, 1885-04-25
SUCCESS 81 COOPERATION.
How Nine workinEmen Founded an As
.ociation That shows Great Results

How Sine WorkinEmen Founded an As
sociation That shows Great Results
Philadelphia Tunes
The Philadelphia Industrial Cooper
alive society tlimited) is the name Of a
very hourishing association which has
lately opened a grocery and provision
store on federal street, above Sixteenth.
of considerable Dimensions. Early in
the year 1874 nine Englishmen
who had settled in Kensington,
dissatisfied with the expensive
credit system Of purchasing goods, by
which the consumer has TO pay two
profits, determined to do business for
themselves on a more reasonable and
cheaper plan. They dubbed their re.
sources together and bought groceries
at wholesale rates, and meeting once a
week in the parlor of one Of their resi-
dences, on frankfort avenue, each took
away to his home what he thought n
necessary supply for the ensuing week.
This quiet little way Of doing business
could not long remain a secret and it
did not. In a very short time a nun
Der of fellow-countrymen signifed their
desire to join and form a cooperative
society on the plan and basis which has
long been working successfully in Eng
land.
Accordingly these nine men went to
work and drew up the articles of the as
ISOLATION. The purpose was to carry on
business as general grocers, provision
dealers and clothiers, wholesale and re
tail, and also to manufacture articles of
necessity and usefulness as they might
from time to time agree upon. The
capital stock was to consist Of 800, 900
in dollar shares, payable in advance or
in monthly instruments of not less than
% cents. To prevent any undue power
accruing to any one person the society
limited individual holdings to two hun
drcd shares. No member is liable for
any debt of the society beyond the
amount actually subscribed for. To be
come a member it is necessary to own
five shares, which are not withdraw
able.
In n very short time n central store
was started at 1887 Frankford avenue
and tho business flourished from the
first. Each member received a check
with the goods purchased, and received
6 per Q interest on the sum in
vested at the end of the year. Every
purchaser not a member received 3 per
cent. on his outlay. The goods were
bought for cash at wholesale rates and
sold at the store prices, and n large
profit was made over and above the 0
per cent. OF interest divided among
shareholders and non-members. The
consequence was that very soon another
store was started at 4S05t Germantown
avenue, followed by one at 25ls Kens-
ington venue four on Front street, a
shoe, dry-goods, grocery and butcher
store, and lately the new one on Fed.
eral street.
Tho membership is now over 3, 100,
and the weekly sales average 50, 900.
The society now owns the real estate of
all the houses mentioned, and by the
tenth annual report, made last Novem-
Der, besides having paid out some $3.50,
900, they have 50, $40 in cash, SO, 210 In
the reserve fund and $72 in the con
tingent fund.
This remarkably successful enterprise,
started ten years ago by nine English
men, has resulted in a great associa-
ton, owning buildings and stores in
various parts Of the city, acting
as II savings bank TO over q, 900 people,
who might otherwise have never thought
Of putting money by for a rainy day,
and being n practical demonstration Of
the feasibility and advantages of coop
eratiye associations. 1t is IA peculiar
fact that nearly all the members and
shareholders are English people, who
seem to have understood the benefits to
be reaped better than persons of Amer
lean birth.
The success of the Philadelphia In
dusIrial Cooperative society has stirred
several other societies into existence.
but either from want of patronage or
from working on n wrong basis, they
have nearly all fallen through after n
worry hric1 life