Shares were $5 each (equivalent to about $125 in today’s dollars), members limited to 60 shares. The total capital investment was $1,500. Per the by-laws, regardless of how many shares owned, each shareholder had one vote. The operation started in the basement of the Darling Block building (northeast corner of Summer and Nason streets), moved to the Riverside Block (later Gruber Bros Furniture), and then in 1882 built its own building at the southwest corner of Summer and Nason. The building was a four-story wooden edifice, with the store on the first floor, entrance on Nason Street. The other floors were rented out.
|Riverside employees in front of store, circa 1920.|
Click on photos to enlarge.
A document from the United Co-operative Society criticized Riverside as having emphasis on dividends to stockholders, but without an education program for members and their children, lost coherence as a social institution. Contributing factors were that the children of the founders of Riverside were moving up the socio-economic ladder at same time as England and Scotland were less of a source of immigrant labor. A front-page newspaper article from 1913 had noted that prior to 1900 the town was mostly English-speaking, but the expansion of the mill had doubled the town’s population by bringing in large numbers of immigrants from Finland, Poland, Lithuania and Italy.
|Sign on building at site of what was|
Riverside Co-operative (KOC sold
bldg., currently Celia T's)
|Map showing First National Co-operative Association at|
corner of Main and River Streets (site now Thai Chilli).
The Maynard Co-operative Milk Association was formed in 1914. Three years later it split, with some of the dairy farmers becoming the diary operations of the United Co-operative Society. The other members, who did not want to affiliate with the Socialist/Communist atheist United, formed the First National Association, which existed to 1941. It owned and operated out of a building on the corner of Main and River streets that had been the Somerset Hotel, site now occupied by Thai Chilli. The International Co-operative Association was started in 1911 by immigrants from Poland. It lasted 20 years. It began in a building near the Methodist Church, later moved to space in the Masonic Building. Membership numbered 200 to 400 over the years. First National and International failed in part because of extending credit to members during the Great Depression.
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