Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1949-04-08
Coop Memberships
Pour Into Downtown
Office

Distribution of Questionnaires and Credit I'm
MONS Forms by Shop Stewards Brings
Avalanche of New Members to
Consumer Organization
BY OVID McCOMBS,
Spicer Unit Coop Secretary and Credit Union
Board Member
MEMBERSHIP subscriptions continued to
1VA pour into the Memorial Hall offices of
the Toledo Consumers Cooperative this week
in increasing numbers, spurred by the dis
tribution of questionnaires and credit union
loan application forms by shop stewards, eX-
ecutiVe committeeman, and local union Of
ficers of the major Toledo union organiza-
tions, 1t was announced by Norman T. Snyder,
local Coop president.
An explanation of the Coop organization
and the program for the establishment of
chain of consumer-owned shopping centers
accompanies the QUESTIONABLE. The question
naire itself gives the individual an opportunity
to check what he or she knows or doesn't
know about the Coop and to denote the
method by which application for membership
will be made.
The stamp-book savings plan has proved
popular in a number of plants and with many
housewives, clerical workers and others not
employd by Toledo firms, Mr.. Snyder re-
ported. Free stamp books are given to those
who wish them. When a book is filled with
100 25 cent savings stamps, which may be pur-
Cndseu as desired from llIle 10 Ufne, III Is eA-
changed for a share of Class Common Stock,
known as membership stock, the president ex-
planned,
Shares of such stock are limited one to
each member, atho it is permissible for
share to be owned jointly, for instance by
husband and wife, or by members of an or
ganization or group, such as a union or unit
of an amalgamated Hawever, there can be
no more than one vote allowed for each
share. In the case of jointly held share
spokesman in meetings and the individual with
voting rights must bedesignated
share of stock entities the purchaser to
lifetime membership in the Coop, the right
TO nominate and run for office, the aforemen-
toned voice and vote in meetings, and pro-
portonate share of the profits" of the shop
ping centers established here, based on the
members total yearly purchases, which are to
be carefully recorded for purposes of COM
putting the individuals patronage refund or
dividend"
Working in close cooperation with the To-
ledo Chapter of Credit Unions, which in
cludes approximately eighty-five area credit
union organizations of factory office and
church groups well as city employees and
others, a printed form has been worked out
which viii enable anyone to join the Coop
lmmediatly even tho that person lacks the
necessary S25 for membership stock
The composite form is being distributed to
those who desire to join thru the credit union
III consolidateS all necessary data needed by
the credit unions for financing individual
memberships II may be used either by the
credit union to which the person belongs, by
the credit union he or she wishes to Join, if
eligible to do so, or il may be turned in to
the Coop Credit Union, which is open to any
one who joins the Coop,
1t is entirely possible for anyone who
wishes TO Join the Coop and the Coop
Credit Union simultaneously, to do so with
out an immediate outlay of cash. Total cost
of the loan is S3025, plus one percent month
ly on the unpaid balance. Such loans may
extend over period of six months, if nee
esary The above amount includes the S25
share OF stock, SIS savings deposit to the
members credit, and a 25 cent membership
fee that is mandatory by state and federal
law earmarkd for the credit unions reserved
fund Those already belonging to a credit
union need finance only the S25 membership,
thru that organization.
The Coop Credit Union last year de-
clared dividend of 2 y per cent, in addition
TO insuring the deposits of all members up
to $1,000, and their loans up to $4,000, ac-
cording to John V. Nation, treasurer who is
member OF the national credit union eXecu4
tive board This insurance provision has the
effect OF cancelling the debt a member may
have as the result of a loan, in the event of
debt a member may have as the result of a
Joan, in the event of death or total disability,
while giving the heirs of the member double
the amount in his savings account, in accord
ance to the above limitations
The Coop is open to anyone who wishes to
join, regardless of race, creed or color. II Is
not union adjunct altho organized labor has
aided in tn organizatonal program, as have
many clergymen, teachers, housewives and
others. The Coop Credit Union is open only
to those who belong to the Coop.
Anyone wishing information or desiring
to join the Coop may phone the Coop Cen
ter, FA 5l8l, or write to sos Adams Street,
Memorial Hall