New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-27
COOPERATIVE STORE SHUT.
RECEIVER FOR THE ASSOCIATION.


plate glass windows of the store occupied
by the association darkened by
drawn shades and the carriages that were
wont to drive up to Nos. 81 and 33 West twenty
thirdst and leave parties of wel-attircd shoppers
turned away In disappointment. The sign :" Closed"
stared in the face Of all those persons who had been
in the habit of strolng through neghboring stores
ana then drifting into the cooperative establish
ment In order to try to get goods cheaper than at the
other stores. The best information that could be
obtained regarding the suspension of the business
OF the association that it resulted from nabll
ty to make both ends meet It is asserted, how
ever that there will be no loss on the part of credit
ors 1t is said that the receIvershiD was applied for
IN order to protect general creditors against
possible seizure of property for the benefit of special
creditors whose claims of a nature that could
demand instant recognition in a court of la v. Miss
Kate Field the president of the association, asserts
that the assets over 100000 in excess of the
liabilities.
The Cooperative Dress Association was incor-
porated III May, 1881, with capital stock OF $3.50
600. Tho corporat,rs were Isaac II. Bailey. J. NJ
Drake. L. b. Musgrave, j. A. Jameson, +.
c. Stodman and George X. Blanchard.
strong effort was made to interest in the scheme
people in Wall Street and elsewhere who had su1i-
cent means TO pltroniz3 an experiment that
quality at prices that would not include the
missions of midde-mcn. Miss Field originated the
scheme and for time was supported in her enter
prise by Anthony PuOrook, who acted as organ
izing secretary. Lateron there was disagreement
between Miss Field and Mr. Pulbrook which
suited in tho atters retirement from all connection
with the association.
On February , last the association issued a state
mcnt showing stock on baad which cost $l5)OO0
cash $4,000. and outstanding accounts $1,000;
total assets, $l7l,O0O. The liabilities then were
given at only S1L0Oo showing an apparent sur
plus of $4,000 However sanguine
the statement may have seemed to be,
it afforded no profits in the summer and
early winters transactions Creditors were lOath to
wait for the realization of profits in long accumuat
ed stocks In the interest, therefore, of Miss Field
who claims be a creditor of the association to the
amount of $4,000 loaned, anG # II. b. Claflin q
Co., who said to be the largest creditors, to the
amount of 24, ,900a receiver was applied for Atthe
SheIiff7s Office 1t was learned that r. J. Smith had
obtained a iugmcnt for 1900 and two attach
ments were also obtained in favor OF Philip Schul-
hOh.
the directors of the association passed the fol-
lowing resolutions yesterday:
Rcsolr-d, That owing to the continued dulness OF
trade the directors having reason TO fear they may be
unanle to meet the obligations of the assO-
catiOn, aud suits for collection having been al.
really Instituted, and desiring that all creditors should
share alike and believing II 90 he for the best nteres OF
all concerned, the Board OF Directors hereby authorize
the counsel Of the association TO take such proceedings
may be necessary in ordor that the property ana
aGairs or the assocnon be placed in the hands OF
a receiver according TO law, to me end that the debts
MISS FIELD RETCENT
Miss Field was seen last evening at the Victoria
Hotel by a TRIBUNE reporter She came out from
pleasant social gathering arrIyed in pale blue
silk that harmonized with her sparkling eyes.
'I G nit toll you II thing" she sand " siy coun-
seI ias instructed me to make
statement We have taken tins step to
protect ourselves You are business man
suppose somebody had wanted to collect
from vou more than You had the ready cash to pay
for That is our position. The directors this after
noon passed these resolutions which will give you.
The assets of the association are S2l4,OOO and mo
liabilities Sl250 900. | have loaned the association
$4,000, and Mr. Clatn Is the largest creditor
his claim amounts to P2400O"
WHY A RECEIVER WAS ASKED FOR.
The action in which the receiver was appointed
was brought in the Kings County Supreme Court,
where Judge Pratt yesterday named Freling H.
Smith, a lawyer of this city, MS receiver.
The appointment was made on the application
of Edward II. Cole. of the stockholders of the
association, who in his complaint stated that the
affairs of the corporation were in an nsoyent con-
dItion and that there was one to take care of
the property. Mr.. Smith is a member of the law
firm of Smith & Ely. of No. 155 Broadway.
Mr.. Cole is brass and iron pipe merchant, doing
business at No 5S John ST. this city. lie was seen
last night by a TRIBUNE reporter at his home, No.
1876 Herklmer-st Brooklyn. Mr.. Cole professed
great ignorance concerning the management of the
suspended corporation and of its exact condition.
Il have taken my present step" said he,
in reply to questions, because of
the utterly iusolvent condition OF
tbe concern. have been stOckholder in it only
for a short time, but understand that there are
great number of suits pending against It, and there
nave been grcat many Judgments against IT,
Tins being the case | thought that the best thing
to be done was to place the property IN
take care of it and to wind up the affairs Of the as
sociatIon. began my action as stOckholder only
hoping by this means to secure fair ami equitable
adjustment Of the claims against the assocla..ioh
Is suspension due to careless management
IL do not know how, the establishment
was conducted, as never made personal investl-
CATION; but know that to allow it to continue to
do business IN ts present financial CONDITION "oud
have been disastrous to IT."
''What is the amount of the indebtednessp
THAT | do not know, nor can l give
any dsf iaea SsbeT snGfpS can Ina sav
what its assets are. The property owned by the
association was not valuable as has generally
been supposed. repeat, only brought TINS acton
in the interest of the stockholders ana those holding
claims against the association, III order TO secuIeto
them a fair and equitable adjustment OF these
claims" .,,
Judge Pratt, who was also seen, said that he
thought the action of Mr.. Cole was under the CIR
cumstances, the part of wisdom. The complaint
showed that the association was totally lnsolvent
with liabilities amounting to considerably more
than s 100. 900 The receiver he said, was we'll
known lawyer. and entirely competent TO take
charge of the affairs of the association.