Coperation in the Middle States
Coperation in the Middle States
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THE COOPERATIVE FOUNDRY COMPANY, of Rochester, N". Y. , organized in June, 1867, has had a history somewhat sim- ilar to the above. Mr. John M. French, previous to 1867, had been engaged in the foundry business in Eochester. On his failure, fifty of his employes, most of whom were Germans, with a sprinkling of Americans and Irish, formed a cooperative society to continue the business. They were iortunate in securing for a foreman Nicholas Brayer, and for secretary and treasurer Edward W. Peck, ...who have been with the company ever since. But they were not so fortunate in their by-laws. Stockholders voted according to their stock, and as in the Troy company, no efficient check was put upon the absorption of most of the shares by a very few persons. After reserving a certain portion of the profits for a contingent fund, twelve and a-half per cent, interest was to be paid on capital, and the rest of the profits, if any, were to go to all employes who were stock- holders, in proportion to their wages.
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To quickly assess the difficulty of the text, read a short excerpt:
THE COOPERATIVE FOUNDRY COMPANY, of Rochester, N". Y. , organized in June, 1867, has had a history somewhat sim- ilar to the above. Mr. John M. French, previous to 1867, had been engaged in the foundry business in Eochester. On his failure, fifty of his employes, most of whom were Germans, with a sprinkling of Americans and Irish, formed a cooperative society to continue the business. They were iortunate in securing for a foreman Nicholas Brayer, and for secretary and treasurer Edward W. Peck, ...who have been with the company ever since. But they were not so fortunate in their by-laws. Stockholders voted according to their stock, and as in the Troy company, no efficient check was put upon the absorption of most of the shares by a very few persons. After reserving a certain portion of the profits for a contingent fund, twelve and a-half per cent, interest was to be paid on capital, and the rest of the profits, if any, were to go to all employes who were stock- holders, in proportion to their wages.
What to read after Coperation in the Middle States?
You can find similar books in the "Read Also" column, or choose other free books by Edward Webster Bemis to read onlineMoreLess
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