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


small percentage OF the net profits among the worknen
The feature OF subscription of capital appears wise,
for the that men 10 save ana estao
fishes the character of those who do save Twelve work
men have subscribed the conditions and have invested
ranging from 500 to $500 each These De-
| come naturally interested in the success OF tine
establishment They find 1t TO their interest to give the
best and most labor possible for the wages they get
They are constantly reminded by their investment OF the
need to be economical tools and material and their WORK
will Just certainly cost the firm less ana produce iuoro
money than that of other less interested Journeyhch rs
that one can do his labor cheaper ana 10 ms own
greater satisfaction than anybody else cam Increased
production and greater economy are tho adNah'aso'
which the establishment will reap from the new partner
shin The new partners will derive. beside the DIVIDENDS
which we hope their sake may be large, tneSe '
cuable advantages: They will learn 10 save; tnc' VIZ
learn TO economics and they will establish characters DIS
men Of industry and sobriety and rstcass wor'neh'
| These 10 men, having now common interest eA'Ilns
tben will become more attached TO each other ihey
will form as il team" Of themselves lhoS VIII
talk Of their Investment they win study its auNahdEes'
and finally they will discover that there Is SUI pe'ter
| way of using it, The Messrs. silver may ho' nave
begun with that idea but they educating their work
men bv their Industrial partnership ~ become success
| full co0pcratyos.
The terms Of this partnership are explained By the
uroprictors of the establishment as follows: The design,
they saw is to promote good feeling, which Is, to say
the least commendable Every man placing 500 with
them shall lie entitled TO draw semannual dividends on
he net profits the on the amount invested,
having the right any future time to add TO 1t in sums
Of not less than $780, which will draw their pro rata
from the commencement OF the next ensuing tern viz,
July and January of each year. The men who thus
avail themselves OF the system are not entitled to any
voice in the management Of the busnessa grave defect
hut necessary fault of every industrial partnership,
and is chiefly in this respect that il is inferior TO tie
various cooperative schemes The journeyman has only
an indirect interest after all in the enterprise and without
legal recognition he comes too like guest at the banquet
where theoretically he is joint host with the rest and his
profits take too much the form of charitable gifts The
is not transferable but for the exclusive
benefit OF the in the shop and any one wishing to
sell out his interest can by giving five days notice,
when his money will refunded No part OF the ac-
crued profits, however to be paid, except at the
regular semiannual settlement. No money will DC ae-
cepted from any who has not saved out OF MS own
earnings This important regulation is designed, OF
course partly protect the firm from investments by
persons not workmen; but its chief purpose doubt
less to secure investment by steady, saving workmcn
only or course il is only this kind that the firm cares
TO attach to itself and naturally il is only this kind who
have any money to invest
The restricted cooperation shop Of MacEay q Co., in
Chatham-square, is an illustration OF what earnest men
with foresight and industry may accomplish. phese
operatives, eight in number employees, last sum
mer of Messrs Benedict Hall Co.. shoe iobbers, who
in July last discontinued manufacturing MI Maekay
had been their foreman the others had been long EN-
plOyed in their establishment and were known AS skill
full and steady workmen. Finding themselves about to
be thrown of work by the closing Of the establish
ment these resolved to start shop of their own
and become their masters All of them had money
in bank One of Them in seven years labor with iBen
edict Hall Co.. had laid up 5000 and others had large
sums invested. The eight formed an Association, elected
Mr. Mackay Manager, and during the six months
from Juy To January he employed IN
filing IN the shop in Chathamsquare in which
the eight co0peratiyes and six employees are
now at work. Each member has subscribed $500. ana
is subject to further assessments until the amount
requisite to carry wholesale factory is obtained
| No retail business will be done A member may retire
nj any time but the capital he has contributed only
| be Withdrawn after twelve months notice The Man
ager has been elected to serve for three years His du
ties include the buying, selling and cutting of stock
While is not permitted to weigh the concern down
with debt he may buy portion of the stock on credit
Tie Association forms what is known as team ex-
cIusive of cutters each one making part OF each
shoe The wages of manager. cutters and the workmen
in the viii all he the same, the rates being those
| fixed by the Trades Unions for piece work.
Although this association has only been NJ work for
fortnight its assured All the work II can DO
for year to has been engaged by two firms either
of which ready advance $4,000 To enlarge the bust
ness It was Of COURSE necessary that the firm should
have previously had reputation for its workmanship
before such an arrangement this could be made but
that character was the natural result OF years Of con
slant steady industry and economy.
The most successful cooperative establishment which
the Shoe trade boasts in this city is that Of the First
Manhattan Cooperative Boot and Shoe Manufacturing
Association in Warren-st 1t began business January l,
1870 with 40 shareholders, and capital stock OF sl5O
divided into shares OF SIS each, half paid into the
treasury No shareholder was permitted to acquire
more than 90 shares either by subscription purchase
only hold the maximum number Of 20 shares each, and
there areonly two who do not than four shares
each. Prior to the commencement Of business seven
Trustees and Manager were elected by the shareholders
for one year. each share being entitled to vote in the
election The Trustees then selected their President
and other officers, and hired loft Oh Warrenst at an
expense of $3.50 per annum
Ten cutters and filters OF stock, and two teams OF hve
men each went to work. while the other 90 shareholders
continued to work elsewhere until the recent STRIKE
when all being Crspns they were required to abandon
their employers. To furnish these men with employment
another loft has been secured business Will he enlarged,
capacity the shop for turning out work will be
increased from $40 pairs Of shoes per week to 1900 pairs
There employed in the shop two Crispins who
| are not stockholders, but receive Society wages
The Bylaws Of the Association substantially as
| follows:
President p an meetings ofte Association and performs
vieePtent President, attends to the
Secretary keeps proceedings the meetings Of the
Association
The Manager buys and sils and srperinteni the shop
Treasurer collects the does and deposits all
Board Trustees 10
the and by check for all
500; for all above that he i receives
the written authority Of the Prese gned BY the Secretary lmS
dae his assuming the duties Of his ofc he gives bonds such
his
authorized by ie Association time Keeps
than SO in hs hands and each quarterly meeting make
receipts and expenditures Of Ass citation from
and for what With the
Treasury In disability
Of Of Office he delivers his al moneys
property the Association in his penalty FORGETTING
| bis bonds
Of have fall control Of the business As.os
for and
In heI Judgment necessary for the completion Of in tie hands Of
| the Association