The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-11-04
PLANS OF MACHINISTS
Elaborate Scheme of a CO-Opera-
tive System of Work.
COntemplates the Formation OF Stock
Companies Managed by the
Operatives.

John Peele and other members of the
machinists union have conceived and elab-
Grated a plan of cooperation which is pub
lished by the local lodge of machinists. In
a note the purpose is stated thus: 1T is
believed by many belonging to organized
labor that something more permanent and
effective must be adopted and put TO prac-
teal use before the producer can absorb
and enjoy the fun benefit OF his own labor.
We therefore invite all who may chance TO
read our first effort along this line TO give
1t earnest and careful consideration"
1t is proposed TO organize a series of COM
panies to be known as 4, B, c, d, Z, ETC.,
until the machinery producers of the State
are enabled to control their own business,
receive the profits on their labor, regulate
the hours of labor to meet the necessities
OF the country, establish a thorough ap-
premiership system, and keep the business
in a healthy and thrifty condition by. keep
ing capital invested in the business that
under the present condition is drifting from
it.
The printed model of the articles of as
ISOLATION propose a company to be denoted
AZ and provides that the object of the
company is to engage in the manufacture
of such machinery and in such place as
may be determined by two-thirds ma
iority vote of the subscribers of common
stock who have paid 81. 80 to cover cost of
Incorporation, and who have by such sub
scription of common stock, agreed to COM
ply with these proposed articles of aSSocia-
ton and bylaws. with such additions or
changes may be made by a tWO-thirdS
majority vote of such subscribers of stock
at time of organization.
The capital stock Is to be $1,000 for each
machiniSt, mOlder, blacksmith, boiler MAX
er, pattern maker, carpenter or otner me,
chanic. salesman. book-keeper and general
needed In the company. The capital stock
TO bA represented by shares of common
stock, the face value of which is TO be $1,000
per share and held and voted by the opera
tors of the concern, and paid up at the rate
OF 20 per cent. out of their earnings in the
employ of the company. Each operator 10
TO hold one share of stock valued at $1,000,
and is entitled to but one vote in the man.
agement of the company. The SZUO per
capita, of stockholders over the $1,000, is to
be held by the company or sold to appren-
II ,es, helpers or ordinary laboring men IN
the employ of the company as the company
may from time to time determine
To meet the needs OF the company until
its common stock is paid up, 1t is to issue
and place upon the market twelve hundred
scriber of common stock. The preferred
stock of the company is to be divided into
shares of one dollar each. Each certificate
of preferred stock is not to represent less
than ten shares or more than one hundred
shares. For less than ten shares the secre-
tary shall issue due-blllS on blanks pre-
pared for the purpose. The preferred STOCK
OF this company is To be receivable at the
office of the company at Its race V1lue
and any declared unpaid dividend thereon
to the amount Of % per cent. in payment
for any article the company may have for
sale or for repair work. All unredeemed
preferred stock of the company becomes
years from date Of its issue
The company may issue second or more
series of preferred stock, but at no time
"a "a outstanding exceed
original amount, unless the capital stock
shall be regularly increased. The preferred
stock is to receive preferred dividend or
per cent. over paid-up value of the COM
mon stock The company reserves the right
on six months notice to reduce the pre-
ferred dividend or declare il all of, or fix
a definite annual income on same, but by
so doing the preferred stock becomes due
and payable on demand in lawful money
at the time such reduction of preferred
dividend takes effect, and they shall give
notice of such reduction or change in three
daily newspapers of the State;
The basis of wages or salaries of the
members TO be fixed by those paid for like
positions in other concerns in same line Of
business
The officers of the company are to consist
OF a president, who shall act as general
manager of the affairs of the company, a
vice president, a secretary, a treasurer and
q board of managers consisting of the head
man of each department The president.
vice president, secretary and treasurer 10
be elected by majority vote or all common
stockholders. The heads of the different
departments are to be selected by the ma
jority vote of the common stockholders
engaged therein. Any stakeholder who is
an operator may for incompetency, intern
perance or willful neglect of duty, be re-
tired from the company by two-thi-ds ma
jority vote of department But he shall
have the right TO appeal TO the board, and
If no satisfaction can be had the board shall
call meeting of all the stockholders and
the matter be laid before them, and the ma
jcrity shall decide his case and fix his fine.
provided his fine shall not exceed $50 or the
value OF his common stock. Any operator
who is q common stakeholder may with
draw from the company by giving sixty
and II his Mace can be satisfactorily filled
by who will assume payment the
stock and settle the amount due him he
shall be compelled 10 make no sacrifice on
his stock unless the company has declared
the stock worth less than its paid-up value,
TO cover some loss, when deduction may be
made for same unless the new member as
sumeS the same or makes it good to the
company. Should a member voluntarily
leave the company without an excuse and
the company is damaged by his absence
he shall be subject TO fine not to exceed
800, nor more than the paid-up value of his
common stock. He also risks the forfeiture
of his stock. And if the company deter
mines 1t forfeited it shall pay him in pre-
fcrred stock the supposed value of the com
mon stock, less the fine.