The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-08-19

f- . r.
Secretary and Treasurer.
p The report Of the Superintendent, Mr.. ".
q. Welch,, enters somewhat more fully into the
details of the management Of the store. We
copy the more interesting portions Of this docu-
ment. Mr.. Welch says: .... !"
| On the 10th day OF March last, after week
spent in fitting up tho store, receiving and OPEN
ing stock, and furnishing necessary 1xtures for
the proper conduct of the business, the banner
of cooperation was flung to the breeze nom
the store, No. 1O7 Market street, alternate hope
and tear agitating us as to ultimate SUCCESS, ;
(: Ina community like ours, where in times past
any innovation upon old established rules and
customs, ornnythipg having tendency. that
may meet cold and ungracious reception at
the hands Of our citizens, we might vel Tear
lest this should share Q slmilar fate with other
institutions started under equally as: favorable
. But firmly impressed with the idea that it
was worth trial, We broke ground on the day
alluded to. The number Of stockholders on
our roll at that time was---- and the paid
in capital less than. $500. "
+ Contrary to our expectations, and much to
gree OF patronage from our stockholders and
the public generally, and In short time gained
considerable headwsy both from the addition
OF new names to our roll, and an increase OF
patronage end trade. Z,
We had At frat many disadvantages to con-
tend with which proved ofserious inconvenience
to US, and these principally arose from lack OF
confidence in us felt by business men outside
of our CITY,. They had heard Of such institu-
tions at great distance, but we're very suspl-
cious of them nearer home, and although fur
nished with undoubted references both in this
city and elsewhere, some time 81 psed before
We could get goods outside OF this market,
parties frequently refusing or declining to ship
without assigning any reason for 30
doing; others taking no notice, whatever
Of our communications, and others again
lug to ship again, Notwithstanding the fact
that their drafts had been promptly and duly
honored. Ali this occasioned not only incon-
ve1Iience, but heavy loss, for by being COM
PEELED to purchase goods IN this market, we
had to pay from five to ten per cent higher
than other frst-class dealers, and were yet
forced to sell at as low rates. The effect OF
this is clearly, demons!rated by the small div. VI.
dend declared, and the statement shown by
the treasurer's balance sheet. We have by
this time succeeded in establishing confidence
in the reliability Of the Association, and are
able to procure without difficulty whatever
goods We need. r. e.
AS soon as tha warm weather began We dis
covered that our store was most uncomforta-
bly, warm one, CnuS OccaSlOuluS tuoro VI looo
detriment to goods Of a perishable nature, OF
which class our stock is necessarily 30 largely
composed. And in wet weather, our store
being below the level Of the pavement was
overfowed, thus rendering the place damp
and consequently unsuitable for our style OF
business
According to the statement Of old business
men resident here, this has been an uuprece-
dentedly dull summer, and when; this fact is
taken into consideration in connection with
that of the expense necessarily incurred in
commencing business, fitting up, the store,
procuring fixtures, &C., aud also that we COM
menced business just at tho opening OF the
dull season without getting any of the winter
trade, think we have just cause for congra-
tulation at the amount Of business done, and
the exhibit made by the Treasurer's Report.
Everything is due to those OF our stockhold-
ers who came forward so nobly, aiding and en-
couraging us by their patronage aud tlrlng
efforts to make theinstltution most substan-
tial success. It is to them that we owe what
of success has been attained, and to them we
look tor eventual prosperity.
We omitted yesterdaEto mention that at the
election on Monday night, Mr. W. H. Welch
waselected Secretary I'D T.easurer. The fol-
lowing gentlemen we're also elected auditors
of the Association: ". G. Wh1ldcn, w. s. Ian
neau and John F. Maher.