Workingmen's Homes - 1875 Author:Edward Everett Hale Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: APPENDIX. The Constitution of a Co-operative Society for Building, which has worked well in Philadelphia, is explained in the following letters from Mr. Quinc... more »y and Mr. Davis. MODERATE HOUSES FOR MODERATE MEANS, I would now call your attention to a communication sent to me by Edward M. Davis, of Philadelphia, describing the workings of an association of which he is president, calculated to aid the frugal and industrious in tecuring homes now payable out of future earnings: — It is called a Building Association, but should be called a " Co-operative Deposit and Loan Company," as it does not have homes built, but does receive and loan money. There are 74 members and 1,000 shares. None of the officers receive pay, except the secretary, and he only $ 2 a month. The treasurer gives bonds for $ 1,000, but seldom has over S 50 to $ 100 on hand, as the money is generally loaned the same night it is paid in to the association. We meet in a school- iiouse and have no rent to pay. Fuel and a janitor costs u about S15 a year. It is conducted for the benefit of the mom- berg, and not for the benefit of the officers, as is the case with many loan associations. The receipts of the association are: — 1st . " Dues " of members, consisting of fifty cents a share, payable monthly. 2d. Fines of five cents a share each month as penalty for failure to pay punctually. 3d. Premium on money loaned paid by members who borrow. 4th. Interest received monthly at the rate of six per cent per annum on money loaned. When from these sources the shares are worth $ 100 each, a distribution is made in the proportion in which the stock is held, and the association comes to an end. Only members can borrow money. Each one can borrow $100 for each and every share, but not over $ 1,500 at ...« less