Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1883-01-05
G0-OPERATIONs 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 a notice on
the door containing the word "closed,"
but no explanation accompanied it.
Creditors soon ascerta'ned this fact and
sur founded 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 porter in charge,
the door having a 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. 1t was after
ward learned that Judge Pratt, of the
Kings County Supreme Court, has yes
terday appointed Mr.. F. HI. Smith re-
eeiver, an action having been COM
menced by Mr.. Edward II. Cole a
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 good sur
plus of 1925 900, and a few days pre-
vious they made statement to another
house that they owed $4,000 for mer-
chandise.
THE SALARIES PAID.
Another creditor SAID that it WAS the
inevitable result of trying to run q
business without practical manage
ment. Miss Kate Field, it is alleged,
drew salary of $1,000 year, the
treasurer $4,000, the secretary $1,000
and other heavy salaries, none of
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
Sneriff's office that an execution had
been received there GA a judgment for
$500, obtained in favor Of Mr.. R. ].
Smith. Two attachments were also
obtained in favor of a Mr.. Phillip
Schulhoff, of New York.
1t 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 disappointing nt. 1t
was stated by an ottlcer of the associa-
ton that the cause OF the failure 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
order 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 were
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 bust
ness and creditors caused s. suspension.
She gave $15,0 900 of her own private
cash to he p 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 Association
(imited) was incorporated May 4, 1881
with a capital stock of $250,000, in
shares of $25 each, the incorporators
being Messrs. Isaac H. Bailey, ]. A.
Drake, I. B. Musgrave, ]. A. Jameson
E. G. Stedman and r. Blanchard
Miss Kate Field was the originator oil
the scheme, and became president
The original promoters OF the associa-
ton were:-Senator H. 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.
The Death Roll of the Year.
n