Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-13

compounded for ten years, nearly the same
result will follow.
Fifth--After ten years payment OF mem
| bership fees the members TO own the hal
and lot, and to have the right to sell and
reimburse themselves for their
TEN YEARS PAYMENTS,
if majority of two-thirds so elect, or to
receive paid-up stock instead, and be en-
titled to the rents and profits of the build
ing over and above the rents and expenses
of the chamber, or to sell and build q finer
building on similar scheme, more suit
able for the wants of city of 10000 OF
100000 population.
The member who pays his $12 per year
or two or three times this amount for two
or more memberships, which should be
allowed, cannot make the plea that he is
giving away his money simply to help the
city. Besides helping to build up the city
and benefit his property and business gen.
orally, he is making a real estate invest
ment which it is fair to estimate will be
worth double or treble what it costs him in
ten years by the enhancement of the real
property, and the investment of the sink
ing fund, which will also have doubled in
eight and half to ten years. For such is
the style of building association stock in
st. Paul, And this brings me TO the
second part of this scheme, which
involves the organization of building as
ISOLATION whose primary object is to build
this chamber of commerce place, with
Offices and stores attached, and to place
this useful body of public spirited citizens
nd iC1oIonSapR hocic
with memberships which will be sought
after and bring premium, instead of be-
ing solicited on the streets in medicant
style on the basis of
CHARITY AND PATRIOTISM.
AND lest gentlemen should be startled by
this proposition, it is well to bear in mind
two things. 1st-That we become
building association the day we issue
bonds, buy lot and go into building
stores, halls and Offices, and the only ques-
ton for US to settle, is whether we will
have building association on a plan
which has stood the test of fourteen
years in this city and proved eminently
successful, which has paid its stockholders
-borro wers as we'll as investers-from 16
to "a per cent. and provided hundreds of
homes for our citizens; building over 800
houses during the past year alone, and
having to-day IN twenty associations a
monthly income of
NEARLY FORTY THOUSAND DOLLARS;
in a word, whether we shall have a build
ing association on tried and tested plan
which will build our hall and pay for it
with the rents, and will greatly benefit the
city, or whether we shall have a building
association on more expensive and less
profitable PLAN. 2d-It is we'll to lear in
mind that this is not a theory which
has yet to be practically proved.
There are members in this cham
Der who are experts in the management of
building associations and who know their
practical workings and their success, not
only in this country, but in England and
France. They have existed in Pennsyl-
vania, Delaware and Maryland for forty
years, and there are over 600 of them in
Philadelphia alone, giving so many of the
people of that city homesteads that Phila-
delphia is called the ''City of Homes"
They have existed in England for sixty
years, and to-day there are associations
there which have greater incomes than any
savings bank in England, and which have
members and stockholders numbering 3d.
600 to 10000. The "Credit Foncler" of
France, applying nearly the same
principles, Is considered the model Euro
pean institution and was so strong during
the war it entered into competition With
THE BANK OF FRANCE.
for the entire war loans and during the war
and subsequent revolution continued to
meet its obligations in gold promptly. A
distinguished authority on the subject-Mr.
Scratchley, an English author-who is
charged by the government with a super
vision of insurance and benefit societies, as
actuary says: "They have succeeded IN Eng
land far beyond the well-balanced anticipa-
tions of their founders, and the fact that
they have suffered little if at all from the
several severe financial panics which have
been experienced since their introduction,
speaks highly for the general soundness of
the principle GA which they are based and
for the character of the members they at
tract"
A distinguished authority, Mr.. Edward
Wrigley, anthor of several works on build
ing associations, and formerly editor of
the Philadelphia Building Association
Journal, says: 1T is chiefly owing to this
mutual system of building associations, that
thousands of working men in the city of
Philadelphia alone (not to mention other
parts of the state) to-day occupy and own
their own houses and procure others be-
sides, from which they receive handsome
little incomes in rents. Numerous in
stances can be pointed out of mechanics
and laboring men, who have
WORKED ALL THEIR LIVES
IS iourneYmen and day laborers, raised
large families of children, and who to-day
are worth from $4,000 to $4,000, all
made and saved through building associa-
TONS" The wonderful success of these as
sociations in Philadelphia attracted the
attention of the social science congress at
Brighton, England, few years ago, which
noted the fact that more than 10000
houses in the city of Philadelphia were
occupied by their owners through the in
fuence of these associations, and that con-
trastsd with New York, which had no
building associations, the census Of 1870,
showed that in Philadelphia
there was a house to every six
persons, while in New York there was only
house to every fifteen persons. About