The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1904-07-01
tFrom Wednesdays Advertiser.l

(From Wednesdays Advertiser.)
BY the next mail to San Francisco
enquiries will go forward from several
! banks and business concerns regarding
! the Equitable Underwriting and Trust
| Company Cinc.,) which a new local
company advertises as guarantor of
/ its business. The local company, "The
/ COOPERATIVE Home Purchasing Soci-
[ ety." +. Il. X. Strauch, Manager, has
! been doing an extensive trade with
Portuguese and natives during the past
couple of months. These people have
paid into it a considerable amount of
money for the purpose of ultimately
securing loans with which to build
homes. AS some of these natives, un-
der the plan of the society, may not
secure the loans promised them for
several years and some considerable
amounts Of their money will be in the
custody of the Society" during the in
tervening time they have naturally
looked for the guarantor that their
money will be safe in such hands. The
Society" turns out to be co-partner-
ship consisting of but three partners.
The trust company, which is backing
the Strauch company, is either not
very well known, a new corporation,
or a corporation which is hiding its
! light under a basket. No local bank
or commercial house among number
seen yesterday could give the Adver-
tiser any information concerning 1t
and, although the concern advertises
as "The Equitable Underwriting and
Trust Company of San Francisco, Cal,
Incorporated" no such name as that
appears in the 1903 San Francisco di-
rectory. The corporation however may
have been organized since the 1908 di-
rectory was prepared.
The "Co-Operative Home Purchas-
ing Society, a partnership, of Homo
lulu Territory of Hawaii" has offices
at "a South King street. In it's
pamphlets it states: "This Society has
been organized in Honolulu, T. H., for
the purpose of securing a Home for
every family in the Territory of Ha
waii, and it is to be known as the Co
Operative Home Purchasing Society,""
In the opening part of its pamphlet
the concern states:
OUR COOPERATIVE PLAN.
"The contract of the Cooperative
Home Purchasing Society of Honolu-
| lu, T. H, presents an ideal plan to
people interested in securing homes
and paying off mortgages, whereby
everybody interested can secure an
unincumbered home in a short period
of time. Practical Cooperation has
been the means by which thousands
of families of the United States have
become the owners of their homes. The
| al, is, ,al In
try. but has come to stay, and will
bring the same blessings to the work.
ing classes on the Islands that it has
brought in the United States to home
| seekers. 1t is fair and just to all.
Contracts are written for S5OO.OO
each and person can take from one
| to one hundred of them. The money
paid on each contract, before the loan
| is made, is credited to the contract
holder, making the amount to be paid
back to the Society. after the loan is
made that much less. When the con-
tract holder secures his loan, he Of
course gets possession of any house,
| lot or farm he chooses to buy and for
which the Society will pay spot cash
when a party applies for a loan, he
pays the membership fee of $500 for
each $5O0.O0 he applies for, which is
credited to the Expense Fund; his con-
| tracts are then put on record in the
regular order and then the contract
holder pays $40 per month on each
$500 contract until he gets his loan
After he gets his loan he pays the So
! Ciety $440 per month on each 5000 the
society has loaned until he has re-
! turned to the Society the full amount
they have advanced for him. He may
pay as much more than S440 month
as he chooses, thus paying off his loan
in much shorter time.
when a contract holder is entitled
| to a loan we pay spot cash, thus en-
abling the members to secure n bar
gain and mourning no liabilities which
| unforeseen contingencies might make 1t
impossible to meet on the installment
plan. Not a dollar Is ever paid out of
the Home Fund except on approved
real estate security.
COOPERATION ILLUSTRATED.
by cooperation time for securing a
home is shortened a great deal, as the
following illustration plainly shows:
Five laborers are enabled to save $500
a month each, after paying the family
expenses, including $1,000 house rent in
each case, In talking over the plans,
they find that each Is striving to get n
81 10000 home. and that each has saved
up 100000 Ia that end. one of them
suggests that they put their money to-
gether ana cooperate TO the end that
each gets home They know that
boy worNug alone IL win bee laS months
before anyone can accomplish his pur-
pose including interest ON his money
900 lh.y UUi hpir money together, and
buy homo Ton no " who Ihru puts
into thu common fund tUe $500 "a
month Do. has boon PAYING 40 rent iu
addition m h.s elylHFs THrn their
.U1WWu.i WYIHss lH 5000 IA month and
n fa mnulhs .RN have HauFh lo
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. HHH FIuw Hw f.m wrlN 80
Iu HalN mHInf lHf MH nnHf ~
h fNHH tNHI WWH".I f|Hfa aIa
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