The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-08-31
coopEnATIvm STORES IN NEW york

Wo have, from limo to time, lately spoken OF
the great cooperative movement now in progress
among the laborng classes Of Europe. In the
Northern part OF tho United States also considera-
bic attention has been given To tho subject of late.
Every paper almost that comes to us from the
largo cities OF tho North contains notices relative
to tho practical working OF tho system. Thus in
the New York Herald Of Sunday, August 2j wo find
IN account of several cooperative stores that linye
ben established in that city within tho past
month, and nro now III working order. Besides
these, says tho Herald, many other kindred but
private associations Of similar nature havo boon
formed, AMI are progressing satisfactorily.
Foremost among these freshly organized insti-
tutions, may be described
TIE rIlsT MANHATTAN COOPERATIVE anocERY
STORE
has been established under the act OF the Lcgisla-
turo to regulate such institutions and starts with
n capital Of S5i00 divided into slim es of s. each,
Tho principles Of this storp 10 supply it's inon-
hois with groceries, provisions, wood and coal Of
good quality and OF just weight nnl measure ut q
nir advance on first cost, nntl from tho profits Of
the business To pay quarterly dividenl iii proper
tim to each membor,s trado with the Htorc. II
from all other considerations-such ns The small
or cost OF goods. by getting thom nearly ut
wholcsal" rates--each member of the association
receives profit in direct proportion to his pur-
cllnscs, mud thus his worry expenses VIC might say,
rebound to his credit l,oses this, the directors
aSrcc 10 allow eight rcr cont per anIIum interest
on every FULLY paid up share, TO commence fifteen
tinyB alter tho storo opens for business Tho
officers of tho First Manhattan cooperative gro
Gerry storo are q president, vice president secre-
tary, treasurer, tlrce trustees, ninu directors,
supcrintcn,lcnt aud a buyer. All those officers
have furnished bonds 10 tho amount Of s14, 900, in
order tllnt tho society can hayo claim on thom
should thoy nbnsc tho trust rcpoael in them; and
judging by tho details of the working OF the store
tho buyer has tho most oneroua pogion az lio
In
for keeping tho Btoro supplied, aud las to guard
against NIL the innumcrabU chfcanrry and s.trcks
OF trade" 40 That tho members shall hnvo bona
}f,tc go0tl articles for thoir money.
The preliminary meeting for tho organization OF
this movement was held on the ith or June last
and now it may bH said to DO firmly established
tS2iGo) las been fully paid up and deposited in
bank, while tho second nstalnlcnt Of $500 re-
gnircd under Tho articles of associhtion hns also
been nearly completed; Tho ofiicors arc all mp
pointed, and appear 10 be well selected The site
Of Of the store has already been axcd-hctwccn tho
Sixteenth and twentieth Wards, adjacent to Sew
sixth street. All appears, therefore, to be well
with tho First Manhattan Cooperative Grocery
Store, md it is to bc hoped, for tho furthcrnncc
OF the cooperative principle and policy. among
| nur mechanics and artisans, that il will hive
prpYprolis, career.
THE MANHATTAN COOPERATIVE LAND AHD BUILDING
ASSOCIATION /.
is another Of tlicso Institutions which goes OH
more extensive Acalo tHan tho Iormer,, involving
greater nmonnt Of capital and Intending to nllow
aud cnnbe ach of its members To "bccome his
own landlord" Instead OF having cortain fixed
number of shares, as the former association. tho
funds OF this building society DO increased Mt
the will Of the members or shareholders, until q
large amount OF capital snail have accumulated
Each member has to pay an entrance foo OF lifty
cents on every sInro taken by him, and i'll addi
lion weekly subscription Of fifty cents per
share. AS soon as tho funds Of tho society shall
have accumulated to the amount Of $1,000 thero
shall be m appropriation madc for that sum to
tho member who shall either havo bought
such right of appropriation or shall be
titled to 1t in his regular turn, according 10
tho timc and order OF rotation Of his standing on
the books dr the society. For instance tho work
mS of tho co-opcrntors' plan can b0 thus explain
ed John Brown III ono of the first members that
joins the building ass0ciaton; ho has pnid all OIL
trance feH Of fifty cents, and weekly subscription
oil fifty cents over since lie Joined tho society,
which is composed soy OF two hundred members.
accumulation of tho entrance fcca and weekly pay
lnonts Of theso two iiundrnl members, that the
building aocicty possesses $1,000. md then John
Brown, by reason of his being the irst member
or on account Of his paying twenty dolais for the
privilege, is votod ON appropriation OF $1,000 to
amount of sl601 and interest is secured to tho
other shareholders and tlip society gencriily by
mortgage on John Browns holso. Thus, at tho
elj pr crrlain period each of tho members has
hopsc Of his own. when the society is dissolved,
its purpose bong fully carried nt, aud each Of it's
members 'beinR lis own landlord" Thero il no
doubt that thcso building !soei9ties work good
any speculative spirit, which bas boon the ruin of
hundredg in England. ~ .8 j.
ma uyIbs co OPERATIVE sr1nE ~