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U N IT E D S T A T E S D E P A R T M E N T O F L A B O R
L. B. SCHWELLENBACH, Secretary
BUREAU OF LABOR STATISTICS
Ewan Clague, Commissioner

Consumers’ Cooperatives
and Credit Unions:
Operations in 1946

Bulletin 7s£o. 922

For sale by the Superintendent o f Documents, U. S. Governm ent Printing Office
Washington 25, D . C. - Price 13 cents

Letter of Transmittal
U n it e d

States

D epartm ent

B ureau

f
op

of

L abor

L abor,

S t a t iis t iic s ,
t st c

Washington, D. C., December 17,1
17, 1947.
The

Secretary

of

L abor:

activities of consumers’ cooperatives in 1946. It contains general estimates
of membership and business of the various types of associations, local and

factures of numerous kinds.
The report was prepared by Florence E. Parker, of the Bureau’s Labor
Economics Staff.
E w a n C l a g u e , Commissioner.
Hon. L. B. S C H W E L L E N B A C H ,
Secretary of Labor.

Contents
P a r t 1.-— C o n s u m e r s ’ C o o p e r a t i v e s
Page

Progress in 1946______________________________________________________
Local distributive cooperatives________________________________________
Trend of development, 1941-46__________________________________
Central organizations_________________________________________________
Wholesale associations____________________________________________
Membership---------------------------------------------Distributive facilities________________________________________
Service facilities____ ; ----- ---------------------------------------------------Distributive operations_____________________________________
Capital and resources______________________________________
Services of central cooperatives----------------------------------------------------Business--------------------------------------------------Resources of service federations_____________________________
Membership of service federations__________________________
Production by central cooperatives--------------------------------------------Expansion of productive facilities___________________________
(H ods produced_____________________________________________
Resources of productive federations_________________________
Membership of productive federations---------------------------------Employment and wages in central organizations_________________
P art

2 .— C r e d it




3
4
5
5
7
7
8
9
9
9
ll
13
13
14

U n io n s

Progress in 1946------------------------------------------------------------------------------Statistics of operation, 1945 and 1946-----------------------------------------------Trend of development, 1925-46--------------------------------------------------------Legislation in 1946--------------------------------------------------State legislation________________________________________________
Federal legislation-----------------------------------------------------------------------

ii

1
2
3
3
3

15
16
18
18
18
19

Consumers’ Cooperatives and Credit U nions:
Operations in 1946
Part 1.— Consumers* Cooperatives
Progress in 1946
B o t h m e m b e r s h i p a n d b u s i n e s s of consumers’
cooperatives reached an all-time peak in 1946, in
spite o f difficulties. Ketail distributive business
exceeded three-fourths of a billion dollars and the
service business of local associations surpassed 15
million dollars. The stores as a group showed the
greatest increase in dollar volume of business since
1942; and the petroleum associations had the
greatest increase since 1941, reflecting undoubtedly
the removal of rationing restrictions and the
increasing supply of automobile tires and ac­
cessories as well as the rising price level.
Operating results for the stores in 1946 showed
a great improvement over 1945. Over 90 percent
o f the reporting associations had earnings on the
year’s operations (87.3 in 1945); of these, 62.5
percent had earnings greater than in 1945. The
petroleum associations as a group have been
consistently successful as regards earnings; 1946
showed even better results than the previous years.
Some o f the earnings of the retail associations
are attributable, of course, not to their own opera­
tions, but are received as patronage refunds on
the goods which they purchase from the wholesale
associations. Such refunds declared on the 1946
business of regional wholesales totaled $8,215,096,
which will be added to the associations’ own
earnings and distributed by them to their individ­
ual members.
Over 4,000 local associations were members of
regional wholesales at the end of 1946, and 22 of
the wholesales were, in turn, affiliated with Na­
tional Cooperatives. About 280 associations were
members of district wholesales; most of these were
affiliates of the regionals as well.




Among the commercial federations, the regional
and district wholesales had a distributive and
service business exceeding 220 million dollars (as
compared with about 172 million dollars in 1945).
Earnings of regional wholesales showed an in­
crease of nearly 88 percent over those of 1945 and
exceeded 13 million dollars. Patronage refunds
to the member associations were 35 percent higher
than in 1945. Improved financial status was
also evident in the wholesales’ reports, with nota­
ble increases in net worth; but this was accom­
panied by somewhat lower ratios of current assets
to total liabilities and to current liabilities.
One of the outstanding developments of the
past few years has been the rapid expansion of
production. The central organizations (whole­
sales and productive federations) in 1946 pro­
duced in their own plants commodities valued at
more than 95% million dollars, as compared with
about 60% million in 1945 and less than 30 million
in 1943.1 Member equities (net worth) of these
associations showed considerable increase over the
previous year.
Estimates of membership and business of the
various types of consumers’ cooperatives in 1946
are shown in table 1. It should be emphasized
that, in this table, the associations are classified
according to their main lines of business. Thus,
an association running a store, and also handling
petroleum products or operating a mortuary, is
here classified as a “ store association” if the store
business constitutes its main activity. The
table therefore does not indicate the extent of
1 In addition, cooperatives also sell many goods, under the “ co-op label,”
which are not cooperatively produced but are packed by private manufac­
turers according to cooperative specifications, under the label.

l

cooperative activity in any particular line. Thus,
cold-storage plants are operated not only by the
independent associations shown under this classi­
fication in the table, but also by other types of
associations such as stores, petroleum associa­
tions, creameries, etc. Funeral service is pro­
vided by local funeral associations, federations, and
funeral departments of some store associations.
T able 1.— Estimated membership and business o f consum­
ers’ cooperatives in 1 9 4 0 , by type of association

Type of association

Total
number
of asso­
ciations

Number of
members

3,000
1,500
65

1,080,000
965,000
26,000

$500,000,000
300,000,000
9,225,000

200

22,000
10,000

3,600,000
*3,000,000

Amount of
business

Local associations

Retail distributive associations:
Stores and buying clubs.............
Petroleum associations...............
Other1............ ...........................
Service associations:
Rooms and/or meals...................
Housing............ ..........................
Medical and/or hospital care:
On contract.........................Own facilities.......................
Burial: 4
Complete funeral.................
Caskets only.........................
Cold storage6............................ .
Other •.........................................
Electric light and power associar
tions7________________ _______
Telephone associations (mutual and
cooperative)...................................
Credit unions9................. ................
Insurance associations.......................

125
55
50

110,000

1,750,000

55,700

8 4,000,000

40
4
175
125

36,000
1,700
87,500
25,000

830

8 1,596,000

84,930,000

33,000
8,973

675,000
3,013,792
18 11, 000,000

11 205,000,000

2,000

750,000

10, 000,000
289,993,160

Member
associations

Federations

Wholesales:
Interregional...............................
Regional......................................
District........ ...............................
Service.................. .............................
Productive............................- ...........

310,000
6,500

2, 000,000

1

25
11

18
15

22

4,025
280
1,498
253

12

16,900,000
212,450,000

12 9,650,000

842,700
38,350,900

1 Such as consumers’ dairies, creameries, bakeries, fuel yards, lumber
yards, etc.
2 Gross income; excludes new associations which had no income.
2 Excluding new associations with no income.
4 Local associations only; excludes associations of federated type (which
are included with service federations) or funeral departments of store asso­
ciations.
•Excludes cold-storage departments of other types of associations.
•Such as water supply, cleaning and dyeing, recreation, broadcasting,
printing and publishing, nursery schools, etc.
7 Mostly REA associations, data for which were supplied by the Rural
Electrification Administration.
8 Number of patrons.
•Actual figures; not estimates.
40 Policyholders.
11 Premium income.
12 Includes wholesale, retail, and service business.

Local Distributive Cooperatives
Reports to the Bureau of Labor Statistics from
local associations and comments by the regional
wholesales indicate the progress made by the
consumers* cooperatives in 1946. Sales per asso­
ciation in the Midland Cooperative Wholesale
area averaged $117,468 for the oil associations
and $781,531 for the food stores, with average net

2




earnings o f 5.82 percent.2 Farther south in the
same geographic region, Consumers Cooperative
Association (Kansas City, M o.) reported a 15percent increase in membership and a 30-percent
increase in business among those of its member
associations which participated in a membership
and sales campaign. It is estimated in Nebraska
that each year about a 10-percent increase in
membership results from the crediting of nonmembers’ patronage refunds toward the purchase
of membership shares.3
In the Lake Superior region, the associations
affiliated with Central Cooperative Wholesale
were reported to have made considerable progress
toward financial stability, recording a 49-percent
increase in member equities in the 5-year period
1940-45.4
Several retail associations were in the milliondollar sales class in 1946, including the Cooperative
Oil Association of Olmsted County, Rochester,
Minn. ($1,152,000)— the first petroleum associa­
tion in the United States, to the knowledge of the
Bureau, to attain this level. Other million-dollar
associations in 1946 included Rochdale Coopera­
tive, Washington, D . C. ($1,428,308), Cooperative
Trading Co., Waukegan, 111. ($1,752,750), Greenbelt Consumer Services, Greenbelt, M d. ($1,428-,
586), United Cooperative Society, Maynard,
Mass. ($1,169,273), Cloquet Cooperative Associa­
tion, Cloquet, Minn. ($1,672,772), Franklin Co­
operative Creamery Association, Minneapolis,
Minn. ($5,222,220), and New Cooperative Co.,
Dillonvale, Ohio ($1,591,779).
Among some 1,400 associations for which the
Bureau of Labor Statistics has reports, sales
averaged $308,700 for the stores and $207,700 for
the petroleum associations. Net earnings for the
stores with earnings averaged 5.5 percent on total
business done; losses for those which could not
make ends meet averaged 3.4 percent of sales.
(This was a less favorable showing than for the
preceding year, when the corresponding figures
were 5.8 and 1.8 percent.) For the oil associations
earnings averaged 10.1 percent (8.9 percent in
1945) and losses 5.0 percent of sales (1.2 percent
in 1945).
2 Based on associations whose accounts were audited by the Cooperative
Auditing Service (Midland Cooperator, November 27, 1946).
3 Nebraska Cooperator (Omaha), March 19,1947.
4 Cooperative Builder (Superior, W is.), November 28,1946.

62.5 percent had greater earnings in 1946 than in
1945, 19.2 percent had smaller earnings, and 9.1
percent that had operated at a loss in 1945 were
able to close the year “ in the black.” Although
the petroleum associations as a group have been
consistently successful, 1946 showed even better
earnings than any o f the previous 5 years.
The year 1946 reversed strikingly the trend in
dollar volume of sales for the store associations.
Although sales had shown an increase each year,
the rate o f increase declined through 1945. For
1946, however, there was a 30.8-percent rise—
the largest since 1942. Further, 90.5 percent
of the stores had increased sales as compared with
only 72.9 percent in the preceding year. Among
the oil associations, the 27.9-percent increase was
the largest in the 6-year period, and 94.1 percent
were in the group registering greater business, as
compared with 86.3 percent in 1945.

For the local associations which are affiliated
with cooperative wholesales, the “ earnings” or
“ savings” reported include patronage refunds on
their purchases from the wholesale. Among the
retail associations for which data are at hand, the
refunds from the wholesales ranged from slightly
over 20 percent to nearly two-thirds of the retail
associations’ total reported earnings. In a small
number of cases, only the refund from the whole­
sale prevented the local association from showing
a loss for the year.
Information as to the retail cooperatives’ pa­
tronage returns to their members is available for
only 88 associations (52 petroleum cooperatives
and 36 stores). The former refunded (in cash,
shares, members’ equity credits, etc.) sums
averaging 8.8 percent of sales and the latter 3.6
percent of sales. For the whole group of 88
associations, the refunds totaled $1,283,237.

Central Organizations

Trend oj Development, 1941-46. Reports from
associations for which data are available for 1945
and 1946 indicate that for both the store and
petroleum associations membership increased each
year during the 6-year period 1941-46. For the
store associations the greatest rise occurred in
1944 (table 2), and for the oil associations in 1943.
Since those years, athough there has been a
membership gain each year, it has been at
a decreasing rate.
The operating results for the year 1946 repre­
sented, for the stores, a substantial improvement
over 1945. Over 90 percent made earnings on the
year’s business (87.3 percent in 1945); of these,

Summary figures showing membership, business,
earnings, and patronage refunds for the various
types of central business organizations are shown
in table 3 (p. 4). All items show substantial
progress as compared with 1945.

Wholesale Associations
Membership. Nearly 4,000 local associations were
affiliated with the 24 reporting regional wholesales
at the end of 1946—an increase of 8.8 percent as
compared with 1945. The 220 member associ­
ations reported by 8 district wholesales (table 4,

T able 2.*— Trend o f operations o f retail Store and petroleum cooperatives , 1 9 4 2 -4 6 1
Store associations

Petroleum associations

Item
1946
Membership:
Percent of increase over preceding year...............................................
Percent reportingincrease over preceding year..........................................................
Decrease from preceding year........................................................
Amount of business:
Percent of increase over preceding year...............................................
Percent reportingincrease over preceding year..........................................................
Decrease from preceding year........................................................
Net earnings:
Percent going from—

Oftin t.o loss nT
T,nss t.ngain . r

Percent reporting—
Loss in both current and preceding years.....................................
Increase in gain over preceding year.............................................
Decrease in gain from preceding year...........................................

1945

1944

1943

1942

1946

1945

1944

1943

1942

1 1 .6

15.9

25.6

13.6

8.3

10 .8

11.4

14.4

23.9

9.5

72.8
27.2

82.9
17.1

98.8

75.5
24.5

77.5
22.5

78.2

79.9

1 .2

77.4
22.7

2 1 .8

20 .1

74.5
25.5

73.8
26.2

30.8

11.5

19.6

28.8

30.8

27.9

10.7

2 2 .6

19.1

13.6

90.5
9.5

72.9
27.1

80.3
19.7

84.7
15.3

90.8
9.2

94.1
5.9

86.3
13.7

89.4

71.5
28.5

78.9

5.8
9.1

4.2
10.7

6.4
4.2

6 .8

5.3

5.4
4.9

.9

3.3
62.5
19.2

8.4
49.4
27.2

2 .0

62.3
25.1

1.9
51.7
34.3

69.5
17.9

.8

2 .2
8 8 .0
11.1

78.9
20.3

1 0 .6

2 1 .1

#7

4

.9

1 .8

2 .0
1 .2

.5
74.5
23.3

60.3
37.5

#4
64.7
3L7

i Based on identical associations reporting for both current and preceding year.




3

p. 6) represented an 18.9-percent increase, which
resulted mainly from the progress of a single
association.
Two additional associations became members
of National Cooperatives in 1946. These were
British Columbia Cooperative Wholesale (Van­
couver, B. C.) and Tennessee Farmers Cooper­
ative Association (Columbia, Tenn.).6
National Cooperatives estimated that the 4,522
retail members of its 22 regionals (5 of which are
in Canada) were serving 1,400,000 individual
members. Twenty regional wholesales estimated
that their 3,355 local member associations had
1,467,220 individual members at the end of 1946;
13 of these (with 2,869 affiliated associations
having an estimated membership of 1,208,650)
were members of National Cooperatives.
Distributive Facilities. Following its announced
intention of expanding into the building-materials
field, Associated Cooperatives (California) in­
vested $15,000 in a lumber mill near Eureka in
1946, giving it purchase rights to the output. Its
new building-supplies department started opera­
tions early in 1947. In New York, the annual
meeting of Eastern Cooperative Wholesale ap­
proved a program calling for addition of electrical
appliances and expansion of the household supplies,
automotive supplies, and grocery departments.
Consumers Cooperative Association (Missouri)
added propane gas; Ohio Farmers Grain and Sup­
ply Association, a line of insecticides; Utah
Cooperative Association, appliances and hardware;
and Wisconsin Farm Supply Co., refrigerators and
quick-freeze units. The Grange Cooperative
Wholesale, at Seattle, on the other hand, dis« Neither of these is included in the statistics here given, the former because
it is not in the United States and the latter because it handles no consumer
goods.

continued groceries; the reason was not reported.
Substantial increases in cooperative investment
in fixed assets took place in 1946. Farm Bureau
Services (Michigan) erected a warehouse and
elevator at Kalamazoo. Eastern Cooperative
Wholesale (New York City) bought a new and
larger branch warehouse in Cambridge, Mass., in­
creasing its space by about 93,000 square feet, and
planned the erection of a branch warehouse build­
ing on land already owned in Philadelphia. The
Ohio Farmers Grain and Supply Association con­
structed a repair garage for its trucks and a locker
room for its employees. The Pennsylvania Farm
Bureau Cooperative Association bought an existing
structure at Florin, which it plans to use as branch
warehouse, and completed construction of three
others (at Greensburg, Schuylkill, and Centre).
Utah Cooperative Association acquired a $15,000
warehouse. Additions to existing structures were
made by Farmers Union Central Exchange (to its
warehouse at Great Falls, M ont., and its head­
quarters in South St. Paul, M inn.) and by the
Oregon Grange Wholesale (to its warehouse).
Pacific Supply Cooperative (Walla Walla,
Wash.) acquired a new warehouse in 1946 and
decided to build another in 1947. This wholesale
and the newly formed Cascade Cooperative Whole­
sale together took over a large building in Seattle
which will serve as headquarters for Cascade and
branch warehouse for Pacific. The Grange Co­
operative Wholesale (Seattle) acquired a building
providing office and warehouse space. Central
Cooperative Wholesale (Superior, W is.) bought
another warehouse in Superior and erected a
branch warehouse in Escanaba, M ich., to serve
cooperatives on the Upper Peninsula; other
expansion planned by it included a terminal at

T able 3.— S u m m ary o f operations o f cooperative wholesales and service and productive federations , 1 94 6

Item

Wholesales

All federations
Interregional

62
Number of federations reporting.............................................................
6,811
Number of member associations................................. - ..........................
Total business _________________________________________________ $271,260,554
Wholesale distributive__ _____________________________________ $227,159,313
$5,485,092
Service
__ ________________________________________________
$5,265,225
Retail distributive ________________________________________
$95,583,814
Value of own production________________________________________
Net earnings, all departments— ..................................- .......................... $13,214,933
$9,355,047
Patronage refunds, all departments. .................... ..................................
1 No

data.

4




1
22

$16,900,000
$16,900,000

8

<9

.

Regional
24
3,987
$211,459,903
$201,909,852
$4,284,826
$5,265,225
$62,194,903
$11,865,755
$8,215,096

District
8
220

$8,762,058
$8,349,461
$412,597
$1,177,780
$265,235
$206,310

Service fed­
erations

16
1,344
$787,669

Productive
federations

13
238
$33,350,924

$787,669
$54,567
$21,264

$32,211,131
$1,029,376
$912,377

Wadena, Minn., and a lumber yard at Virginia in
the same State.
Among the district organizations, Trico Co­
operative Oil Association added a bulk plant at
Duluth, and Northern Cooperatives acquired a
building for use as terminal and repair shop for its
fleet of 19 trucks and vans.
Altogether, 66 warehouses were reported by 16
regional associations. One organization had 12
warehouses, one had 11, one had 6, four had 5, two
had 3, and four had 2 each; the other three associa­
tions had 1 warehouse each. Four regional organ­
izations did no warehousing. Among the district
associations, only three operated warehouses; two
of these had 1 each and the third had 4.
Retail branches were operated by 8 of the 20
regional wholesales reporting; they had a total of
60 such outlets. One wholesale had 16, one had
13, two had 11 each, one had 4, one had 3, and two
had 1 each. Associated Cooperatives, which had
previously had a retail branch, discontinued it in
1946.
Service Facilities. Associated Cooperatives of
California added to its previous services “ manage­
ment counsel” for local associations through a
field supervisor, for the purpose of working with
local boards to put their associations “ on a sound,
business-like operating basis.” Its new accounting
service for member cooperatives went into opera­
tion in November 1946.
Central States Cooperatives started a silk-screen
poster service— a sales-promotion aid for the local
stores. Its annual report noted that its central­
ized accounting service, which provides monthly
reports, had been of great assistance to the stores
in the analysis and control of their operations.
A t the end of its fiscal year, this service was
being provided to 25 grocery associations, 2 ap­
pliance stores, 1 gasoline station, and 1 campus co­
operative. The wholesale also provides auditing
service.
Midland Cooperative Wholesale started an
appliance repair service.




Distributive Operations. Nearly 202 million dol­
lars' worth of wholesale distributive business was
reported for 1946 (table 4, p. 6). All but 1 of the 21
reporting wholesales for which figures for both
years were available showed an increase in dollar
volume over the preceding year; for this group
there was a total increase amounting to 31.0
percent.
All but 4 of the 22 regional wholesales for which
data on earnings are available for both 1945 and
1946 had greater earnings in the latter year. Of
these four, Midland Cooperative Wholesale’s
smaller earnings were attributed to three factors:
(1) Smaller patronage refunds from the productive
federations of which it is a member, (2) reduced
earnings in its own refinery, caused by an
increase in the price of the crude oil it purchased,
without a corresponding rise in the wholesale price
of the refinery products, and (3) the wholesale’s
initial costs of getting into crude-oil production.6
A loss was sustained on the 1946 operations by
Eastern Cooperative Wholesale, charged to two
factors: (1) An inventory mark-down on citrus
juices and other items toward the end of the year,
when the market prices of these “ broke,” and (2)
inauguration of a volume-discount plan and price
reductions, from which its member associations
benefited.
For the whole group of regional wholesales re­
porting for both years, net earnings increased 87.7
percent. Patronage refunds also rose; for the
group reporting for both years, 35.3 percent more
was returned to member associations than in 1945.
For all associations reporting for 1946, the refunds
exceeded 8 million dollars. However, these earn­
ings and refunds, as shown in table 4, were not in
all cases for distributive business alone, but in­
cluded the service and productive operations also.
Production is generally quite profitable, whereas,
as noted in table 6, some of the services aue carried
on at a loss.
6 This association noted that about $94,000 of its net earnings of $622,554
went for Federal income taxes.

5

T able 4.— Distributive business , net earnings , and patronage refunds o f cooperative wholesales, 1 9 4 5 and 1 94 5
[Associations marked * are members of National Cooperatives l]

Association

Year
or­
gan­
ized

Number of
affiliated as­
sociations
1945

22

All associations:
Interregional..................
Regional:
Wholesale business..
Retail business____
District...........................

1946

20

}3 ,987
220

Amount of business2

1946

$16,900,000

(201,909,852
3,585 \ 5,265,225
8,349,461
185

Net earnings

1945

$6,755,900

1945

1946

<)
3

149,952,392 $11,659,531
3,838,424
161,899
230,936
10,090,431

$7,008

Patronage refunds

1946

(3)

1945

$7,008

6,201,034 $8,169,231
80,875
45,865
204,343
177,801

Interregional

Illinois: National Cooperatives (Chicago) .

1933

22

1944
Arizona: Southwest Cooperative Wholesale * (Phoenix)..
California: Associated Cooperatives8 (Oakland)*...........
1939
Idaho: Idaho Grange Wholesale9 (Shoshone)............—
Illinois:
Central States Cooperatives10 (Chicago)*...................
1936
Illinois Farm Supply Co.11 (Chicago)........................
1927
Indiana: Farm Bureau Cooperative Association (Indianapolis)*. 1921
Iowa: Farm Service Co.11 (Des Moines)............................
1927
Michigan: Farm Bureau Services11 (Lansing)*..................... 1920
Minnesota:
Midland Cooperative Wholesale (Minneapolis)*............ 1926
Farmers Union Central Exchange (St. P aul)*-.............. 1927
Minnesota Farm Bureau Service Co. (St. Paul)........... i 1928
Missouri: Consumers Cooperative Association 11 (Kansas
City)*..................................................................................... |1928
Nebraska: Farmers Union State Exchange (Omaha)*........... 1914
New York: Eastern Cooperative Wholesale (New York)*— 1929
Ohio:
Farm Bureau Cooperative Association (Columbus)*___ 1933
Ohio Farmers Grain & Supply Association (Fostoria)... 1929
Oregon: Oregon Grange Wholesale (Portland)....................... 1937
Pennsylvania: Pennsylvania Farm Bureau Cooperative
Association (Harrisburg)*— ................................................. 1934
Texas: Consumers Cooperatives Associated (Amarillo)*___ 1931
Utah: Utah Cooperative Association (Salt Lake City)*....... 1935
Washington:
Grange Cooperative Wholesale8 (Seattle)........................ 1919
Pacific Supply Cooperative (Walla Walla)*..................... 1933
Wisconsin:
Wisconsin Cooperative Farm Supply Co.17 (Madison)— 1923
Central Cooperative Wholesale (Superior)*................... . 1917

5
31

20

6,755,900

2,447,863
(3
)
471,538 f « 264,508
L 7170,840
335,659
(3
)

7,008

(3)

(«)

16.900.000

(»)

7,008

Regional

(3
)

(3)

15,958
22,589

*21,757

(3
)
8 11,518

(*)
8 10,486

11

30
(8
)

112
166
86
71
153

105
162
86
(3
)
129

1,180,308
21.178.000
18,478,474
2,846,591
•8,257,822
. 7 3,277,324

780,466
9,618
17,439,004
1,431,003
14,294,376 121,761,742
72 1,737,155
102,079
« 316,094
« 6,863,156
7 2,194,571
7 70,970

440
400
73
1,015

383
400
70
907

338
168

330
172

15,793,110
20,403,330
2,216,751
«26,069,029
7 420,788
•3,508,931
7 1,341,292
6,186,100

12 716,402 1 408,416
12 574,167
1 622,554
2
2
11,476,146
4
14,064,094 141,976,130 1 1,640,239 141,269,476 141,126,540
1 83,120 1 134,973
4
4
1 82,694
4
1 135,193
4
1,680,359
« 579,114 ^1,328,700 12 1,153,487
6 21,911,031 «1,665,299
71,141
710,778
7 326,407
«155,036
« 188,768 «138,138
« 2,869,889
«158,866
7 64,102
7 42,828
7 45,865
7 1,146,606
7 32,625
56,839
45,784
4,656,038
i«13,340

89
198
14

177
13

21,784,052 12 1,501,276
27,598,761
« 1,646,681 } 1,698,905 ' « 78,495
7 225,821
7 6,049
1,012,376
659,035
70,478

28
207
20

24
158
18

10,789,634
9,125,149
« 4,687,077 | 3,490,385
i« 929,332
572,533
304,397

1 272,191
4
1 191,990
4
i« 44,798
35,457

55
115

55
101

4,042,968
12,353,357

3,438,960
4,748,542

8 227,562
1 713,000
2

8 167,197
8 450,096

8 227,562

(4

8 359,256

19
173

12
164

2,256,509
6,647,118

1,710,903
6,692,997

54,041
1 270,288
2

12 167,798

10,307

40,784
1 240,570
2

12 167,383

203,462
537,743

161,653
322,577

1412,380

6,524
1 1,014
4

1412,380

4,582
1 1,014
4

(3
)

22,589

7,911
5,148
704,258 1,094,336
12 1,093,673 121,579,914
1 56,698
3
100,230
*294,507 ► 334,870
8
7 36,906

12 509,727

(3
)
7,911
601,097

12 927,549

1 55,000
8
8 300,139

1 894,777
2
1 66,812
4
70,237

1 262,172
2
1 43,356
4
36,346

1 250,749 1 171,607
4
4
i4
1 71,325 r 240,757
4
L 1 44,798
«
11,797
30,138

1 142,182
4
1 150,256
4
11,207

1 56,607
4
37,968

8167,197
34,261

D istrict

Michigan:
Cooperative Services (Bruce Crossing).............................
Northland Cooperative Federation (Rock)......................
Minnesota:
Trico Cooperative Oil Association18 (Cloquet)..............
C-A-P Cooperative Oil Association19 (Kettle River)___
Range Cooperative Federation (Virginia)........................
Northern Cooperatives (Wadena).....................................
Wisconsin:
Range Cooperative Services (Hurley)..............................
Cooperative Services (Maple)...........................................

1932
1938

6
8

1929
1929
1924
1932

18
21
25
129

1930
1928

1 National Cooperatives at the end of 1946 also had 5 affiliates in Canada:
Alberta Cooperative Wholesale, British Columbia Cooperative Wholesale,
Manitoba Cooperative Wholesale, United Farmers of Ontario, and Saskat­
chewan Federated Cooperatives. Other affiliates in the United States not
shown in this table, either because not a federation or because not handling
consumer goods, are Farmers Cooperative Exchange (North Carolina) and
Tennessee Farmers Cooperative.
2 Unless otherwise indicated, figures relate to wholesale distributive busi­
ness and are for calendar year.
* No data.
4 Data are for year ending Feb. 28,1947.
8 Data are for year ending Oct. 31.
« Wholesale business.
7 Retail business.
8 Includes service departments.

6




<)
3

249,411
278,769
148,619
144,395
1,161,825
1,634,088
« 741,112
r « 857,311
l20 4,193,305 2 6,898,270
0

20 60,971

240,280
170,908

8 22,044

283,057
213,107

23,827
10,823

12 71,435

«15,336

14,120

18,149
15,606

12 35,505
21

108,901
8,956
16,212

23,827
9,741

12 52,824

«12,465

20 49,558

(3
)

8 17,006

18,149
15,606
1 30,365
2
21 101,858

(22)

15,130

9 Data are for 9 months, ending Sept. 30,1946.
are for years ending Mar. 31,1946 and 1947.
1 Data for year ending Aug. 31.
1
12 Includes service and productive departments.
131944.
i4 Includes productive departments.
I Loss; before payment of $9,048 in dividends on deferred stock.
®
i« Grain marketed for members.
17 Data are for years ending Sept. 30.
1 Data are for years ending June 30.
8
!• Data are for years ending Apr. 30,1946 and 1947.
*° Dairy products marketed.
21Includes service and marketing departments.
22 Sty percent on petroleum products, 2 percent on warehouse and service
patronage; amount not reported.
70 Data

Capital and Resources. Preferred stock (which
carries no vote but has first call on earnings) is
increasingly being used to finance new enter­
prises, especially productive plants. Of the 22
regional wholesales reporting as to their capital
structure, 15 had issued preferred stock, to a total
of $16,376,248. Their common stock (owned by
cooperative associations) amounted to $7,351,141.
Four associations were nonstock organizations.
The common stock of the other three associations
totaled $1,598,189. Only one of the district
wholesales had issued preferred stock; it had out­
standing $128,900 in preferred and $33,700 in
common stock. The other five district organiza­
tions reporting had a combined total of $294,311
in common stock.
The assets of 23 reporting regionals aggregated
$73,391,801. Among these associations the ratio
of current to total assets ranged from 32 to 96.4
percent (in 1945 the range was from 30.6 to 83.2
percent), with an average of 52.3 percent (59.1 in
1945). The range among the six district associa­
tions reporting was from 44.2 to 75.1 percent (11.8
to 71.8 in 1945), with an average of 61.6 percent
(47.4 percent in 1945). The ratio of current
assets to current liabilities was equally variable,
ranging among the regional wholesales from
1.1:1 to 10.0:1 and among the district organiza­
tions from 1.1:1 to 10.8:1; the averages were 1.9:1
and 2.8:1 respectively. These revealed a rather
less liquid condition than in the preceding year

when the ranges were 1.4:1 to 20.2:1 and 0.6:1 to
7.0:1 and the averages 1.8:1 and 4.4:1.
Information on net worth, for 15 regional and
3 district organizations, revealed member equities
(ratio of net worth to total liabilities) ranging
from only 1.6 percent to 92.3 percent in the former
organizations and from 57.6 to 91.5 in the latter.
The average member equities for the two groups
were 51.9 and 69.2 percent; these represented a
notable improvement over 1945, when the figures
were 41.9 and 50 percent, respectively.

Services of Central Cooperatives
Business. A 28-percent increase in the amount of
service business in 1946 was reported (table 5).
Transport service (for the most part provided by
the wholesales) was still by far the most impor­
tant, in terms of business done; but auditing,
financing, and store services showed substantial
gains both relatively and in amount of total
income. Repair service for appliances newly re­
turned to the market brought up the total for
“ repairs” also.
Increases in business for nearly every kind o f
service were shown by all of the wholesale service
departments (table 6). The same was true for
most of the service federations.
Only for a few wholesales were earnings from
services separable from those of the distributive
operations, and for those the losses so far offset

T able 5.— Service activities o f central cooperative organizations , 1948— 6
4

Service

Total

Amount

All services............................................................................ $5,485,092
Funeral service......................................................................
154,870
Repair service (autos, machinery, appliances, etc.)...........
168,358
Recreation______________ ___________ __________ _____
Insurance, bonds, etc............................................................
350,667
Auditing, accounting, tax service........................................
242,832
Financing and credit............................................................
321,828
Store services (management, planning, advertising, etc.)_
217,669
Transport (truck, towboat, pipe line, tank car)................. 3,977,795
Millwright service . _ _____ _______
3,139
Printing (purchase only)......................................................
25,172
FTnnse insulation
22,762
Other (not specified)............................................................

Per­
cent

Depart­
ments or
subsidia­
ries of
whole­
sales

300.0 $4,697,423
2 .8

3.1

46,249
168,358

.1

120,667
114,694
95,446
217,669
3,908,439
3,139

.5
.4

22,762

6.4
4.4
5.9
4.0
72.6

1944: Total

1945: Total

1946

Service
federa­
tions

Amount

Per­
cent

$787,669 $4,285,898

100.0

3.6
2.3

1108,621
230,000
128,138
226,382
69,356
25,172
(*)

153,183
97,337
4,846
246,083
167,583
130,412
60,585
3,103,882
3,029
16,412

5.8
3.9
3.0
1.4
72.4

302,546

7.1

.1

1943: Total

Per­
cent

Amount

$11,652,806

100.0

$5,163,060

126,295
93,412
4,752
68,498
137.274
136.275
53,226
10,486,685

LI

.5
90.0

77,981
104,073
4,864
49,912
154,357
178,884
15,496
3,964,808

546,389

4.7

612,352

Amount

.8

(»)
.6
1 .2
1 .2

Per­
cent

100.0

1.5
2 .0
.1
1 .0

3.0
3.5
.3
76,8

.1

333

.4

0)

11.9

1 Includes some income from house insulation, not separately reported.
* Less than 0.05 percent.
•.Included with funeral service.

767141°—48---- 2




7

the gains that a net loss of over $60,000 for the
whole group resulted. For those associations—
wholesales and service federations— for which
data were available for both 1945 and 1946, the
amount of business done increased 29.2 and 43.1
percent, respectively.
Resources of Service Federations. Among the
service federations the resources are small, largely
because their business does not generally require
T able

6

large investments in plant or equipment. For the
13 associations reporting, the combined assets
totaled $1,002,545, o f which nearly $800,000 was
accounted for by two large associations; the other
11 associations averaged $18,980 each. However,
in most cases their net worth was high; the mem­
ber equities averaged 85.9 percent of total assets.
Only 2 of the 11 associations for which net worth
was available fell below 70 percent; those two had
a net worth of 17.8 and 52.8 percent, respectively.

.— Service activities o f central cooperative organizations, 1 94 5 and 1 946
SERVICE DEPARTMENTS OF WHOLESALES

State, association, and kind of service

Amount of business
(gross income)
1946

Total:
Regional wholesales......................................................................
District wholesales........................................................................
California—Associated Cooperatives: i
3
*
Auditing........ ..............................................................................
Insurance (agency).......................................................................
Trucking........... ............................................................................
Illinois—
Central States Cooperatives: 4 Accounting, auditing..................
Illinois Farm Supply Co: 5 Transport (by truck and towboat).
Indiana—Indiana Farm Bureau Cooperative Association:
Auditing.......... ................................................................ ...........
Insurance......................................................................................
Finance (credit)............................................................................
Auto repair....................................................................................
Trucking........... ............................................................................
Michigan—Farm Bureau Services: 5
Management..........................- .....................................................
Millwright.....................................................................................
Trucking.......................................................................................
Minnesota—
C-A-P Cooperative Oil Association: 7
Automobile repair___________*_.............................- ................
Trucking....................................................................................
Midland Cooperative Wholesale:
Appliance repair.....................................................................
Trucking.................................................................................
Pipe-line and tank-car-service....................... ......................
Range Cooperative Federation:
Auto repair....... ....................................................................
Mortuary............................. ................................................
Recreation..... ........................................................................
Insurance (agency).................................................................
Northern Cooperatives: Trucking.............................................
Missouri—Consumers Cooperative Association: 6
Auditing......................................................................................
Trucking................................ ...................... .............. ................
New York—Eastern Cooperative Wholesale: Insurance and bonds
Ohio—Farm Bureau Cooperative Association:
Trucking............................. .........................................................
Store plans and specifications......................................................
WashingtonOrange Cooperative Wholesale: 3
Bookkeeping..........................................................................
Trucking................................................................................
Pacific Supply Cooperative:
Auto repair.............. ..............................................................
Trucking.................................................................................
WisconsinCentral Cooperative Wholesale:
Auditing.................................................................................
Trucking.................................... _..........................................
House insulation....................................................................
Advertising............ ................................................................
Cooperative Services: Machinery repair....................................
i Loss.
2 Included with distributive business (see table 4).
8 Data are for years ending Oct. 31.
4 Data are for years ending Mar. 31,1946 and 1947.

8




Net earnings

1945

1946

i $63,165
34,299

$4,284,826 $3,310,414
412, 597
281,837
302
46,622
147
23,077
1,870,000
19,715
60,500
95,446
25,125
282,278

1945

$544,188
5,626

Patronage refunds
1946

00

$28,509

1945

$474,876
5,626

1

8,353 |
1,159
1,743,900

00

(2
)
00

17,108 1
47,828
68,702 \
25,320
257,318 J

0)

(2
)
(2
)
543,052

(2
)

00

(2
)

(2
)
00

00

474,876

(2
)

[(2
)

00

(2
)

7,868
3,139
71,695

1,136

44,590
20,351

21,067 }

5,626

3,889
28,975
138,462

}

12,189 1
3,029 ! 19,987
►

87,172 \
174,792 1

(2
)

00

(2
)

(2
)

59,752
48,116 ]
40,913
46,249
f
4,846 |
6,199 \
4,902
231,290
161,993

(2
)

(2
)

00

(2
)

21,994

(2
)

7,239

6,515

5,626

)

27,060

00

36,717
592,801
7,346

27,132
421, 599 } 153,178
(6
)
(2
)

00
00

(2
)

00

303,627
195,162

148,736
48,396 }

(2
)

(2
)

<)
2

<)
2

1,491
40,635

4,092

}

00

(2
)

(2
)

<>)

30,836
205,136

23,901
165,409 }

(2
)

(2
)

(2
)

<*)

00

(2
)

(2)

<)
2

(2
)

(2
)

(2
)

(2
)

33,392
123,042
22,762
14,639
4,166

(2
)

24,279
•

8 Data are for years ending Aug. 31.
6 No data.
7 Data are for years ending Apr. 20,1946 and 1947.

T a b l e 6.— Service activities o f central cooperative organizations , 19J+5 and 1 946 — Continued
SERVICE FEDERATIONS
Amount of business
(gross income)

Association and kind of service

Net earnings

1946
Total..................................................................................................................................... .

1945

$787,669

$515,477

$54,567

(«)

111
10,800

47,107
18,175
63,642
16,412
13 3,518
185,000
18 49,531
15,304

4,435
346
3,101

Iowa—Business Service Association: Auditing, tax service, and business analysis8...........
16,607
Maryland—Federated Cooperatives of Maryland: Financing, collections, statistics8
.____
33,077
MinnesotaFederated Co-ops of East Central Minnesota: Funeral service, house insulation,
spray painting, insurance, propane gas9................................_....................................
74,570
Northland Cooperative Mortuary: Funeral service*....................................................
14,525
Cooperative Auditing Service: Auditing, accounting, business advice, tax service 1 ..
0
77,278
Cooperative Press: Collective purchase of office supplies and printing_____________
1 25,172
1
Midland Credit Corporation: Loans to local cooperatives 12................... .....................
1 3,813
3
Farmers Union Agency: Fire, casualty, and surety bonds............ ................. .............
230,000
Farmers Union Cooperative Credit Association: Loans to local cooperatives............. 18165,171
Montana—Farmers Union Carriers: Trucking8...................................... ........... ........... .
9,094
Nebraska—
Farmers Union Non-Stock Cooperative Transport Association: Trucking8_________
9,784
Farmers Union Nonstock Cooperative Transport Association: Trucking.............. .
38,908
Farmers Nonstock Transport Association: Trucking8. _________________________
11,570
South Dakota—Equity Audit Co.: Auditing, tax service, business advice3.......... ...........
34,253
Wisconsin—
Valley Cooperative Services: Funeral service16____________________________ ____ 19,526
Central Finance: Financing sales contracts__________ ______ _____________ ____
18 24,321
8 Data are for years ending Oct. 31.
6 Data are for years ending Mar. 31,1946
8 Data are for years ending Aug. 31.
8 Data are for years ending Sept. 30.
9 Data are for years ending June 30.
10 Data are for years ending Nov. 30.

Membership of Service Federations. More than
1,300 local associations were affiliated with the
reporting central service organizations at the end
of 1946 (table 7). For associations for which data
were available for both 1945 and 1946, there was
an increase of 1.2 percent.
T a ble 7.— M em bership o f central service federations , 1 94 6
and 1946
Year Number of
affiliated
in
which associations
organ­
ized 1946 1945
1,344

1,302

1938

130

1 102

1944

4

4

1942
1936
1935
1939
1937
1940

439
33
450

436
16
32
450

1938
1939

163
15

151
15

All associations_____________________________________
Iowa—Business Service Association (Des Moines)_____
Maryland—Federated Cooperatives of Maryland (Fred­
erick) ____________________________________________
MinnesotaFederated Co-ops of East Central Minnesota (Cam­
bridge).... ........................ .........................................
Northland Cooperative Mortuary (Cloquet)______
Cooperative Auditing Service (Minneapolis)______
Cooperative Press, Inc. (Minneapolis)____________
Midland Credit Corporation (Minneapolis)_______
Farmers Union Agency (St. Paul)....... .......... .........
Farmers Union Cooperative Credit Association (St.
Paul)............... .............. .......................................
Montana—Farmers Union Carriers, Inc. (Froid)______
Nebraska—
Fanners Union Non-Stock Cooperative Transport
Association (Dodge).............................................. .
Farmers Union Nonstock Cooperative Transport
Association (Kearney).............................................
Farmers Nonstock Transport Association (Milford).
South Dakota—Equity Audit Co. (Aberdeen)...............
Wisconsin—
Valley Cooperative Services (Appleton)_____ _____
Central Finance, Tnn. (Superior)...._
__ ... _
1 Data are for 1944.
2 No data.




1945

1946

1945

$30,156

$21,264

$12,648

(6
)

10,800

u 1,212
2,185
14,960
5,013
15,298

442
2,279
2,541
827
1,782
5,606
3,852
i 2,351

2,791
ii 1,057
i* 725

6,665
34,755
9,836
30,172

1,056
13,584
710
1,173

1214
9,475
1283
1,708

1,056
(«)
(6
)
435

23,181
18 12,179

953
226

4,395
97

600

3,800

(#
)
<
«)
1,837
2,287
704
3,339

(•)
1,216
3,26£

1 Data are for 10 months ending Oct. 31.
1
12 Data are for years ending May 31,1946 and 1947.
13 Total income.
18 Dividends on stock (organization operates on same basis as credit union).
18 Amount of loans made.
16 Data are for years ending July 31.

and 1947.
6 No data.

Association

1946

Patronage refunds

22
21
11

23
21

1943

2

2

1939
(1
2
)
1917

4
4
39

4
4
35

1942
1940

5

Expansion of Productive Facilities. Of the whole­
sales undertaking production individually, Illinois
Farm Supply Co. opened a new fertilizer plant in
1946, and Farm Bureau Services (Michigan)
purchased a site for a fertilizer plant at Saginaw.
The Indiana Farm Bureau Cooperative Associa­
tion completed the conversion of its skimming
plant to a cracking plant and the latter went into
operation in M ay 1946. This step increased the
daily gasoline capacity from 3,000 to 4,000 barrels
and made possible the production of 80-octane
gasoline from 60 instead of 28 percent of the crude
oil. It was reported that the wholesale would
thereafter be able to supply from its own refinery
(which occupies a 20-acre tract near M ount
Vernon, Ind.) almost all the petroleum require­
ments of its member associations. In April this
association was reported to have 72 producing oil
wells. In addition to its three sawmills in
Arkansas, the wholesale reports that it is also
“ financing and controlling” three in Mississippi.
The feed mill at Hammond,7 which the wholesale
bought in the fall, was severely damaged by fire
shortly thereafter.

5

2

Production by Central Cooperatives

2
7 Formerly operated by the Farm Bureau Milling Co. (members of which
were the Indiana and Wisconsin Farm Bureau Cooperative Associations,
Michigan Farm Bureau Services, and Illinois Farm Supply Co.).

9

In the spring of 1946, Midland Cooperative
Wholesale purchased 440 acres of oil-bearing land
in Oklahoma, near its refinery at Cushing; the
tract had 21 producing wells in operation at the
time of purchase, yielding some 1,600 barrels of
crude oil daily. Later in the year a producing
well was brought in on a 900-acre tract in which
the wholesale owns a half interest. A $15,000
addition to its oil-blending plant and office build­
ing in Minneapolis was authorized by the board
of directors. However, according to the whole­
sale’s annual report, the crude-oil supply was still
not sufficient to keep its refinery in full operation,
as its own production was not great enough to
offset the loss of the crude oil previously obtained
under a contract with a private producer, which
expired early in 1946.
The Laurel (M ont.) petroleum refinery owned
by Farmers Union Central Exchange (St. Paul,
M inn.) was seriously damaged by fire in June 1946,
but was able to resume partial operation almost
immediately. After two unsuccessful drillings on
leases the locations of which were not given, it
was reported in July that 4 wells had been brought
in, on the 200-acre tract the association had leased
in the Cat Creek Field from the State for $39,000,
in 1945 (300 acres adjoining were later acquired).
B y the end of the year the Exchange had 9 produc­
ing wells in this region. The wholesale also noted,
in its annual report, the construction of four
liquefied-petroleum gas plants, at Williston, N.
Dak., Glendive, M ont., and Aberdeen and Sioux
Falls, S. Dak. Difficulties in obtaining equip­
ment and appliances delayed the full operation of
these plants, but three were operating by early
1947 and the fourth was expected to start very
shortly thereafter. The wholesale also started
construction on a plant for the manufacture of
cooperative tractors.
Consumers Cooperative Association (Missouri)
made improvements at its lubricating-oil refinery
valued at about $1,000,000, in 1946, designed to
increase the productivity and make possible
the recovery of byproducts. It purchased a lease
on 300 acres in Kansas and a third interest (with
two independent operators) in 1,860 acres in
Oklahoma. The latter it will operate for the
other two owners. W ith these acquisitions, the
association reported, it had under its control
nearly 100 square miles of oil-bearing land. A t

10




the end of its fiscal year it had 448 producing
wells, of which 45 were drilled and 54 were pur­
chased during the year, 10 were sold and 9
plugged or abandoned. O f the 5,345,000 barrels
of crude oil handled by its three refineries in
1945-46, more than 30 percent came from its own
wells or those owned jointly with others (as com­
pared with 18 percent in 1944-45). For the
third successive year all the petroleum needs of
its member associations were supplied from either
its own refineries or those in which it is a joint
owner. The association reported that in 1945
it produced for its members and for the Army
and N avy over 20 million gallons of m otor oil.
In 1946 it bought the high-octane gasoline re­
finery it had operated for the Government dur­
ing the war. Improvements to its sawmill at
Swisshome, Oreg., increased its weekly capacity
from 17 to 22 carloads of lumber, but lack of
railroad cars was a continuing handicap. The
output of its cannery was expected to reach
350,000 cases (140,000 in 1944-45) as a result of
adding numerous less-perishable commodities.
The Farmers Union State Exchange early in
1947 took its first step into production by buying
the oil-compounding plant from which it had been
purchasing its supplies for many years. The
wholesale is also a member of the National Coop­
erative Refinery Association. Consumers Coop­
eratives Associated (Texas), which bought a
petroleum refinery in 1945, purchased 24 produc­
ing oil wells in 1946, near Roswell, N. M ex.,
and Midland, Tex. Pacific Supply Cooperatives
bought two privately owned feed mills in central
Oregon, bringing its total to three. The Penn­
sylvania Farm Bureau Cooperative Association
built a chick hatchery.
The only new productive plant reported among
the district wholesales was a cheese-processing
plant added by Northland Cooperative Federation.
Cooperative Plant Foods (the members of which
are Midland Cooperative Wholesale, Indiana
Farm Bureau Cooperative Association, Wisconsin
Cooperative Farm Supply Co., and Illinois Farm
Supply Co.) completed the erection of a fertilizer­
mixing plant and an acidulating plant in 1946.
The output of the National Farm Machinery
Cooperative was increased considerably during
1946, but was still insufficient to meet the needs
of its members. A serious problem was the short­

age of steel and specialized parts, as well as of
lumber. The National Cooperative Refinery As­
sociation also reported supply difficulties, noting
that the supply of Kansas crude oil was “ far
short” o f that needed to run the refinery at
capacity. It was hoped that a proposed pipe­
line, operation of which had been delayed by in­
ability to obtain pipe to tap the Texas and south­
eastern New M exico fields, would remedy the
situation. In the attempt to increase its own
production of crude oil, the association in the
period October 15, 1945, through June 1946,
drilled 37 producing and 9 dry wells; several
others had been drilled down to the oil sand.
A fire in August on its timber land adjacent
to the International Cooperative Lumbering
Association's shingle mill in British Columbia
resulted in the loss of some 2 million feet of cut
timber and much equipment. This caused a
shut-down of operations for some time.
A million-dollar expansion and improvement
program, undertaken by Cooperative Mills (Read­
ing, Ohio), was reported to have been completed
late in February 1947, placing it “ among the most
modern and efficient feed mills in the country.”
Coal rights on some 6,000 acres were acquired
by joint action of Indiana and Ohio Farm Bureau
Cooperatives and Midland Cooperative Whole­
sale. A new association, The Millers Creek Coal
Cooperative, was formed to mine the coal. M id­
land Cooperator reported (October 9, 1946) that
the property was expected to provide about a
fifth of the coal distributed by the three regionals.
(Indiana Farm Bureau Cooperative Association
already owned a m ajority interest in another
mine in Kentucky.)
Shortly afterward, the
directors o f Central States Cooperatives (Chicago)
decided to join the above group and assist in
financing it.
Three regional consumers' wholesales (Midland,
Farmers Union Central Exchange, and Central
Cooperative Wholesale) and a producers' market­
ing cooperative (Farmers Union Grain Terminal
Association) cooperated in the formation of North­
west Cooperative Mills in 1945, to manufacture
feed and commercial fertilizer. The grains used
in the manufacture of the feeds will be supplied
b y the terminal association. B y September 1946
it was reported that the new organization's head­




quarters building, feed mill, and seed-cleaning
plant— all in the midway section of St. Paul— and
a fertilizer plant at Green Bay, Wis., were nearing
completion. Since its formation Northwest Co­
operative Mills had been operating a soybean
plant originally owned by Farmers Union Central
Exchange at Menomonie, W is., and a small leased
seed plant at Thief River Falls, Minn.
Cooperative Mills (Auburn, Ind.), formerly
owned by 10 regional wholesales, became a
department of National Cooperatives on Janu­
ary 1, 1947. Likewise, Farm Bureau Milling Co.
(Hammond, Ind.), previously owned by three
wholesales, was taken over as a wholly owned
subsidiary by Indiana Farm Bureau Cooperative
Association in the fall of 1946.
Goods Produced. Considerably over 95K million
dollars' worth of commodities was produced by
the productive departments of wholesales and the
productive federations in 1946— over 3 times as
much as in 1943 (table 8). Dollar volume in­
creased in practically every commodity group, as
compared with J945. Food products, crude oil,
chemical products, and feed, seed, and fertilizer
all showed relative gains as well as increases in
dollar volume.
As in previous years, by far the greater part of
the cooperative production occurred in the pro­
ductive departments of the regional wholesales.
In most cases the earnings of the wholesale's
productive enterprises are not separable from
those of the distributive business. Consumers
Cooperatives Associated (Texas) had net earn­
ings from its productive enterprises amounting
to $107,490 in 1946 and to $193,248 in 1945.
Northland Cooperative Federation had net earn­
ings of $5,322 ip 1945 and paid them out in pat­
ronage refunds; figures for 1946 were not separable
from the distributive business.
For the productive federations, the 1946 op­
erations were generally more profitable than had
been the case in 1945. Only one association had a
loss in 1946 (as it also had in the preceding year);
two other associations which had lost money in
1945 showed earnings in 1946. For the whole
group, there were earnings of over a million dollars
in 1946, as compared with a previous loss of nearly
$320,000. Almost a million dollars was declared
in patronage refunds to member associations.

11

T a ble 8.— Value o f manufactures o f cooperative wholesales and federations , 1 9 4 5 -4 5
1946
Total

Commodity group

Amount

Depart­
ments or Productive
subsidi­ federations
Per­
aries of
cent wholesalers

All products.................................................................. ..... $95,583,814

100.0

Food products.................................................................... 4,285,504
Crude oil__________________________________________
2,693,007
Refined petroleum products............................................. 36,392,061
Lubricating oil................................................................... 4,891,432
191,210
Grease_________________ ____ _______________________
119,074
Paint...................................................................................
309,059
Lumber and shingles.........................................................
321,491
Printing and products............... .......................................
Coal________ _____________ _________________ _______
Chemical products (cosmetics, household supplies, in­
930,742
secticides)_______________________________________
298,749
Poultry and poultry products..........................................
Feed, seed, and fertilizer................................................... 42,673,541
Farm machinery______________ _______ _____________
2,353,630
124,314
Other_____________________________________________

4.5

i Includes edible oils.

2 No

data.

1945: Total

2 .8

38.1
5.1
.2
.1

.3
.3
1 .0

.3
44.7
2.5

1944: Total

Per­
cent

Amount

Amount

1943: Total

Per­
cent

Amount

Per­
cent

100.0

$63,372,683 $32,211,131 $60,577,789

100.0

$48,999,183

100.0

$29,431,499

2,120,517
1,438,027
25,852,711
4,369,325
183,023
71,380
693,598
249,239
59,610

3.5
2.4
42.7
7.2
.3

2,073,462
721,050
21,165,002
4,659,465
226,374
81,689
1,361,866
192,793
29,274

4.2
1.5
43.2
9.5
.5

1,958,036
31,340
6,743,901
1,358,479
223,864
1,351,782
360,502
326,959

182,714
321,306
22,503,054
2,473,036
60,249

.3
.5
37.1
4.1

2,611,856 U,673,648
2,693,007
28,048,212
8,343,849
4,891,432
191,210
119,074
309,059
122,647
198,844
930,742
298,749
23,156,695

.1

19,516,846
2,353,630
124,314

.1

1.3
.4
.1

.1

136,034
369,296
16,102,495
1,868,809
11,574

.2
2 .8

.4

6 .6
.1

22.9
4.6
.8

4.6
1.3
1 .1

.1

.3

0

.8

32.9
3.8
(3
)

0

246,247
16,781,157

.8

57.1

49,232

.2

* Less than 0.05 of 1 percent.

T able 9.— Productive activities o f central cooperative organizations , 1 9 4 5 and 194 5
PRODUCTIVE DEPARTMENTS OF WHOLESALES
Value of goods produced
State, association, and goods produced
1946
Total:
Regional wholesales............................................. $62,194,903
District wholesales...............................................
1,177,780

1945

$41,326,497
797,873

California—Associated Cooperatives: 1 MimeographIllinois—Illinois Farm Supply Co.:2 Feed and fertj]iZer
^
Indiana—Indiana Farm Bureau Coop. Assn.:
Crude oil...............................................................
Refined petroleum products.............................. .
Printing— ..........................................................
Chicks and eggs.................................................. .
F eed ................................................................... .
Fertilizer._________ ________ ________________
Michigan—Northland Cooperative Federation:
Butter and cheese...................................................
MinnesotaMidland Cooperative Wholesale:
Crude oil—. .................................................. .
Refined petroleum products................. .......
Lubricating o il........ ....................................
Fly sp ra y......................... ......................... .
Feed........... .............. .....................................
Minnesota Farm Bureau Service Co.:
F eed.................................. ......................... .
Fertilizer............................. ......................... .
Farmers Union Central Exchange:
Crude oil....................................................... .
Refined petroleum products........................ .
Lubricating oil...............................................
Feed................ ............................................ .
Range Cooperative Federation:
Meat products...... ....................................... .
Butter.............................................................
Cheese.......................................................... .

1 Data are for years ending October 31.
2 Data are for years ending August 31.

12




Value of goods produced
State, association, and goods produced

335
1,335,000
735,975
4,140,378
44,372
217,912
412,133
2,637,827

2,422,320

455,129

260,596

286,189
2,756,229
555,192
12,308
608,310
610,545
892,226
97,798
3,914,078
1,117,083
0

168,553
134,069
420,029

620,668
2,649, 558
28,242
237,486

2, 510,704
388,776
22,766
563,594
469,296
2,948,022
714,386
166,365
125,867
104,980
306,430

1946
Missouri—Consumers Cooperative Association: 2
Canned goods.....................................................
Dehydrated potatoes..........................................
Soft drinks..........................................................
Crude oil.......... ..................................................
Refined petroleum products..............................
Lubricating oil....................................................
Grease....................................... ..................... .
Lumber......... ......................................................
Paint.................... ...............................................
Printing...............................................................
Feed........................................... .......................
New York—Eastern Cooperative Wholesale:
Offset printing, duplicating........ ......................
Coffee (roasted)..................................................
Ohio—
Farm Bureau Cooperative Association:
Refined petroleum products......................
Chicks........................................................
Fertilizer._____________________________
Ohio Farmers Grain and Supply Association:
Feed.................................. ............... ..........
Fertilizer.......................... .........................
Pennsylvania—Pa. Farm Bureau Coop. Assn.:
Feed and seed_______ ___ ______ ___________
Insecticides and fungicides_________________
Texas—Consumers Cooperatives Associated:
Crude oil.______ _____________ ____ _______
Refined petroleum products________________
Washington—Pacific Supply Cooperative:
Feed and seed.............................................. .
Insecticides..................... .............. ...................
Wisconsin—Central Cooperative Wholesale:
Coffee (roasted). ............................... ...............
Bakery products.......................................... .
Feed...................................................................
2 Fertilizer plant was takefi

* No data.

$324,541
504,312
13,444
1,493,531
10,718,280
3,219,157
191,210
309,059
119,074
69,810
2,870,059

1945

$233,144
572,251
14,611
817,359
9,003,333
3,266,163
183,023
40,213
71,380
52,490
918,266

8,130
164,196
3,989,000
80,837
3,233,872

8
1,334,557
83,820
2,558,377

375,765
103,692

274,645

(*)

3,233,443
214,719

(9

79,514
2,530,247

1,803,712

5,243,941
703,715

59,610
2,785,671
119,948

165,644
261,939
1,599,882

134,577
217,465
2,357,011

over by Northwest Cooperative Mills.

T a b l e 9.— Productive activities o f central cooperative organizations^ 1 94 5 and 1 946 — Continued
PRODU CTIVE PEDERATIONS
Value of own production Total amount of busi-

Net earnings

Patronage refunds

State, association, and product
1946
Total........................... L
......................................................
Indiana—
Cooperative Mills:
Flour and cereal products....................................
Feed............... ........................- .............. ............
Coop. Plant Foods: Fertilizer •
_________ _________
Iowa—North Iowa Coop. Processing Association: 2
Feed..............................- ..............................................
Soybean oil..................................................................
Kansas—National Coop. Refinery Association: Re­
fined petroleum products*.......... ................................
6
Maryland—
Fertilizer Manufacturing Cooperative: Fertilizer
Coop. Fertilizer Service: Fertilizer •
..........................
Minnesota—Northwest Coop. Mills: 6
Soybean meal and oil..................................................
Seed..............................................................................
Ohio—
National Farm Machinery Coop: 8
Farm machinery...................................................
War contracts......................................................
Farm Bureau Chemical Cooperative: Fertilizer.......
Cooperative Mills: Feed®.......................................
Oklahoma—Producers Coop. Oil M ill: 7
Feed........................ ....................................................
Cottonseed oil..............................................................
Other cottonseed products..........................................
Washington—Grange Coop. Printing Association:
Printing1............................... ........................................
Wisconsin—Cooperative Publishing Association:
Printing........................................................................
Publications.................................................................
Books, office forms, etc...............................................

$32,211,131

1946

1946

9,222,044 $33,860,924 $11,869,183

1946

1946

1946

$1,029,376

« $319,813

$912,377

442,673
73,631
1,104,209

165,207 } 516,305
34,609
787,807 J 1,104,209

482,259
787,807

23,044
50,543

«7,967
26,890

427,683
665,047 } 1,287, 411

1,092,730

124,105

43,533

102,591

7,921,657

8129,184

8

$71,417

»118,535

17,377
246,157

1945

50,543

796,563
491,848
8,343,849
1,644,525
3,261,368

5,598,825

8,343,849

8

1,644,525
3,719,567

401,446
635,748
2,363,630
757,041
11,066,384

615,036
45,638
713,785
<
*)

278,387
337,681
124,314

3,001,252
791,002
11,066,384
[

660,674
755,549
(*)

53,878

70,194

53,878

59,086
52,462
17,102

46,690
50,728
17,211

128,650

114,629

1 Data are for years ending October 31.
are for years ending August 31.

Resources oj Productive Federations. As m ost of
the productive federations are in businesses re­
quiring large amounts for expensive plant, the
average amount of capital of the associations is
high— $1,483,746 per association for the 13 fed­
erations reporting, and an aggregate of $19,288,699.
N et worth ranged from 21.3 percent of assets (for
an association just getting under way) to 88.6
percent, and averaged 48 percent; this repre­
sented a substantial improvement over 1945 when

8

86,330
23,437
569,247

7,407

35,859

17,377
213,708
2,065

8 304,284

30,989
(*)

8,512

740,382

70,194

* No data.

( 4')

2,065

937,194

2 Data




1946

20,187
491,340

27,739
(*)

7,159
4,235
5,326

7,407

4,235
3,584

*Loss.
®Data are for years ending June 30,1945 and 1946.
7 Data are for year ending June 30.

the range was from 13.5 to 98 percent and the
average 35.5 percent.
Membership oj Productive Federations. Member­
ship of the productive federations totaled 238
associations at the end of 1946. There is, however,
a great deal of duplication in this figure. The
members are almost entirely the regional whole­
sales, and the same wholesale may be a member
of as many as 6 or 7 different federations.

13

T a b l e 10 .— M em bership o f central productive federations ,
1 9 4 5 and 1 946
Number of
Year affiliated as­
or­
sociations
gan­
ized
1946 1945

Association

All associations

238

Indiana—
Cooperative Mills, Inc. (Auburn) _ _.........................
Cooperative Plant Foods (Schererville)....................
Iowa—North Iowa Cooperative Processing Association
(Manley)......................................................................
Kansas—National Cooperative Refinery Association
(McPherson)...................................................................
Maryland—
Fertilizer Manufacturing Cooperative, Inc. (Balti­
more)....... .................................. .............................
Cooperative Fertilizer Service (Baltimore)...............
Minnesota—Northwest Cooperative Mills (St. P au l)...
O hioNational Farm Machinery Cooperative (Bellevue).
Farm Bureau Chemical Cooperative, Inc. (Glen­
dale)..........................................................................
Cooperative Mills, Inc. (Reading).............................
Oklahoma— Producers Cooperative Oil Mill (Okla­
homa City)......................................................................
Washington—Grange Cooperative Printing Association
(Seattle)...........................................................................
Wisconsin—Cooperative Publishing Association (Su­
perior)..............................................................................

178

1940

13

2

Central organizations reporting to the Bureau
of Labor Statistics for 1946 had 6,634 employees
and a pay roll for the year amounting to more
than 12 % million dollars. For the associations
reporting both employment and pay roll, annual
earnings averaged $2,252. In some cases it is
known that employees also received a bonus
from the association’s earnings, at the end of the
year. Such bonuses are becoming increasingly
common among cooperatives.

12

1945
1942

Employment and Wages in Central Organizations

2

1933
1944
1944
1943

1936
1945

1945

4

3

46 .........

1934

12

12

1934

102

96

T a b l e 11 .— E m ploym ent and earnings in central cooperative organizations , 1 9 4 8 -4 6

Type of organization

AT reporting federations _
1

_ .....

Wholesales:
Interregional...................................................................
Regional..........................................................................
District...........................................................................
Service federations................................................................
Productive federations.........................................................

Total
employees,
1946

Number of
associations
reporting

Total
pay roll,
1946




1946

1945

1944

50

6,634

$12,711,819

$2,252

$2,160

1
6
10

275
4,923
156
60

14

1 ,2 20

681,635
8,776,527
329,700
162,574
2,761,383

2,478
2,294
2,049
2,710
2,313

(2
)
2,124
1,963
2,459
2,364

(2
)
2,037
1,808
1,997
2,259

1943

$2,064

19

1 Based upon associations which reported both number of employees and amount paid in wages.
2 No data.

14

Average earnings per employee1 in—

(2
)
$2,024
1,502
1,893
(2
)

Part 2— Credit Unions
Progress in 1946
C r e d i t u n i o n s had a successful year in 1946.
Membership, which had been declining since 1941,
rose in 1946 by slightly more than 6 percent to a
level almost equal to that of 1943. Both State
and Federal associations shared in this, the former
with a 5-percent increase and the latter with one
of 7 percent.
Business (i. e. loans made), after having fallen
by over 100 million dollars from 1941 to 1942
and to a still lower level in 1943, began to rise
gradually in 1944. In 1946, loans rose by over
37 percent, to a total of nearly 290 million dollars.
Although this is still below the peak of 362 millions
in 1941, it represents one of the greatest relative

increases recorded since the Bureau of Labor
Statistics began to collect data on credit unions.
Share capital and assets have increased contin­
uously, with the single exception of the depression
year of 1932, and at the end of 1946 the credit
union assets were approaching the half-billion
mark. The sum of more than 50 million dollars
was accumulated in the year under review. Re­
serves, although increasing as to amount, fell in
relation to total loans outstanding from 19.4 per­
cent to 14.9 percent.
Net earnings totaled $9,915,872, exceeding
those of any year since 1942, and dividends on
share capital amounted to $7,021,916.
Table 1 shows the number of associations
formed and dissolved in 1946.

T a b l e 1 .— Trend of formation and dissolution of credit unions in 1946
Number of credit unions

State

All States

End
of
1945

_______________________

State associations
"Federal associations

Alabama

_ _

Arizona
Arkansas

California
Colorado

Connecticut
Delaware

__________
_

___
_ _______

____ ___________________
_ ____________________

District of Columbia
"Flori da
Georgia _

Hawaii _

___
_____________

__ __________
_________________

Tdaho
Illinois

_________
Indiana____________________________
Iowa
_____
K a n s a s __ _
_
Kentucky
Louisiana

______________________
______

TW
avpe
Maryland

____________________

Michigan. _
Minnesota

____________________
_________________

Massachusetts

__ _______




Char­ Cantered celed
in
in
1946
1946

Number of credit unions

End of 1946
State
Total

Re­
port­
ing

8,973
5,014
3,959

364
207
157

369
218
151

8,968
5,003
3,965

8,715
4,954
3,761

78
23
27
444
106
239

6
1
2
20

4

80

77

2

22

22

3
13
5

26
451
108
238
115
174
129
98
33
787
300
190
114

25
439
105
235
9
108
164
126
97
32
784
294
190
113

100

100

129
37

124
36
58
536
241
317

7
19

20

10

10

114
160
138
96
32
762
296
195
114
104
131
38
65
539
248
325

2

19
5
2
2

1

5
14
1

44
13

19
9
5

6

6

3

7
3

1
1

3

2
2

12
12

9
13

14

22

66

542
247
317

Mississippi.............................................
Missouri........ ................................ ........
Montana__________ . . .
_____
Nebraska
ll
..........................
Nevada.... ................................ .......... .
New Hampshire..... ......... .....................
New Jersey........ ......... ........................
New Mexico.................. ........... .............
New York________ __________ ______
North Carolina_______________________
North Dakota....... ..................... ...........
Ohio.................................... ......... .........
Oklahoma....... ......................................
Oregon.............................. .....................
Pennsylvania........ ................... ..........
Rhode Island__________ _____ _______
South Carolina............... ........... ...........
South Dakota____ __________________
Tennessee....... .............. ..................... .
Texas........ ............... ...... ......... .............
Utah____________ _____________ ____
Vermont...... ................... ......................
Virginia..................................... .............
Washington...........................................
West Virginia.......................................
Wisconsin....... ............................... ......
Wyoming...............................................

End
of
1945

26
396
42
88

4
16
246
14
754
173
99
583
71
71
586
41
35
32
117
338
64
10

85
179
64
537
18

Char­ Can­
tered celed
in
in
1946
1946

1
8
2
2

11

26
384
41

2

26
373
39

88

86

4
13
253
41
741
172
92
583
73
69
587
39
32
34
117
331
61
16
85
172
59
525
17

4
13
240
40
708
151
91
565
70

3
4
32
2
8
20

4

2

5
4
10
6

3

2

7
13

7
20

1
6

4

5

5
13

6
1
11

Re­
port­
ing

3

1
1
20

7

Total

1
20

29
19

2
11

End of 1946

6

23
1

66

563
38
28
33
114
320
60
16
80
167
56
521
15

15

Statistics of Operation, 1945 and 19461
The industrial States are those in which the
greatest credit union development has taken place.
Illinois was still the leading credit union State,
at the end of 1946. It had 787 associations, with
New York a close second (741), but four other
States (Massachusetts, Ohio, Pennsylvania, and
Wisconsin) had over 500 each. Only Illinois had
» For the State-chartered associations the statistical data on which the
present report is based were in most cases furnished to the Bureau of Labor
Statistics by the State official—usually the Superintendent of Bankscharged with supervision of these associations. Reports were received from
all the States except Iowa, Louisiana, and North Carolina. For these, esti­
mates were made. All of the information for the Federal credit unions was
supplied by the Credit Union Division of the Federal Deposit Insurance
Corporation.
The figures shown for individual States include both the Federal and State
credit unions, except in Delaware, Hawaii, Nevada, South Dakota, and
Wyoming, which have no State credit union laws.

over 300,000 members; four States (Massachu­
setts, New York, Ohio, and Pennsylvania) had
over 200,000 each. Total business of nearly 37
million dollars in Illinois was approached only in
Massachusetts, where the credit union loans in
1946 totaled nearly 31 millions. In both Cali­
fornia and New York, the loans made exceeded
20 millions. Table 2 gives data for the individual
States on operations, the various funds, earnings,
and dividends paid on share capital from earnings.
In all States except Arizona, sizable earnings were
made. In that State, where only four Statechartered associations were in operation at the end
of 1946, their operating losses exceeded earnings by
$118; the Federal associations showed combined
earnings of $11,225.

T a ble 2.— Operations , assets, and earnings o f credit unions in 1 9 4 5 and 1 946, by State
[A few revisions were made in 1945 figures, on the basis of later information]
Number of
associations1
State, and type of
charter

Year
Total

Amount of loans
Number of
Reserves
Divi­
Number of loans made
Paid-in
(guaranty
Net earn­ dends on
during
members
share capital fund, general Total assets
ings
Re­
shares
year
Made dur­ Outstanding
reserve, etc.)
port­
ing year
end of year
ing

1946
1945
State associations. 1946
1945
Federal associa­
tions— ............ 1946
1945

8,968
8,882
5,003
4,923

8,715
8,615
4,954
4,858

3,013,792
2,842,989
1,708,391
1,626,364

3,965
3,959

3,761
3,757

1,305,401
1,216,625

Alabama...................... 1946
1945
Arizona........................ 1946
1945
Arkansas. ................... 1946
1945
California................... 1946
1945
Colorado...................... 1946
1945

80
78

77
76

22

22
22

All States....................




5,441,869
4,910,808

173,166,459
153,103,120

3,297,006
2,561,510

2,650,232
2,107,376

43,146
6,011,461
34,261
4,147,161
1,742
452,759
*1,367
*339,842
1,988
302,278
1,824
194,567
94,976
21,277,930
*80,839 * 13,926,276
13,845
2,662,140
*12,812 *1,717,274

2,806,828
1,929,705
249,351
135,613
161,700
113,615
14,523,890
8,171,810
2,114,455
1,349,980

4,411,515
3,490,315
419,254
340,278
336,930
280,647
27,509,068
23,072,165
4,463,875
3,534,312

131,104
331,965
18,558
16,331
18,059
19,108
1,623,145
1,192,163
230,624
193,990

4,903,209
3,908,510
461,877
370,860
369,260
314,409
32,198,135
26,986,463
5,044.688
4,017,658

155,159
94,715
11,107
7,580
8,445
6,194
662,017
*408,543
89,407
57,060

105,902
76,509
7,987
4,908
6,274
5,841
496,530
* 286,432
73,474
*43,773

45,964
41,755
1,191
1,003

8,290,371
4,821,201
171,018
132,166

3,952,384
1,744,467
102,161
71,371

12,691,011
10,886,299
216,584
177,527

419,544
323,390
11,574
9,824

13,655,416
12,517,942
232,991
192,605

256,351
246,542
5,080
4,463

175,781
170,143
4,279
4,169

174
160
129
132

108
108
164
156
126
128

62,417
62,095
39,007
35,202
35,660
33,837

36,466
*33,236
26,328
22,659
24,032
*22,879

5,199,057
3,825,016
5,458,971
3,683,161
4,152,776
*3,090,362

2,784,588
1,976,325
3,237,060
2,099,007
2,957,620
2,068,728

6,607,420
5,851,332
6,608,819
5,742,807
1,907,768
1,599,847

512,121
500,025
250,891
228,720
344,855
475,877

7,388,682
6,613,620
7,182,915
6,191,836
6,200,263
5,339,232

220,449
202,550
155,246
122,329
134,772
*104,657

129,220
115, Oil
136,367
89,530
97,199
*70,387

98
96
33
31
787
762
300
297
190
195

97
95
-32
31
784
758
294
295
190
195

35,667
36,112
4,395
*3,926
354,774
330,830
97,862
*93,502
39,802
40,779

10,250
11,116
1,714
1,405
233,738
* 238,519
53,525
*44,616
18,459
18,446

2,858,167
2,155,997
356,387
185,467
36,634,792
28,929,683
7,944,054
*5,755,008
2,447,519
2,397,601

1,454,437
930,429
194,480
102,729
20,048,907
14,011,222
5,517,037
3,529,359
1,929,470
1,771,588

10,043,821
9,920,711
454,030
362,180
55,913,391
47,144,644
14,351,434
12,893,396
5,580,513
5,278,339

279,018
245,751
12,875
12,587
3,113,888
2,931,533
520,015
605,425
277,184
282,273

11,082,943
186,193
10,558,538
173,028
477,112
8,076
382,466
5,009
59,917,192 11,175,760
51,250,789
938,364
15,519,997
219,966
14,099,255 *173,438
6,336,131
66,507
6,082,772
70,904

156,074
136,026
5,945
4,152
988,772
778,743
165,674
*134,715
51,011
45,410

114

113

112
100

110
100

26,437
25,068
24,969
*24,582
34,869
*32,405
10,360
9,273
26,939
25,109

16,769
13,056
16,493
*16,209
19,812
*17,008
4,175
3,672
18,417
*17,395

2,816,037
1,971,470
2,203,319
*1,841,919
3,204,388
*2,158,785
654,281
450,641
2,350,203
*1,942,507

1,779,831
1,082,077
1,972,472
*1,366,101
1,615,942
1,066,420
381,945
261,743
1,120,798
804,623

3,605,350
3,104,637
3,974,092
1,603,451
3,612,713
3,135,173
994,950
905,029
2,441,697
2,143,396

143,937
125,397
482,132
237,313
370,203
229,695
82,024
80,954
230,771
234,146

1946
1945
1946
1945
Illinois......................... 1946
1945
Indiana........................ 1946
1945
Iowa............................. 1946
1945

16

159,718,040
140,613,962

88,911
75,118
5,630
2,126

115

See footnotes at en 1 Of tat>le.
<

56,800,937
35,155,414

102

District of Columbia.. 1946
1945
Florida........................ 1946
1945
Georgia........................ 1946
1945

Kansas-....................... 1946
1945
Kentucky.................... 1946
1945
Louisiana.................... 1946
1945
Maine.......................... 1946
1945
Maryland.................... 1946
1945

114,811,825
78,268,844

235
180
9
9

23
26
25
451
444
108
106
238
186

Idaho...........................

722,493
601,929

$27,580,209 $492,973,012 $9,915,872 $7,021,916
24,506,019 434,627,135 7,819,810 5,878,412
22,138,340 319,806,553 6,618,865 4,471,674
19,595,211 281,524,015 5,258,300 3,771,036

31,155
28,258
3,661
3,285
2,642
3,059
191,411
*176,391
30,276
25,999

Connecticut .............. 1946
1945
Delaware8................... 1946
1945

Hawaii8......................

1,654,928 $289,993,160 $185,370,366 $428,665,722
1,493,851 211,355,783 126,277,698 366,201,586
932,435 175,181,335 128,569,429 268,947,682
891,922 133,086,939
91,122,284 225,587,624

10
10

112

104
129
131
37
38
66

64

25
25
439
432
105

103
124
125
36
35
58
60

3,926,380
3,372,538
4,468,198
3,777,484
4,170,453
3,468,822
1,179,687
1,021,718
2,925,156
2,522,736

62,237
* 45,765
66,837
*43,203
84,927
*62,663
17,427
10,333
59,203
64,802

47,980
*31,846
45,287
* 28,979
66,105
*49,444
17,215
12,092
49,880
47,013

T a b l e 2 .— Operations , assets , and earnings o f credit unions in 19J+5 and 1 9 4 6 ,

— Continued

Number of
associations1
State, and type of
charter

Year
Total

Massachusetts............ 1946
1945
Michigan..................... 1946
1945
Minnesota................... 1946
1945
Mississippi.................. 1946
1945
Missouri...................... 1946
1945

542
539
247
248
317
325
26
26
384
369

Amount of loans
Reserves
Number of
Divi­
Net earn­ dends on
Paid-in
(guaranty
Number of loans made
ings
during
share capital fund, general Total assets
members
shares
Re­
year
Made dur­ Outstanding
reserve, etc.)
port­
ing year
end of year
ing
$53,958,477 $1,230,450
48,036,635 1,170,221
24,905,150
672,926
306,032
21,265,393
16,187,086
306,145
14,132,049
195,008
33,427
766,908
619,069
21,793
15,297,867
158,548
13,550,872 8 162,124

536
535
241
240
317
324
26
23
373
340

272,898
255,007
120,830
108,633
70,562
65,734
6,400
5,553
90,270
88,761

124,426
122,570
63,897
50,172
31,618
28,713
7,645
4,787
29,581
26,887

$30,874,856
22,917,547
14,225,143
8,683,432
5,239,870
4,598,703
1,368,466
462,150
5,302,391
4,868,432

$21,734,501
16,436,055
10,081,348
6,389,549
8,069,037
5,808,028
318,828
191,042
4,384,999
3,116,292

$48,578,487
34,835,929
21,921,864
1,897,722
12,090,885
10,445,037
656,251
394,429
13,868,150
12,350,600

$4,614,863
4,094,449
1,239,219
866,627
900,127
547,621
65,543
23,759
740,627
2554,521

2,742
2,952
9,468
8,795
124
108
3,164
3,017
50,547
50,390

670,847
440,493
1,706,821
1,253,906
16,185
791,102
760,720
6,817,385
5,809,257

415,432
261,103
1,033,802
730,378
12,895
9,386
740,034
640,080
3,491,649
2,416,596

763,832
631,187
2,449,138
2,258,249
31,219
30,220
581,161
521,102
13,335,231
11,997,931

21,978
18,386
134,967
119,160
1,309
1,412
103,955
89,449
465,644
526,189

824,170
679,020
3,036,993
2,806,406
33,207
32,588
1,606,342
1,352,729
15,048,622
13,734,068

20,946
14,370
46,746
39,891
595
487
39,864
32,026
298,572
268,184

13,077
10,049
26,194
229,888
479
456
9,688
9,896
235,405
196,245

$928,519

4 812,162

372,543
291,839
229,313
203,950
23,683
8,361
181,962
2 97,497

1946
1945
Nebraska..................... 1946
1945
Nevada8..................... 1946
1945
New Hampshire......... 1946
1945
New Jersey................. 1946
1945

41
40

39
37

88

86

89
4
4
13
16
253
247

87
4
4
13
14
240
237

7,504
7,175
20,009
19,381
649
584
5,705
5,698
102,732
99,042

1946
1945
1946
1945
North Carolina........... 1946
1945
North Dakota............. 1946
1945
Ohio............................. 1946
1945

41
14
741
753
172
195
92
93
583
583

40
13
708
721
151
168
91
87
565
567

2,298
1,304
263,760
258,397
29,867
35, m
11,420
11,766
207,461
188,522

592
333
138,830
127,090
18,344
17,801
3,419
3,300
112,553
84,927

128,185
46,262
25,643,199
20,785,191
2,143,234
2,078,429
1,395,406
1,115,835
19,265,370
11,896,005

70,755
25,220
16,065,988
12,608,773
1,339,649
1,934,614
1,116,775
805,445
10,908,262
6,012,876

131,619
97,912
34,854,458
32,051,449
3,029,319
4,390,565
2,996,741
2,153,649
26,620,636
22,665,272

5,699
5,057
3,229,914
3,381,877
274,307
168,470
50,463
38,597
1,132,367
788,602

139,693
104,125
39,570,348
36,700,864
4,071,354
6,012,566
3,110,472
2,233,424
28,509,831
24,223,640

2,798
623
856,892
770,253
88,472
32,680
32,719
29,759
492,848
321,372

816
454,645
558,692
50,774
2 23,266
19,115
16,756
368,422
278,563

1946
1945
1946
1945
Pennsylvania.............. 1946
1945
Rhode Island.............. 1946
1945
South Carolina........... 1946
1945

73
71
69
71
587
586
39
36
32
35

70

563
571
38
35
28
29

17,034
316,225
13,167
12,491
224,563
213,503
28,391
26,648
6,528
6,922

9,562
87,760
5,928
4,420
125,247
106,331
7,241
6,275
4,562
5,651

2,114,248
2 1,330,282
1,194,378
749,837
19,018,887
13,435,747
3,736,516
2,445,642
562,564
416,753

1,410,286
864,512
779,021
531,506
9,567,596
6,326,211
6,029,600
4,510,639
283,220
204,162

1,140,384
954,852
1,813,737
1,657,161
24,796,473
22,109,027
4,737,329
4,160,685
633,133
475,998

96,275
79,711
97,796
91,957
976,097
831,494
527,999
430,473
34,433
30,274

2,672,710
2,246,601
1,978,800
1,819,237
27,655,599
24,033,969
12,335,169
10,904,433
686,442
537,129

56,308
2 43,115
34,855
27,014
588,268
451,817
196,267
149,536
11,857
8,278

37,831
231,315
29,086
24,054
349,256
381,417
99,184
85,942
10,016
8,058

South Dakota8........... 1946
1945
1946
1945
Texas......................... . 1946
1945
Utah............................ 1946
1945
Vermont...................... 1946
1945

34
32
117
117
331
334
61
64
16

33
32
114
115
320
319
60
62
16
9

4,960
4,818
38,678
33,903
82,078
76,217
11,587
11,375
1,750
1,692

2,087
1,970
35,462
325,912
55,289
3 44,953
7,019
210,152
1,422
81,108

260,776
236,954
4,287,927
3 3,788,965
9,112,250
3 6,133,740
1,875,997
2 1,328,692
100,646
2 76,395

127,725
99,457
2,469,374
1,578,663
5,437,702
3,229,896
1,062,533
637,293
38,887
27,389

547,234
495,777
5,159,872
4,285,476
13,066,956
10,680,407
1,689,696
1,441,870
84,063
67,859

21,498
19,794
538,589
509,368
750,354
705,052
75,693
72,840

10,222

2,250

584,656
531,688
5,895,987
4,939,793
14,179,972
11,795,192
1,889,928
1,612,069
93,021
81,164

8,402
75,449
120,941
262,783
205,521
69,210
234,015
857
1,019

11,427
8,422
57,956
97,514
212,708
168,980
47,347
2 23,674
438
448

80
83
167
174
56
59
521
534
15
17

24,020
23,391
36,750
35,404
15,918
15,318
146,538
144,594
2,621
2,504

15,130
16,519
19,768
2 15,846
11,405
9,839
73,881
70,319
945
877

2,029,690
1,619,262
3,413,916
2 1,947,710
1,387,299
1,026,200
9,604,297
7,265,449
253,485
155,504

1,076,292
843,257
2,067,846
1,234,717
770,275
510,424
5,414,426
3,625,734
146,273
81,569

1,830,635
1,623,534
4,775,754
4,354,530
1,369,679
1,185,546
18,615,959
17,144,895
351,592
292,789

222,587
213,237
358,479
348,999
126,800
109,095
1,687,138
1,546,123
10,079
9,141

2,368,700
2,082,280
5,228,626
4,776,410
1,659,293
1,413,816
20,661,585
19,065,759
375,319
309,246

49,108
39,775
119,791
95,303
44,527
25,913
460,962
395,744
8,294
6,428

38,414
36,130
84,681
80,769
28,830
22,998
264,950
229,798
6,910
5,334

Montana.....................

New Mexico 8
_............

New York...................

Oklahoma...................

Oregon.........................

Tennessee-..................

1946
1945
Washington................. 1946
1945
West Virginia............. 1946
1945
Wisconsin.................... 1946
1945
Wyoming8.................. 1946
1945

Virginia.......................

10

85
86

172
178
59
63
525
534
17
18

66
66
68

20,101

i Most of the difference between the total number of associations and the
number reporting is accounted for by associations chartered but not in opera­
tion by the end of the year and associations in liquidation which had not
relinquished their charters.
8 Partly estimated.




2,8 88

2,101

* Federal associations only; no State-chartered associations in this State.
4 Includes interest paid on deposits by State-chartered associations.
8 Federal associations only; although State permissive legislation was
passed in 1945 no associations had yet been formed under it.

17

Trend of Development, 1925-46

T able 3.— Relative development o f State and Federal credit
unions , 1 9 2 5 -4 6 — Continued

The trend of credit union development since
1925 is shown in table 3 for both State and
Federal chartered associations.
T a ble 3.— Relative development o f State and Federal credit
unions j 1925-4-6

Item and year

Total asso­
ciations

Statechartered
associations

Number of credit unions:
1925.......................................
419
419
1929.......................................
974
974
19311.....................................
1,500
1,500
1932........... ......................... .
1,612
1,612
1933......................................
2,016
2,016
19341...................... ..............
2,450
2,450
1935i......... ...........................
2,600
2,600
1936.......................................
5,355
3,490
3,792
1937..................... .................
6,292
1938..................... .................
7,314
4,299
1939..................... .................
8,326
4,782
1940......................................
9,479
5,269
1941________ _____________
10,456
5,663
1942.................... ...........
10,602
5,622
1943..................... ..................
*10,373
*5,285
9,041
1944............................. ..........
4,993
1945............................... ........
8,882
4,923
1946........................................
8,968
5,003
Active reporting credit unions:
176
1925........................................
176
1929........................................
838
838
1,244
1,244
19311............................ ........
1932.......................................
1,472
1,472
1933. ................... .................
1,772
1,772
1934.............................. ........
2,028
2,028
2,1 2 2
1935.......................................
2,589
1936........................ ..............
2,734
4,408
5,231
1937......................................
3,128
6,707
1938.......................................
3,977
7,841
1939.......................................
4,677
5,175
1940--....................... ...........
8,890
1941......................... ...........
5,506
9,650
1942......................................
9,470
5,400
1943.......................................
8,983
* 5,124
1944.......................................
8,702
4,907
1945.......................................
8,615
4,858
1946..................................
8,715
4,954
Membership:
1925........................ ...............
108,000
108,000
1929.......................................
264,908
264,908
286,143
19311.....................................
286,143
1932........ ......... .....................
301,119
301,119
359,646
359,646
1933........................................
427,097
1934............. ............... ........
427,097
1935_____ ____ _______ ____
597,609
523,132
1,170,445
854,475
1936..............- ......... ..........
1,503,826
1,055,736
1937._______ _____________
1,863,353
1,236,826
1938________ _____________
2,305,364
1,459,377
1939............................... ........
2,815,590
1,695,358
1940............................... ........
3,529,097
1941______ _______________
2,132,401
3,144,603
1,797,084
1942.......................... .............
*3,023,603
*1,721,240
1943______ _______________
2,933,507
1944..................... ............... .
1,629,706
2,842,989
1,626,364
1945..................... — ............
3,013,792
1,708,391
1946.......................................
Amount of loans made:
$20, 100,000
1925........................................ $20, 100,000
54,048,000
54.048.000
1929 ..................................
21,214,500
21,214,500
19311............................. ........
32.065.000
1932..................... — .............
32.065.000
28,217,457
28,217,457
1933............................... ........
36.200.000
1934.......................................
36.200.000
39,172,308
36.850.000
1935.......................................
84,541,635
1936........... ........................... 100,199,695
141,399,790
110,625,321
1937............................... ........
175,952,433
129,058,548
1938........................ ..............
230,429,517
159,403,457
1939........................ ..............
306,092,416
201,105,625
1940— . ____ _____________
227,959,046
1941....................................... 362,291,005
250,000,284
158,463,317
1942......................................
1943....................................... * 208,807,888 * 131,542,506
131,621,582
1944....................................... 209,955,479
133,086,939
1945....................................... 211,355,783
175,181,335
1946......... ............................. 289,993,160

18




Federalchartered
associations

1,865
2,500
3,015
3,544
4,210
4,793
4,980
5,088
4,048
3,959
3,965

467
1,674
2,103
2,730
3,164
3,715
4,144
4,070
3,859
3,795
3,757
3.761

74,477
315,970
448,090
626,527
845,987
1,120,232
1,396,696
1,347,519
1,302,363
1,303,801
1,216,625
1,305,401

$2,322,308
15,658,060
30,774,469
46,893,885
71,026,060
104,986,791
134,331,959
91,536,967
77,265,382
78,333,897
78,268,844
114,811,825

Item and year

Total assets:
1926.......
1929.......
1931i.._ .
1932 ....
1933 __
1934 __
1935 __
1936 __
1937 __
1938 __
1939 __
1940 __
1941 __
1942 __
1943 __
1944 __
1946____
1946____

Total asso­
ciations

00

0
0

$33,645,343
31,416,072
35,496,668
40,212,112
49,505,970
83,070,952
115,399,287
147,156,416
102,723,812
252,293,141
322,214,816
340,347,742
*355,262,808
397,929,814
434,627,135
492,973,012

Statechartered
associations

Federalchartered
associations

8

$33,645,343
31,416,072
35,496,668
40,212,112
47,964,068
73,659,146
97,087,995
117,672,392
145,226,718
180,198,260
216,557.977
221,114,849
s 228,314,723
253,663,658
281,524,015
319,806,553

$1,541,902
9,411,806
18,311,292
29,484,024
47,497,094
72,094,881
105,656,839
119,232,893
126,948,085
144,266,156
153,103,120
173,166,459

1 Partly estimated.
* Revised to eliminate residential credit associations in Nebraska.
* No data.

Legislation in 1946
State Legislation
Few legislatures met in 1947; and consequently
there were few enactments affecting credit unions.
In Kentucky, chapter 161 created a department
of banking and required credit unions to make a
report on their condition on the same dates as
State banks.
An amendment (Act 316) in Louisiana modified
the provision regarding the required set-aside
(of 20 percent of annual earnings) for the reserve
fund; hereafter these additions to reserve need
be made only until the latter is equal to 15 percent
of the paid-in capital (formerly 100 percent)
and must be maintained at the 15-percent level.
The Missouri credit-union law was revised in
1945. Those amendments were not covered in
the legislative review for that year (Bull. No.
894) because the text of the 1945 laws was not
yet available at the time the review was prepared.
Further amendments were m ade in 1946,
largely in order to meet the requirements of the
new State constitution. These 1946 enactments
provide (p. 718) that credit-union charters shall
hereafter be issued by the Secretary of State
(instead of the Commissioner of Securities) and
that amendments to bylaws and any change in
the place of business of the association must also
have his approval. General supervision of credit
unions was transferred from the Commissioner of

Securities to the Commissioner of Finance.
Credit unions were specifically exempted from the
1946 law (p. 1937) levying a tax on “ credit
institutions.”
An amendment (ch. 285) in New Jersey permits
credit unions to invest in shares of State and
Federal savings and loan associations. Credit
unions were exempted (by ch. 174) from an excise
tax of three-fourths of 1 percent of net worth,
levied on financial enterprises.
A New York act (ch. 633) raises to $100 (from
$50) the amount of loan in excess of the borrower’s
total shares and deposits that can be made
without other security than the borrower’s note.
However, for credit unions with capital of not
less than $25,000 (previously $50,000) the limit
is $200.
Several changes were made in the Rhode
Island law. Chapter 1745 provides for appeals
from adverse decisions of the Director of Business
Regulation to the Board of Bank Incorporation;
in case of associations with over $500,000 in
assets, it allows the payment of $3 to each member
of the board of directors for each meeting; and
extends the time limit for submission of annual
reports to March 1 (previously February 10).
Chapter 1765 requires examination of creditunion books by the Director of Business Regula­




tion (formerly Division of Banking and Insurance);
no fees are specified for such examinations (pre­
viously the fee was $10 a day). Chapter 1801
limits the tax on credit union deposits which are
deposited in banking institutions to 5 cents per
$100.

Federal Legislation
Public Act No. 574 (79th Cong., 2d sess.) amend­
ed the Federal Credit Union Act as follows: (a)
A credit union that knowingly charges or receives
on a loan a rate of interest in excess of 1 percent
per month may be required to forfeit all interest
on such a loan, (b) Federal credit unions are
permitted to issue shares to a member in joint
account (with right of survivorship) with any
person designated by the member, (c) All per­
sons handling money must be bonded, the associ­
ation to pay the cost of the bond, (c) The maxi­
mum permitted unsecured loan is raised to $300.
(e) The coverage of the act is extended to include
the Canal Zone.
The amendment also eliminated the former re­
quirement that the treasurer of the credit union
must notify the members of the credit committee
of meetings of that committee, and outlines a
more definite procedure as to liquidation of credit
unions.

19

Bureau of Labor Statistics Publications on Consumers’ Cooperatives1
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin
Bulletin

665.
821.
843.
850.
858.
859.
890.
894.
896.
904.

Organization and management of consumers’ cooperatives and buying clubs. 25 cents.
Developments in consumers’ cooperative movement in 1944. 10 cents.
Operations of consumers’ cooperatives in 1944. 10 cents.
Activities of credit unions in 1944. 10 cents.
Organization and management of cooperative and mutual housing associations. 20 cents.
Developments in consumers’ cooperative movement in 1945. 10 cents.
Operations of consumers’ cooperatives in 1945. 10 cents.
Activities of credit unions in 1945. 5 cents.
Nonprofit housing projects in the United States. 25 cents.
Developments in the consumers’ cooperative movement in 1946.

1 For sale by Superintendent of Documents at prices noted. H ow to order publications: Address order to Super­
intendent of Documents, Government Printing Office, Washington 25, D . C ., with remittance in check or money order;
currency is sent at sender’s risk; postage stamps not acceptable.

20




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