Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1883-01-11
CORPORATIONS FAILURE.
Miss Kate Fields Enterprise
Comes to an Untimely
End.
Practical Management Needed
The Association Driven to the Wall
by the Attachment of Creditors.

Net little astonishment is caused by
the announcement that the co-opera-
tive dress association was In financial
straits and that its large stores in New
York were closed. The attention OF
passers-by was attracted by notice on
the door containing the word 'closed,' y
but no explanation accompanied it.
| Creditors soon ascerta'ned this fact and
surrounded the doors, but no response
could be obtained to their knocks.
Many Of the interested then repaired
| to the Twenty-Fourth street entrance,
where they found a porter in charge,
the door having chain across, it. In
answer to the inquiries of the crowd
he said that no one was in; that Mr.
Randall, the secretary, Mr.. Hoyt, the
treasurer, and Mr.. Lyman, the mana
ger, were down town. He also gave
the information that a receiver had
been appointed, but he would not tell
his name, nor at whose instance
he was appointed, nor would he
send for him. A representa-
tive of Messrs. Arnold, Constable & Co.,
who own the building, demanded ad-
mitance, but he was not allowed to
enter. a number of stockholders also
appeared and sought admission. but
they were also refused. It was after
ward learned that Judge Pratt, of the
Kings County Supreme Court, has yes
terday appointed Mr.. F. II. Smith re-
eeiver, an action having been COM
NJ GDIo
resident of Brooklyn, to close the
business. 1t is alleged by Cole that
the association is failure and insol-
vent. The receiver Is required to fur
nish bonds in the sum Of $4,000 A
creditor stated that on Saturday the
association claimed to have a good sur
plus of $125, 900, and a few days pre-
vious they made statement to another
house that they owed 100000 for mer-
chandise.
THE SALARIES PAID.
Another creditor SAID that IL WAS the
inevitable result of trying to run
business without practical manage
ment. Miss Kate Field, it is alleged,
drew a salary of $4,000 year, the
treasurer $4,000, the secretary $4,000
whom we're practical dry goods people.
He thought the stock would be closed
out for the benefit of creditors and
stockholders. 1t was learned at the
Sheriff's office that an execution had
been received there On q judgme ent for
$500, obtained in favor of MIR. E. J.
Smith. Two attachments were also
obtained in favor of Mr.. Phillip
Schulhoff, of New York.
It was said that the reason that the
establishment did not close last week
at the time the Board of Directors de-
cided to 60 out of business was that
they wanted the employees to enjoy
Christmas without disappointment It
was stated by an officer of the associa-
ton that the cause OF the allure was
not enough money was originally in
vested in the business and that too
great a portion uf the capital was
Squanderred in the beginning for suits
and special lines ofgoods. Mr.. Ran
dali the secretary, declined to be inter
viewed, while Mr.. Lyman said that he
thought not enough money had been
spent in advertising. Mr.. Hoyt, the
treasurer, said that Miss Field wanted
to advertise all the time, and he be-
lieved in short advertisements. One of
the leading officers was sure that if the
or6er bureau had been worked up
properly in the beginning the failure
would not have occurred. A director
who did not wish his name used, said
that dull business and too small capital
were the chief causes of failure. The
employees were quite blue and we're
down on co operation generally.
MISS FIELDS STATEMENT.
Miss Field was found at her hotel.
She said that her lawyer has forbidden
her to make statements or to be inter
viewed, hut she would say that the
statement that she had received an ex-
orbitant salary was false, and that she
had worked hard, but now dull busi-
ness and creditors caused a suspension.
She gave $4,000 Of her own private
cash to help to close up the business
and show her devotion to the enter
prise that she had embarked in. She
did not think that cooperation would
work unless managed with judicious
despotism.
HISTORY OF THE ASSOCIATION.
The Cooperative Dress AssC citation
(limited) was incorporated May 4, 1881,
with capital stock Of $250,000, in
shares of $25 each, the incorporators
being Messrs. Isaac 81. Bailey, J. A.
Drake, t. B. Musgrave, J. A. Jameson,
E. G. Stedman and r. Blanchard.
Miss Kate Field was the originator of
the scheme, and became president.
The original promoters of the associa-
ton were Senator II. B. Anthony,
president and Mrs. f. A. P. Barnard,
Columbia College; Mrs. James Barrow,
George r. Blanchard, Miss Mary L.
Booth, Lawrence Barrett, Edwin Booth,
Erastus Brooks, Mr.. and Mrs. John
Bigelow, Mrs. jeremiah Black, and
many other prominent citizens.