The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-10-01

A CHANGE OF BAsE-THE PALMETTO Pro
NsHR Co-orRRATIye ASSOCIATION OCCUPY THEIR
NEW sToRE.-Itis is now nearly two years since
the formation Of q cooperative association was
mooted by the members Of the Palmetto Fire
Engiu. Company. The subject was frequently
discussed at their meetings; treaties on Coop
GRAFTON we're procured and studied and the re-
suit was that a few who had faith in the sys-
tenn banded together, aud the Palmetto Pho
neer Association was born. For few months
its success WAS doubtful, but tho members
struggled bravely on. Their ranks received
several accessions, and the moneyed mon Of
the community began to take an interest In
the subject. In framing the constitution, it
was determined to make the shares $26O
each, which coald be paid by the stockholders
in instalments Of one dollar per week,
from the date Of their membership. All pur-
cbases are also credited to the stockholder,
and at the end Of each quarter The net profits
of the business are divided among the stock
holders in the proportion Of one-third to the
amount OF instalments paid in, and two-tbirds
to the amount Of purchases made. The latter
amount is credited to the stockholder until his
share is paid up. This plan proved to be quite
popular, and the Association was soon In
possession Of sufficient funds from instalments
received to warrant them in opening store.
The capital on hand was small, and it was
thought best not to make too pretentious
stalt, but to continue as heretofore OF the road
to success by parallel approaches. The
present store 10 Market-street was select
ed, q stock Of groceries obtained, and
the cooperative store fairly put iu work
ing order. Although the first step had been
taken, there were many in the community who
still predicted failure, and numerous in.
stances Of such disastrous results were men
toned. This did not affect the prosperity of
the Association. New subscribers camo for
ward, shares were taken, and many OF the
stockholders paid in the full amount at the
time. The business rapidly increased, and as
the funds accumulated, it became evident that
the old stand was too contracted and the Asso-
cistion would be only doing justice to the NOM
bers by extending their sphere Of usefulness.
The first anniversary of the Association was
held on the 18th OF August last at the Masonic
Hail, and it was then stated that although
commencing with paid capital Of less than
nine hundred dollars, the Association had
prospered beyond expectation, and the building
then occupied was found to be too small
and more suitable one recommended. The
spacious store at the southeast corner of Meet
ing and Market streets was secured and prepa-
rations we're at once commenced for move.
The store in question was well-knowa groce-
ry stand for many years, but has been occupied
since the war by Mr.. Joseph Walker as print
er's warehouse. Some charges were necessa-
ry, as the front wall Of the building was in
dangerous condition, and the interior diney
from long disuse. Repairs were Immediately
commenced and progressed with such vigor
that the Association we're enabled yesterday to
commence their long anticipated move, which
will be completed and the new house SET in Or
der before the close of the week. The new
stand is one of tho most advantageous for the
grocery Business in that portion Of the city,
and has ample room for 4 stock of every need
ed article, sufficient Lot only for the supply Of
the members, but for an extended trade. With
the experience of the pas! before them, the
company cannot fail of success, and tho corner
of Meeting and Market Will soon become ia
yorite resort Of housekeepers and dealers.
The following are the officers of the Associa-
ton. who are reelected annually:
6 THOMAS IT. President
A. o. STONE, Yice-Ptesidcnt
DIRECTORS.
h. FERGUSON. JOHN ROBINSON.
G. I. BUST. 6ENRY BRANDES.
J. J. GRACE. ". & STEE2MAN.
A. MACBETH J.'p. WaITE.
G. P. McINDOO. F. Won SANrEN.
". G. HARVEY.
AUDITORS.
". G. WaILDEN. ". S. LAM sAU.
JOHN F. MAHER.
W. H. WEIGH, Secretary and Treasurer.
". q. WEIGH, Storekeeper.
J. y. WIGFALL, Assistant Storekeepcr.
The advantages Of cooperative societies are
too we'll known to need much comment. They
are conducted on the cash system. in which
there is no such word as fail, and, under pro-
per management, success is certain. The pres
ent Association is ably oficered, and the stock
holders have never regretted their inVestmont.