1893 - State Library Information Center

178 STATISTICS OF LABOR AND INDUSTRIES.STATEMENTS BY SECRETARIES.*AllendaU, Orville Co-operative.—Fines were only $1.10 for theyear, with a total ot $35,029.32 from receipts, of which $8,213came from does. We never fine members unless they are habituallyslow. When they get in arrears, they are notified that theirmoney is subject to their order and will only earn interest, havingceased to be members in good standing.Park Ridge, Washington Township.—The consideration for priorityof loans is paid monthly. Loans, which may be repaid atany time, are made on the basis of 6 per cent, annual interest;the premium is only 1| to 6 per cent.; but cannot exceed 6. Finesare only 4 cents.The association meets on the second Monday of each month,and payments due at that time may be made at any time duringthe month—& privilege not allowed in other associations withoutincurring a fine.Anyone, including women and minors, may hold shares, andmay borrow on their stock without mortgaging real estate, ormay withdraw at pleasure. Each member has one vote. Sharesare $200 each, payable in monthly installments of $1; entrancefee, 10 cents per share.This association has enabled quite a number to secure theirown homes. It is known as a borrowers' association in everysense of the word; the borrower builds his own house ; the associationdoes not speculate in anything. It owes no debts; haspaid all withdrawals, notwithstanding the winter's financial stringency.Rutherford, Mutual.—Notwithstanding the hard times and consequentenormous withdrawals, we have weathered the storm.The average premium of loans relinquished has been 45J cents;upon new loans, 40J cents; upon all outstanding loans it is 88Jcents. The current working expenses of the association are under2J per cent, of the capital.* Including extracts from associational reports. These statements are givenf >r what they are worth; the Bureau does not thereby indorse them.