The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-15
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wORKING.nEN's HOMES.
How Sixty Thousand HON es have
been Acquired IN Philadelphia.

Ohetr cooperative Saving ruHu anu
Loan Association at Armory Hall last
evening. Previous to the meeting the
Directors OF the association held pri-
YSie session in the nnte-rOom, and at the
adjournment Of this meeting the Presi.
dent OF the association, Hon. Josiah
Quincy, announced the frat business in
order to be the receipt OF cash. The an.
nouncemunt brought large lumber Of
believers forward, who took one, two,
three or more shares, paying down 81 per
share. While the subscriptions were
being taken Mr.. Joseph s. Ropes, Vice.
President OF the association, made short
address, explaining the object Of the cor.
poration, from which it was learned that
the association is designed a. u mutual
benefit corporation to aid men in secur.
ing homesteads by depOsiting u nominal
sum Isl per share) with the association
monthly, the aggregate sums Of such de.
posits being put up at auction each
month and sold to the highest bidder who
is stakeholder in the corporation.
Hon. Josiah Quincy then addressed the
meeting as follow:
GENTLENES: We are here this eve
ming to organize the Pioneer Co opera
tive Saving Fund and loan Corporation"
We commence work under the mos. graf.
lying auspices. Our success is secured
from the start. The example OF Phila.
delphia shows conclusively what can be
done through the method Of cooperation.
While it has given independent homes in
that city to some G0,000 working men, it
has also proved itself one of the safest of
investments. Let me mention two facts
that show its claim on the attention Of
the people OF Massachusetts. In the city
Of Philadelphia there have been at least
$70,0O0,00 invested in these associations,
while there are but about $4,000 900 in
all their savings banks. Think OF the
significance Of that fac! and then turn 10
another. In the City OF Philadelphia
there are $50 associations like the one we
have Just organized, and there has not, as
am credibly informed, been an ultimate
failure in one OF them. We think that Il
system that affords such testimonials is
worth understanding and worth adopting
by the citizens OF Massachusetts. BY it the
working man becomes his own capitalist.
lie may have the fullest use OF his own
money, and il he wishes to accumulate
Tor the future he has every facility for
doing 40. But to come to tho next busi-
mesa OF the evening. We have $1,000 to
sell, in the language Of the statute, ito
slch shareholders as desire to anticipate
the ultimate value Of their shareS, and
who shall give security for the prompt
aud continued payment oil all periodic in
staIlments Of dues, interest, premiums,
and fines, until each Of the shares so adj
vancCd upon shall be found to be Of the
ultimate value of $500" now invite
your bids for this sum or such portion Of
it AZ you may desire. The successful bid
der will have the privilege Of taking the
whole amount or any part OF it. Bids
must be made in sums Invisible by 5, and
will he so much share month. Let
me illustrate the conditions, that all may
understand them. Suppose you wish to
borrow 81 900; you must have i've shares,
whose ultimate value will amount to that
sum. You pay 81 month on each share,
and S. month as interest on the loan at
Gper cent; in all, $40 a month. Itthere
isapremium you will pay a percentage on
it; shouldyo offer IS cents share, your
monthly payment will be Sll, %, which
would he equivalent to paying II per
cent. per annun for the loan. Ii you
bid 30 cents share, your monthly pay
ment will be $l2 so, which is equiva-
lent to paying per cent. per anuum.
But remember your proportion Of all
the interest and premiums that are
paid by others, which will materially
reduce the interest you nominally pay,
anil cause the shares TO mature, or be-
come worth $500 in about 10 years,
which is equal 10 ten per cent. per an
mum on the amount OF cash invested
l)r the average time OF its investment.
The successful bidder will at once pay
the first months dues on his shares to
the Secretary, and transfer them as
collateral security for the loan. lie
then applies for the loan on a blank
furnished by the corporation which will
cun,atn brief description OF the real ca.
tate he offers for security. This, il sat
i'iaCtGry 10 the Security Committee and
to the Solicitor Of the Corporation,
whose fee, subject TO revision by the
directors, must lie paid by the applicant, J
will be accepted on report Of the Di-
reCIors and the money will ut once BE-
paid Before bidding, the bidder should
ask himself two questions: First-Is the
security offer such rs the committee
will probably accept Second-It by
purchasing house | am freed from the
payment OF rcn tS, can pay my monthly
dues and interest and the tax on the es.
tate?
At the close oil Mr.. Qniucy's remark.
he offered the sum Of $1,000 at auction
lheFe.was few moments silence, wher
NSenuemNn asked that the terms be read
again anu Mr.. Quincy repeated the sub
stance OF me above Again was the
money offered, and James Ferguson, a
store porter by occupation, bid 5 cents
per share, and as there was no romns,i,
lion, he secured $500 at that rate ,hal
being the sum he desired. As there 70.
manned $500, that sum wac put mn and 4
bid made at 8 cents, but Michael oSnlli.
van bid 10 cents, and secured 400, Til,
closed the bidding, and the meeting adj
iourned. II was claimed BY the seSera
speakers thGt,the plan Of the associate,
was the best means ever offered TO uer
in humble circumstances 10 secure homes
a. by becoming shareholders in tn,
corporation they could borrow money
from Ito Sper cent cheaper than they
could from u savings bank, besides hay
Ing the benefit OF the premium on The
,aares invested; aud for man paying
high rent for a residence It was equally
advantageous, as he could pay the month
y dues Of the association, his in!eres
on his loan, and the taxes on his house
and then the sum would not be as great
A. his rent, and he would be accumulat.
Ing something during the whole time
me assoeiationwas Incorporated in May
last and was organized July ., 1877, i
modelled after the PHILADELPHIA associs.
"oas' and its directors and shareholders