The Southwestern Historical Quarterly, Volume 44, July 1940 - April, 1941 Page: 44
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Southwestern Historical Quarterly
by-laws making all capital stock and accumulative funds per-
manent for five years, after which they might be withdrawn
upon the presentation of written application approved at a pre-
vious meeting.4" Another cause of the Association's sudden re-
verse was the branch house at Dallas. It had been necessary to
invest about one-half of the capital of the company in this under-
taking. Not only had no profits been derived from it, but there
was a loss of time and money that prevented the extension of the
business at its base. During 1883-1884 Rogers handled only
$497,618.47 worth of goods and 16,045 bales of cotton as com-
pared to $560,282.16 and 13,111 bales of cotton during 1882-
1883."4 In 1884 and 1885 many Patrons made application for
the profits accruing to them; this in itself indicated their loss
of confidence and the disturbed economic conditions." At this
critical moment the Nineteenth Legislature, in January, 1885,
as a means to halt the activities of land-speculating companies,
revised the statute permitting the chartering of corporations.
The provision under which cooperatives secured charters was
omitted, perhaps inadvertently. The legislature two years later,
in the spring of 1887, restored the provision.
There were approximately 150 stores in Texas in 1885, 132
of them holding stock in the central agency." Several failed in
the fall," and at the end of a dry summer, in 1886, ten more
ceased operation. In June, 1886, the Grangers finally realized
their long cherished desire to reach the Eastern markets when
J. M. Callaway departed to establish an office in New York
The year 1886 was a very trying period for the cooperatives.
Many Patrons demanded their profits from the Association.
Most of the applications were from West Texas, where the
crops were an almost complete failure because of the severe
4'This change did not apply to the withdrawal of profits.
44"Minutes of Texas Coiperative Association," pp. 168-169, 186.
45'Rose to Jno. T. Overby, August 30, 1884, "Co-operators of Texas,"
September 8, 1884, Rose Letter Book.
4""Minutes of Texas Co8perative Association," pp. 215-217, 222.
"Rose to [Ed]itor Co-operative News, February 6, 1886, Rose Letter
48"Minutes of Texas Cooperative Association," p. 261; Rogers to Rose,
June 25, 1886, Rose Papers; Rose to A. W. Buchanan, July 20, 1886, Rose
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 44, July 1940 - April, 1941, periodical, 1941; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth146052/m1/52/: accessed April 25, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.