Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-03-05
COOPERATIVE BUILDING As.
ISOLATION.

- 1850 NH a@AE@AAaH 4
building association, by which the
poor and industrious classes Of the
community may be supplied with
homes Of their own. The attempt
has been made, and has met with
surprising success In the East and
West, and we have thought that
with effort properly directed. the
same system might be introduced
and made equally productive Of
good In the South. With the OBJ
ject Of making It, should It be at.
tempted here, a success, we have
applied to every known source In
the United States for Information,
aud from all sources have received
the most encouraging reports. We
have also endeavored to methodize
a system applicable to our peculiar
situation here in the South, and we
think we have so succeeded. The
plan as contemplated will In a few
days be submitted to the Vicksburg
Improvement association for action
by that body. Ip the mean time,
however, it would probably be not
uninteresting to the general reader
to learn something Of the working
of this system in localities other
than this.
Cooperation Is the only sure
means by which the working man
can raise himself socially aud NOR
ally 4; aud though at present it Is
only in its infancy, With careful
nOurishing, it will become = mighty
power in this Republic, aud with
this opinion impVessiug us, we give
q reprint from some few Of the Or
g~Alizatious which are now in OPP
GRAFTON. We have heretofore been
confined iu our reports principally
to the result Of operations in Penn
sylvania. We now propose to d.
rect attention TO New York city.
The First Union Cooperative
Building Society, of New York.
since its organization, has received
cash to the amount Of $S6,l2S OF
and twenty-five members have beer
supplied with homes, ranging IL
value, from $1,000 to $4,000, which
are located in Harlem, Williams
burg, Jersey City, ROboken, Yves
Chester, and in New York. On
hundred aud twenty-eight mem
bers have been paid of, TWENTY-FIVE
have been supplied with propert!
equal to their amount of shares
leaving three hundred and fifty-oUl
T6ORG fde members. The profit
since the commencement excee'
$500 after paying all expenses
> Shares issued amount to $l,260IOOC
The rules have been, during the pas
e year, amended 80 that persons VIII
purchase appropriations of cas-
a from the Society for the purpose q
A building, will not be allowed to bi
beyond $3.50 bonus on $1,000
should they wish to do so all be
yond that amount must be paid II
cash. 1t must be borne III min
i that all premiums, either cash o
: promisOry, are clear profits. Tn
Society is expected to supply a
= its members with property equo
to the amount of shares held b
them aud wind up its operation
!. in about ten years. The subscriI
b tions are one dollar weekly on
p two thousand dollar share aud fit
y cents on every extra thousand do
lar share. No member is Above
, 10 hold over i've shares.
The Second Union Co-Operati'
u Building Society at a meeting
! few days since, submitted their al
d null report from which We Leaf
? that tue income Of the society Il
e the past year has been S27,07l l,
Il of which S22,4O0 have been a,
" vlnccd to eleven members +,
q building purposes S3ii0 hay
been returned to withdrawn
members. There have been son
other expenses for rent and Seer
, tary's salary, this being the on.
paid officer in the Society. Tie o
" g~anization has in bank a balance
e Ss24 IL. On forming the Societ
ID 1t was thought by tie officers III.
q each member would be %necessit
4. ted to pay tax of 81 80 annual
n. for the purpose Of paying workir
~ expenses. In this, however, 4
u officers were agreeable mistaken,
:, the cash profits arising from pr
miums, interest, fines and forfei
ures cover all the expense
~ and still leaves Q balance in fay,
e. OF the Society of ssS2 lG. II
u report further states that insteI
ii of the profits decreasing, they vi
.4.;5t,, f-,,rroaea IN rhuzndunttra