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being especially true of new societies that desire to offer special inducements. Mr. C. L. Bonney of the Douglas Park Association thinks that the chief aim of the league should be to secure the passage of a bill placing the associations under the inspection of a State official, as many of them carry on a very lax system of book-keeping and should be compelled to make a financial statement every six months. In regard to the State league, Mr. Bonney says that it did not hold a meeting for about two years, and was making no progress toward securing a State inspector. Mr. Bonney also thinks that some banking scheme might be devised, as the associations in this county alone are said to have an invested capital of about $8,000,000, and many of them could loan to others needing money. While it is not probable that all the associations will join the league, there are about two hundred in the county, and the league will no doubt be an assured fact.

The Boston Herald, which has several times published full accounts of the Building Associations of New England, gives the following details of news concerning them in its issue of Nov. 25, 1888:

The growing interest in co-operative banks and the constant demand for more shares than the existing Boston banks can issue according to law are certain to result in the formation of several more associations in this city at an early date; and a movement is at present on foot to start a bank at the West End, with a prospect of its speedy incorporation. At the regular meeting of the Board of Directors of the Workingmen's Co-operative Bank of Boston, on Friday, November 23, the report of the business for the past six months was presented. Out of the nel profits, after crediting i per cent. to the guarantee fund, the directors were enabled to pass to the credit of the shareholders a dividend at the rate of 7 per cent. per annum and leave a good sum for the surplus account. New shares in the 18th series are now on sale.

The second annual report of the Reading Co-operative Bank shows the condition of the institution as follows: Assets, 27 loans on real estate, $23,585.00; 15 loans on shares, $1,205.00; cash, $3,663.88; balance permanent expenses, $84.41 ; suspense, $98.08; total, $28,636.37. Liabilities, shares, $26,811.00; profits, $1.537.67; forfeited share, $77.02; guarantee fund, $47.01 ; surplus, $163.67; total, $28,636.37. The present number of shares is 1,519, of which 1,279 are free and 240 pledged. Present number of members, 320, of whom 283 are non-borrowers and 37 borrowers. The earnings the past six months have been at the rate of 6} per cent. per annum. Shares in the 5th series are now on sale.

The New Bedford Co-operative Bank shows earnings the past six months at a 6} per cent. per annum rate. The semi-annual statement of the bank gives these figures: Assets, loans on real estate, $170,625.00; loans on shares, $9,005.00; unpaid dues, $664.00; personal account, J. S., $314.52 ; personal account, P. E., $14.91; cash on hand, $9,856.02 ; total, $190,479.45. Liabilities, shares, $185,168.62 ; loans not yet fully paid, $3,476.10; personal account, F. W. T., $2.00; reserve fund, $1,112.79; forfeited share account, $9.06; dues paid in advance, $256.00 ; profit and loss, $446.88; other liabilities, $8.00; total, $190,479.45. The present number of shares is 4,104, and present number of members 608, of whom 173 are borrowers and 435 non-borrowers.

The preliminary steps have been taken for the organization of a co-operative bank in North Adams, Mass.

In less than six months, the Star Building and Loan Association of New York has secured homes for eleven of its members; and all of these fortunate house-owners now admit that, but for the association, they would still be contributing a large percentage of their earnings to landlords.

The Building and Loan News advocates the adoption of the insurance principle by building and loan associations. It says: "Many are deterred from joining a building association for fear that, if anything should happen them, their families would be unable to continue the payments. But if they had a policy on their lives, enough to cancel their obligations, they need have no fear of disaster. Building loan associations could combine their system and that of insurance with good results.”

A citizen of Atlanta writes that there is a regular boom in building associations in the Georgia metropolis. He says: “Atlanta workingmen are following the example of their brothers in the North and West, in the matter of securing homes for themselves; and most of the dwelling-houses which have been built during the past five years have been built with money borrowed from building and loan associations. At present, many buildings are going up in various parts of the city, and these will soon belong to the members."

The Equitable Co-operative Building and Loan Association of Brooklyn, N.Y., has been organized only four months; but it has loaned to its members in that time to purchase or build homes $39,500.

Mr. Henry S. Rosenthal, of Cincinnati, the author of a valuable work of two hundred and fifty pages, just published by S. Rosenthal & Co., Cincinnati, states the number of Building Associations in Ohio as 750,— considerably more than the Committee estimated on page 120. Of these, 400 are in Hamilton County, and 325 of the latter in Cincinnati. In Indiana, he estimates the number at 325, and in Maryland more than 500; the latter being his estimate for Baltimore alone. Except for Ohio, it is probable these are over-estimates; as also is Mr. Rosenthal's estimate of 5,000 for the whole country. My latest estimate (Dec. 7, 1888) would be 4,000; but at least one or two associations are formed every weekday at present in the whole area of the country, so that 5,000 will soon be the number.- EDITOR OF Social SCIENCE JOURNA

VAL.

5.

CO-OPERATIVE BUILDING AND LOAN ASSOCIA

TIONS IN THE STATE OF NEW YORK.

BY SEYMOUR DEXTER, ESQ., OF ELMIRA, N.Y.

The topic assigned to me is the number and success of co-operative building and loan associations of New York. The term

co-operative building association," I assume, is intended to be generic in its application; that it includes the building-loan association, the mutual-savings loan association, the co-operative savings and loan association,-in short, all associations whose scheme of transacting business is based upon the following general plan : namely, the issuing of shares of stock to members, upon which they make weekly or monthly payments (such payments being usually called dues) until the sums paid, increased by the dividends added to them, reach a certain sum, called the matured value of the shares of stock. The money thus received is loaned only to shareholders, and in sums corresponding with the matured value of a share or a multiple thereof; and each stockholder who can give the required security has an equal right with every other stockholder to borrow the moneys of the association. No stockholder can borrow a sum exceeding the matured value of the shares held by him, and the money is offered to stockholders desiring to borrow at stated weekly or monthly meetings. In all cases where there is a competition for the loan among those desiring to borrow, the right to the loan is determined by the bidding of a premium, and is awarded to the highest bidder. In some associations, a minimum premium is required. The premium bid may be a certain sum per share, which is deducted from the loan when the security is given, this being called the "gross plan.” Or it may be a certain sum per share to be paid in weekly or monthly instalments with the interest upon the loan and the dues upon the stock. This is called the “instalment plan.” Or it may be a bidding upon the rate of interest to be paid upon the loan. This is called the "interest-premium plan," interest in all cases to be paid weekly or monthly at the same time that the dues are paid

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