New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-01-20
COOPERATION IN ROCHESTER,.

, srrCcrssFUL OUNDFRY-TwENTY-NI PER
CENT PROFIT on EARNINGS IN THE FIRST
SIX MoNTHs-AN EXAMPLE FOR WORKING
MEN.
ROCHESTER. Dec. 31.-Among the cooperative
enterprises which have safely passed through the doubt
fu time Of incpiency and attained honorable and profit
able success, the Equitable Cooperative Foundry Com
pany OF Rochester deserves to be recorded.
The association organized May g. 1861, with cap
tai stock of $4,000 of which sl75OO paid up before
starting The stock was afterward increased to $4,000
divided Of 800 each The number Of mem
beers has like increased until there at present
55 men. As the principal article OF manufacture Is
stoves, most OF the artisans skilled IN tha
branch of work. such as stoyemolders patternmakers
patten-1ers, etc The association was formedo ayoid
strikes though it did not spring directly from strike
as has been the case with many similar associations The
avowed object was increase the available capital OF
members by saving to them the net profits oil their
labor" alt is believed" says thei prospectus, that
capital in the hands of many will be found Of equal force
20 protect their rights and interests and that corpora
tons Of workingmen, imbued with the spirit OF honest
industry will he found cOrrespOndngy advantageous 10
develop and utilize the resources OF labor in It's own DC
half" . ,,.
The Company is constituted on the elective principle
Nine Directors chOseniby ballot, annually eIect It
dent Treasurer Secretary and superintendent OF whom
the first three must be members of the Board Inc hS
three officers receive salaries. and are subject at all l
To- the control and direction of the Board, who are In
frequent consultation with them. The present manalh
officers of The Company are the Hon. Henry Cribben,
President; Nicholas Brayer superintendent ana T. W.
Pec secretary The Treasurer and Secretary are both
required to give bonds for the faithful performance vi
their duties The only limitation Of membership Is thd
candidates must obtain twOthirds vote OF thc Dhtc
TORS and members retained rs long as lheN cohit
Themselves properly and act for the general Interests o
the concern failing to do this they become IDe 10 us
nissa by the superintendent Win thc f1ght al appo
the Directors No individual can hold more than MY
shares Of stock and every member must pay an cthc
fee of 81 The officers among he aSest tOckhouerS
and hence deeply Interested IN lhe company Wei
fare The President Secretary, and treasurer constitute
during of the Board OF Directors, ana 10 ttt
all questions i'll dispute between the members employer
and the Company subject to appeal 10 the Boaa Oh III
rcctOrs. =, .-a.. d,
Dividends are declared annually from the net profits OF
the business, after paying expenses anu deductIns
proper percentage to form contingent expense lnili
and are apportioned follows: To stockholders, lV
dend per the capital STOCK the remainder
If any, to b. dividend on labor 10 the neIIs III PRIV
portion 10 their general earnings 800
such Is I'm brief the system adopted, and IL has worked
admirably The first dividend declared Dee 49, lS5'.
six months from the commencement OF operations anu
since that time there have been dNdends once III c
wear The profits for the first six months were $50 w.
which, when divided according 10 the hNed pfppoftiDh
gave each member % O per cent on his net earnings Tor
tine half year. The business done by she company
amounted to nearly 10000 and il was found necessary
to increase the small capital 10y borrowing S2 80 Per
cent interest. IL then decided To increase thc
stock ~ 600 ana TINS basis the operations OF ire
Comuauy have since been conducted In one year rom
the date Of the first dividend, the padup stock OF the
Company was $4,000 and second diyldcndwh thch ,e
members earnings. The sales for the first haii-yeaf
amounted TO $1,000 and for the next year they were
$4,000 Ia 1869 the company did business OF siC9OU
with a result Of S15,37G 81 net pronts which were
divided in the usual manner. During the year the
members were at work almost continuously, stopping
only once, period of three weeks so tha le iIeh
tiers were occupied long ashe hands IN any fodnhe
in Rochester The following is their annual financial
statement for the year ending Dee. 49, 1860;