The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-04-30
|teccivers Named by Chancery
Court on Directors Petition
Qualify
Mr.. Connolly ellis
History of Concern
{ allure of Stockholders to Pa,
tronize Cooperative Enter
prise and TO Pay on Stock
Real Cause

lNedl NduSC
pn petition If the directors II the
lnion stores. Inc, whose esta oAsh-
hafut. cooperative department store
hi seventh and Franklin streets, has
Xhseu losing money because OF lack ~
patronage by stock holders and be-
sBuse of delinquency in Stock SUD-
Eef3rfion payments, WhiGh prevented
she expansion Of the business as has
been contemplated IN the rrganiza-
SCR OF the enterprise Judge NiItam
p. AoncUre In the tbaUeery Court
yesterday morning appointed Is. Frank
Dew. secretary-t treasurer u the com
saHg and Attorney x. Rand Wexford
feceigers
Beth receivers qualified during the
5ap, each giving bond in the sum Of
600. with the American Surety
ompany through George II skip
with. Of Richmond. as surety. and the
uian stores We're closed Inventory
@tll be taken ana the affairs ~ lbs
corporation VIII oe handled Win
ies 10 securing tho best interests o1
he stocE holders and VI ma creditors
The COMPANY ia NOT insolYent ~
te meaning OF the laws governing
"a M tt4%tE4 ARn fA&t H4sSNtsNf ftfAEAhtNfAfi~
ne pledges OF those who subscribed
ktaek. are la excess Of the liabilities.
Action Decided Upon Aftcr Stu'iy.
Ee.g etttui ~Iit oe ms,ae "a save
Il rlQch rs puss MIA - the steF khoid-
rs ~ he liquidation ~ ne concern
TIE petition - the court Was de-
died Upon as meeting Of he a}rnc-
ess Tas@aea might a. whirn the eon-
iItien If the business was dis lssea
com eVerv aaEte II was authorized
b. resolutions aaopted iA* those Gf
adfse iae bea~8 mes irG am R5Tucd
Director wno were unat}e to De ln
tendance
the uc'Nu was presented ir the
la3.rert Court ahcus 80 oe|ock YES
atja* morning Toy Aftarnes Joseph q.
af ag for Tire directors ard. there
@.re ua argument. decree WAS order
te inage NuaCur@ naming Nessre
@ Wexford receiver. They
= ecetoa hv fhe eourA ip take
reg ot AN assels nj he mon
teees. to collect all debts saa hold
herr subject To- she orders ~ he
autf
History OF Movement
Nf fDr request uf The hirGiatau,
fr 4 A. EpnNeNy has UrFpared y
laterncrr giving tho history of }h&
r5on store movement II follows
nIh the carly fail Of 1918 negotia-
anx COR tbs rental OF the property
ew kuo~F a. trs Hloit stores wac
.egun With tAe Central Trades and
ahor Council with q view of 'he
snte bring routed fnl In hor TEN
lle and out ~ this negotiation came
e suggestion of using he nrs' auor
og cooperative store. Is MAS
Enalgs Suggested that it would be
So. .ft-
erested n co-oDeraliee nerchan,ae-
n9 regardless OK afhllation, 60 pe
permitted IN become stock holders Iu
gApf 10 finance he company.
about tsgis ttuIe th~ SATURDAY
Evening Post carried "a story or vo-
perstsye store at Calumet Mich.
naeaged hy MIR Abraham Roberts,
Which showed chat in eighteen or
~enty .yeafs this store had accumu-
|sted surplus ard had paid in divi-
lends snd savings an amount or three
Ina one hah times 1ts capital stock
|ir Roberts was SHOWN TO be an OK
Esrienced general manager of co.
kpere I've department store
Cooperation in Europe,
Prom tho state Library jnforma-
ion was gotten that 20 per cent Of
he population 6r Europe owned
took in cooperative stores. and that
in annual dividend Of - to 80 per
lent was usually paid. II was also
|ound that more than 100 Of such
[o-operatiVe stores had been organ
ped In the Western portion of this
|ouutry. Minneapolis and Minnesota
Especially.
ut was also stated that railroad
m ployes of Aome of tho roads enter
nr Richmond were considering es'
ablishing n cooperative store. The
natter was discussed with a great
humber of prominent people of this
kity. who appeared to think We'll OF
Xuch an undertaking. During all OF
these discussions the building AT Sew
Xuth and Franklin Streets was con-
idcred for the reasons that it was
|entyai, was hreproof and could be
hal at one half the rental that had
been paid ~ the Government for
tenancy of about three years. The
wnel. was induced TO fix the building
lar this purpose and to rent the same
|or five years, with an option of two
additional terms of five years, and
Nth an option of three additional
fnries--the interest and ideas of
he many people who considered the
proposition having expanded TO
eytu-story plant and to include
han order business. as we'll as gem
raj department store.
"Nr. Schmidt agreed that II I
would write the plan he would finance
no initial organiza tor of the COM
amy. as we agreed that no money,
mould be collected from the small
!, ,lxholders without sufficient was
described 10 finance the undertake
ns This amount was fixed at
kl00.00o,
Endless Chain Plan.
II found that other cooperative
tores had had TO pay 30 per cent TO
-.-.-------------- t~----4----