, 1875-03-21

/ patch has been received, which indicates tha
there may be no necessity for hanging any
one:
. V1sELAxD, II. j., March e0.--Eninent physieianl
in attendance on alr. cARc7axR, editor sho
yesterday by LSDs, founder of Vinelaad, and thar
! II said to be 4 possibility Of his recovery
-
SOMETHING FOR WORKNGMEN.
! The artisans of Philadelphia deserve thu
credit Of thoroughly practical and thorough
ly successful scheme for the benefit Of thei
class. Some years ago, the first " Cooper
tive Building and Loan Association" was o1
ganized in the City of Brother1y Love. Since
then, the work hns gone quietly on, until now
students Of social science are amazed to heaz
that GOO Of these societies exist in Philadel-
phia alone; that their aggregate capital is
$3.50, 600, 600; and that many, very many, OF
their members, who have always worked aud
still work for day-wages, now own houses
and land worth from $4,000 to ST., 600.
Only small per cent Of these associations
has failed.
They ara all organized on substantially the
same plan. 4 share Is issued to every sppli-
cant. One dollar per month is paid on each
share. Each month, the money on hand is
1oanod to the shareholder who offers the
largest premium and can give the best se-
curity. No loans arc made except On real
estate. The premiums bid sometimes amount
to 25 or even so por cent. This is one
source Of income and the monthly interest is
another. Fines, small in amount, rarely IN
Cured, but vigorously e1acted, are still an-
other. In eight and half years, the amount
paid in Will amount to {102 months at $1)
$I02. Profits, interest, and fines swell this
to 5000, the par value Of each share. The
shareholder then receives this sum, thus max
ing net profit Of sos on an Investment of
$102, or, if he has borrowed money, his mort
gngeis cancelled pro tant0. 4 man con hold any
number of shares This fact enables the
laborer to. buy his home. 4 man who takes
five shares in one OF these societies will &C
cumulate 81 600 in eight and one-half years,
by paying $50 per year. # he borrows
at such rate TINT he pays an average of
$40 year in premiums md interest [this is
the usual rate on loan o. S1,500), and buys
with this sum house and lot, which are
pledged to the society 80 security, he will
pay, each year, $200,-that is, $50 on his
shares and $40 on his loan At the end Of
eight and one-haH years, his payments on his
shares viii cease, and he will have 81 ,00o to
his credit On tho books, which Will cancel
two-thirda Of his mortgage. He will
then OWL his home, subject to a
mortgage of only $500. It he now
takes three more shares, his annual
dues will be $36 on them and about
$$44 .interest,-$so in all. In eight and
half years more, his shares will be worth
5000, which viii cancel his mortgage and
give him 9100. cash. He has thus bought
his house and lot in seventeen years, by
paying 5000 per year for half that time and
$50 annually thereafter. This is $3.50 in
all. If he had rented such house, ho would
havs paid $500 year rent, or $3,4oo in the
seventeen years, and would than have owned
nothing. If he can afford to take eight
shares at the beginning, hin house will be
paid for in eight nnd half years Thousands
Of wormen havs become amal1 capitalists in
this way.
Thesa societies are organized, controlled,
and managed by woringmen, This explains
their success, As it explains that Of the great
establishments Of England and
Of scHu1zr-DE1rrscH's ''People's Banks in
Germany. A summary Of the report Of ono
building and loan society, 1.-The Artisans n
shows that its receipts last year were $8s, ,622;
tbs loans, Sos, 872; and the profits, $19, 749.
The total property is $252, ,112, and the mort
cages held. amount to $227,6oo. Tho er-
penss of managing this business was only
1878. This is simply marvellous. One or
two associations of this sort among the
oiazens Of Chicago have been
very successful Similar societies Of Amer
leans haro have been, we believe, failures
Tbs reason for the differences il to be found
IN the plate-glass and black-walnut furnish
ngs OF tha Offices OF the latter, and in their
ong lists Of sala7icd officials.