The  Concord  Cooperative  Printing  Company  reported  a
paid-in  capital  of  83,500,  on  which  no  interest  is  paid,  but,
is  in  the  previous  company,  stockholders  vote.     No  one  of


Legislation  Needed.  165

the  thirty-five  stockholders  can  own  more  than  ten  of  the
twenty-dollar  shares,  and  each  must  be  a  member  of  the
typographical  union.  The  profits  since  the  starting  of  the
enterprise  two  and  a  half  years  ago  have  been  devoted  to
enlarging  the  business,  which  is  steadily  growing.  Chiefly
because  of  the  absence  hitherto  of  the  spirit  of  cooperation
and  of  general  intelligence  the  success  of  cooperative  manu-
facturing, usually  called  productive  cooperation,  has  been
far  less  than  that  of  distributive,  but  the  tide  seems  to  be
turning.  It  will  be  many  years  before  enterprises  requiring
^eat  capital,  or  whose  success  depends  upon  the  highest
order  of  managerial  power,  can  be  successfully  operated  co-
operatively, but  in  such  lines  of  business  as  boot  and  shoe,
furniture  and  hat  making,  coopering,  etc.,  where  the  effi-
ciency of  the  individual  workman  is  relatively  more  im-
portant than  in  the  first  class  of  enterprises,  it  has  already
been  proved  in  the  accounts  of  New  England  and  of  the
Northwest  that  cooperation  can  be  made  a  success.
