The national Republican., 1867-09-14

r, A New COOPERATIVE BulLDIsg AssocIA
,1ios.-A large meetipg of rItiIsns residiux On
tho Ialand was held last evening al Potomss
Hall, corner Of Eleventh street and Maryland
avenue, for the purpose Of fornins aco.opsrativ,
building association. .s.,
dent Of the meeting, and O. H. Thompson, sec
rptary.
After the meeting was organised, a general
debate arose as TO the fsr sibility Of th- sssoos
tion succssding With th, previslons In Il disrsn,
fromjth Glrsady estAbiishsd.
|o Mr., Church expiainsd that each share con.
slated Of 81, 900, and that person, on taking
out this 81 900, should pay Ten per cent. on thai
amount Of capital until IL hsd been refunded 10
the association, together With his monthly dues,
which would be interest on that amount. II /
up of the s;soeistiop, he woSid then receive 4
dividend. r.
Mr.. J. q. Thompson explained the working
old associations and said Il wAs 10 the interest
this association 10 enlist the fnAncialist and cap
itslist 10 invest their money In something pay
ing more than legal interest.
Mr.. Church said this association was to pro.
tsct the borrower, more 90 than the old ones In
an old association, II q man received 81, 900 be
tion Of this kind he had double the time to pay
the money back, which was the great advantage.
DR.. Allen thought that this advantage was not
o whit better than the old ones In the old a..
ISOLATION man had bis houselat the end Of eight
years. In this one he would not have Il before
the end Of ffourtssn year,.
Mr.. Church said that as they were all seeking
light upon the subject, hs should like DR.. Allen
to answer him few questions, and wished to
know II any provision was mads for sick mem
bers. .-
DR.. Aiien stated that In the Franklin and
other associations with which lhs had been con.
nscted no member lost bis property through
sickness. He also explained matters connected
with associations long since established.
Mr.. Church said that there we're Q great many
would pay house rent for twenty years, and yet
never own their property. This association
was for the purpose Of providing homo for
every man who took shares in IL. ~.
Mr.. John L. Thompson stated that In Eng.
land many Of the svocis,ions were permanent,
and II was optionsl with any man to withdraw
when he liked.
Other remarks wore made, mpre Of conserv.
ative character than otherwise, large number
Of those present coming forward and signing
their names
DR.. Allen stated that when organised, they
should apply TO Congress for q charter, as II was
90 done In England, and would afford them more
protection.
ABOUT ono hunureu anu MY names Were
signed to the roll. and committee was then
appointed to draft q constitution and bylaws to
DO submitted at the next meeting.
On motion Of Dr. Allen, sever was the number
selected as tho committee.
]. Il. Thompson, DR.. Allen, Benjamin Austin,
]. II. Heron, @. R. Thompson, James Frazier
and Crosby S. Noyes were announced '' the
committee.
On motion Of @. r. Thompson, the president
Of the meeting was added to thu committee.
On motion Of DR.. Allen, II was resolved that
the committee, when they have . constitution
and bylaws prepared, issue q call for another
meeting.
On motion, tho meeting then adjourned.