Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-06-12
COOPERATION

The thoughts of our readers have of
late been frequently directed to the
prosperous condition of the English
and other European Cooperative So
cieties, which have proven such a
great blessing to the working classes,
by cheapening the necessities of life
through the elimination of middlemen's
profits, by improving their social con-
their own homes. These societies
have been in successful operation for
over fifty years and have purchased
homes for over $4,000 people in Eng
land alone. 1t is only recently, how
ever, that the. American people have
been given a practical illustration of
these benefits. Walter Vroeinan and
his associates have for some time past
been carrying on an active co-opera,
tive propaganda in Missouri and other
parts of this country, by establishing
and running manufacturing establish
ments, farms, wholesale and retail
stores, handling all lines of Suferchan-
disc, on the cooperative plan.
But the most farreaheing in its in
fluence, Of all these movements in this
country, was started about one year
ago, in the organization of Co-opera-
tive Companies, having as their sole
object the providing of means where
by every family can own their own
home and instead of paying rent or
interest, pay for their home in month
ly payments less than what they now
pay in rent or interest One of the
most successful of these companies is
the Cooperative Home Purchasing
Company, organized in Galesbnrg Ill.,.
but little over a month ago In that
short space of time over 100000,
worth of contracts have been sold and
this month the company will place a
number of the contract holders in
their homes, adding in each success
sive month an increasing number to
those who will no longer be worried
over the payment of rent or interest.
Contracts are issued in duplicate for
$1,000 and numbered ocnsecutively
from one up, and mature in the same
order
A contract fee of $500 is paid at the
time of signing the application and
after delivery Of the contract the hold
er pays s1.50 on each contract on or
before the goth of each month, of
which s100 is placed in the Home.
Purchasing Fund, 20 cents in the EN-
Urgency Fund and 80 cents in the Ex-
pense Fund.
After maturity the monthly, pay
ments are increased to $3.50, of which
$500 is placed in the Home Purchas-
ing Fund. 90 cents in the Emergency
Fund and 80 cents in the Expense
Fund
The Home Purchasing Fund is used
only to mature contracts.
The Emergency Fund is used to pay
the contingent liabilities of the Com
pany and to protect the contract hold
ers in event of sickness, accident or
death: the company advancing from
this fund from one to six monthly
payments, for contract holders, charg-
Ing nothing for the use of the fund and
giving the borrower, ample time to re-
pay the same. 4
The Expense fund is used to defray
the running expenses of the Company
such as office rent, clerk hire, postage, 4
cost of collection, etc. The most in
teresting feature Of the plan is the. fact
that no interest is charged and that thel
person desiring a home need not wait
until he is the owner of lot, because
the Company loans the full value of I
the real estate purchased and gives
the contract holder over 16 years to !
repay the loan. We can offer no bet
ter advice to rent and interest payers
than to urge them to investigate the u
plan and take advantage Of this op-
portunity of securing home or farm.
The contracts of this Company are
likewise safe and profitable, as an in
vestment, the contract holders inter-
est being carefully guarded and look
ed after by an auditing committee
selected by themselves. All officers
handling money are bonded in a relia-
Bile surety company, and all securities
are held by trustee not interested
in the Company. For additional infor-
nation write or call on,
G. F. Stephens, Agent.
Room IL, Baker Blk. New Phone ITO