The Chicago whip. (Chicago, Ill.) 1919-19??, 1920-08-28
That Cooperative
Society
By John Riley

by group of promoters under plan
known as Common Law Trusts, an.
all the business, finance, and plans O
this so-called cooperative outfit il
controlled by a few men who tern
themselves as Trustees. They promot,
these schemes for the purpose of tax
ing advantage of the working class
and yet have them believe that the,
are really members of a Cooperativ,
Society. 49,,
Statesmen and Solicitors are EN-
ployed to canvass the various dis
tricts, and assist these Trustees il
fooling the people.
Let's see now, what this form O
cooperation really means to the PEG
pie and who gets the most out O
what money is invested. Member
ship in a Society of this nature ar,
selling for $37.50 each, subject t,
prior sale, which can be bought fol
down payment of $3.50 on eacl
membership purchased.
On from one to ten memberships
the payment is $500 per month. On
twenty memberships, monthly install
ment is $1,000. To thoroughly un
derstand this proposition of member
ship does not give the members any
thing to do at all with the operation
and expenditures of the funds, ant
this membership is secured by ju
MON mortgage, which is the secont
mortgage on all the lands and othel
assets that the concern might own
The term: Junior mortgage, as ap
lied in this case, would represent
second mortgage, and cannot bt
entirely secured until the first OF
senior mortgage has been provided
for. There are no limitatations OF
regulations about law in concern OF
this kind that any time could b,
compelled to respect the rights OF
members since the full power tc
regulate dividends, profits, and earn
ms is left in the hands of the
Trustees.
The investors not only furnish the
capital necessary to put the business
into operation, but become the con.
sumers and assist in passing thei,
money from their pockets into the
pockets of the trustees, and Others
who manage and control the concern
The Trustees, are guaranteed Az
of net profits and there is no stipu-
lation through (which ii would be-
come necessary. for them to own a
membership or share, or even invest
any money of their own. ., Conse-
4. lsentlss.,.hs.~r~pess ~sas.s..ss ~nsAa.sss
believe that this is an acceptal
n. form of cooperation generally wa
lie up to find that they have been
lie into trap for some one els
as benefit.
n Iney can well afford to pay Sc
). citors large commissions to go arou
IS and misrepresent cooperation to I
ID people, since to be conservative, t
lie average yearly income of the Tru
r. ees where the embership won
a aggregate twenty thousand would
rs approximately 5135.00 each, VIII
= in the mean time, people hold
memberships secured on the jun
mortgage plan would be taking $,
! cond, third, and fourth chances
receiving even small portion
i what they had invested in the &C
N Germ.
Such a gross misapplication
the real cooperative principles cou
not be imagined or even conceiv
in the minds of any man or group
$ men who were really interested
:, the welfare of the wage earners, W
are after all, the most essenti
factors who are necessary in the pr
!, motion of commercial enterprise
). as well as the backbone of all pre-
perity.