Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-11-20
90 OPERATIVE BUILDING SOCIETIES

As co-CpSTauye Dullolng associations are
I.pihiy spr.Igirg up here and IN other Amer
iesn cit 6s, brief review OF the history OF
such societies may be of interest to our rea =.
ders- In England nearly thirty years ago at.
tsntIon wss drawn to the fact that a large por-
tIcn CT the workingmen's earnings went to
Hquidste the demands of the landlord. To
obviafe this, the plan OF cooperative building
societies were Termed, so as - enable laboriu9
ard POOR men 10 tsceme the possessors of real
estate, and the owners of their own homes
80 successful was the undertaking there tha,
there ere NJ present in London 40 co-oper,
tive building societies, Numbering In ALI .ous
rocco members. The limitations of the E,,-
Esn associations, introduced in thus couptrv
hf'een or twenty years ago, were not success
full for various reasons, the principal one being
that they were based on too broai a scone. on
qualified, Instead of unqualified co-oper,tion
which appears 10 be the sole bi7is of succs,,
BESIDES, tn ey undertook to do too much. sna
were badly managed. Not only did thew Off,
all Of the advantages Of the societies b,ine or.
ganized now in the way of loans upon easv
installment payment, 10 enable members IN
procure Tor themselves home or to become
tne owners Oh real estate and property with
out the large caprh usually necessary, but
they proposed further To enable them u nav
accommodate, by loans and installments, nav
ments of NOR gsgss, etc: TO assist owners 10
improve and make productive, or ind a mar.
ket for their real estate to facilitate selling ana
buying Of real estate; to assist tenants in nav
ing their rente, and others having st1t~t Or
periodical Payments 10 make for interest. fueI,
provisions, and the like, by receiving depo-tts.
however small or frequent, and allowing in
terest On the SINE condit'onally, &c, &c
In consequence OF the failure of these c7rIv
attempts IN this country, building societies on
tie cooperative plan remained in allowance
here Until the early part Of the pre- -ent wear
when they were again started with better
prospects OF success. In the New York iour
nails. We ind accounts Of three of the associ.
items formed there, which will serve u iIlns.
traie some Of the various plans on which sueb
societies are seing organized. The "Uniou 10.
operative Building Society at present consists
OF $50 members, The maximum number ali o-
whom have paid their seventeenth weekly con-
tr1builon. The entrance fee Is fIty cents, and
the subscription fee fifty cents wee KY on every
share OF sl,tt0. No member can hold les, rnan
two shares, nor will he be allowed to take mora
than ten " ben he amount OF subscIip.io,s
reaches $1,000, and that sum IS ID the b,,x >,
tie credit OF the ass ocia1lon, an appronrt,.
tiOn for The purchase Of property is made. Al
ready four appropriations amounting To 81 .p9o
have beef granted. In some instances a are
mimi q $50 has been given on a - 600 SHARE
As seen as The purchase is made a depcsit of
- is paid ON every thousand dollars bougbt.nd
the pay me II of the same with the premium er-
tends over q space Of ten years. The PURCHASING
member submits - the Board OF Trustees the
property he wishes TO buy, which must IA
within ten miles OF the city, and Of the yalue
Of the appropriation he has Just bought.
Committee Of Ealuators is then appointed 70
visit the properly and report upon It. Should
the house or land be deemed of So ffcIent xaIua
by the Board, the money is az once paid bv the
Society, and in order 10 secure the Associa-
ton, mortgage taken on the properly. The
amount owed by the borrowing MEMBERS then
repaid by him 10 the Society az the rate often
Per cent. per annun, and he continues To pav
his weekly subscription until each member is
provided with a house, which occuries a
period Of thirteen years. In case of the sick.
ness Of member, the Board of Management,
has special powers to suspend the obligatory
payment of subscriptions until such time ss
the member has entirely recovered his health
The second Union Cooperative Building
Society Is conducted on the same principles as
the above, save that one share can be bought.
and the limit is four shares, with the weekly
subscription OF so cents on each share One
halt OF the appropriations are scId, and the
other half are disposed OF by ballot The
member who obtains his appropriation by q
vote OF the members pays no premium.
Minors and women en- belong TO this society
The principle on which the METROPOLITAN
Land and EuildIng Association is based differs
materially from the two former ones. The
money Of the members constitutes only one
fourth Of the whole share; the remaining three
fourths Is borrowed from outside capitalists 81
the legal rate OF inters5t, Il per cent } and the
whole Indebtedness Of the member is cleared
OF In ten years The first mortgage on the
property Is held by the capitalists; the second
by tie society. 1t expected that the facility
afforded the borrower BY the advance of capt.
tai AT small interest will naole all the msrn-
bers 10 obtain houses within two years al the
utmost.
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