Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-10-03
BUILDING AND LAND AsSOCIATIoNs

BUILDING AND LAND ASSOCIATIONS
we lately made some notice Of the building
ASSOCIATION movement which Is now so wide
spread as TO promise to embrace nearly every
person IN the community. The Cooperative
Association plan is just now the popular idea,
though the old system, IN practice here. is still
s'outly defended by men familiar with the
workings OF building associations a. being
SIMPLER, and carrying out the American idea
OF quick work, by winding up in about half
the time that the cooperative societies pro-
pose TO do. The latter. however, appeal with
efec. TO the borrowers as enabling them to get
more money per share, and affording longer
time for repayment. Three Cooperative AS
sociatIons have been started here within the
last week, and others are in embryo.
1t is proposed. in the case OF the S,uth
Washington Cooperative Building Associa-
ton, ia undertake the business Of fire insu-
rance. Building associations require the in
surance of a large amount Of property, and 1,
is held that the association can do its own in
suring, and also at the same time do outside
insurance business to advantage. The oblec-
ton is, that with the imperfections of human
agency, complications may grow out OF a
mixed business OF this kind. Ii would seem
70 be necessary, also, to keep q considerable
money reserve on hand to meet possible losses
However, in the charge of clear.neaded men
like the managers OF the South Washington
Building Association, the experiment may
work well, and we presume they will diges,
their plan thoroughly before entering upon it.
Among the projects for Building Associa-
tions NOW on foot is one on the plan Of the
Unientown "Land and Building Company
In this association real estate is sold to the
stakeholder through the company in the fol-
lowing manner: All property owned by the
company must be held at an advance of twen-
ty-five per cent upon its cash cost, at which
rae II must be put up for sale if demanded by
two or more members, and recommended by
the Board OF Officers-for instance. a house
costing Sl,GO0 must be started at Sl,25O. ALI
property Is sold at the monthly meeting to the
highest bidder, unless the Supervising Com
mittee have e higher offer frc n outside parties,
to De paid for in monthly instruments for each
one hundred dollars or fractional part thereof
OF the stockholders bid Thus 1885 would
require Sl4 fee monthly. Purchasing men,
bers accounts are balanced semi-annually,
and six per cent interest on the amount of the
stockholders bid deducted from the total
amount of the monthly instalments paid in,
(Which may be rs much in excess the monthly
lnstalments required as the member desres,)
and the balance struck, upon which the sue.
ceeding half years interest will be charged.
In order that members may obtain
funds to build III accordance with their own
plans and specifications, under the supervision
OF the associations building committee. or 10
purchase real estate, 1t is provided that ma
Jority of the members present at any regular
meeting may determine whether the money
shall be sold, or invested in real estate. A
proviso is added, however, that the same
course shall not be pursued more than two
consecutive mQntiH1S nnlaaS
bring twenty Ave per cent, when it shall re-
main TO be invested, or sold at the next meet
ing. When the money is put up for sale it
must be started at twenty-five per cent, and
sold to the highest bidder. Thus, a stakeholder
wishing to get $1,000 cash, and buying at SO
per cent. will have to pay SIS per month, ana
VIII be charged six per cent On the amount OF
his bid, viz S1,5O0. A member owning lot
aid desiring funds to build, is permitted to
OBTAIN the amounts paid in each month until
the full amount purchased is received by him;
or member having in view the purchase OF
aparticular piece OF property may bid in suf-
fcisnt to buy ii, when, If 1t is accepted by the
company, it Is bought in the name OF the com.
pany's trustees. and is held by them in IT, st
until the member has paid the amount of his
bid.
Yet another association is in progress of
formation here on the general plan of the
g. maryland Consolidated Land Company OF
Baltimore. 1t is proposed to style 1t the
. Washington Consolidated Land Company
or the District of Columbia" to be organized
for the purpose Of "purchasing, improving,
selling, leasing, and SUBJ leasing OF land in the
city Of Washington" capital stock limited to
S5Co,0oO; each subscriber to pay a weekly in
stallnsnt of one dollar per share: no member
10 subscribe for less than five or more than
ho
lion (S50O,000) shall be divided into 200 shares
and payments by subscribers shall be con,
time 1 weekly lat the rate of one dollar per
share until the whole amount receiv we'd by the
assoc alton from subscription profits and &C.
cumI lations shall amount to the capital stock
THE NEW OPRRA-The announ cement of tho