New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-15
COOPERATIVE BUILDING SOCIETIES

THE MOVEMENT IN THIS CITY, AS COMPARED
WITH FORMER EFFORTS - COOPERATIVE
BOARDING HOUSES - PRINTING-oFFICEs,
STORES, ETC.
Nearly thirty years ago the attention OF
number Of genteuen residing in England, was drawn 10
tho fact that large portion OF workingmens earnings
went to quidate the demands Of the landlord To OBJ
yate this the plan of building societies we're
formed enable abOrng aud poor men to become
the possessors OF real estate and the Of their
homes. Almost inperceptbly the workngman, slowly
but surely found himself becoming tho owner Of property
with an outlay scarcely noticeable. To idea OF
the success Of tho undertaking. need only be mentioned
that there are at present in London lio coop
eratiye building societies. numbering in all
some 100 GOO mombers The Of the project In
London caused number Of mutations 20 spring mp IN
tho different cities Of the United states with but small
good fortune few or none Of the societies ever arriving
AT maturity. They were based on too broad scope; on
aunlhef instead OF unqualified cooperation which APP
pears 10 he the sole basis VI succes mo adyantages
offered Co the members we're too large ana enOraced 700
HiaG Ws tny ploooed toperf5rm was as follows
First 10 afford more complete anu Cohlenlent accom-.
mediation IN THEN oans payments s SgPV er Sn,
business, 70 oil persons 10y loans Oh sns OF ~ 10
amounts at short or long periods aud upon easy Install
Second To enable members to procure for themselves
home 20 become the owners OF real estate ana prop
erty without the large capital usually necessary
Third To enable them 10 pay or any inoumDEanees on
their property -, ,..-u.-...
payments Of mortgages etc.
Fun. To assist owners 20 improve and make product
i've or hnd market for their real estate.
sab To facilitate selling and buying OF real estate.
Sere1h To assist tenants in paying their rents, and
Interest fuel PROVISIONS and the like, by receiving de-
posts however small frequent and allowing Interest
0n E,gSM TO afford good investments by nstallments or
otherwise to trustees guardians ana Others ana " pa
rents who wish TO endOw their children.
Kih: To encourage savings ana tne hapits OF eoono-
my and thrift by giving definite object TO INDUCE con
hah uuiil ID
Ths wa. about IS or 20 years ago Building socie-
ties on the cooperative plan then remained In allegiance
In this country until the commencement OF the present
year. when Mr. Albert j. Alingham OF Montreal former
" secretary OF two unsuccessful societies there visited
this city, endeayOred TO organize one bero under me
name OF the Union Cooperative Building society when
was also comparatively speaking, failure. But on asso
ciatng the OF Sr John W. Farmer with IL as Treas
life was infused into the society t now consists
OF 500 members the maximum number all OF whom have
paid their sixteenth weekly contribution Ihe entrance
fee to the Society is nifty cents and the subscription zee
fifty cents weekly every share Of 81 00c 10 member
can hold less than two shares nor viii he be allowed 10
take than ten. When the amount OF SUBSCRIPTIONS
reaches $1,000, and that sum Is IN the bank TO
the credit OF the Association, an appropriation Tor
tho purchase OF property - bsnn syaped
The manner Of conducting the appropriations is IN ts
WISE The members are notified To attena ggn Saa,
bidder the President Secretary acting as actoneer
In some instances premium 81 5000 mas Deen gwen On
deposit of 81 is paid oh every thousand dollars pough
and the payment OF the same Win inc preinu h
submits the Board OF Trustees Tie properly ne wishes
10 buy which must be within ten miles Of the city ana
Of the value OF the appropriation he has Just bought
Committee of yaluntors is then appointed whose Dns
Is % visit the property and report upon ~ ~
Should tho house or land be deemed OF SUN
ciont value by tho Board OF valaat9rs tho
money at once paid by the Society and In order to Sc
cure the interest Of tho Association mortgage taken on
the property The amount owed by tho DorroWlig Ieu
Der Ia then repaid by him TO the Society nj me rate or 10
per per annum and he continues 10 pay MS weekly
subscription until each member Is provided Win
house which occupies period Of - years In case or
tho sickness OF member tho Board OF Management mas
scripions until such Time the member mas entirely re-
covered his health The following Is st OF Tue officers;
President John son Wee President Ambrose Dofan Treasury
John W. Fsreri Secretary Albert John Aluham tsee tsmue
bernstein Thomas Rogers, Laurence H. 0"h ois fesfsk
Weber H. Robinson, smh thompson james NJ
hsd b. g. torl " : t''a lft isnaf 1se