The comet. (Johnson City, Tenn.) 1884-1916, 1885-05-09
SUCCESS OF COOPERATION.


How Nine MoElsingmen lsunided An ASS
sociation That Shows Great Results.
v Philadelphia Timesl
Z The Philadelphia Industrial Go ,opor-
alive SO, iety dimited) is the name of
.xerv hourshinsge Association wlnclr has
lately opened il grocery and provision
store on federal street, aboyeSixteenth,
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 more reasonable and
cheaper plan. They clubLed their re,
sources together and bought groceries
at wholesa T rates, and meeting once a
week in the parlor of one of their resi-
dences, on trankford avenue, each took
away TO his home what he thought a
me- cssary supply for the ensuing week.
This quiet little way of doing business
could not long remain secret and it
did not. In u very short time mum
Der Of fcllow-cOunlrymen signiGed their
desire to Join and form u cooperative
society on the plan and laSis 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 manu- actue articles of
necessity and usefulness as they might
from time to time agree upon Tho
capital stock was to consist of 500, 900
in do hr Sharus, payable in advance or
in monihly ilistalments of mot Tess than
25 cents. To prevent any undue power
accruing to any one person the society
limited individual holdings to two hun.
dredashares.a No mem or isliable for
any debt of the socity beyond the
amount actually subscribed for. To be-
come a member it is necessary to own
five shares, which are not withdraw
able. 80
/ In very short time a central store
was started at 2337 trankford avenue
and the business fourished from the
fist. Zach member received check
with the goods purchased, and received
6 per cut interest on c sum in
vested at the end OF the year . Every
purchaser not Il member received per
cent. on his outlay. The goods Were
lought for cash at wholesale rates and
sold,at the store prices, and a large
profit was made over and above the 4
ont Of inf
shareholders and non members. The
consequence was that very soon another
!. store was started at le0j4 Germantown
avenue, followed by one at 2JlS KenS.
ington ayenuegfoar On Front Street, a
shoe, dry goods, grocery and butcher
store, and lately the new one on Fed
eral street.
The membership is now over 3, 100,
and the weekly sales average IS, 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,
QUO, they have S., $40 in cash, SO, 210 in
the reserve fund and $72 in the con
tingent fund. @WW We
This remarkably successful enterprise,
started ten years ago by nine English
men, has resulted in a great asSocia.
ton, owning buildings and stores il
, various parts OF tho city, acting
as q savings bank TO over 4 0V0 people
who might otherwise have never thought
of putting money by for a rainy day
aud being q practical demonstration q
, the feas .bility and advantages Of co op
eratve associations. 1t is peculiar
fact that nearly all the members anC
shareholders are English people, who
seem to have understood the benefits t.
be reapcd Letter than persons of Amer
lean BIRTH
, The success Of the Philadelphia In
. dusirial cooperative so iety has stirrc(
Vi several other societies into existence
but either from want Of patron ,ge o
from working on wrong basis, the,
have nearly all fallen through after
very brief life.