8o6 THE AMERICAN JOURNAL OF SOCIOLOGY
bonus to employes is applied on the purchase of shares in the society.
A society quite similar to the above is the Brownfield's Guila Potter Society, of Cobridge, Staffordshire. This was founded in 1892 from the firm of Wm. Brownfield & Sons. It is in every respect similar to the above, save that the number of employes is considerably larger, about 400, and that some of them do not as yet hold stock.
The only instance of this character found in the United States is that establishment of the N. O. Nelson Co., of St. Louis, which is located at Leclaire, 111. The failure of a previous attempt to make this transition has been noted.' This was in December, 1895. A few months later the transition was made in one of the six departments of the works at that place. To The Leclaire Cooperative Cabinet Association were transferred buildings, machinery, and material to the value of g6o,ooo. More than one-half of the workmen in that department subscribed for one share each at $1,000 per share. One-tenth of this was to be paid by deducting 15 per cent, from wages, the remainder to be paid out of profits. Others of the workmen may go in when they choose upon the same terms, and no new men are hired except on these terms. Six per cent, interest is paid the company on the unpaid balance of the purchase price, and to each member on the amount of his paid-up stock. These payments are charged to the expense account before there is any division of profits. One-half of the profits are then divided in proportion to wages and credited on each one's share. Ten per cent, of the profits is devoted to education, and the remainder to public maintenance, pension and old-age funds, to depreciation and surplus funds. It is hoped in time to establish all the depart- ments at Leclaire on this basis, and the same terms are now
open for them to accept.
Paul Monroe. Teachers College,
Columbia University.
'American Journal of Sociology, May, 1896.
