1893 - State Library Information Center

182 STATISTICS OF LABOR AND INDUSTRIES.The drawing of lots for the chance of getting a house is not obligatory untilall who specially desire houses have been provided. When the time for allotmentarrives and no one steps forward as ready to take a house, drawing becomescompulsory upon all who have not yet taken houses. A member drawinga house need not necessarily occupy it himself, he can sublet it to any one unobjectionableto the association. When the association dissolves every memberis free to sell or otherwise dispose of his house as he pleases, provided heinflicts no wanton injury upon his neighbors.Newark, North End.—This is an interest-premium association,the premiums having ranged from 30J to 45 per cent. In somecases, the whole of the premium has been paid off by the borrowerat once; but generally only ten per cent, of the amount,and the balance at the rate of 2 per cent, per month for fiftymonths. After that, only the regular dues. The main difficulty,so far, has been too many withdrawals, and inability to get asmuch money as it is desirable to lend.The section of the constitution providing for withdrawals is:Any non-borrowing shareholder wishing to withdraw from this associationmay do so by giving a written notice to the secretary five days prior to themeeting of the shareholders, which shall be on the last Wednesday of eachmonth, of intention to withdraw, etc. During the first year of his or herrespective series of stock he or she shall be entitled to receive the actualamount of the installments paid in, less any fines he or she may owe, and aproportionate share of expenses during the first year of the respective series.After the expiration of the first year, interest at the rate of five per cent, perannum; after the expiration of the second year, interest at the rate of six percent, per annum; after the expiration of the third year, interest at the rate ofseven per cent, per annum, and for each succeeding year at the rate of sevenper cent, per annum. The rates of interest herein mentioned are to be allowedonly on the amount paid in each year, and not on the total amount which mayhave been paid in, so that the amount paid in each year receives only onecredit of interest. And in addition to the above rates of interest at the expirationof the third year, a dividend to each non-borrowing stockholder of two(2) dollars on each share owned by him or her, and at the end of the sixthyear a second dividend of five dollars on each share so held, and after thesixth year such further dividends as the earnings of the association will warrant.Newark, Roseville.—The association was organized as a terminatingconcern with a limit of 2,000 shares, which were all subscribedfor at the second meeting; and for some time thereafter,as fast as any one dropped out, others were ready to subscribe,thereby keeping the shares issued up to the full amount. Before