Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-09-13
COOPERATIVE BUILDING ASSOCIATIONS.

COOPERATIVE BUILDING ASSOCIATIONS.
We have here tofore treated at some length
upon the different forms OF building assoCi-
atoms organized in this country and IN Eng
land Attention has lately been directed to
the Plan OF Cooperative BUILDING Associ-
atoms recently started in New York city on
the plan adopted in England, where between
one and two hundred OF these associations are
III operation. As considerable interest has
been cleateG;in this city, in the matter, by the
fact that several societies on this system are
IN progress of formation here, we give the
outlines of the plan as in use by the Ludlow
street, New York, sCo-eperarive Land and
Building Society,"" which plan, it seems prob
able, will he adopted in It's nam provisions by
the new socitIeS here.
All persons, on becoming members. paw an
entrance fee OF fifty cents, and the suoscrip
ton is fifty cents per week on every one thou
sand dollar share held by any member. If the
subscription price Is not paid when DUE the
fine of i've cents per week is added on every
one thousand dollar share for every week that
l. remains unpaid, except sufficient cause be
given. The arrears cannot be received with
out the fines, unless the member pays az many
weeks in advauce as he may be in arrears,
which shall clear him frsm fiues; neither can
g member participate in the sales for appro-
tons until all arrears and fines be paid. A
member falling to pay subscriptions and
fines ore year forfeits all his interest n per-
son TO hold less than two shares and after the
first two. members will be allowed 10 take as
many additional shares as they think proper
up to five. Shares to consist Of one thousand
dollars each. Il member is allowed 10 trans
fer his shares, and has the privilege of nomi-
mating any person to supply his place, the
OF all olheIs in filling up the vacancy. With
draws, with amount of subscriptions (less
expense repaid. are allowed OF three mouths
Icllee, alter the first year of the existence OF
the society. " hen the money on hand amounts
II $1,000 sr appropriation takes place; lift falls
10 member holding two shares he receives
5000 II he holds three shares, 5000, and one
thousand dollars extra for every other share
that he may hold, TO De paid as soon as the
money III bark amounts 70 the sum taken up
and Obtained by him. The sum that shall be
submitted at auction being fixed at So 90,
any membe bodIpg larger sum than To q. is
allowed 20 bid for the 81. 600, and if sold 10 him
has the sum be holds at the same ratio. The
arprorr, aiC n is sold to the highest bidder, the
payment Tor the same, with the premium
given. being extended over q period Of tan
years.
4 N eIa Der having Obtained an appropria-
ton. may choose real estate within q radius
OF ten miles OF the city of New York, no fur
tier restriction being required than that It
shall be in the opinion OF valuators (such
opinion to be certified on OATH a sun cient Sc.
curity - the society for the repayment of the
sum advanced, which advance must be repaid
st the ate OF ten per cent. premium. Wnen
the whole advance shall have been re paid,
he continu es TO pay his weekly subscripion
. ~ o 30
scripton due the society. The property is
IurcEas in the members name, and in the
ceed OF sale the society is secured to the
amount OF the purchase, and at the same time
bon and mortgage is executed, for securing
the repayment TO the society by the members,
The payments being endorsed annually On the
mortgage deed.
menber having received his appropria-
ton Is excluded from all future appropria.
items. In case OF a mel, Der dying, his interest
IL the association goes 10 his executors tits
held to be best in these societies TO limit the
number OF members to $50, and not to advance
less than $4,000 or more than $4,000 at one
time. Supposing, then, there are $50 members
IL society. paying one dollar weekly, Though
that is considerably below the average paid liz
weekly per memb er,) the income would then
be over -, 900 monthly, augmented largely by
sales OF appropriations, (none selling for less
than $50 clear profit TO the society," fines, &C.
Fer the first few months there would perhaps
be one appropriation per month, but after afew
appropriations have been made they become
more frequent in consequence Of the parties
holding them having to repay them al the rate
q ten per cent. annually. Thus, when thirty
S2,GC appropriations have been allotted TO
various members, there would be an arnuaI
repay i9ent OF 5000, which will 20 towards
the making up OF fresh appropriations: and so
On each succeeding year they take place more
Rapidly until all the members are supplied
with property.
The above plan will probably form the basis
OF the Cooperative Societies now being started
N THIS city, but will be altered to suit the con.
oi'ion OF thirgs here. Thus, the payments
Will doubtless be changed from weekly to
monthly, IN view OF the fact that so large a
proportion Of the population OF Washington
receive their pay monthly instead OF weekly
~ General JEFF. Thompson, who fought
VII Fn.r.Nr ~