Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-10-02

II De remembered that over one nun
dred gifts are nightly distributed among the
audience.
Washington Cooperative Building Asso-
citation.
An adjourned meeting Of the Washington
Cooperative Building Association was held
last evening at Temperance Hall. Mr. ]. E.
Thompson occupied the chair and 5. J..
Thomson acted as secretary.
DIR. r. Howard. from the com mittee TO pre-
pare constitution. reported the same; which
was read, and after several amendments
adopted.
The object OF the association is, by co. oper
alton, to enable its mem bers TO become their
own landlords by providing funds tor each
member to purchase real estate, and to make
improvements thereon.
Females shall be allowed the privilege Of
voting by proxy in wiring. Minors over sew
entepn years OF age shall be allowed to vote.
The capital stock Of this association shall
not exceed two thousand shares Of 81 900 ca CHI
All persons on becoming members of this
ASSOCIATION shall pay an initiation fee Of one
dollar, and shall be allowed to subscribe fo..
ten, but no member shall have more than one
vote. -
Zach and every stakeholder for each and
every share OF S1.10N that he or she holds in
this ASSOCIATION, shall pay the sum Of two dol.
lars and fifty cents on the second Wednesday
evening Of each and every month.
whenever the funds of the association shall
warrant it, one or more shares shall be dis
posed of to the highest bidder, provided the
same shall not sell under 25 cents, at the regu-
lar monthly meetings of the stockholders,
Y hich advance or advances shall be repaid by
the purchaser at the rate of one tenth per an
nam, payable monthly. The premium paid
vanCed, and said advance and premium to be
repaid at the rate Of one tenth part thereof per
arnum, payable monthly. Stockholders may
lay one or more monthly advances, premi ums
or subscriptions in ad vance and shall receive
SIX Per cent interest thereon for the time so
pad in advance. RI .---..
ANY member desiring to with draw from the
association shall. after giving one months no.
ice in writing to the secretary, receive back
he whole amount of his subscription which
tie shall have paid into the ASSOCIATION, wi h
the exception OF fines, provided there shall
hsva been sufficient money paid on account of
TstuTn of advances, from which funds alone
withdrawals shall be paid, the subscriptions
being reserved entirely for making new ad-
Var,es and paying expenses. ANY member
80 Withdrawing shall be entitled to receive six
Per cent interest per annum on the amount
Iald in by him as dues TO the association. pro-
yIded he shall have been a member SIX month
Each and every stockholder for each and
every share OF stock that he or they may hold
the association, shall be entitled to purchase
an advance of stock of $1,000 from the funds
Of the association, and no more; provided.
however, that no stakeholder shall receive an
advance of more than $4,000 at any one meet
lLg of the stockholders if any other stock
holder, not having received an advance, de-
SIre> IL.
Zach and every stakeholder having taken An
ADVANCE from this association shall continue to
pay his monthly subscriptions regularly dur.
Irg the whole time be is paying the return OF
his advance or advances, be shall continue to
pay. as agreed at the time OF executing said
bond and mortgage tor any share or shares in
re>pect OF which SAID advance or advances
have been obtained, provided such time shall
not exceed fourteen years.
Each and every stakeholder, for each and
every share of stock he or she may hold, sha
pay, on the second Monday in each and every
month. the sum Of $3.50. for the space of four
teen wears, unless the association shall sooner
determine and close.
II shall always be In the power OF the board
Of directors TO extend the time of any member
for the payment OF subscriptions and ad.
yances, who shall be declared incapacitated
ny sickness, the same TO be certified by a regu.
lar physician; and also in the of scarcity
OF work or employment; such privilege not to
exceed six months.
When each member of the association shall
have obtained an advance on eacn and eyery
share OF stock held by him or her, then the OBJ
Iect of the ASSOCIATION having been accom-
rlisned it shall determine and close.
Mr.. j. E. Thompson said that the Commit.
tee bad decided that il was best to have the
money sold at auction instead OF being drawn
for: An advantage TO be derived fro N that was
that any member could obtain the money by
bidding for it, while by the ballot system 1t
might be drawn by person who did not need
advance of three or four undred dollars The
ASSOCIATION would not realize any benefit from
the premium In this case. In existing organi-
zat ons the borrower made all the money for
the associations. and when he became a bor-
rover his stock was cancelled and he got no
Der eft from it
her borrowed il was intended that he should
receive the full value of his stock at the time
OF purchase. The stock augmented every
month. Many complained that The co-opsra-
tive associations would run longer than old
ones. The difference was in these associations
the money was loaned on time and paid back
cid ones the premium paid for money was
greater, and Of course they would wind up
sooner, though 1t was certain the cooperative
associations by selling their money at suction
would not run over nine ten years, and
fourteen years under the ballot system.
should a member wish purchase a piece
Ct property the Valuation Committee
would examine the property and
i found TO be worth the money, the association
would pay for the same, and the member
goGId refund the amount to the Association in
nstailments of IT. per cent. o.. p - - ~
motion was made to strike out the initia-
ION fee Of 81; but this was lost, that SUM being
tqulred from each member to meet the ex-
?eTses OF the association.
A motion was made to amend the clause in
lie constitution so as 10 provide that the money
should not sell below 20 Ter cent, instead of 25.
The Chairman stated the object OF this asso-
tiaion was 10 have members adhere to the
same, and have a class OF persons who would
borrow, and not two classes, one 10 borrow
Ard the other 10 let the money stay for the pur.
pose Of speculation.
Dr. Howard said the object of building as so.
CIarions was that every stoc older should get
ing from the association. If the premium
was made so low ii was evident that the
fssociation would run much longer
.lms. The early building associations had
no such provision fixing the amount at
which parties should take the money when
there Were no bidders, and the consequence
was some of them lasted eleven years. Now
TINS provision " as inserted in all their consti-
tutlons and few continued longer than seven
years
Dir. Norfiet inquired how the borrower paid
the amount borrowed back.
The Char replied that the money was re-
turned by insia ailments OF 1Oper cent. until each
share was worth 81, 900
The motion 10 amend was lost.
MIR. Hilton moved to insert 10 per cent as
interest instead of per cent, when q mem Der
should draw out his money: lost.
Mr.. Norfiet moved to amend SO as 10 provide
that the amount of premium could be added or
deducted, at the option of the purchaser, an d
explained his reason for the motion A person
. might desire 81 500, and TO have his premium
deducted he must buy out four shares: but he
might have the premium added and buy out
but three shares Adopted. g- rs
Mr.. J. Thompson offered an amendment
authorizing the Board Of Directors TO accept
second mortgages when good Adopted.
The second Wednesday in each month was
fixed as the time Of meeting.
Mr.. j. X. Elyans m owed that committee be
appointed to receive subscriptions; adopted;
and the Chair appointed as such committee
hIpssrs. Ely6ns. NOrfiet, Callan Davis AND