The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1877-04-25
Building Associations.

Building Associations.
AS matter of general informal
ton respecting the workings of
building associations we republish
the following article from the St.
Paul Disdatch. 1t will be observed,
that the association alluded to has
enabled large number of persons
of moderate means to provide
homes for themselves, at a monthly
outlay but little if any in excess of
the rent they would have paid IN
the same interval for buildings of
even less value. In this way, it
has benefited them greatly. 1t has
advantaged the city in that it has
led to the erection Of large num-
Der of handsome little residences,
which would hardly have been built
but for the aid extended by it. This
has led to an advancement generally
IN the price of real estate in the res
idence portions Of the city. Still
another good result is, that those
members Of the association who
have rot been borrowers have en-
joyed opportunity for the invest
ment Of their savings in small
monthly lnstallments, and will re-
ceive therefor, on the winding up
Of the con,pany's affairs, that is in
about eight years after its start, a
sum more than double the aggre-
gate of their monthly payments.
Such associations have so far been
confined to large cities in this coun.
try, but they are similar to the Ger
man "guilds" or rural banks, and
and there IS no reason why the
plan may not be so modified as to
be made available for agricultural
lists and the residents Of small vii
lagos here. Indeed, in this system
IS to be found the groundwork Of a
plan which will measurably relieve
western farmers from the necessity
of borrowing from Eastern capital
lists. Let the oranges and farmers
clubs consider the matter, for it is
an important one to every Western
man, woman and child.
The eighth annual meeting Of the
Working Mems Building Society this eve
ming gives US fitting opportunity to pre-
sent 4 few facts connected with the work.
ing ofthe most successful building socie-
ty in the city. The working Mems Socie-
ty has been organized just seven years,
and has the same principal officers now
that it had when it commenced business.
1t has issued seven series of stock, and
has now outstanding 1886 shares of
which 1878 shares are in the first
series, representing $4,000, and which
will reach their par value after the
payments on the first of July. The
first issue of stock was for 100000 in
$50, shares upon which the holders have
paid Is cents per month for seven years,
equal to 81 payments, and with the
four additional payments to make will
be SO payments in all, or just $22 paid
out, and the harvest will be gathered in
July next of sum equal to $50 for
share each, or 1913 for interest on tho av-
erage term Of 4 years on 1922. All this
increase is pure saving. We venture
to say that not one in twenty of the in
vestors in this building society would
have had anything to represent the
principal, let alone the interest, at the
end of seven or eight years, if they had
not thus accumulated the amount by
small monthly payments.
These accumulations of savings are
represented by the comfortable figures
of $l74,444.48, being an average annu-
al saving Of $25, 900 to the members Of
this society alone. The total number
of shares pledged for loans in the socie-
ty is 3, 1872, aggregating $3.50, 100. OF
the first series stock there are only 343
shares remaining upon which no mon ey
has been borrowed, and to redeem these
l . A.