATION.
Pursuant to advertisement, meeting Of this ascot
alton was held on Monday evening at Chatham Hall,
Chatham square. The assemblago consisted, for
the most part, Of respectable class Of intelligent
mechanics and st0rekeepers-the great majority of
them being young men. There were two or threo
females present. This asshciaton is chiefly got up
by Odd Fellows.
MIR. ELIAS CoOMBES was appointed Secretary pro
tenn, when the minutes of the last meeting were
read, from which it appeared that ut the last meet
premium of $43l, S4S5, and $426, respectively.
Mr.. COOMBs then proceeded to address the mcet-
ing. He said no was not in tho habit of addressing
public meetings, and did not belong to the speech
making family, as Mr.. Harper used to say but, as
they were disappointed in speakers, he would en-
deavor to show by fgures-which could not lie-thc
operations Of this assocaton and other associations
Of the same character. He had made the calcula-
ton he was about to lay before them for his own
use. 1t for ten years, which was three or four
years longer than he believed it would take to wind
up the affairs of this association. Five shares, value
$500 each, amounts to 81, LOGO. Allow premium of
$500 each, which will give 500-say the property
is worth and will yield a yearly rent of $250-the
total amount for ten years will be $2 500. The
actual amount of cash paid to the association in ten
years, including interest and Dues is 81 ,1OO cash
paid for insurance, ten years, $l67 50-total 4387
80. The total amount paid more than receipts is
81 1887 so. He had made a calculation for twelve
years, and one thousand shares Mt 50 per month por
share-being $3.50 0OO-would amount in that time,
with compound interest, to 1928 ,5a 35-thus Civ
ing 81 ,625 on each share which was paid 1892.
This calculation is without any profit from loans
the shares, or fines, &c. Now, if associations of
this character make loans on the shares, profits will
be produced which will wind up the redemption of
the shares in a much shorter time-say in eight
years. He was business man, and not able to
talk to them except he would in his store but he
would answer them any question, or give any ex-
PLANTATION.
The President Of the association, Mr.. NORRIS
FRANKLIN, then said savings banks were very good
in their way for the laboring classes but building
associations far better. The first question
whether they were satisfied with the officers; and
the next was, whether they were satisfied with the
correctness of tho calculations. If they salts
fed with both, then they must to the
COuclCSloH tHcTc mover was suCu an
in this or any other country in the world There
were thousands of such societies in England, and
whole blocks and villages wore built up by them.
This society only in operation for three weeks,
and it had 448 subscribers--a degree Of success
which was probably unexamped.
Shares were then taken by several persons pre-
sent which brought the numberupto 47S; after which
the association adjourned, tOmeet in Masonic Hall,
in Grand street, Friday evening next, the rogu-
lar monthly night Of meeting, when, as was stated,
gentleman would address the meeting, who would
give lucid account of the nature and operation Of
building associations.
General Committee of the Democratic Wing
Young Men.
TO THE EDITOR OF THE HERALD.
NEW YORK, March 8, 1852.
SIR-Some one has furnished you with n report of
the last meeting of the Young Mems Wing General
Committee, which desire corrected in one particu-
lar Your reporter notes that my particular friend,
w. +. jackson, moved series of resolutions for my
expulsion, which is correct far as it goes; but the
report does not state Alderman Jackson's reasons.
The Alderman moved these resolutions because he
had been informed that had been guilty of report
ing the proceedings of the committee and they
were ruled out by my friends, who wore opposed to