Passaic City record., 1890-06-26

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After the close of regular bust
ness Mr.. Geo. L. Simpson deliv-
cred the following explanatory
address:
Mr.. President, DUeetorS and Fello7v
Shareh0laers:: Of tie Umoa Lean
and Butlatng Association Of
Passaic, W /.
To the shareholders I would
like to say a few words and try
to make plain to you the work
ings of your association by a
simple exemplifcation of the same,
for there are many persons unac-
quainted with our system, yes many
of our own members do not realize
and use the advantages which it
offers them, SO | thought it best,
on this occasion our second
annual meeting J, when there was
good number with us, to state
plainly the different points of
information. AS you are aware,
there are three building associa-
tions in this city, the workings of
which are foreign to each other in
certain degree, but | believe
they are all doing we'll Speaking
for this, ''The Union, I know it
is; there is no speculation about
it; we have no lots to sell, no spec
ial kind of building to present,
nor any certain builder that you
must patronize; all such matters
are left for your own free selection.
We are in it for mutual and COM
mon benefit; the borrower asks no
favors, and the lender loses none
of his rights; what benefits one
must surely benefit the others; we
are mutual cooperative stock
company one for all all and for
one All institutions when once
established, cease to excite COM
ment when new association for
a similar purpose is started, as in
the case of this one, which by
some has been baptised the infant"
it being the youngest of the three
now in our midst. Building Asso-
Citations of the genuine mutual
kind are managed in the good old
democratic way by the members
themselves, through officers chosen
by themselves, who serve without
pay, with the exception of a small
compensation paid to the secre-
tary. Every member shares
equally in the rights, duties,
responsibilities and profits of the
association in proportion to his or
her interest. There are no self
constituted officers or favored
shareholders, and every member
has a right to know, and does
know by our monthly printed
statements of actual figures, what
is being done with the money all
the time. Building Associations
have been in operation in this
country for fifty years. They have
been uniformly successful, because
they are the simplest and safest
agencies yet devised for the invest
ment of small savings and the
procurement of cheap homes.
Success has made the principle of
cooperative saving and home get
ting SO popular that there are now
over million persons in the coun-
try making themselves independ-
ent through these associations.
In Philadelphia alone nearly Ioo,-
900 houses have been built through
these associations, and in New
York, Brooklyn and Jersey City,
although the movement is COM
parative1y but few years old, the
associations have now over 10000
members, and are creating nearly
5000 home owners every year.
We now have four series of
shares running, and tonight we
commence the fifth series, the
books are now open for subscl.ip-
tion for those wishing to take stock
The secretary will be glad to fur
pish any information desired, and
put you on the list for one to twen-
ty five shares, furnishing you with
the proper certificate of stock,
and as the number of shares is
limited, it would be advisable for
you and your friends to call soon,
for as the old rule goes, first come
first served Now let me speak to
you of the first series of your Asso-
citation. the other serie being in