The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-02-17
The building Associations OF New York
New Ind ustrial Enterprises.

and Acc umulating Fund associations" are incrcas
ing and multiplying to most extraordinary extent
in cur e:ty-a circumstance which is beginning to
attract good deal of public notice The establish
ment, however, of these associations is by no means
. new feature in the attempted improvement Of tho
condition Of tho middle classes in general. The
movement, it will be recollected, first originated
in England, about eighteen or twenty years ago,
where it has met with the most unprecedented sue
CESS II is well known that several streets in the
city Of London have beep built alone by the money
advanced from the funds of these associations; and
in fact, suoh has been the extent of patronage be-
slowed by the public on this novel species of enter
prise, since Its first commencement, that the mum.
Der of these associations existing at present through
out Great Britain, is computed ut about two thou
sand five hundred is therefore, evident that this
movement in our city forms no new phase in the
progress Of Improvement, but 10 only to DO reg Arded
as an importation from the old country, which has
received of late new and extraordinary impetus,
arising from increased appreciation by the pub
lie, Of tho great advantages to be derived from
being member Of such an association.
The first association of this kind was established
in this oiiy only four years ago, In the spring OF
lSAS, under the title Of the "Americsn Benehs
Building Association" From this time the estab-
hshMent OF these building associations has been
carried on to an extent proportonate to the degree
of public patronage until within the last seven or
eight months, when tho project has been gaining
ground with such uncommon rapidity that new
associations appear to be of daily occurrence. We
have ct present in city not less than thirty four
or thirty five such associations, the greater number
OF which have been established within the last year
Tn, folio wing is q list OF the same, compiled from
the advertising columns of the various papers,
]. The Ameri,an Building Association
2 Second American
8. Third
Fourth
s East Riv.r Building and Mutual Loan Association.
6 kDickerhocker Building Association.
Z. Empre BoiIoing and Mutual Loan Association.
3. Excelsior, Number Two.
8. Union Building Association
1e. Meohsnics' Building Association.
H. second Mechanics Building, Mutaa Loan, and
Savings Institution
IL Franklin Building Association,
Is Greenwi ii Boi!dug Association.
IA Second Greenwich Building Association.
l6. Chelsea Building and NJ utuai Loan Association
10 Warrington Buiiding Association
II. Excelsior Building and Mutual Loan Association.
Is Mount Vernon Building Association.
10 Industrial Home Association
20 Workingman's Building Association.
II New ork Building Association.
22 Second New York Lad ana Building Association
rs industrial Hcme Association
"a Metropolitan building Association.
rs. The Peoples Building Aaociation
70. United States Buiding Association and Equitable
Investment and .ving Fund.
81 Manhattan Building Association.
Is Sec md n 81 haitian Builting Association
20 Western Farm and Vilsge Association.
| SO. Irving BUILDING and Mutual Loan Association
This is list OF the building associations Ia our
city, as far as wo could collect them from the VA
riozs papers; but we understand there are four or
five more, making in all about thirty FIVE such as
fociati0ns. Notwithstanding this extraordinary
number Of building associations, We are informed,
from o reliable source, that they all in pros.
porous condition, and seem readily to command
public patronage, some, Of course, IN greater an
others in less degree. The fact of their success
may BIO readily conceived from the circumstance
that, in consequence of repeated and urgent de.
msnds on the part of the public, some Of these as.
ssciations have been compelled to commence Sc
cond, third, and somati mes oven fourth edition,
as it were OF the same institution, as will be seen In
the case Of the American Building Associations. In
looking the list Of ccers employed by these
| rious associations for the management and trans
action Of their respective business and affairs, We
ind that these men are generally selected from .
very respectable class of our ctizeas-men ofstand
| ing IN the business community-mon OF consider.
able property, and men whose public character, as
REGARDS honesty and integrity, justly entities them
/ to confidence.
In conclusion, we will give brief sketch Of the
organization and practical working Of these a7so.
i Citations. building association is an association
of individuals who, out of fund contributed by
! each member, may from time TO time receive q
| FUN ofmoney TO enable them TO purchase their Tn
residences, or other freehold or icasehod property
with little or no outlay of their On capital. The
number OF officers Is limited TO president, vice presi
dent, secretary, board Of directors-generally
sisng of six nbers, three trustees and two stsor-
neys. Every member Of such an sso,iation pays IA
the conclusion Of the first regular meeting, after
which time this entrance fee keeps constantly 10.
creasng pdri pdssM with the increasing value OF
the shares, 70 that after two or three years a ne
member may have to pay two or three hundred
dollars entrance fee, instead of Fifty CENTS as was
the case Mt the commencement of the association.
Besides the entrance fee, every member pays a
monthly due CT two dollars aud half per sh are.
At every regular meeting, held once q month, the
moneys received from the collection of the entrance
fees and monthly dues, are set up ns auction for
redemption ofthe shares, and the member who offers
to take the lowest sum in advance on his shares,
will receive the advances He afterwards pays his
monthly dues, and redemption fee Of one dol.
lar per share. The shares on which advances
are thus MADE are called redeemed shares, the
repayment of which is secured by bond or mort.
gage. AS soon as all tho shares are redeems d
the association oea cs and the mortgages DEEM
ed satisfied. II the owners of shares do not wish
them redeemed, they let them remain until the
funds accun ua.ed amount to 5000 (this sum being
paid to such shareholders, and the association
ceates. As illustration of the advantages offered
to those who receive tho advances, wo may observe
that shareholder can purchase house or lot, the
location of which is optional and the association
advances the money, which he repays by monthly
instalments. These associations therefore, COM
bine the principles of q sinking fund and a saving
fund. Those who have their shares redeemed re.
ceive an advance for the purchase of property,
which they will gradually pay OH or sink by monthly
lnetalmcnts, in many cases no. exceeding the
amount Of rent they would otherwise have to pay.
Those who do not receive advances are enabled, by
the Investment of small monthly sums, to save
littlo from year to year, until in the end they re-
ceve back, for each share, the amount of $500
Whenever there is sufficient money on hand TO pay
to the holder, for each unredeemed share the Of
slx huIared dollars the association ceases TO exit
Intenigence-Thc Fine Arts.
"The Tableaux," in aid Of the " Ksisush fund.-"
have been abandoned by the accomplished artiates