The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-10-04
BuILpING ASSOCIATIONS.

BUILDING ASSOCIATIONS.
Among the leading measure, of social
economy at the present time is the organ
ization of building associations to provide
homes for the people. The subject Of pro-
viding homes for the laboring and indus
trial classes is engaging the attention Of
every prosperous community. The build
ing associations are successfully conducted
in Philadelphia, that city Of residences.
Tie mechanics and others have gathered
and increased their savings with q view to
securing for themselves the comforts of
home.
The idea of the building association,
when thoroughly understood, has met the
approval of all discriminating men and be.
come popular among the masses. Arecent
examination Of the principles of these cor
porations in Philadel phia shows that about
twenty per cent. Of the working men Of
that city are members Of them. snd about
fifteen per cent in value of the real estate
assessed at city rates, and 10000 of its
dwellings have been acquired by the in
strumentality of building associations. In
view of the fact that application will be
made 10 our Legislature for the incoTpora-
ton of such organizations ia several of our
larger towns few statistics upon the sub
ject may be of useful information.
Since 1870, 81, AGO dwellings have been
erected in Philadelphia, and 20,535 build
ing association mott cages were created,
while in New York during tie amc period
only 3,112 houses were built. Philadel-
phia has now about l43, 1876 dwellings, and
New York only 67,1jG Boston in 1870
had 90, 623 dwellings in all, Cincinnati a.
$50, and Washington 1855, consequently
in the last six years alone, more houses
have been constructed there than either OF
the last three named cities contained. All
over the vast area OF Philadelphia are com
Portable dwellings, with bath rooms and
kitchens supplied with hot ard cold water.
They are owned by those who occupy them,
and few hundred dollars, with the aid Of
these associations, have made them pos
SCISSORS OF homes worth from s / 500 to So
800. The rental alone OF these houses
would in few years make up the amount
expended in their acquisition through the
aid indicated.
The land about the city Of Philadclphia
has always been reasonable ia price, and
there are always more sellers than buyers,
and if the buyer purchases 10 improve he
can always obtain land at low rates. If
obtaiuei on ground rent or mortgage, no
cash may be required, and sometimes the
seller may advance cash in aid of the i'm
provement. These houses can be sold sub
Ject to the original ground rent or mort
gage, and here the building association
steps in aud aids the purchase In Phila-
delrhia the average value of a building is
$4,000; in New York, $1O,5 and in
Boston $12,12 Boston has her whole
real estate valued at S55S, 760, 800 New
York at 1888, CAB ,545, and Philadelphia at
$5S3,516, 1870. Materially as these associa-
tions have aided in the increase of the city,
the low prices are not entirely due to them.
A workingman can thus purchase home
out of his wages, and when he buys he has
no incumbrance to harass him.
Their capital, nominally is generally
100000, but of course in towns like Rut.
land, Burlington and st. Adams, they
could be carried on with less capital.
These associations have averaged l5C
members, the total membership being g.
800. BY the last census there were 2l7,.
6S5 persons in the city OF Philadelphia
having occupations there, so that the per
centage of members to tae whole working
population is about one-fifth, when the in
crease in the latter during the last six years
is considered, and the influence on the for.
mer through the depression of business.
AS building associations allow an inter
est of about ten per cent, and the usua
saving funds pay only five per cent, The
former have attracted the earnings of the
workngman. In the saving funds of tht
three principal cities in May, 1878, ther,
were on deposit in New York city, S2S2
III, 406 ; in Boston, SO, Gl2 1867, and II
Philadelphia, Sl4 ,T6, $50, showing that
capital had been largely diverted from these
institutions where the building associations
fl )ur'sl.
1hl. these associations lave very mate
ria y aided in the developm NJ of the city
of Philadelphia may be inferred from til,
fact that since 1s40 there have been put di
recily over fifty millions, and carried indi
rectly fifty millions more into homes fol
working men.
These statistics gathered from reliable dat,
upon the subject, show that an agency al
powerful and beneficial as this must be i'm
portan. as a social institution, and the fact
bearing upon its history aud operation are
worthy the study and examination In ever
our Vermont communities, inasmuch al
they bear directly on the best interest Of
the laborer and mechanic.
Death OF James Lick, the Millionaire