Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-09-14
Cooperative Building Association.

a neeunk was neAd last evening At Potomac
Hall. South Washington, for the purpose Of
forming Cooperative Building Association
The attendance was large, there being about
two hundred persons present. The meeting
was called TO order By Mr.. Geo T. Thompson
who nominated for temporary chairman, MT
q. b. Church. and he was elected. On motion,
mr. Thompson was elected secretary. The
was then read. Mr.. Church then proceeded
to explain the object of the Association, aud
SAID theee societies had lately been organized
n New York. and were working successfully
There are 100 of these societies in London, num /.
Dering over rs 600 members, and supply over
1900 persons with comfortable houses annu-
ally. The plan of working Is to loan q mem.
Der money to purchase his house, say $4,000;
the house is mortRaged TO the society, and he
pays the rent Of the house to the society until
the money Is refunded, and in addition to this
ceive his share Of the profits at the end Of
fourteen years. Over SSOO,0OO worth Of shares
have already been issued in New York city
MI. 4 r. Thompson asked, eff party pays
his dues regularly. and does not buy Out, wi mai
amount OF dues does he receive at the end OF
fourteen years?'
Mr. Church explained that he would receive
$1,000 on each share held by him. Every per-
son owning one share would pay to the society
ffty-two dollars year for fourteen wears,
which would amount to $72s. He would re.
ceive on each share $1,000, and the dividend
which might be declared at the close Of the as.
ISOLATION. This would be if the money was
drawn by lot, but il it was sold at lotion the
association would close in less than fourt eeE
years. tf
MIR. ]. E. Thompson said the rent paid by
the borrower would be about 10 per cent. on
the amount borrowed, in addition to mis-
weekly dues OF 81. In the old associations, a
man who got ST. 900 had to pay 50, 600 to the as.
sociation in monthly instruments Of 800 The
original idea in forming this association was to
nave 1t cooperative. and have the money
drawn for, and not sold at auction. The SYM
pathies of the philanthropist and capitalist
could be enlisted, who would be willing to In
vest their money for a little over legal inter-
money alternately by lot and auction was to
check high premiums. The distinct point In
TINS association was, that the premium was
20, DEDUCTED here as in old associations
Mr. Il. X. Thompson asked eff party BUYS
money and pays up in three or five years how
does ne stand towards the Association after
the settlement!
Mr.. J. E. Thompson said after a person set
ties up he continues to pay his dues until the
close OF the ASSOCIATE on when the dividend is
declared and ne receives his share
MT Church said this Association was in :
tended to protect the borrower; more so than
the old associations.
DR.. Allen thought the disad vantaees as well
as the advantages of this p Ian should be looked
INTO de thought nothing could be more fair
ana equitable than the old associations and
tney closed up in seven or eight years and
many complained they run too long, vet it was
proposed that this should run fourteen years.
IN the OLD associations man had his house
and all paid for at the end OF s years
Mr.. j. H. Heron said many property hold
e es are now selling property on long time.
Inc argument used by them was that thew
could geta much better price by giving time.
The question was asked eff the money was
drawn by LOT, fthere was any thing paid at.
forwards but the duesp' -
Mr.. J. E. Thompson said the borrower AL
ways paid 10 per cent. on the amount Dor.
rowed until it was refunded. and in addition
thereto his weekly dues. The 10 per cent. was
about fair rent for the house.
Dr. Allen thought the tendency now was to
shorten the time OF building Associations and
some were organized to wind up in a few
was profit.
Mr. Church suggested that this society would
protect the SICK man, and give him time to paw
while in the old associations he had known
persons houses to be sold when they were sick
and unable to pay up.
DIR. Allen said he had been connected with
ssxeIai building associations, and had seen the
had always been given to those who were
taken sick and unable to pay.
Mr.. Bartel asked if q man had no property
70 give a deed OF trust on, how can he pur-
chase house!
MI Church said when q member desired to
purchase house it was examined by the val.
alton committee, and If that report was favor.
able, the bSrgaIn would be made when the
association would pay for the house, and it
would be decided to them. The member would
pay the ten per cent. to the association, and
when the money was all returned the housa
would be decided to him.
Mr. j. E. Thompson said the time for the
association to wind up depended upon whe' her
the money was disposed OF by lot or sold at
auction. II sold at auction, the association
would wind up In less than fourteen years
Dr.. Allen hoped steps would be taken to have
the association chartered by Congress, or have
general charter law for all building associ.
atoms.
The Chair said that could be considered after
the association was organized.
Nv nno hnn
names for stock
DR.. Allen moved that a committee of seven
be appointed to prepare a constitution which
monon was adopted, and the Chair appointed
Messrs j. z. Thompson, j. H. Heron, G. r.
Thompson, DIR. Allen, Renj. Austin. Jas Fra.
zIer and Crosby s. Noyes.
On molten, the chairman of the meeting was
made chair man OF the committee.
And the meeting adjourned to meet again at
the call Of the committee.
A meeting will be held at Temperance Hall
on TUESDAY night next by those interes ted in
the cooperative building association move
ment. where the plan will be discussed and
information gwen in regard TO the working de.
tails OF these associations.
THE TEMPERANCE MovRMRNr,-Last even.
ing the following persons met at the residence
OF Asbury Lloyd, Esq, $50 e street, for the
purpose purpose OF oIming new Temperance orga-
Edward &. Eckiof, Gen. W. p. Laselle, Al.
derman A. Lloyd, and Jas. Croggon The
name OF the Sons OF JOnadab was adopted and
committees were appoiA ted to draft q consti.
tuition, &C., preparatory TO entering actively
into the work. 1t Is expected to make this or
ganiZation very popular one, and already
numbers Of our old citizens have signifed
their intention OF joining it.
Last night Equal Division room was crowd.
ed and very interesting meeting was held
Under the head of the good Of the order, there
was instrumental music, (guitar, violin and
vjolincello) by Messrs. Julins DeSaules,
Houeh, and Sipe Wedding Ball Polka, by
Mics Gillett. on piano; German song by M.
Hof; recitation by Mr.. Conrad; MT H. Kiieber
appeared in duet. There were three tabieaux,
"Scene in the Drunkard's Home," sOn the
Street," and "Home, Sweet Home" with
chorus) by Mrs. Martin, Mrs. Max well, Miss.
es Matte Ferry, Maxwell and Gardner.
Messrs. Harris and Maxwell, and Masters
Klopfer, and DeSaules. Interesting remarks
were made by Mr.. W p. Drew, of Howard
Division, and Dr. Howard OF Metropolitan.
THE GRAND LODGE OF ODD FELLOWS OF
The UNITED SrATRs-The r. w. Grand
Lodge OF the United States, composed Of ITO
representatives from the State Grand Lodges
and the District Of Columbia, will meet ia
New York city on Monday morning, and the
representatives from this jurisdiction, Messrs
J. +. Havenner, and W. r. Mclean the
Grand Lodge, and F. ID. Stuart, Of the Grand
Encampment, leave here to-day TO be present
Monday morning. This 10 the first meeting Of
the body in New York, and q very Interesting
session Is expected The questions Of revision
OF ritual, non beneficial membership, and the