Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-09-26
LOCAL NEWS.

mac Hall, South Washington. The attendance
was very large, and much interest was mani
tested in the proceedings. At O'CLOCK the
Church, when the secretary lMr. g. B. Thomp-
SOM read the proceedings OF the last meeting.
The Secretary then announced that over one
hun dred persons favorable to the ORGANIZATION
OF the association had signed the call for the
same.
The first business in order being the report
of the committee appointed to draft a coDstitu-
ton and by laws, the secretary, Mr. Thomp-
son, as chairman of said committee. then pro.
ceeded to read the aaid constitution and by
laws rs q " hole; after which that documen at
was considered by sections and acted on seria-
TIM. o..
The first article of the constitution provides
that the oreanizstlon shall be known As the
First Cooperative Building Association OF
the District of Columbia." Its object IL, by CO.
operation, to enable its members TO become
their own landlords by furnishing funds for
eacn member to purchase real estate, and TO
MAKE improvements thereon. The annual
meetings of the association shall be held On the
third Monday night in September, when the
election of officers shall take place. fhe
monthly meetings shall be held on the first
holder present shall be entitled to vote on all
subjects Transfers OF stock, to enable q stock
hc1der to vote must be made at least ten days
before an election. Females ehall be allo wed
10 vote by proxy. and minors shall be repre-
sented by their natural guardians. The
Treasurer shall give bond in the sum Of
$4,000. or such greater sum as the board may
from time to time direct, for the faithful per.
tormance OF his duties.
The members OF the association shall be resi-
dents OF the United States. Of the age OF twen-
ty one years and upwards. Here objection
was made by Mr.. BartIe, WI no wished to know
whether negroes were included as residents.
The reply was not very explicit though Mr..
Barues objection was not pressed Minors
may hold stock, but shall not be entitled to an
advance thereon during such inority. The
capital stock Of the association is not to exceed
two thousand shares, Of 8 ; 90 esch, subscr
ton books for which shall remain open for
three months, unless the shares are sooner sub.
scribed for. An initiation fee of g, is required,
a. no member shall be allowed TO subscribe
for more than ten shares On every one thou
sand dollar share the sum of 50 so shall be
paid every meeting night For neglect Of pay.
ment of dues fine of twenty cents per share
will be imposed, and 10 member shall Rartici-
and fines are paid. Any member failing to
pay his monthly dues and fines for one year
shall forfeit all his interest in the association.
With reference to advances and withdraw.
ale, article Al prescribes that, whenever the
funds Of the assc cia'ion shall warrant it, one
or more shares shall be disposed of by the
Secretary to the highest bidder at the regular
monthly meetings of the stockholders, which
advance or advances shall be repaid by the
purchaser at the rate OF one tenth per annum,
pay monthly. The premium paid on such
holder may desire. If added, one tenth per
annum OF which Is 10 he paid, in addition to
the one. tenth per apnum of amount advanced
On his shares. to be PAID monthly.
ANY mem ber wishing to withdraw from the
Association, shall, after giving one months
notice in writing to the Secretary, receive
ba OK The whole amount OF his subscriptions
" hich he shall have paid into The Association,
with the exception OF fines, provided there
shall have been sufficient money paid on ac-
count OF return of advances, from which funds
alone Withdrawals shall be paid, the subscrip.
tions being reserved entirely for making new
withdrawing shall be entitled to receive
six per cent. interest per annum on the amount
paid in by him rs dues to the Association.
Each and every stockbolder having taken
n al vance from this Association shall con.
tn lie 10 pay his monthly subscriptions regu-
Iarly ourjng the whole time he is paving the
return Of his advance or advances: and after
having returned said ad vance or advances, he
shall continue TO pay, as agreed at the time OF
executing said bond or mortgage for any share
or shares In respect Of which said advance or
advances have been obtained, provided such
time shall not exceed fourteen yeers.
Any me- nber failing to make the payments
month after It shall have became due, shall
pay fiRe Of five per cent. per month on tn 9
amount due for every month that it shall re-
main unpaid.
1t shall always be in the power of the Board
OF Directors to extend the time of any member
for the payment OF subscriptions and advan-
ces, who shall be declared incapacitated by
sicsness, the same to be certified to by a regu-
Er physician, tsucn privilege not to exceed
Each and every stakeholder, for each and
in the association, shall be entitled TO purchase
an advance Of stock of one Thousand dollars
from the funds OF the as sociatlon, and no more:
Provided, howerer, That NO stockhoIder shall
receive an advance to the amount Of more than
two thousand dollars at any one meeting of
stockt folders, il any other stockhoider (not
having received an sdvancel desires it,
ANY stockholder having made a purchase
OPlnE n
rity at the time, the Board of Directors shall
have power to pay six per cert. interest per
annum on the amount held by the Treasurer
In such case Any stakeholder ha wing taken
an advance on his stock shall be entitled to a
credit for the value Of his stock at the time of
purchase, said amount to be held as collateral
Subscriptions paid up to the time specified. In
DO case shall there be more than one advance
on the shares of stock. ..as sH.s
No transfer OF stock shall be made at any
time without the consent of the Board OF d.
rectors to others than stockholders, and for
each transfer the sum Of fifty cents shall be
paid.
The Directors may elect bylaws for their
own government. not repugnant to this con.
stitutiOn.
The salary OF the secretary and treasurer
other expenses incurred for books, printing,
&C., must be sanctioned by the Board OF Direc-
tors.
When each member Of the association shall
share Of stock held by him or her. then, the
object OF the association having been accom-
pIisbed, 1t shall determine and close
The constitution rs amended having been
adopted, on motion, It was agreed 10 60 into
an election OF permanent officers.
Mr. r. Walker was elected president, and
Mr.. W. J. Stevenson vice president.
For the of1ice OF Treasurer, Messrs. c. B.
Chnroh, James Fraser, H. A. CLARK, G. B.
Ellis, John Stevenson, and Dr. Allen were put
in nomination. All decined but Messrs.
Church and Fraser, for whom the meeting
proceeded to ballot with the following result
Church, 81; Fraser. II.
The next Office in order was that Of Secre-
tary. Osptain BENJAMIN Austin. DR.. Allen,
end Messrs. G. r. Thompson and John E.
Stevenson were put IN nomination. All de.
clined running except Dr. Allen and Mr..
Thompson. the latter OF whom was elected by
q vote OF ~ TO 80. The TWO FIRST ballots were
ties. .as-Fs-- .-re...Fr. 80
TO complete the list OF officers the folio wing
gentlemen were nominated as a board OF al.
rectors, to consist Of nine members Capt
Benjamin Auatin. Major Flood, Capt. A. S.
Dent, and Messrs. J. H. Heron. R. F. Bartle,
II. A Clark ". ]. MurtaGh, Edward Ham.
Iasr.iey, John A. Stevenson. James Frazer.
wick. John StYaining, !! y: TAompson, W. A.
Thompson John A. Butter. J. q. Uofram,
John L. walker and Edward Walker
Pending the naminatiops. On motion OF Col.
Alien. the fur1her consideration OF the subject
was postponed till Monday night next, and
then, on mouon, the association adjourned i
MArrrAcroRY OF DRAINAGE P1pxs-
Mfssrs. r. eem & Giles have, for the past eix
months, been carrying on, at the fost Of q
street and o6th, O manufactory for Knirht,s
Patent HYDRAULIC Cement Drain, Sewer and