New-York tribune., 1874-06-17

ii
Boot and Shoe Manufacturing Association This was
sarted in August, 1871, with II members. The stated
canta was $4,000 shares OF 500 each. The largest
held ve shares and the stock OF the others
ranged down to sin gle share Less than $4,000 OF tue
capital paid up at that time; there Is no"
5000 paid In. The largest shareholder no"
has seven shares, while with the rest there
Is hardly any change At the beginning the
Association had about s27oc OF property its present
machinery Is valued at about 1900. and the stock at
nearly $1,000 The plan OF this Association came out OF
a strike for higher in George Silyers shop. NO.
81 warrent which took place In the Spring OF is ana
cause 10 leave work The manager II, anu his
been for two years Thomas Rule. and the number Of
memUers is now the same MS at the nrst fteeu noI
ARE a6s hs.pSeaon and outside one filter and four girls
are paid. No dividends VIII be allowed TILL tine capita
"a psd mp The limited capital and have pre-
cnied the increase of workmen or any extension
OF production The first year per cent prOmt na was
Tncre was considerable loss the second year. and
the Spnng trade is not brisk; But the memperS
operative scheme. Little part OF their patronage ap
pears he attracted by sympathy win the ann oi ,ne
sooday ma sxthave dealer Warned by one or
two where they have been inudlc0us III granting
credits the Association is very careful and could
proDaby do much larger business II 1t were ready TO
"a more risk.
The FrsvNew-York Cooperative Boot ana Shoe Manu-
featuring Association started in January lS7l It's
capital was fixed in It's charter at $4,000. but only
in an humble way at 20 20 Collegeplace, with eleven
members at work and small amount OF machinery
which had been paid for In cash. For seven
months fair amount OF trade was secured and consid-
cradle additions made to the stock and machinery
After that time small headway was made. Bad debts
crippled the enterprise Five hundred dollars was lost
by the failure Of Broadway dealer and sl,70o by an-
other house serious blows to go fra a en-
terprse. There were other hurts, too Inc orgahizi
on dragged along till March 1873 having Increased s
4 u,i,er-h In
in such bad way that 1t was necessary 10 MAKE
some some compromise might be made and the con.
| Germ go on, under the management Oh some
| found impracticabie to conclude the matter in
| that way, and the organization was wound up; The
creditors only received about 80 cents on the dollar
The fainre OF the Association Is attributed by Its own
members their lack Of business qualifications by
which there neglect to push the UNDERTAKING IN Tue
| trade, and indiscretion about credits.
| The First Manhattan Cooperative Boot and Shoe
| Manufacturing Association at No. 90 Warrenst. has
| recently gone into bankruptcy. lt was started
in January 1870. with IS members, the capl-
| tai fixed by charter being $4,000, and the
shares SIS each The chartered capital was after
ward reduced $4,000 about $1,000 OF which was paid
up. Samuel Mott tho first manager and leader In
the organization The largest shareholder at the start
had 20 shares which were aferward increased to 4G the
other shareholders held various amounts ranging
down to FIVE. four, and even two shares each.
There work for 16 men at the outset hall OF whom
owned about $4,000 worth of machinery and stock. aud
cleared II per cent In year per cent was
cleared which went to Increase the capital. In that
wear two OF members left the organization. and
started business for themselves In 1872? some small
gains made, but in 1873 there we're heavy losses
partly due to the dulness OF trade and partly to bad
debts. In the second year the number OF men at work
was Increased by six The worst difficulty this orgauz-
alton had 10 contend with. the obstacle which far out
weighed any lack OF business talents in the members
| shareholders, who used every effort to get the
business completely under their m tbesa ana as
finally successful in breaking up the Association on tne
the members declare that It can pay aus n6es
creditors in full The Second Manhattan eooperas9 cope ss
Association started IN lS1l lt was very slnaii
| concern, and soon faded OUT
COOPERATIVE CIGARMAKTNG.
The New-York Cooperative Cigar Manufacturing Com
pany which, with excellent prospects Of success has re-
Gently started West Houston and Mercersts having
large numbers and considerable resources and concern
ing whose organization full details have been given Ia
| these columns has adopted certain rules intended TO
preyept the benefit Of few the expense OF the
many from this scheme. Only one vote Is gwen to each
shareholder as it is held that persons influence
in the Association should not depend at all upon his
wealth. Is Intended to prevent the control Of the
Company by few large shareholders-a control which
has ruined many cooperative schemes To all shares
not representing votes certain amount OF security
shares are styled the redeenabe stock and In all
respects considered loans In order therefore
to meet the requirements Of law, which entities the
holders many they possess shares
and at the time to emb0dy their principles OF re-
form. this Company have adopted the following proyi-
Tier, shall be the capital stock Com.
pan dsnsed the reg1s and the redeemab stock
No person entitled and hold share Of
Members AMI others acquire and hold
reeemabe stock ihe choose The redeemabe
shall y. respects be treated sau, with the regular stock
regards redemption and the right " vote The Company
the zht redeem much Of the redeem
hfom time time determine and for this
| the following are laid down;
quarterly meetings OF each the Company shall eab
h the share the basis Of tue financial report OF the
| ceiling fiscal year.
A. soon as The Company redeem certain
the holders thereof shall be required to surrender the
be specified BY the Company In the following order
who hold the number those holding equally
gv snail he drawn Rye share ordered for rmp
months from
surrender the and for each
surrendered share the Company shall pay Its established value aud
II upon dssouion corporation By limitation otherwise
the be not sufficient to and call The whole Of the stock OF
Company then the rdnabe stock shall be b called and paid
the be not sufficient u the whole oi the redeem
able stock. then II shall be paid rateibiy.
BY such provisions the affairs Of the corporation can
never lapse completely into the hands OF members
trolling large numbers of shares. nor can obnoxious
be forced the Association by such members
and be made to subserve their individual interests at
the expense OF the rest. In the Association
pers the rcdeemabe stock will paid Off fast pos
sbc thus increasing the value OF the regular shares
IA soon as all the redeemabie stock has been called in
and pad each member Will find himself In possession
M hut one share In the capital stock When this has
been accomplished dividends will cease and all profits
will 20 TO increase the wages OF the members The min
imm rate Of subscription requisite FOR membership will
he ed and the Association will always remain open to
those applying for admission as members at this con-
saut rate Tue work Is paid for according to It's guam
y and quality, and thus the members are rewarded IN
exact proportion TO their skill and Industry.
SALE OF RING PRINCES ESTATE.
II. w. Genet's property, consisting of five