The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-05-30
COOPERATIVE NEWS.
From the Pittsburgh Advocate.
CO.0DPFaTIVa Svsfem

CeStCms
Some lEery temp tinI bats are now being
held out to workingmen by cooperative
building societies AMI building banks, says
the the New York Evening Star. The SUI c.
cess which has attended the societies inau-
gurated in Far ners' Institute has led many
adventurers and sharpers to form themselves
into cooperative societies, hang out big
signs, print attractive "plans"-showing
how any man can get house and lot for two
dollars week, buy it, Immediately live in
1t and pay no rent-with the view of entic-
ing greenbacks from the pockets Of the IN
wary. Those who Invest their money in
these concerns will probably find them to be
very similar to the Lions Den, where the
tracks Of various animals could be seen 60
ing in, bat none going out.
One OF the recently organized co-opera-
tive societies is the "Co-operative Building
Bank" located in back room at No. 202
Broadway. The society is to be carried on
in sections" composed of an "unlimited
number Of people having money to
invest and others wishing to get it--who
shall raise 800, 900 in shares of $500, the
payment for each share being five dollars
per month. Those who wish to borrow can
do so, bonus being deducted from each
share, and interest is paid monthly on the
amount loaned at the rate Of seven per cent
per annum. There seems to be no security
required of the borrowers, and the money
accumulating from 'bonus' and int crest
payments goes to form mutual benefit
fund.-" which is shared annually among
those who invest their money in the bank
and those who borrow the said money
which is, indeed, generous.
The prospectus shows how "comfOrtable
cottage can be built for $9O0'' and how
other equally extraordinary feats in the
building line can be accomplished. The
names Of the directors of this association
our reporter failed 10 ascertain they have
not yet been made public. In case any per-
son should be undecided upon the question,
whether it would be the more expedient to
invest his money in this concern, or A. A.
Kellsy's gift concert enterprise, we would
suggest that the former, perhaps, offers tho
best inducements for investment. Another
society has sprung up in Spring street, where
"homes can be secured at SO per month";"
There will probably be few more "socie-
ties" come to light before the end Of the
week.
Co-oPERATITH EcoNoXY.-The Leeds Flour
Society at one period of its existence invited
a professional accountant, an unbelisver in
cooperation, to inspect the books, and report
upon the results of its operations. The re-
port extended over 1876 weeks, and showed
the following facts
That the society had used corn, averaging
half a crown better than the other mills in
the town. That it had discarded mixture
with Egyptian and other low-class -four.
That for thiTty-seven weeks it had sold at
PRICES. That for ia weeks 1t had
sold at one penny below current market
prices, saving its members Gl,958 lSs.
That for 3S weeks it had sold at two pence
below market price, saving its members
e257 l5s. Tnat for two weeks it had sold
At four pence below market price, saving its
members fl37 o.. Sd. That it had, in addi-
lion, divided profits Of EST 6s. Cd. That
besides the total gain to the members in the
1876 weeks, there had been an average reduc-
ion in the retail price Of -four 10 the town |
. two pence per score, saving e6,6lS lis. |
-Od. The total monev gain thus amounted !
o Ell,356 As. 3D.; and when the Lancet |
Jommissi oner visited Leeds, be found the !
loar sold ia the place free from aduI- |
GRAFTON.