Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-01-05

The CO-Opcrntivc Dress AssOclatiOn In
the hands Of u bilities
sI25,OUO.

The New York Co operative Dress Asso
citation, which began q general dry goods
business with such flourish of irumpets in
1881, has gone into the hands of a receiver
and lis place Of business is closed. 1t secmi
TO be conceded that mismauagement, or
rather lack of efficient management, precipi.
tated the failure. Creditors in general and
stockholders were amazed at the announce
ment Of the failure and were loud in their
denunciIions of the manner IN which the
business had been run. One creditor said
the association had on Saturday claimed TO
to have good surplus of Sl25, 900. In n
statement made on February 10 the stock ON
hand was set down at Sl5O,000 the cash on
hand AT $4,000, and the outstanding ac-
counts at $4,000, making total Of Sl1l 200
of assets. The liabilities were then stated ut
Sl4 900, leaving "A surplus Of Sl57,00O. The
association has had no. rating, however, at
the commercial agencies, and It's failure was
predicted. 1t was incorporated on May 4,
1881, and began to do business in September
of the same year. The ircorp0rators WI re
Isaac ii. Bailey, j. NJ Diakc, T. b. Mus
grove, J. A. Jameson, L. c. Stcdnan and
r. Blanchard. Miss Kate Field was the
originator of the scheme, aud became prcsl-
dent al II salary of $1,000. The treasurer
of the concern and tie secret Try each re-.
ccived $1,000 yer year, AN no, one Of the
three had any pact cal KIN wed % Of the dry
goods business. Mr.. Arthur Puibruok was
brought here from Lsndon, EnSIaud, to start
the assp,iatiun, aud he did hltlc more, owing
to n quarrel between him aud Miss Field.
Then John Wales WAS ma IL general mau-
aeer. and he recently left AMI b gan a bust.
IT Lie aNy NJ fhp Al
time If the failure G. II, Z. Lyman was
manager. The stock of III, asslcjai m wa
s2jo 10, in shares oi S25 h. The bald.
| ing in which the basin s. was done was hlr d
| tor hrtc years n n renal oi $50 900 year.
1t WIS gorsrously fitted up, having Tia,
usual appearance oi u dry gods csla lish.
mcn', clcaan, waiting room, library aud
read ng-lolm, and good restaurant. Miss
KATE Field icfusrd 10 S." reporters but sen,
down to them astaten,nt in which She place
the liabilities at only Sl25 900 and the asset,
at S240,0O0. As the cIptll stock is moi
Included among the liablil s. the deficit II.
increa, 10y this item amou is t. Sl3l 900
| The stockholders are mostly women. uearl,
all OF whom c,n wsll niroro whatever loss i,
oceasioned by the tUi ure OF the experiment
Miss Field states that She herself is the Sc C
ond largest CREDITOR the amount due hel
being SO 900.
q. W. Holman, who did business at No
744 Broadway, under the name of the IIol
man Pad Company, has made nm assignment
Holman last June obtained an extension for
fifteen months, his assets being stated at til,
time to he S3O5 90, and his liabilities $40,
900. The )tes began becoming due lately
and inability to meet them is said to he III,
cause of the failure, The business, which
was extensively advertised for some time
began in 1878, in Now York city, will
branches at Boston and Cincinnati Mvssrs
Fairchld and Cristldoro were the first d o
prietors in the pad business. They dissolve,
partnership after awhile, and Crisladoro too
up the business and carried it on alone uu
til Os!sber, 1881, whes Hsl.as bought ldl
out.