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U. S. DEPARTMENT OF LABOR
JAMES J. DAVIS, Secretary

BUREAU OF LABOR STATISTICS
ETHELBERT STEWART, Commissioner

BULLETIN OF THE UNITED STATES \
XT
JQ
BUREAU OF LABOR S T A T IS T IC S /............... IlO # 4 O f
M I S C E L L A N E O U S

S E R I E S

COOPERATIVE MOVEMENT IN
THE UNITED STATES IN 1925
(OTHER THAN AGRICULTURAL)




MARCH, 1927

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON
1927

f

ACKNOWLEDGMENT

This bulletin was prepared by Florence E. Parker, of the United
States Bureau of Labor Statistics.
IX




CONTENTS
P ge
a

Introduction______________________________ _____________________
1
Summary_______________________________________________________
1-4
4, 5
Scope of investigation____________________________________________
Geographical distribution of societies reporting_______ !______________
6
Chapter I,—General development of cooperation in the United States.. 7-10
Cooperative membership______________________________________
8, 9
9
Cooperative business in 1925__________________________________
Financial factors_____________________________________________
10
Chapter II.—Credit societies_____________________________________ 11-26
Number and age of credit unions reporting______________________ 12,13
Membership________________________________________________ 13,14
Size in relation to age______________ ______ _____ ____________
15
Resources__________________________ ------------------------------------- 15,16
Administration of the society---------------------------------------------------17
Supervisory and credit committees_________________________
17
17
General and special meetings______________________________
Requirements for loans, and loans granted---------------------------------- 18,19
Interest on loans_____________________________________________
19
Expenses of operation________________________________________ 19, 20
Division of profits___________________________________________ 20, 21
Dividends_______________________________________________
21
Business practice____________________________________________
21
Financial status---------------------------------------------------------------------21-24
Results of cooperative credit__________________________________ 25,26
Chapter III.—Workers’ productive societies'._______________________ 27-35
General characteristics of workers’ productive societies____________27, 28
Year and cause of establishment of societies___ _________________ 28, 29
Membership_________________________________________________
29
Employment and wage policies________________________________ 29, 30
Capitalization and business____________________________ :----------30,31
Amount and division of profits_________________________________
31
Marketing problems__________________________________________31, 32
Business methods and management____________ ________________
32
Expenses of operation________________________ !_______________
33
Assets and liabilities__________________________________________33-35
Chapter IV.—Consumers’ societies________________________________ 36-89
Characteristics of the consumers’ movement_____________________ 36, 37
Types of societies included____________________________________ 37-39
Geographical distribution_____________________________________ • 39
Years of operation___________________________________________ 39, 40
Membership________________________________________________ 40-42
Size in relation to age__________________________ _____________
43
General organization_________________________________________ 44-46
Limitations on membership_______________________________ 44, 45
Voting_ _____ ______ ______ __________________________ _ 45,46
_
Volume of business___________________________________________
46
Six-year trend of cooperative business__________________________ 46-51
Average sales in 1925__________ _____ __________ j ____________ 51-53
Net trading profit or loss______________________________________54-60
Disposition of trading surplus____ _________________________ 57-60
Interest on capital___________________________________
57
Reserve_____________________________________________
57
Educational fund____________________________________
57
Depreciation_________________________ ______________
57
Patronage rebates____________________________________ 57-60
Funds of consumers’ societies__________________________________ 60-63
Share capital and reserve__________________________________60-63
Assets and liabilities_____________________________________ ____ 63-73




ill

IV

CONTENTS

Chapter IV.—Consumers’ societies—Continued.
pa«e
Business practice__________ ____ _____________________________ 73-83
Prices charged___________________________________________
73
Granting of credit________________________________________73-75
Operating expenses_____________________________ _________ 75-82
Auditing__________________ _____________________________
82
Inspection of books by members___________ _______________ 82, 83
Bonding of officers___________ ___________________________
83
Social service, educational, and propaganda work..----------- .__ „____83-85
Central organizations______________________ __________________ 85-89
Commercial_____________________________________________ 85-87
Organization____________________________________________
87
Educational_____________________________________________ 87-89
Chapter V.—Housing societies_____________________ _____________ 90-95
Types of dwellings provided___________________________________
91
Groups undertaking cooperative housing----------------------------------91
Cost of cooperative dwellings__________________________________ 91-93
Ownership__________________________________________________ 94,95
Cost of property owned_______________________________________
95
Chapter VI.—Failures in cooperation_____________________________90-103
Voluntary liquidations___________ ____________________________ 96-98
The failures________________________________________________ 98-103
Causes of failure________________________________________ 98-103
Appendix A.—By-laws of credit society___________________________104-109
Appendix B.—Constitution and by-laws of workers' productive societies. 110-114
' Cooperative cigar company__________________________________110-112
Cooperative shingle mill____________________________________ 112-114
Appendix C.—By-laws of consumers' cooperative society___________ 115-118
Appendix D.—By-laws of cooperative housing society______________ 119-122
Appendix E.—Directory of cooperative organizations______________ 123-165
Credit and banking societies________________________________ 123-131
Workers' productive societies________________________________ 131,132
Consumers' societies________________________________________132-164
Housing societies.............................................................................164,165




BULLETIN OF THE

U. S. BUREAU OF LABOR STATISTICS
NO. 437

WASHINGTON

MARCH, 1926

COOPERATIVE MOVEMENT IN THE UNITED STATES IN 1925
(OTHER THAN AGRICULTURAL)8
INTRODUCTION
In 1920 the Bureau of Labor Statistics made a statistical survey
of consumers' cooperative societies.1 At that time new societies
were springing up thick and fast, but even then an adverse economic
condition was setting in. Prices began to fall early in the summer,
and later in that year unemployment began to be serious, a situation
which became more grave in 1921 and continued into 1922 and 1923.
In order to determine in what way and to what extent the coopera­
tive movement has been affected by the economic conditions of the
past five years, the bureau has endeavored to secure data covering
not only the store societies included in the first study, but also other
forms of consumers, societies—housing societies, restaurants, board­
ing and lodging societies, bakeries, credit societies, and worked
productive societies—in short, all types of societies except farmers'
marketing and productive associations, these being covered by studies
made by the United States Department of Agriculture. In the 1920
study certain farmers’ marketing associations were also included. In
the present study all such organizations have been excluded except
those handling consumers’ goods. Many farmers’ marketing organi­
zations also purchase certain commodities for their members. If
these commodities are consumers, goods—i. e., goods used by the
household (groceries, clothing, dry goods, etc.)—the retail (not the
marketing) business of the association has been included here; if
producers’ goods only are handled—i. e., supplies used only in the
business of the farm (fencing, seed, fertilizer, etc.)—such organiza­
tions have been excluded.
SUMMARY
From the study the following salient facts appear:
1. The cooperative movement in this country is little developed
as compared with European countries. Nevertheless, on the basis
of the societies which furnished reports for 1925, the total cooperative
membership may be placed at over 700,000 and the cooperative
business for 1925 at considerably in excess of $300,000,000. It may

« Grateful acknowledgment is hereby made of the cooperation of the reporting societies and of the
assistance rendered by the Cooperative League of the United States of America and by M r. V . S. Alanne,
of the Northern States Cooperative League.
» See Bui. N o. 313 of this bureau.




1

2

COOPERATIVE MOVEMENT IN THE UNITED STATES

During the early part of this century a slight revival of interest in
consumers’ cooperation took place. This gradually increased in
strength, reaching its crest during the war years of high prices, when
nearly two-fifths of the consumers’ societies were formed. The year
1920 marked a turning point in the tide of consumers’ cooperation;
since 1921 few new societies have been formed, and the societies
already in existence have had a hard struggle for existence. The
same year, 1920, marks the beginning of a rapid development of the
cooperative credit movement. Since that year, with the passage of
enabling legislation in State after State, the idea of cooperative credit
has spread widely and rapidly.
2. The greatest development of the consumers’ movement has
taken place in the Middle West, while the great majority of credit
societies are at present on the Atlantic coast. As, however, it has
been only within the past few years that cooperative credit societies
have had legal status in other parts of the country, the indications
are that the next few years mil see a change in the geographical dis­
tribution of the credit union movement. The housing societies are
almost entirely confined to New York City.
3. The workers’ productive movement is the least developed of the
types studied and shows the least indications of future expansion.
This type of society is subject to the special handicaps that (1) the
groups forming them are usually small, and to start a business gen­
erally requires more capital per member than the average working­
man has at his disposal;2 (2) even though the worker-members be
skilled in their lines of work, they are usually inexperienced in the
sale of their product and must often resort to hiring outside assistance
for marketing the output; (3) the manager is as a rule chosen from
among the workers themselves, a feature which, while democratic,
may lead to difficulties in discipline, as the member-worker is apt to
feel that he is as good as the manager (who holds office only by the
members’ pleasure) and to resent taking orders from him; and (4) if the
business is financially successful there is the temptation to restrict
the number of members who must share in the profits of the business,
and if additional labor is needed to secure this by hiring workers
instead of taking in new members.
On the basis of societies reporting in the present study, the business
of the known societies of this type m 1925 may be estimated at about
$9,000,000. Probably not over 4,500 persons are members of coop­
erative workshops.
4. The credit societies are filling a real and widespread need, for
few people of the working class (to which cooperation makes its
greatest appeal) but have experienced the need for a loan at some
crucial time without knowing where to go to obtain it. The credit
branch is the fastest growing of the phases of cooperation covered by
the present report, and already these societies have far outstripped
in average membership the societies of the consumers’ branch which
have been in existence nearly twice as long.
The credit unions which reported made loans in 1925 aggregating
more than $20,000,000. On this basis the loans extended by all the
Imown credit societies in the United States in 1925 probably exceeded
$30,000,000, and their membership undoubtedly included as many
as 170,000 persons. These societies returned in dividends more than
* This difficulty is sometimes met, where the workshop is being sponsored by a trade-union, by the union’s
furnishing a portion of the capital needed.




SUMMARY

3

$450,000. Their failure or success, however, can not be judged
merely in terms of dividend', for their main benefit lies not in the
returns made to depositors and stockholders but in the savings
effected for the borrower through the lower rates of interest at which
loans are given and in the benefit, which can not be evaluated, grow­
ing out of the relief of the exploited borrower, the lifting of the burden
of anxiety from the shoulders of many a harrassed father of a family,
enabling him to regain his financial standing and self-respect.
5. The housing societies are, with one exception, concentrated in
New York City, where housing conditions have been such as to force
the would-be tenant or home owner to look about for a means of
escape. The dwellings provided are noteworthy not only for the
relatively small cost but also for the saving on upkeep, and most of
the members express great satisfaction with the cooperative plan.
The organizations studied have provided living quarters for 1,805
families and control property valued at more than $4,000,000.
6. The consumers’ societies have come through a period of hard times
but seem now to have rallied and to be on the upward trend. They
are more than holding their own in point of membership, “ real sales,”
capital, and reserves. They have entered many lines of business and
are making good. Nearly 25 per cent of these societies had sales of
$100,000 or more in 1925. Seventy-two per cent of the consumers’
societies made a profit on the 1925 business, averaging 3.9 per cent on
sales. In previous years high dividends have been emphasized as
one of the things to be striven for by the successful society, and many
a failure of a supposedly strong cooperative organization has been
due to the fact that all the earnings were returned to members in
dividends, leaving no reserves for emergencies. Cooperative societies
are more and more recognizing the value of establishing, first of all,
from the earnings of the prosperous years, adequate reserves to meet
the exigencies of the lean years. That this is so is evidenced by the
fact that the reserves of the societies reporting average more than
half the amount of paid-in share capital and that although over 70
per cent of the societies here studied earned a profit, only a little over
40 per cent returned patronage rebates. Many of the remainder used
their profits to build up the reserves or to enlarge the business.
Notwithstanding this, more than three-quarters of a million dollars
in dividends were distributed to members by the societies which paid
dividends. This was an average return of 3.8 per cent on the basis
of sales. The return of purchase dividends on the basis of sales to
the individual member is peculiar to the movement and is designed
as a practical reward for the member’s loyalty in the exact degree of
his loyalty. Computation on this basis, however, tends to obscure
the real earning power of these societies in the minds of persons accus­
tomed to returns on the basis of capital. A very high earning power
in these stores is shown if the dividends be figured on capital—29.3
er cent. It is doubtful if private businesses operating in the same
ne of business can excel such a showing, especially when it is con­
sidered that this return is in addition to interest paid to the members
on their capital investment. The lifetime financial returns of some
of the societies are worthy of note, and demonstrate that a coopera­
tive store owned and operated democratically may be run as efficiently
as a private business.

E




4

COOPERATIVE MOVEMENT IN THE UNITED STATES

A decided improvement over 1920 is shown in auditing practice
and in bookkeeping methods. Improvement is also shown in regard
to indebtedness of the societies. The practice of granting credit
seems to be somewhat on the increase, but little change is shown as
regards the proportion of working capital tied up in members’
accounts. As many societies have found, to their cost, extension of
credit is a dangerous practice which should be hedged about with as
many safeguards as possible.
Operating expenses have gone up considerably since 1920. The
causes therefor are not apparent.
7. The cooperative wholesale movement, which appeared so promis­
ing early in 1920, has been largely abandoned. One by one whole­
sale societies have been discontinued or have failed, in some cases
because of lack of support by the retail societies, in other •
cases
because of inexperience, difficulties in transportation, etc. Now only
a few wholesales remain and most of these are joint consumers’ and
farmers’ organizations. A new start is being made by at least two
of the district federations, with the inauguration of joint purchasing
of certain staple commodities, in the hope of eventually building a
wholesale busmess.
8. The development of the cooperative movement throughout the
country is “ spotty,” many societies being isolated and out of touch
with fellow cooperators. Even in the regions where cooperative
associations are relatively numerous, difficulty is experienced in over­
coming the apathy of isolated stores toward the general movement
and in bringing tnem into closer touch with the other organizations
of the region, so that all may benefit from the accumulated experience
of the whole body of societies.
A determined move toward the spread of the cooperative idea and
the closer linking of the local cooperative societies appears in the
formation of district cooperative leagues, four of which are already
in existence. These are primarily educational and propagandist
bodies, but they are in certain instances actively forwarding joint
buying by the societies in their districts.
In the majority of cases the cooperative “ leaven” among the
population is too small to be of any particular influence on the com­
munity as a whole. A small proportion of the associations, on the
other hand, are in places where the cooperative membership includes
avery large percentage of the people, and in these cases the cooperative
society can be a real influence in insuring fair wages, conditions, and
hours of labor, in training the members both in business principles
and in the give and take of practical democracy, and in raising the
general cultural level in the locality.
SCOPE OF INVESTIGATION
Questionnaires and a follow-up letter were sent early in 1926 to
some 3,100 societies. Many were found to have gone out of business
during the six years that had elapsed since the bureau’s previous
study, and some societies to whom a circular was sent were found to be
inactive or were doing no consumers’ business. Table 1 shows, for
the types of societies covered by the present study, the number in
operation at the end of 1925 and the number which replied to the
questionnaire. It was assumed that societies from which no reply
was received to either questionnaire or follow-up letter but for which



5

SCOPE OF INVESTIGATION

the inquiries were not returned, undelivered, by the postal author­
ities were still in existence. As is seen, only about one-third of the
societies complied with the bureau's request for information, and
many which did so made only incomplete reports. The largest
proportion of replies was from the societies of Minnesota, more than
60 per cent of which supplied data. Data are at hand for slightly
over half of the New York societies, but these include housing societies
much of the information for which was secured by personal visit to
the societies.
T able 1.—N U M BER OF KNOW N SOCIETIES, D E C E M B E R 31, 1825, A N D OP SOCIETIES
R E PO RTIN G FOR 1925, B Y STATE AN D T Y P E OF SO CIETY
Workers'
productive
societies

Credit
societies
State
Total

Alabama..................................
Alaska.......... ....... ....................
Arizona____________________
Arkansas T _ _ ___________
California___________________
Colorado...................................
Connecticut________________
Delaware___________________
Florida_____________________
Georgia_____________________
Idaho______________________
Illinois_______________.______
Indiana____________________
Iowa_______________________
Kansas_____________________
Kentucky__________________
Louisiana__________________
M aine. _______ _____________
Maryland______ ___________
M assachusetts______________
Michigan___________________
Minnesota__________________
Mississippi_________________
Missouri___________________
Montana___________________
Nebraska___________________
New Hampshire____________
New Jersey____ ____________
New M exico________________
New York_____ ____________
North Carolina_____________
North Dakota______________
Ohio..........................................
Oklahoma__________________
Oregon_____________________
Pennsylvania_______________
Rhode Island................ ...........
South Carolina______________
South Dakota_______________
Tennessee__________________
Texas........................................
Vermont................. ..................
Virginia.....................................
W ashington..____ __________
W est Virginia______________
W isconsin__________________
W yoming___________________
Total____ . . . . . . _______




Consumers’
societies

Housing
societies

Num­
Num­
Num­
Num­
Num­
ber re- Total ber re- Total ber re- Total ber re- Num­ ber reportportport­
port­
ber
porting
ing
ing
ing
ing
2
2
2
16
12
22
11
1
4
2
7
86
19
100
211
18

1
3
1

1
1

1
3

1
1

1
7
1
1
2
2
1
1
85
2
1

7
1
1
2
1
1
58

2
2

1

1

3
1
3

2

1

1

1
4

4

1

115
26

67
10

2

2

1
5
2

1
4
1

3
3

3
1

4
2
3
1

4
1
1
1

1

1

1
38

4

176

31

1

5
1

3
1

11
2

9
1

1
284

Total

1

39

21

1

1

40

32

17
4
57
76
194
1
40
29
168
4
17
2
55
8
58
53
34
23
66
4
5
38
U
22
2
8
71
16
101
4
1,703

1
2
3
5
1
7

3
28
4
19
27
2
6
32
31
120
-2
25
2
6
12
1
14
16
4
2
14
3
12
2
1
1
22
6
38
1
479

2
3
2
19
13
22
11
1
5
5
7
89
28
101
212
20
2
18
5
145
79
198
1
41
29
168
5
22
2
209
34
58
57
36
28
69
9
7
38
14
25
2
12
84
21
103
5
2,066

1
2
4
6
1
7
1
1
3
28
12
20
28
4
1
6
1
92
31
122
5
2
25
2
11
110
11
14
17
6
5
15
7
1
12
5
2
5
32
8
40
2
708

6

COOPERATIVE MOVEMENT IN THE UNITED STATES

GEOGRAPHICAL DISTRIBUTION OF SOCIETIES
REPORTING8
The statement below shows the relative development of the
cooperative movement in the various sections of the country. In
this statement housing societies have been included as consumers’
societies.
Credit and
Consum
ers’ w
orkers*
societies
societies

Per cent of total cooperators in—
New England division_____________ ........... .
Middle Atlantic division___________ ________
East North Central division________ ________
West North Central division________________
South Atlantic division____________ ________
East South Central division________ ________
West South Central division________ ________
Mountain division________________ ________
Pacific division___________________ ________

18. 9
10.3
29.0
27.2
1.0
.5
1.3
.8
11. 1

Total............. ........................ ........ ...............100.0

48.2
45.4
1.5
.5
1.9
.7
.9
(4
)
.9
100.0

As was disclosed in the previous report and confirmed by the
resent study, consumers' cooperation has reached its greatest
evelopment in the East and West North Central divisions, more
than half of the cooperative societies reporting for 1925 being in
the Middle West. As compared with 1920, the movement has
gained in New England and lost ground on the Pacific coast. The
latter was caused by the failure of the National Consumers’ Associ­
ation in Washington State and of the Pacific Cooperative League.
As regards the other societies, the North and Middle Atlantic Coast
States are the strongest, having nearly 95 per cent of the total number.

S

* Using census classification of geographical divisions as follows: New England division indudes Maine,
New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut; M iddle Atlantic division
includes New York, New Jersey, and Pennsylvania; East North Central division includes Ohio, Indiana,
Illinois, M ichigan, and Wisconsin; West North Central division includes Minnesota, Iowa, Missouri,
North Dakota, South Dakota, Nebraska, and Kansas; South Atlantic division includes Delaware, M ary­
land, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, and Florida;
East South Central division includes Kentucky, Tennessee, Alabama, and Mississippi; West South Central
division includes Arkansas, Louisiana, Oklahoma, and Texas; Mountain division includes Montana,
Idaho. W yoming, Colorado, New M exico, Arizona, Utah, and Nevada; Pacific division includes Washing­
ton, Oregon, and California.
* Less than one-tenth of 1 per cent.




CHAPTER I.—GENERAL DEVELOPMENT OF COOPERATION
IN THE UNITED STATES

Table 2 shows, for each geographical division, the number of
members of consumers’ and other cooperative societies in 1925
and the rate of cooperative membership per 10,000 of population.
This table is not altogether satisfactory in that while membership
figures are as of December 31, 1925, the population figures are those
of 1923, no later data being available; also, it is to be noted that in
a very small percentage of cases the membership of the various
types of the societies may overlap. Thus, a member of a store
society may also be a member of the credit union in the same locality,
or of a housing society, or both.
T able 2.—N U M BER OP COOPERATORS IN EACH GEOGRAPH ICAL DIVISION AN D
B A TE PER 10,000 OF POPU LATION
Cooperative membership, 1925

Geographical division

Estimated
population,
July 1,1923

Consumers’ so­
cieties

Mem­
bers

Rate
per
10,000
of pop­
ulation

Credit and work­
ers’ societies

Mem­
bers

Total

Rate
per
10,000
of pop­
ulation

Mem­
bers

Rate
per
10,000
of pop­
ulation

New England................................
M iddle Atlantic.............................
East North Central.......................
West North C en tra l....................
South Atlantic...............................
East South Central........................
West South Central......................
M ountain.......................................
Pacific............................................

7,707,979
23,322,950
22,638,175
12,842,762
14,599,139
9,069,924
10,767,742
3,591,006
6,062,421

26,605
14,507
40,790
38,237
1,388
657
1,819
1,169
15,625

34.5
6.2
18.0
29.8
1.0
.7
L7
3.3
25.8

53,008
49,902
1,686
580
2,129
749
936
40
952

68.8
21.4
.7
.5
1.5
.8
.9
.1
1.6

79,613
64,409
42,476
38,817
3,517
1,406
2,755
1,209
16,577

103.3
27.6
18.7
30.2
2.4
1.6
2.6
3.4
27.3

Total.....................................

110,602,098

140,797

12.7

109,982

9.9

250,779

22.1

_ This table shows clearly the distance to be traversed by the coop­
erative movement in this country before it can reach the position
occupied by the movement in other countries. As is shown by the
figures above, only two-tenths of 1 per cent of the population are
members of cooperative societies reporting. This is just about the
same situation as was disclosed in tne previous study.
The figures relate, of course, only to the societies which supplied
information. Assuming that the societies from which no data were
obtained have the same average membership as those which reported,
all the consumers' societies reporting and not reporting may be stated
to have an estimated membership of some 530,000, or a rate of 47.9
per 10,000 of population; while the credit and workers’ societies have
a total membership of about 178,000, or a rate of 16.1 per 10,000 of
population.® The combined membership of the consumers’, credit,
and workers’ productive societies of the country on December 31,
1925, may therefore be placed at over 700,000, a rate of 64.1 per
10,000 of population.




7

8

COOPERATIVE MOVEMENT IN THE UNITED STATES

The foregoing statements are based upon general population. In
order to determine to what extent cooperation has spread in the local­
ities in which societies are located, the population of each town, vil­
lage, or city in which one or more cooperative societies were located
was obtained.6 The number of cooperators was then compared with
the population, in terms of percentage. It was found that more
than half of the societies could be considered as rural (i. e., located
in communities of less than 2,500 population) and more than 80 per
cent were in places of less than 25,000. Table 3 shows the number
and per cent of the 419 societies (in places for which population
figures were available) whose membership formed specified percent­
ages of the population of the place of location:
T able 3 .—COOPERATIVE SOCIETIES CLASSIFIED B Y PE R C E N T M EM BERS FO RM OF
POPULATION OF PLACE OF LOCATION
Societies whose membership forms classified per
cent of population of place of location
Per cent of population of place of location
Number

Per cent of
total

Cumulative
percent

Under 1 per cent................................................................
1 and under 5 per cent.......................................................
5 and under 10 per cent......................................................
10 and under 25 per cent....................................................
25 and under 50 per cent....................................................
50 and under 75 per cent....................................................
75 and under 100 per cent..................................................
100 per cent and over.........................................................

82
95
64
100
52
17
3
6

19.6
22.7
15.3
23.9
12.4
4.1
.7
1.4

19.6
42.3
57.6
81.5
93.9
98.0
98.7
100.0

Total.........................................................................

419

100.0

100.0

According to this table, cooperators form less than 10 per cent of
the local community in more than half of the societies, while fourfifths of the societies are in places where their membership forms
less than 25 per cent of the population. On the other hand, in over
6 per cent of the societies the cooperative membership forms 50 per
cent or more of the population. All of the societies whose member­
ship forms more than 100 per cent of the community are in rural
places and the membership undoubtedly includes farmers from the
surrounding country who would not be included in the population of
the village, and may also include some duplications where members
belong to more than one society.
The above figures can not be taken as indicative of the proportion
of population served by the cooperative store. Many cooperative
stores do as much business with nonmembers as with their members.
If these nonmember purchasers and their families, and the families of
cooperators be included, it becomes evident that the proportion of the
community supplied by the cooperative store is in many places quite
impressive.
COOPERATIVE MEMBERSHIP

Table 4 shows the number of societies of each type furnishing
data for the present study, the average number of years of operation,
actual membership of those reporting, and the estimated member­
ship of all the known societies of each type:
* This could be found only for 1920, for incorporated places. M any cooperative societies are located in
unincorporated places and therefore could not be included.




9

GENERAL DEVELOPMENT

T able 4 .—Y EA R S OF OPERATIO N OF COOPERATIVE SOCIETIES A N D COO PERATIVE
M E M BERSH IP IN 1825, B Y T Y P E OF SOCIETY
Membership

Type of society

Number of
societies
reporting

Average
periodln
operation

Estimated
total mem­
bership,
based on
Number Aver­
of
age per societies
members society reporting

Credit_________________- ____________________
Workers’ productive__________________________
Consumers’ : ..
Housing_________________________________
Other_______ ____________________________

176
21

Fra. Mos.
5 6
10 0

107,779
*2,438

32

173,800
4,500

32
479

3 2
10 0

1,805
139,301

56
310

2,300
527,900

T otal...______ ____ ______ ______ _______

708

8 7

251,323

355

708,500

i Of these 465 are actively em ployed in the cooperative workshops.

The cooperative workshops and the consumers’ societies have the
longest average period of operation, and the housing societies the
shortest. The credit societies, however, are largest in membership,
being nearly twice the average size of the “other consumers’ ”
societies.
Estimating the membership of all known societies on the basis of
the average membership of those which furnished reports, the total
number of members of cooperative societies of the credit, workshop,
and consumer types may be conservatively placed at about 708,000.
COOPERATIVE BUSINESS IN 1925

The credit, workers’ productve, and “ other consumers’ ” societies
together reported business for 1925 amounting to nearly $75,000,000.
On the basis of average business per society of those reported, it may
be estimated that all the known cooperative societies of these types in
existence at the end of the year had a combined business of well over
$300,000,000.
T abuc 5 .—BUSINESS OF COOPERATIVE SOCIETIES OF A L L TYPE S IN 1925
Business done in 1925
T ype of society
Amount

Average per
society

Credit...............................................................................
Workers’ productive..........................................................
Consumers’ :
Housing . . . ______ ____________________ __________
O t h e r ...........__ - ___ -_— ___________________

1 $20,100,356
4,533,329

i $116,187
238,596

3 4,102,600
49,710,788

*128,206
105,543

T o ta l__ —___ - _- ___ . . . . _____________ _______

8 74,344,473

Estimated
total business,
based on
societies re­
porting

i Loans granted daring year.
* Value of property controlled at end of year.




i $32,997,100
9,305,200
179,739,800
>322,042,100

* Not including housing societies.

10

COOPERATIVE MOVEMENT IN THE UNITED STATES

FINANCIAL FACTORS

The paid-in share capital and reserves 7 at the end of 1925, the
amount of net profit made on the year’s business, and the amount
returned in patronage dividends are shown in Table 6:
T able 6 .—TO TA L AN D AVERAG E SHARE C A PITA L, RESERVES, N E T T R A D IN G
P R O FIT, AN D PATRON AGE R E B A TE , 1925, B Y T Y P E OP SO CIETY
Paid-in share cap­
ital

Net trading profit

Reserve

Patronage dividend

Type of society
Amount

Aver­
age per
society

Credit........................ $10,706,099 $62,609
W orkers' productive. 1,025,509 51,275
Consumers’ :
Housing. ............
827,850 45,992
Other__________
6,871,230 17,264
Total_________ 19,430,688

32,011

i Data not available.

Amount

Average Per
society

$973,873 $6,283
1653,590 2 72,621

Amount

Aver­
age per
society

0)
$248,804 $20*734

Amount

$458,184
109,470

Aver­
age per
society
$3,394
27,368

2.435,178

9,475

1,608,699

5,075

753,791

4,568

4,062,641

9,650

1,857,503

5,646

1,321,445

4,347

* Surplus and reserve.

The credit societies lead in amount of paid-in share capital per
society, while the “ other consumers’ ” societies have the smallest
average amount. As regards reserves, on the other hand, the “ other
consumers’ ” societies rank above the credit societies, their reserves
not only being a larger absolute amount than those of the credit
societies, but forming an amount over half as large as their share
capital per society.
Profits on the 1925 business were made by 57 per cent of the co­
operative workshops and 72 per cent of the consumers’ societies.
Data as to profits are not available for the credit unions, but as 76
per cent of these paid dividends it is safe to say that at least that
proportion had a profit. The workers’ productive and “ other con­
sumers’ ” societies together had a net profit on the 1925 business
amounting to nearly $2,000,000. Dividends were paid by less than
one-fifth of the workers’ productive societies and somewhat over
two-fifths of the “ other consumers’ ” societies. Nearly a million
and a half dollars were returned in dividends by all types of societies.
» Explugive of reserves for special purposes, as lor depreciation, building funds, etc.




CHAPTER H.—CREDIT SOCIETIES
Nearly every wage and small salary earner has had the experience,
at some time in his life, of needing a loan, perhaps a very modest one,
and finding no avenue of credit available to him. Death, sickness,
and other emergencies may upset the best household management.
At such a time the average man of small income, with no business
connections and little or no tangible security, can rarely obtain help
from the ordinary banking institutions. A few commercial banking
organizations do specialize in this field and may serve a useful pur­
pose, although usually their service charges make the cost of the loan
considerably higher than current interest rates. Also, some of the
labor banks are developing a system of small loans to wage earners,
particularly to members of the union or unions which control the
bank, and of late years a number of remedial loan organizations
have been established throughout the United States. In general,
however, the bank, as an institution, has not reached the great body
of persons with small incomes. In times of financial stress, most of
these persons know of only two avenues of relief—charity, or the loan
shark.
One solution of this problem, and apparently a very successful
solution, is the cooperative credit society, called in the United
State? the credit union. Although societies of this type have existed
in tL
’mtrv since about 1909, it is only during the past few yeara
that any widespread development has taken place, for not until
recently has enabling legislation been enacted, up to 1921, less thpn
a dozen States had enacted laws authorizing the formation of coopera­
tive credit societies; at the end of 1925, 24 States had done so.
The credit union movement has now taken root in at least 30 States,
although in some places there is as yet no law under which to incor­
porate.
The credit union is primarily for that small borrower whose need
is greatest. Its purpose, as declared in many of the societies' by­
laws, is “ to promote thrift among its members by giving them an
opportunity to save money in small amounts and to obtain loans at
moderate rates for purposes which promise to be of benefit to the
borrower.”
Generally, any person of good character and habits can join the
credit union;1 $1 or less will admit him to membership. Only a
member of the society can be a borrower, but once a member he can
apply for a loan of whatever sum he needs, secure it at a low rate of
interest, and use it to get a fresh start. As a borrower in the credit
union, he is neither an exploited victim nor an object of charity, but
is on a strictly business footing, thus retaining his self-respect.
Within the credit union all are on the same level, and with equal
power and rights in the society.
1 If no credit union exists, it is a simple matter to start one. A ny small group of people who know each
other or have like interests, such as church affiliation, racial ties, employment, etc.. can form their own
society. Each member contributes a small entrance fee and a sum to De used as capital. From the com­
bined contributions so gathered, the loans are made.




ii

12

COOPERATIVE MOVEMENT IN THE UNITED STATES

The cooperative credit society is thus absolutely democratic.
It is filling a real need, through a simple machinery, and is doing
this at very little cost (expense of operation during 1925 averaged
1.8 per cent of total loans granted).
Practice as to security for loans differs, but as a rule “ character”
loans may be obtained in amounts up to $50; larger loans must be
secured, but the security may be in the form of a note indorsed
by one or more fellow members. The loans granted by the credit
unions studied in 1925 averaged $381 per borrower.
The credit union member not only has the right to credit but also
receives interest on his capital and deposits with the society and his
share of any earnings made by it.
The study indicates that credit societies are generally successful,
and that losses from failure of members to repay loans are extremely
small.
The effectiveness of these societies as “ poor men’s banks” is
indicated by the growth of the movement. The data show that
although the greater part of the credit unions have been formed
within the past five years, already the membership of the 176 organi­
zations reporting numbers 107,799, their share capital amounts to
nearly $11,000,000, their reserves to nearly a million dollars, and their
loans in the single year 1925 to more than $20,000,000.
A credit society need not confine its activities simply to fulfilling
its members’ need for money. It can perform other services for
them. Credit societies, especially among fanners in many coun­
tries abroad, also often act as purchasing agents for commodities
which can be bought in large quantities. One of the credit unions
covered by the present study—a society composed mainly of members
of 3 single la)»«r union—is buying coal for its members at a saving to
them of 50 cento a ton.
NUMBER AND AGE OF CREDIT UNIONS REPORTING

Questionnaires were sent to 301 active credit unions, and returns
for 1925 were received from 176 societies. Reports were also received
from several organizations which were started late in 1925 or early in
1926, but as this study covered the year 1925, reports for such
societies were not used. The schedule for one other society had
to be omitted, as the person making the return failed to fill in the
address in such a way as to show the identity of the organization.
The total number of societies in operation at the end of 1925 and
the number furnishing reports are shown, by States, in Table 7:
T a b u 7.—N U M BE R OF C R E D IT UNIONS IN OPERATIO N A T EN D OF 1925 A N D
N U M BE R R E PO RTIN G FOR T H A T Y E A R , B Y STATES

State

A rkansas..______
California..............
F lorid a .._______ _
Georgia_________
Illinois...................
Indiana_________
Iowa...... ................
JCfvnsa"*... x
Kentucky
L ouisian a............
M aine....................




Num­
Total ber
num­ report­
ber
ing
3
1
1
3
1
7
1
1
2
2
1

1
1
1
1
7
1
1
2
1

State

Maryland_______
Massachusetts___
M ichigan________
M innesota_______
New Ham pshire..
New Jersey______
New Y ork_______
North Carolina_
_
Oklahoma
Pennsylvania.......

Total Num­
ber
num­ report­
ber
ing
1
85
2
1
1
4
115
26
2
1

1
58
1
4
67
10
2
1

State

Rhode Island____
South Carolina___
Tennessee_______
Texas___________
Virginia_____ ___
W ashington.. U ±
UJ
W est Virginia____
Wisconsin_______
Total______

Total Num­
ber
num­ report­
ber
ing
5
2
3
3
4
2
3
1

4
1
3
1
4
1
1
1

284

176

13

CREDIT SOCIETIES

. In addition to the credit unions shown in the above table 16 others
of which the bureau has knowledge were started in 1926: 3 in
Georgia, 2 in Illinois, 2 in Indiana, 1 in Iowa, 3 in Massachusetts, 2 in
Michigan, 2 in Minnesota, and 1 in Montana. It is evident from the
foregomg that the credit union movement has now spread to at
least 30 States. Cooperative credit is at present the fastest growing
of the phases of cooperation covered in the bureau’s study, resembling
in its rapidity of expansion that which took place in the consumers’
movement in the period 1919-1921.
These credit unions average in age not quite 5% years. All of
those reporting have been established m the last 16 years, as is shown
below:
Number

1910_______ __________
1911________ _________
1912________ __________
1913_______ _________
1914_______ _________
1915________ _________
1916________ __________
1917___________________

2
6
5
2
4
12
7
8

Number

1918________
1919________
1920________
1921________
1922_______
1923_______
1924________
1925________

- ...............
__________
__________

_________
_________
_________
__________
__________

7
6
12
24
10
16
27
26

As is seen, the greatest development of the cooperative credit
movement has taken place since 1920, mainly, as already stated,
because only within these past few years has there been legislation
authorizing the formation of credit unions.
At the end of 1925, 24 States had enacted credit union legislation,2
and 13 of these have done so since 1921.
MEMBERSHIP

Restrictions of some sort upon membership are quite common
among credit unions. Among such restrictions are those limiting
the membership to employees of a certain firm,3to a named organiza­
tion or parish, or to residents in the locality. Thus, the postal credit
unions quite commonly limit their membership to post office or to
Federal employees. This is done in order that the credit union group
may be composed of persons with like interests. It is desirable, for
safety’s sake, that the members in a credit union know each other
and have common interests, and such membership restrictions are
made to insure this homogeneity.
Many associations require that application for membership shall
be made in writing, must be approved by a member of the board of
directors, and shall be submitted by this director at the next regular
board meeting. Two negative votes are sufficient to reject any
applicant. A common provision in this connection is that “ no
director shall present the name of a person whom he can not recom­
mend as being honest, industrious, and of good habits.”
* Georgia, Acts of 1926, N o. 429; Illinois, Acts of 1925, p. 255; Indiana, Acts of 1923, ch. 114; Iowa, Acts of
1925, ch. 176; Kentucky, Acts of 1923, ch. 114; Louisiana, Acts of 1924, N o. 40; Massachusetts, Gen’l Laws,
1921, ch. 171, amended by Acts of 1922, ch. 147. and Acts of 1923, chs. 55 and 143; M ichigan, Acts of 1925,
No. 285; Minnesota, Acts of 1925, ch. 206; Mississippi, Acts of 1924, ch. 177; Nebraska, Comp. Stats., 1922,
secs. 649-670; New Hampshire, Pub. Laws of 1926, cn. 267; New Jersey, Acts of 1924, ch. 48; New York,
Acts of 1914. ch. 369, arts. 450-479, amended by Acts of 1915, ch. 294, 1923, ch. 701, and 1925, ch. 383; North
Carolina, Consolidated Stats., 1919, ch. 93, sub. ch. I ll, amended by Acts of 1925, ch. 73; Oregon, Olson’s
Oregon Laws, secs. 6264-6298; Rhode Island, Gen’l Laws, 1923, secs. 3925-3950; South Carolina, Acts of
1915, No. 154, amended by Acts of 1923, No. 51; Tennessee, Acts of 1923, ch. 68; Texas, R ev. C iv. Stats.,
p. 648; Utah, Comp. Laws, 1917, secs. 1060-1082; Virginia, Acts of 1922, ch. 449; West Virginia, Acts of 192*,
ch. 36; and Wisconsin, Stats. 1923, ch. 186, secs. 186.01-186.18, amended by Acts of 1925, ch. 88.
3In New Jersey this is a requirement of the credit union law.

28464°—27------2




14

COOPERATIVE MOVEMENT IN THE UNITED STATES

Although small groups are considered more nearly ideal for credit
union purposes, some of the most prosperous and successful of the
societies are those of large membership. The statement below shows
the number of unions in each membership group:
Number of

Societies having membership of—
societies
Less than 50____________________________________
6
50 and under 100________________________________
25
100 and under 200. ______________________________
35
21
200 and under 300_ ______________________________
300 and under 500_______________________________
25
500 and under 700_______________________________
12
700 and under 1,000______________________________
25
1.000 and under 1,500____________________________
13
1,500 and under 2,000____________________________
8
2.000 and under 5,000____________________________
4
5.000 and under 10,000___________________________
2
Total___________ ______________ ______________

176

It is seen that more than three-fifths (63.6 per cent) of these credit
societies have fewer than 500 members, and 25 per cent have beiA. ven
700 and 2,000 members. The membership of all 176 societies aver­
ages 612 persons, a figure far in advance of that of the consumers’
societies.
The total membership of the credit societies numbers 107,799, of
whom 45,672 are in Massachusetts, 47,783 are in New York, and
6,510 in Rhode Island, the three States in which the credit union
growth is the oldest. The credit unions in these States have an
average membership of 787, 713, and 1,628, respectively. Table 8
shows the membership distribution and the average size of the credit
unions reporting, by States:
T able 8.—M EM BERSH IP OP C R E D IT UNIONS A T EN D OP 1926, B Y STATES

Members

Members
State

ArTrnxtgfts 1_____________________
California1
___________ ____ _____
Florida1..........................................
Georgia1
_______________________
TndiHtift________________________
Iow a1
__________________________
TTfrnsflft 1_______________________
Kentucky______________________
Louisiana ___________________
M aryland1
_____________________
Massachusetts__________________
New Jersey_____________________
New Y ork_____________________
11 society only.




Num­
ber

390
117
215
214
841
47
61
480
265
173
45,672
395
1,659
47,783

Aver­
age
per
society
390
117
215
214
120
47
61
240
265
173
787
395
415
713

State

Num­
ber

Aver­
age
per
society

North Carolina________________
Oklahoma_____________________
Pennsylvania1 ____________ _
__
Rhode Island__________________
South Carolina1_______________
Tennessee.......................................
Texas1
________________________
Virginia_______________________
W ashington1__________________
West Virginia i..............................
W isconsin1____________________

561
240
350
6,510
96
269
41
608
235
62
495

56
120
350
1,628
96
90
41
152
235
62
495

Total................... ................

107,779

612

15

CREDIT SOCIETIES

SIZE IN RELATION TO AGE

Table 9 classifies the 174 credit unions which reported both as to
number of years of operation and membership.
TABLS 9*—N U M BE R A N D PE R C E N T OP SOCIETIES CLASSIFIED B Y SIZE A N D B Y
N U M BE R OF YEARS IN OPERATION

Societies in operation—
Number of members

1
5 and
10 and
Less than andyear under 10 under 25
under
1 year
5 years
years
years

Total

Number
Under 100_______________________________________
100 and under 200______________ _______ __________
200 and under 300..........................................................
300 and under 400..........................................................
400 and under 500________________________________
500 and under 1,000.......................................................
1,000 and under 2,000________ ___________ _____ ___
2,000 and under 5,000....................................................
5,000 and over...............................................................

13
7
3
1

Total__________________ _____ _____________

1

10
18
11
5
7
16
4

5
8
6
4
3
11
6
1
2

2
2
2
2
3
9
9
3

30
35
22
12
13
36
20
4
2

25

71

46

32

174

Per cent
Under 100.____ ____ _____________________________
100 and under 200_________ _____ ___________ _____
200 and under 300______________ ____ _____ ______
300 and under 400________________________________
400 and under 500..........................................................
500 and under 1,000............ ......... ................................
1,000 and under 2,000..............................................
2,000 and under 5,000.......................... .........................
5,000 and over___________________________________

43.3
20.0
13.6
8.3

T otal______________________________ _______

5.0

33.3
51.4
50.0
41.7
53.8
44.4
20.0

16.7
22.9
27.3
33.3
23.1
30.6
30.0
25.0
100.0

6.7
5,7
9.1
16.7
23.1
25.0
45.0
75.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
160.0
100.0

14.4

40.8

26.4

18.4

100.0

RESOURCES

Each new member is required to pay a membership fee, ranging in
the various unions from 10 to 25 cents, and to subscribe for a certain
amount of share capital, usually one share.
The shares are always of small denomination—$5 is the most com­
mon value, though in a few credit unions the share ranges as high as
$25—and the member is allowed to pay for his share in installments
of as little as 10 or 25 cents a week. Thus it is evident that no one is
debarred from membership by reason of poverty.
In order to equalize to some extent the members’ holdings in the
society, many organizations place a limit on the amount of stock
held by any one member. In some organizations no member may
own more than 5 per cent of the total share capital. In others placing
a definite limit on the member’s capital investment, the maximum
amount allowed per member ranges from $100 to $5,000. While the
176 societies studied have an aggregate capital of more than
$10,000,000, Table 10 shows that the amount of capital invested per
member is small, averaging only $99.




16

COOPERATIVE MOVEMENT IN THE UNITED STATES
T able 10.—AV E R AG E P A ID -IN SHAKE C A P IT A L P E R M E M B E R , B Y STATES

State

Arkansas_______________
California..........................
Florida...............................
Georgia________________
Indiana.______ _________
Iowa___________________
Kansas________________
K entucky..
Louisiana..........................

Average
capital
per
member
$27
22
58
8
21
9
82
34
15

Average
capital
per
member

State

Maryland_____________
Massachusetts_________
Minnesota____________
New Jersey___________
New Y ork_____ _______
North Carolina..............
Oklahoma_____________
Pennsylvania
Rhode Island_________

$22
79
17
<*)
137
25
18
257
46

Average
capital
per
member

State

South Carolina________
Tennessee_____________
Texas_________________
Virginia_______________
Washington___________
West Virginia_________
Wisconsin_____________

$52
18
32
27
28
12
58

Total____________

99

i Societies are all nonstock organizations.

Many credit unions receive savings deposits from their members,
and a few State laws also allow the receiving of deposits from non­
members. The deposits may be made in amounts as small as 25
cents. These deposits in the societies covered amounted to nearly
$5,000,000, averaging $135 for each depositor.
In addition, most laws require that a certain amount be set aside
for reserve each year. In this way additional funds are accumulated.
Table 11 shows, for the societies reporting, the amounts of their
capital, reserves, and deposits at the end of 1925.
T able 11.—SHARE C A PITA L, RESERVES, AND DEPOSITS OF C R E D IT UNIONS, 1926,
B Y STATES

State

Num­
ber of
unions M em ber­ Paid-in share
ship
capital
report­
ing

1
Arkansas_______________________
1
California______________________
1
Florida_________________________
1
Georgia____ ____________________
Indiana________________________
7
1
Iowa___________________________
Kansas_________________________
1
Kentucky______________________
2
1
Louisiana______________________
1
Maryland______________________
Massachusetts 3
......... ................... .
58
1
Minnesota_____________________
New Jersey......................................
4
New York.................... .................
67
North Carolina.____ ___________
10
Oklahoma
..............................
2
1
Pennsylvania___________________
Rhode Island___________________
4
1
South Carolina_________________
3
Tennessee.................. .....................
1
Texas__________________________
Virginia________________________
4
Washington.............. ...................
1
1
W est Virginia.... ..................... ........
1
Wisconsin_________ _____ _______
T otal_____________________
i 4 societies.
) 6 societies.
* Data are as of Oct. 31.
* 56 societies.
852 societies.
* 51 societies.
* Nonstock societies.

176

390
117
215
214
841
47
61
480
265
173
45,672
395
1,659
47,783
561
240
350
6,510
96
269
41
608
235
62
495

$10,460
2,579
12,500
1,783
17,373
424
5,000
16,327
4,012
3,878
3,630,717
6,700
0
86,522,982
14,016
4,352
89,800
299,340
5,000
4,897
1,295
16,581
6,659
730
28,694

107,779

i« 10,706,099

8 N ot including 1 nonstock
society.
* 63 societies.
1 29 societies.
0
1 7 societies.
1
1 9 societies.
2
131 society.

Reserve
funds

$100
92
24
1708
16
451
26
29
* 386,890
80
712
•522,789
ii 6,189
1 405
3
3,909
“ 49,093
97
l®119
i< 1,428

Number of Amount of
depositors
deposits

260

$24,865

*278
2

* 2,491
10

54

2,738

•21,565
28
1,473
U4,468
1*327

*2,860,375
1,200
84,197
1 393,293
0
1*47,978

6,239
3
135

1,279,307
5
1 22
8

14125

“ 4,287

W34,827

i* 4,700,768

716
1 973,873
?

h 3 societies,
M2 societies.
w 171 societies.
17155 societies.
«114 societies.
19113 societies.

Besides the resources shown above, 98 societies which furnished
financial reports show an aggregate surplus and undivided profits of
$420,910.



CREDIT SOCIETIES

17

ADMINISTRATION OF THE SOCIETY *

The administration of the general affairs is vested in a board of
directors, varying, in the unions reporting, from 5 to 15 members.
These directors are elected by the membership at the general meeting,
and hold office for a term, generally, of three years, except in New
York and North Carolina, where the term is usually one year.
The officers—president, vice president, secretary, and treasurer—
are elected by the directors from their own number. Many of the
societies have incorporated in their by-laws a provision found in
several of the State lavra that no officer except the treasurer or the
one who keeps the books shall receive any compensation for his
services.
SUPERVISORY AND CREDIT COMMITTEES

There are also two committees, the credit and the supervisory
committee.
The credit committee usually consists of three members, serving, in
the various societies, from one to three years. This committee passes
upon all loans, determines the security which shall be required for
each, the terms of repayment, etc. In many associations it must,
under the cooperative law, give preference to the smaller loans if
funds are not available for all applicants.
The supervisory committee is charged with the general oversight of
the finances of the society and the auditing of the books. The credit
union law of many States also gives this committee power, if the
members of the committee so vote unanimously, to suspend any officer
or director or member of the credit committee, and by a majority
vote to call a special meeting of the stockholders to consider any viola­
tion of the law or any act by the above which the supervisory com­
mittee considers unsafe or unauthorized.
GENERAL AND SPECIAL MEETINGS

The final control of the society rests in the general meeting of
stockholders held usually once a year. The by-laws of most credit
unions provide (often in accordance with the requirements of the
State law) that special meetings may be called at any time by the
board of directors or the supervisory committee and must be called
at the request of a certain number or proportion of the members.
The members have the final authority and may at any of these
meetings reverse any act of the board or of a committee.
At meetings the members have one vote each, and no proxy vot­
ing is allowed, except that another association which is a member of
the credit union may cast its vote through a delegate to the meeting.
This rule is well-nigh universal among the societies studied, but one
unusual instance was found of a credit union in a Southern State
which allows each member one vote for the first $5 of share capital
paid in by him and an additional vote for each additional $25.
<See Appendix A , p. 104, for typical by-laws of credit union.




18

COOPERATIVE MOVEMENT IN THE UNITED STATES

REQUIREMENTS FOR LOANS, AND LOANS GRANTED

Only a member of the credit union can be a borrower from it,
and even a member can not secure a loan (1) if he is not in good
standing, .(2) if he has failed to repay any previous loan or is in
arrears,on a current loan, or (3) if his indorsers have ever had to
pay any of his obligations.
Any member desiring to secure a loan must make his application
therefor in writing, stating the purpose for which he intends to use
the money and what security, if any, he can offer. Some societies
also require that the applicant shall certify that “ no consideration
has passed or will pass from the borrower to the indorsers for their
indorsement/’
Practice as regards security required differs in the various credit
unions. One or two societies have a rule that no loans may be made
without security. In the majority, however, loans on character may
be made in amounts up to $25 or $50 (usually $50); for loans above
that amount security must be given. The security may be a note
indorsed by one or more fellow members. One society studied accepts
indorsement by nonmembers. In some instances, also, a surrender
to the society of the borrower’s share capital is required as security.
The loan must have the approval of all the members of the credit
committee present at the meeting to consider the loan and these
must constitute at least two-thirds of the full committee. In some
societies, an unsuccessful applicant for a loan may appeal from the
committee to the board of directors or to a meeting of stockholders.
Loans may be made in many societies “ only for provident pur­
poses or urgent needs,” or when they “ promise to be of benefit to
the borrower.”
The maximum amount of money to be lent to any one person
varies widely. Some societies set a flat amount, ranging from $500
to (one society) $10,000. Some leave this to the discretion of the
credit committee or to be determined by the general meeting of
stockholders. One New York society whose membership is composed
of persons in the same employment restricts the amount to 10 per
cent of the borrower’s annual salary. Another credit union allows
loans in amounts up to 30 per cent of the society’s paid-in share
capital. One society provides that in general no loan may be less
than $5 nor more than $150; any greater amount must be passed
upon by the directors as well as the credit committee.
A few credit unions also limit the term of loans, varying in period
from three months to one year.
The number of societies which did each classified amount of busi­
ness in loans granted in 1925 is shown below. About equal propor­
tions of the societies did a business of between $5,000 and $25,000
and Of from $100,000 to $500,000.
Number of Per
Total loans granted:
societies
cent
5. 8
Under $1,000........... .......................................... 10
$1,000 and under $2,000____________________
6
3. 5
$2,000 and under $5,000____________________ 11
6. 4
$5,000 and under $10,000___________________ 23
13. 4
$10,000 and under $25,000__________________ 25
14. 6
$25,000 and under $50,000__________________ 15
8. 8
$50,000 and under $100,000_________________ 22
12. 8
$100,000 and under $500,000................- ............ 54
31. 6
$500,000 and under $1,000,000_______________
2
1. 2
$1,000,000 and over____________ - __________ ___3
1. 7
Total............................................................... 171 100.0



19

CREDIT SOCIETIES

The following table shows that during 1925 the 173 credit unions
which reported made loans amounting to more than $20,000,000,
nearly nineteen millions in Massachusetts and New York alone.
The small amounts of business in the other States are of course due
to the fact that the credit union movement has just begun there,
and the societies in those States are as yet very new and small.
T able IS .—LOANS G R A N TED , AVERAG E LOAN PE R BO RRO W ER, AN D LOANS OU T
STAN D IN G , B Y STATES
Loans granted in 1925
State

Number Number
of
of
unions borrowers
reporting in 1925

Amount

Average

Loans out­
standing at
end of year

borrower

20
2
6
6

Arkansas..
California.
Florida___
Georgia-__
Indiana,,__
Iow a.

251
3

Kentucky_______
L ou isian a...____
M aryland.............
M assachusetts*..
Minnesota_______
New Jersey______
New York_______
North Carolina—
Oklahoma_______
Pennsylvania.___
Rhode Island____
South C arolina...
Tennessee............
Texas___________
Virginia.
Washi
West \ _____
W isconsin...
T o ta l-

64
60
19,289
95
1,327
*27,148
291
136

$19,314
4,520
24,805
2,381
29,085
450
5,947
33,748
6,320
3,586
4 5,931,418

7,280
658
35,780

75
73
183

$19,314
2,502
11,521
2,294
15,588
404
2,750
19,180
4,060
3,586
5,608,836
6,900
19,619
6» 054,894
64,896
4,041
144,257
1,35a 624
2,098
4,959
1,400
23,835
7,280
658
14,927

7 20,100,356

381

13,390,423

12
2

<182
2
>
99
60
308

1

53,691
* 12,986,626

40
478

9,680
177,572
680,842
3,845
12,249

71
178
441
137
107

1,000

1,545
28
114
82
339
97
9
196
176

69
96
72
116
150

0)45,304

* N ot reported.
* Impossible to compute.
8 Data are for year ending Oct. 31.
* SI societies.

8
6

<134
*
>

<66 societies.
• 174 societies.
1 173 societies.

INTEREST ON LOANS

Hie interest that may be charged on loans is quite often limited
by the credit union law. A veiy common provision in both legisla­
tion and by-laws is that such interest may not exceed 1 per cent
per month on the. unpaid balances. One society studied limits the
interest to 8 per cent per year and this may not be deducted in
advance. Other societies require the "legal rate,” or have set
specific rates such as 6 per cent, 8 per cent, and one, 5.9 per cent.
EXPENSES OF OPERATION

Expenses of administration are very small in the credit union.
As already stated, the officers receive no compensation; then too
the credit union occupies modest quarters, and little equipment is
required.5 The following table, giving the 1925 expenses of operation
of the 32 credit unions furnishing data on this pomt, on the basis of
loans made during that year, shows that the average expense of
operation was only 1.80 per cent of the loans.
s The small equipment needed is well brought out by the “ Buildings, land, and equipment” column
in Table 15.




20

COOPERATIVE MOVEMENT IN THE UNITED STATES

T able 13__ OPE R ATIN G EXPEN SES OF 32 IN D IV ID U A L C R E D IT UNIONS IN 1925
Per cent of total loans granted daring year, formed by

Society
Labor Bent

Credit union—
N o. 1______
N o. 2______
N o. 3______
N o. 4______
N o. 5______
N o. 6______
N o. 7______
N o. 8______
N o. 9______
N o. 10_____
N o. 11_____
N o. 12_____
N o. 13_____
N o. 14_____
N o. 15_____
N o. 16_____
N o. 17_____
N o. 18_____
N o. 19_____
N o. 20.____
N o. 21_____
N o. 22.____
N o. 23_____
N o. 24_____
N o. 25_____
N o. 26_____
N o. 27-------N o. 28.____
N o. 29.____
N o. 30.____
N o. 31_____
N o. 32_____

0.28
.85
1.85
3.02
2.55
1.03
.67
1.15
1.01
.36
.78
.67
1.15
.91
.60
1.08
2.63
.55
.41
.56
1.23
3.53

1.11

.73

1.22

.70
.59
1.17
.85

M is- Total
Light, Bonds Office D e­
Bad
celheat, and
ac­
sup­
and insur- plies preci­ counts laneation
ous
power

0.29

0.06

(2
)
1.19
.09
.14
.36

(*
)

.0
2

.16

.58
.29
.15
.04
.09

.06

.30
.06
.43
.08

.23
.05
•19
.07
.19
.24

.1
2
.1
1
.29

.16

0.01

.1
2
.07
.1
2
.1
2
.14
.1
0
.17

(»)

0.47
.33

.2
1

1.38
.47
.07
.07
.19

.2
1
.2
2
.2
0

0.27
.15
.03

.0 .07
2
.0 .2
1 1

1.47
0.13

.26
.03
.34
.37
.76

.0
2

.6
8

2.54

”T 7
0

.0
1
.04

.2
2

.1
2

1.71
2.90
.27

.04
.59
.19

.17
.06

.0
2

.07
1.82
.06
.24
.34

.05

1.00

3.24
1.81

1.01

.29
.15
.38
2.37
.18
.45

.15
.09
.09

.09
.36
.13

.0 .1
2 2

0.55
1.00
2.71
3.35
2.46
.47
2.96
1.61

.1
1

Average.

1.61
1.26

1.86

12
.0

.58
1.26
1.44
5.73
3.61
1.34
2.28
1.07
1.17
1.73
1.25
1.80

1 Includes light, heat, and power.
* Included with rent.

* Less than one-hundredth of 1 per cent.

DIVISION OP PROFITS

Provision for reserve or “ guaranty fund,” or both, is almost uni­
versally made, being required by nearly all the recent laws, the most
general amounts set aside for this purpose annually being 20 or 25
>er cent of profits. This continues until the amount so accumuated is equal to the paid-in share capital, or, in one case, until it
equals 25 per cent of the deposits. To this fund are also added the
entrance fees, fines, and transfer fees.
Losses from bad debts or other causes are charged against the
reserve. One society provides that the reserve is to be kept to take
care of depreciation or for emergencies in connection with the business
or for any expansion or development that the members see fit.
Several credit unions allow the reserve, when it exceeds a certain
amount, to be drawn upon for the relief of individual members
“ in cases of extreme urgency, such as sickness or death necessities.”
Deposits receive interest at a fixed rate, usually determined by
the board of directors. Four per cent is a common rate.

!




21

CREDIT SOCIETIES

DIVIDENDS

The remainder of the profit is divided among the members in
proportion to the stock held by them. One society stands alone in
providing that the remaining profits are to be divided among the
depositors and borrowers “ upon their deposits and loans to the
bank and upon their loans obtained from the bank.”
Only 135 of the 176 societies reporting paid dividends on the 1925
business. The amount returned by these aggregated $458,183, or
5.1 per cent, divided as follows:
T able 14.—AM OU N T AN D R A TE OF D IVID EN D S R E TU R N E D B Y C R E D IT UNIONS ON
1925 BUSINESS, B Y STATES

State

California____
Florida_______
Indiana______
Kansas_______
Kentucky____
Louisiana____
Maryland------Massachusetts.
New Jersey___
New Y ork____

Dividends
Number
returned
of
societies
return­
ing divi­ Amount Rate
(per
dends
cent)
$80
678
376
300
065
60

0
4

213,390
2,175
223,113

3.1
5.3
2.7

6
.0
5.9
1.5
2.4

6
.2

(»)
4.3

State

Dividends
Number
returned
of
societies
return­
ing divi- Amount Rate
(per
cent)

North Carolina.
Oklahoma_____
Rhode Islan d...
South Carolina..
Tennessee_____
Texas_________
Virginia_______
Wisconsin_____

$846
250
12,451
95
418
126
1,309
1,457

9.4
5.7
4.2
1.9
9.6
9.7
7.9
5.1

T otal.......

135 458,183

5.1

1 Less than one-tenth of 1 per cent.

BUSINESS PRACTICE

As already stated, the supervisory committee is charged with the
duty of looking after the financial affairs of the organization and of
auditing the books at regular intervals.
In a number of the States the laws require either that a regular
financial report must be submitted to a designated State official or
that the credit union must open its books to examination by the
State bank examiner. The reports in the present study bring out
the fact that in the absence 01 specific legal requirements on this
[>oint few credit unions have expert periodical examination of their
It is a universal principle among consumers’ societies that the
books should at all times be open to the members' inspection; this
practice is also found to some extent among the credit unions. Many
of the latter, however, take the position that each borrower's transac­
tions with the society should be held in confidence by the credit
committee, and therefore refuse access to the books except to the
board of directors and the credit and supervisory committees, or in
case fraud is suspected; any member may, however, look over his
individual account at any time.
With only three exceptions among those reporting, the credit
unions studied require from the treasurer or other officers handling
money, bonds guaranteeing the honest and faithful performance of
their duties.
FINANCIAL STATUS

Table 15 rives the balance sheet as of December 31, 1925, of
the 121 credit unions supplying this information, which totals
$14,967,563*



T a b l e 15.—ASSETS AND LIABILITIES OF INDIVIDUAL CREDIT SOCIETIES AS OP DECEMBER 31,1925

Surplus and deficit
account

Society No.

_

1
2 ....
3—
4—
5—
6— .
7— .
8— .
9 ....
10...
111_.
12*-.
13 L
14*..
15*..
16*-.
17*..
18*..
19*..
20*..
21*..
22*..
23*..
24*..
25*..
26*..
27*..

It

30*..
31*..
32*..
33*..
34*..
36*..
36*..
87*..
38*..




Cash on
hand and
in bank

Invest-

$8,247
209
165

11
1

461

53
56
57
81
2,727

2,211

16,522
10,827
1,223
3,102
729
777
21,293
1,355
2,632
364
563
54,810
37,534
22,681
2,514
31,803
2,703
8,969
10,872
3,430
2,767
4,277
630
250
2,180

$4,451

20
0

1,427

10
0
154,473
32,488
9,867
285

5,673
15,260
2,314
2,500
199

12,000

800
14,475

“ i,‘ 66o

Loans out­ Buildings,
land, and
standing
equipment

$19,314
4,520
11,521
2,294
7,228
509
297
499
12,481
4,060
53,400
35,572
83,974
56,056
29,480
39,127
14,986
3,678
5,977
8,073
2,671
36,349
14,163
515,459
33,147
405,553
95,692
466,381
29,466
90,176
343,629
43,044
815
4,159
5,644
4,800
26,546
$,106

$6,647

Miscel­
laneous

$4,299
189
115

1,130
7,370

$15
1,745

$25

15
129
1,875
3,378
1,058
2,639
609
359
609
113

197
40
40
2,311
1,251

Gain

1,135
13,394

318
800

20
0
517
401

6
8

597
963
9,959
2,874
7,627
3,258
6,851
863
3,087
9,692
493
150
412
400

337

16

Liabilities

Paid-in
share
capital
$10,341
2,579
12,510
1,783
8,219
752
256
1,880
10,643
4,012
46,146
38,111
24,526
16.752
25,042
44,515
13,651
3,349
7,721
7,114
1,705
20,392
13,971
185,138
54,949
73,749
74,432
41,923
16,055
19.752
73,665
41,214
657
20,788
4,377
4,305
6,234

Members’ Guaranty Reserve Accounts
and bills
deposits
. fund
fund
payable

$24,865

$0
10

3,198
58,606
202,181
34,403
1,814
872
433
17,549
1,654
11,068
24,145
'349,"142
11,667
15,574
416,999
14,923
66*030
231,304
12,285
3,449
270
874
295
4,864
3,452

$19

597

1,000

1,664
48
757

$500

Surplus
and un­
divided
profit

1
0

2,939
1,818
4,207
823
1,261
2,842
494
207
572
229
275
2,040
857
40,168
3,106
11,681
2,716
6,470
561
7,850
17,805
2,271
81
799
324
963
701
145

3,410
577
215

9,564
542
2,485

483
366

11
1
~5
4

1,561
2,709
18

11,000

321

2,000

129

Tfm

$2,816

2,220

1,036
684
24

44
188

285

Miscel­
laneous

48
107
708
318
126
2,299
70
507
399
2,789
983
15,532
141
2,426
45
1,054
158
87
252

6

4,762
34

40

2,500

2,071

31
9.

67_.
7071..
727374„
75767778...
79..
8081...
82-

1,111

84-.
85..

718
11,115
1,088
22,118
17,548

87-.

1 Data as of Oct. 31.




1,989
26,550
178,228
9,200
40,520
3,830
504

1,000

20,616
1,076
45,000
962
1,500
255
1,802
520
761
2,500
104,418
1,582
5,514
2,000
2,463
7,921
1,005
30,361
12,220

20
0

24,931
9,247
650
2,850

11
0

6,838
407
3,091

5,016
930
13,240
6,500

675,892
161,302
76,700
54,003
93,811
361,323
5,049
120,123
58,780
48,062
961
255,529
4,130
1,563
15,626
34,714
58,015
81,508
2,551
39,339
90,927
50,486
41,704
34,144
90,415
14,565
73,798
164,101
91,562
217,034
12,135
201,933
4,956
22,287
52,629
23,578
3,607
38,607
228,721
36,434
410,258
66,647
152,099
10,182
175,542
112,894
544,296
200,565

300
659
1,251
544
3,201
1,044

37

38,376
11,091
747
2,456
4,652
24,255
624
353

’ 337

189

§5
6“
"26 6
,' 6 '

29
185
85
359
49
97
853
265
186
247
743
18

2,649

6
6

3,190
25
181

570
45
489
50

1,450

15
31,321
178
313
75
2,389
53
199
129
780
169

3,000
204

83
426
2,029

810
17

1,222

430
549

208
75
73

43
82
820
282
285

1
0

420

658,942
144,825
27,948
44,793
85,285
492,310
16,350
121,326
58,789
37,026
377
226,773

430.158
66,600
77,084
1,690
34,720
98,295
52*730
38,105
28,524
82,125
3,014
104,105
73,960
164,929
203,091
12,415
217,530
10,096
46,821
14,438
4,524
8,908
33,633
211,160
33,778
354,650
68,859
121,512
11,135
167,161
L O 449
O,
481,972
194,919

318,015
7,768
42,382
8,946
46,911
236,121
539
6,610
2,587
10,331
1,696
40,949
4,053
1,585
43,736

2,626
1,000

384
40,778
65
1,011
1,009
72
27,940
43,599
4,361

14,343
4,700
2,522
31,942

50,944
7,034
8.857
2,057
3,877
19,854
273
34,016
1,570
3,559
48
19,341

$,000
2,352

1
0

1,539
4,762
7,958

1,520

8
8
29

1,877
110,407
6,041
3,581
193
1,058
5,118
1,769
6,223
75
6,904
3,632
10,017
3,232
10,263
13,712
770
5,779
4,304
422
1,713
548
1,345
5,734
799
22,623
1.980
5,403
140
12,639
4,262
37,074
15,246

1,350
4,500
4.000
4.000

170

2,649
479
2,461
270
1,313
10,435
116
4,879
4,494
16
21,211
37
28
196
1,339
6,314
3,881
2,691
29
646
3,708
1,423
5,309
108
2,131
2,651
5,708
5,158
12,312
8,386
174

9,000
20,000

5,158
155
1,757
611
2,408
19,281
1,384
14,404
3,690
4,377
6,008
5,539
9,826

11,855

150

165
1,149
14,940
419
43
23
1,166
1,249
2,527
1,460
99
2,907
28
4,573
6,082

10
2

9,510
650
5,750

SOCIETIES

64..
65..

369,169

CREDIT

40,383
11,598
3,369
3,268
22,672
244,985
3,653
14,936
4,830
5,219
722
49,745
213
79
7,690
2,026
252,529
17,910
1,556
2,158
1,926
15,511
4,923
3,630
813
2,781
1,223
8,187
6,962
19,289
8,314
16,042
708
33,218
6,461
2,118
8,725
1,335
2,324
1,405
861
4,486
5
5,670
7,002

40i.
41i.
421.
431.
441..
451..
461..
471..
481.
491..
501..
51...
52...
53...
54..
55—
56..
5758..
596061...
62...

65
116
588

2
0

2,374
692
1,029
8,968
940
25
5,527
2,500
29,534
4,695

to

CO

T a b u s 15.—ASSETS AND LIABILITIES OF INDIVIDUAL CREDIT SOCIETIES AS OF DECEMBER 31,1925-Continued

Surplus and deficit
account
Society N o.

9
9
9
9

0
1
2
3

94

9 5
96—
9 7
9 8

10
0—
1 1.
0_
102..
103..
104..
105106107108109-

Cash on
hand and
in bank

$3,026
26,077
214
6,982
2,106
9,762
2,040
3,715
9,255
751
33,738
21,103
7,701
5,771
2,643
226
482

110111112-

25
171,778
3,311
6,296
9,049
190
62
316

113114115116117118119-

Invest­
ments

$0
20
2,003
1,250
214
57,553
612
37,500
204
4.000
3,945

2.000

24,020
2,183
11,738

1
2

Loans out­ Buildings,
land, and
standing equipment

$105,153
138,500
58,928
11,660
38,040
110,277
31,702
42,731
183,179
9,306
1,033,846
78,364
12,165
90,618
149,054
122,042
165,604
5,333
150
2,095
1,950
1,222,940
38,222
9,375
2,098
3,718
6,862
3,385
12,483

Miscel­
laneous

T otal..




Gain

$559
162

225
35

1,328
193

160
145

787

1,243
132
4,892

$137

10
0

3,355

54

‘ i,'579

6 ,0 0
80
'" ‘55
9'

1,549
342
73

94

10,500

17,425

127

1,362,901

11,885,412

123,513

80,811

10,507

209

237

1,505,298

3,085

1,011

9,628

Paid-in
share
capital

$99,450
144,406
53,988
17,375
32,900
109,733
32,280
39,578
175,505
7,333
935,720
78,320
44,259
88,113
142,800
10&322
145,350
2,628

8
6

811

91
36
3,135

12011
2 ..

Loss

Liabilities

165,610

2,475
1,877
214,425
26,584
4,018
56,314
5,000
3,390
4,687
2,738
8,172
985
28,694
9,210,547

Members’ Guaranty Reserve Accounts
and bills
deposits
fund
fund
payable

368
153
10,890
418
2,738
600
62
1,214,736
13,274
11,253
40,044
5
60
3
237

$4,740
10,101
1,136
576
2,623
457
860
4,729
9,030
390
82,676
2,770
9,722
1,414
3,863
10,645
8,293
272

$4,546
3,025

45

401

405

3,240
1,026

" 16,"648'

2,203
97
90
331

470

8
8

429

$ ,0 0
20
4,000

114

“26o
,' o
3,000
400
134

6,095
1,300

7,731
2,522
691
1,957
4,112
106
2,424
10,753
435
76,883
5,095
3,019
"9,034
5,512
7,866
1,015
39
24,080

673

Miscel­
laneous

$56
48
1,492

15
6

3,225
834
1,604
58
92
34,750
4
48
3,365
441

1
0
n

181
13,609
72
654
271

300
1,500
131

2,500

600
293
1,017
1,555

459

56,582

82,009

420,910

203,716

716
4,094,833

Surplus
and un­
divided
profit

733,356

CREDIT SOCIETIES

25

RESULTS OP COOPERATIVE CREDIT

Glowing reports of the beneficial results of credit unions are com­
mon, especially from countries where the economic condition of the
lower classes is bad, where debt is prevalent, and where thrift is lack­
ing. The work accomplished by the credit societies in these coun­
tries in raising the economic level and in developing thrift has been
noteworthy. Such improvement, however, has come through selfhelp by tne cooperators and through the development of character
and self-reliance in members capable of such development. No
amount of cooperative effort will help those who fail or refuse to do
their part.
As one of a generally small group in which each member knows the
others, the borrower's wish to stand well with the others is usually a
dominant factor in impelling him to meet his obligations to the
society promptly. If he does not, his indorsers must bear the loss,
and his standing suffers.
Credit cooperation is generally successful, although, where the
membership has lacked or failed to develop character, the opposite
has been true. The secretary of one society which was unsuccessful
states that its failure to succeed was due to “ the bad faith shown by
the borrowing members.”
Ofttimes it is the untruths that are sworn to by applicants for loans; some­
times the falsity in the character of the individual recommending a loan to an
applicant; and then again the selfish reasons of the officials in favoring certain of
their henchmen when it is a question of whether or not to grant a loan.
The---------Credit Union o f ---------- was forced out of business because of its
bad loans made uncollectible through the bankruptcy of the borrowers and the
bad faith of those who had the means to pay but who by divers methods success­
fully contrived not to pay the balances due.

In another instance, a representative of a firm whose employees had
a credit union writes as follows concerning the discontinuance of the
cooperative organization:
In the first place, it was formed principally for the purpose of making loans to
employees; additional features such as a savings department and a Christmas
club were added incentives, which undoubtedly were very helpful to the employee.
However, after a study of the loans was made, it was discovered that 90 per cent
of them were character loans involving $50 or less. Coincident with this, it was
found that the number of attachments being made against employees and the
company by downtown installment houses had materially increased. The con­
clusion was reached that instead of the loan having a beneficial effect upon the
employees, it was stimulating them toward tieing up with installment houses
with the feeling that if they were unable to pay, they could fall back on the credit
union for a loan. Since the abandonment of the credit union, the number of
attachments has materially decreased. Another factor causing us to abandon the
credit union was that the number of employees who became members of it was not
sufficiently large to put it on a thoroughly paying basis. Considerable work was
necessary to keep the books correctly and a great deal of employees’ time was
necessary toward administering it. Summing it all up, it was decided that the
benefits obtained did not in any way approach the cost of operating, and at a vote
of shareholders it was decided, therefore, to dissolve.

From the tone of this letter it is quite possible also that an additional
factor may have been a paternalistic attitude on the part of the
company. The letter suggests, at least, that the company may have
taken a part, perhaps a leading part, in establishing the credit union
and in operating it, so that the employees felt it was a company
project and not theirs, and therefore did not have the proper personal
interest in or responsibility for it. Such an attitude on the part of
members is always fatal to a cooperative enterprise.



26

COOPERATIVE MOVEMENT IK THE TJNITEB STATES

On the other hand, reports as to losses from bad debts by the
societies reporting in the present study show that members are gen­
erally honest and anxious to meet their obligations. One society
which has been in operation for nearly 10 years and has made loans
to its members aggregating $5,855,528, has in that time had only
one borrower default on his loan, the loss being $40. Another has
during its term of existence paid out $3,209,977 in loans and has
had bad debts of $8,046, or one-fourth of 1 per cent of its loans.
Of the 176 credit unions which have reported in the present study,
losses through failure of borrowers to repay loans have been sustained
by 58 societies. The losses sustained by 54 of these, for the whole
period of their operation, have amounted to only $63,122, or an
average of $1,169 per society having such losses. The sums so lost
by the individual associations range from $9 to $15,000. On the
basis of the total number of societies covered (including those which
have lost no money in this way) the sums so lost average $359 per
society. Data as to the total amount of loans granted by all the
societies during their entire period of operation, necessary for an
accurate basis for computing the per cent of such loss, are not avail­
able. The losses of these societies, however, form only three-tenths
of 1 per cent of the loans made in the single year 1925 and would
form a much smaller proportion of the total loans made throughout
the societies' existence.
The bright side of the picture is still further emphasized by the
experience of the societies which extend loans without security. Al­
though some credit societies require security of some kind on prac­
tically all loans, others do a large proportion of the business in un­
secured loans. One organization, which at the end of 1925 had out­
standing in loans the sum of $95,692, of which $39,106, or 41 per
cent, was in unsecured loans, has been in operation 7% years and
has never had a borrower who failed to repay his loan. Another,
a small society in operation for three years, has also lost no money
through bad loans; of $815 in outstanding loans at the end of 1925,
$497, or 61 per cent, was unsecured. A third had outstanding loans
of $120,123, of which $88,165, or 73 per cent, was unsecured; this
association reported that it has had some losses through this practice
but did not state the amount of the loss. A fourth society had out­
standing at the end of the year $14,163, all unsecured. This organi­
zation has been lending money to its members for nearly six years
and has never lost a cent.




CHAPTER III.—WORKERS* PRODUCTIVE SOCIETIES
The present study represents, so far as the bureau has knowledge,
the first attempt at an inclusive study of the workers' productive
societies of the country. Questionnaires were sent to 69 workshops,
of which 30 were found either to have gone out of business or to
The geographical distribution of the existing societies and of those
reporting is as follows:
Alaska______
Illinois______
Indiana______
Massachusetts.
Michigan____
Minnesota___
Missouri_____
New Jersey__
New York___
Ohio________
Oregon. _____
Pennsylvania-.
Washington__
West Virginia.
Wyoming____
Total

E xisting

2
2
3
1
1
1
1

4
5

1
2
1

11

39

Keporting

___
1
2

1
1
“

I
3
9

1
1
21

GENERAL CHARACTERISTICS OF WORKERS’ PRODUCTIVE
SOCIETIES

The “ ideal” workers' productive society is composed of workers
in the shop who have contributed all the capital of the enterprise
and do all the work, the business being managed by men elected
by and from the members. The worker-owners work on a wage
basis, but receive in addition any profits made from the business, these
being divided among the members by various methods. The coop­
erative workshop, however, is exposed to a temptation not present
in other forms of cooperation. In the consumers' society, for in­
stance. it is to the interest of the members to enlarge the member­
ship, for each new member helps, with the purchasing power he
brings in, to increase the business of the society. The increased
volume oi business reduces the percentage of overhead expense and
increases the savings made in the business and therefore, also, the
benefits accruing to each member. In the workers' societies the
situation is exactly reversed. Every additional member increases
the number who must share in the profits, though not necessarily
increasing the business done or the amount of profits to be shared.
Each new member, therefore, is apt to be looked upon as reducing
the profits of the others. Especially if the society achieves business
success, there may develop an increasing tendency among the mem­
bers to limit their numbers so as to retain all the savings from the
business for themselves, and, if additional workers are needed, to
secure these as employees, not as members. The impetus to such an




27

28

COOPERATIVE MOVEMENT IN THE UNITED STATES

attitude is also all the greater in a workers’ productive organization,
inasmuch as the society represents the members’ livelihood; and as
the matter is a serious one to them an exclusive membership policy
is understandable and excusable. In direct proportion as this
occurs, however, the society loses its cooperative character.
Some unavoidable limitation upon membership is, of course, im­
posed by the nature of the business or work carried on and this
becomes greater with the degree of skill required. If the principle
that all the members are to be workers in the business is lived up to,
then obviously in a highly specialized undertaking, such, for instance,
as the manufacture of hand-blown window glass, only persons skilled
in the various trades can be admitted to the society as members.
The present study has disclosed all degrees of cooperativeness
among the workers’ productive societies. Some of these cooperative
companies are in reality more of the nature of trade-union or even
joint-stock enterprises than of cooperative workshops and this fact
is recognized by the companies themselves. Often the greater part
of the capital has been furnished by the local trade-union of the
members’ craft and in a number of cases only u n io n is t s are eligible
for membership in the company. One of the most successful fish
cannery societies has reached the point of being more nearly a
profit-sharing than a cooperative society, as only a small proportion
of the workers are stockholders and of the employees only the actual
producers—the fishermen—share in the profits.
These societies could not, therefore, be measured by the same strict
standard as the consumers’ societies. In the consumers’ movement,
while material benefits from the enterprise are desired, there is usually
also a strongly ethical quality, a vision of something above and beyond
the shopkeeping activities, with shopkeeping simply a first step toward
a better ordering of society to be striven for patiently but hopefully in
the interest of all consumers. This may not be true of individual
cooperators nor of each individual society, for many have material
benefit as their main and only object, but it is true of the consumers’
cooperative movement as a whole. This wider vision seems to be
less characteristic of the workers’ productive societies, and in some
instances complaint is made of lack of cooperative spirit even iif the
small sphere within the company. One report states that “ the
greatest difficulty is making the stockholders work toward the success
of the business and not just a job. It is hard to convince them after
a few losing years that the success of the business will mean theirs.
* * * About the easiest thing they do is vote for a raise in wages.
Some of us feel that we should be conservative and try to build up a
reserve instead of just getting by.”
To some extent, no doubt, this is due to the fact that the coopera­
tive productive societies have no central organization whose duty it
is to work for the increase of cooperative knowledge and spirit
among the members. The shingle mills of Washington had a central
organization, but this was a marketing rather than an educational
body, and it failed a few years ago.
YEAR AND CAUSE OF ESTABLISHMENT OF SOCIETIES

These societies average just under 10 years of age. Four were
started in each of the years 1915 and 1920, two each in 1916, 1921,
1922, and 1924, and one each in 1886, 1896, 1908, 1910, and 1925.



29

WORKERS* PRODUCTIVE SOCIETIES

Three were started as a result of a strike or lockout in the industry.
Difficulty in coming to terms with the employers led to the opening
of a cooperative factory by the strikers to provide employment for
some, at least, of their number. In one of these cases the formation
of the new company was assisted by the local chamber of commerce.
A fourth factorv was started by the former employees of a cigar fac­
tory which dealt almost exclusively with saloons. Upon the advent
of prohibition this outlet for the product was closed, sales fell off,
ana more than 300 employees lost their positions. Certain of the
displaced workers organized the cooperative company with the hope
of providing employment for their members, and of disposing of the
product through cigar and confectionery stores.
Six factories came into being because of the desire of the workers
to secure better wages and working conditions. A seventh states
simply: “ We wished to progress.” Two were organized to provide
steady employment for the workers, “ with profits a minor factor” ;
in one case there was extreme depression in the industry and the men
had been idle for a year. One society puts the cause for its formation
on a broader ground, “ the public convenience.”
MEMBERSHIP

As already stated, a number of the societies limit their member­
ship to trade-unionists in general, or to members of the particular
craft of the society. Others make no specific limitation, admission
being open to anyone who purchases a share of stock, though, except
in a society doing unskilled work which anyone could do, this could
hardly be carried out cooperatively. One society admits to member­
ship “ workers only,” and one society specifically provides that—
No person shall become or remain a stockholder in this company unless he is
actually engaged in working in some capacity in and about or for the company,
devoting his entire time, energy, and attention to the promotion and conduct
of the business of the company, and shall remain a stockholder only so long as
he continues in such connections and employment of the company unless excused
for a fixed period by a majority vote of the trustees of the company.
EMPLOYMENT AND WAGE POLICIES

How far these societies have attained the state in which the work­
ing force and the owners are one and the same is shown by Table 16.
T able 16.—N U M BER OF M EM BERS AN D OF EM PLOYEES OF W O R K E R S' PRODU C­
T IV E SOCIETIES, 1025
Shareholders

Shareholders
Society

Society N o. 1_________
Society N o. 2_________
Society N o. 3_________
Society N o. 4_________
Society N o. 5_________
Society N o. 6_________
Society N o. 7_________
Society N o. 8_________
Society N o. 9________ _
N a 1A
Society N o. 11________
Society N o. 12........ ......

*Not reported.

Num­
ber

200
650
8
60
110
150
203
25
80
45
16
11

4
14
17
23
25
25
® «b
13
11

W 30
4
2
250

Society

Num­
ber

Non­
Num­
share­
ber em­ holder
ployed employ­
in fac­
ees
tory

Society N o. 13........ .....
Society N o. 14........ ....
Society N o. 15_______
Society N o. 16_______
Society N o. 17........ ....
Society N o. 18_______
Society N o. 19_______
Society N o. 20_______
Society N o. 21_______

382
21
22
200
9
16
89
40
92

13
10
16
20
9
16
86
40
15

150

T otal__________

2,438

465

807

14
21

210 per cent of working force,

28464°—27---- 3



Non­
Num­
share­
ber em­ holder
ployed employ­
in fac­
ees
tory

63
8
15
180
22
45

* This society has not yet started operation.

30

COOPERATIVE MOVEMENT IN THE UNITED STATES

It is seen that in only three societies are the shareholders identical
with the workers. One of these is not a workshop, but an aggre­
gation of fishermen who have combined to market their catch.
Two other societies employ no workers outside their own member­
ship, but the business is unable to give employment to all the mem­
bers. Society No. 10 comes very near the standard, while Societies
Nos. 7, 16, and 21 show the most pronounced trend toward the
joint-stock practice. Society No. 10 follows recognized cooperative
practice quite closely in most respects, ranking high among the
societies studied. The besetting temptation of the workers' pro­
ductive society already mentioned—restriction of membership for
profit's sake—has had little or no effect upon it. A special effort is
made to induce employees to become members. “ So far as possible
all the employees of the company shall be stockholders, holaing one
share each of the capital stock."
The 21 societies reporting give employment to nearly 1,300 workers.
All but four of them work the 8-hour day. One of these works
a day of 7 hours, one of 8 hours and 40 minutes; in the third the
skilled workers have the 8-hour day, but the unskilled workers
have one of 9 hours. The fourth society has a 48-hour week, 5 hours
being worked on Saturday and 8% hours on each of the other days.
Fifteen societies pay the union scale of wages; 1 reports that it
pays the current rate, but that there is no union scale in the locality;
1 s o c i e t y pays more than the scale; 1 has not yet commenced business;
and 2 failed to report on this point.
CAPITALIZATION AND BUSINESS

The value of the share ranges higher in the workers' productive
societies than in the consumers' organizations. The lowest found
was $10, in one society; $100 was the common value, and $200
the highest. One society allows an investment of $5,000 per stock­
holder. In another, which is gradually paying off the indebted­
ness on its plant, the worker-owners, in order to meet these regular
payments, leave m the company 25 per cent of the amount due
them in wages, this applying on the purchase of stock up to a limit
of $2,000. When the amount so accumulated to any stockholder's
credit exceeds $2,000, under a refunding system the surplus is to be
returned, and this will continue until all members hold an equal
amount of stock in the company. In four societies the stock is
divided equally among the members.
Table 17 shows the paid-in share capital and the amount of surplus
and reserve accumulated by the societies reporting:
T able 17.—PA ID -IN SHARE C A PITA L AN D SURPLUS AN D RESERVE OP W O RK ERS’
PRODU CTIVE SOCIETIES, D E C E M B E R 31, 1925, B Y K IN D OP BUSINESS DONE
Number
of
societies

Kind of business done
Cigar factories................................... ....................................
Fish canning and sales societies_________ _____ _________
Glass (window) factories......................................................
Laundries_________________________ _______________ _
Potteries____________________________________________
Shingle m ills........................................................................
Shoe factories.........................................................................
Veneer factories......................................................................
Total_______ _________ _______
r. _____________
*1 society.




* N ot reported.

8 3 societies.

4
3
2
2
1
6
2
1
21

Paid-in share
capital
$53,952
208,074
175,000
53,283
71,000
158,500
140,700
265,000
* 1,025,509

* 20 societies.

Surplus and
reserve
1 $900
‘ 445,677
H 700
(’)

*75,435
52,956
73,922
« 653,590

59 societies.

31

WORKERS’ PRODUCTIVE SOCIETIES

Table 18 shows the amount of business done in each of the six
years, 1920 to 1925, by the 18 societies reporting on this point:
T a b l e 18.—AM OU N T OF BUSINESS DONE B Y W ORKERS’ PRO D U CTIVE SO CIETIES,

1920 TO 1925
Num­
ber of
socie­
ties re­
porting

Kind of business

Cigar factories........................
Fish canning and sales socie­
ties.......................................
Glass (window) factories .....
Laundries...............................
Shingle m ills..........................
Shoe factories.........................
Veneer factories,....................
Total.............................
12 societies.
* 3 societies.
* 1 society.

4

Amount of business
1920

i $45,055

2 *1,019,054
2 •621,548
2
144,643
6 *301,781
2 *1,702,611
1

1922

1921

1924

1923

l $94,101 *$104,570 *$131,842 * $11% 136
*601,208
*438,466
125^142
4640,068
*853,509
(•)

#632,812
*231,653
123,729
*809,196
1,191,989
536,854

1925

$141,824

*723,043 1 668,756
764,192
*214,334 *102,398
295,679
143,495
177,711
175,585
*807,450 *837,903
992,906
1,301,842 1,262,414 1,419,608
743,535
924,812|
712,275

0
19 7 3,834,692 *2,752,584 •3,630,803 1 4,246,818 U 3,873,593 4,533,329
44 societies.
* 5 societies.
•N ot reported.

19 societies.
811 societies.
• 14 societies.

1015 societies.
1116 societies.

AMOUNT AND DIVISION OF PROFITS

In addition to the wages received, the stockholder employees are
also entitled to a share of any profits made by the business. In all
but two cases the societies studied divide the profits on the basis, not
of wages, but of stock, just as in a joint-stock company; in one of
the two exceptions profits are divided according to the output of each
worker-owner, while in the other they are divided equally. In 1925,
however, though profits aggregating $248,804 were reported by 12
societies, in omy 4 were any returns from profits received by the
shareholders. These societies divided the sum of $109,470. The
other 8 societies retained all of the net earnings for use in the business.
Some of the societies, even though now on a profit-making basis, are
in debt, due to deficits in previous years, to losses from fire, etc.
The shingle mills also lost money when their marketing organization,
and later a logging organization, failed.
The statement below shows the profits reported for 1925 by the 12
societies which were able to make a profit that year:
Societies
reporting
Amount of
profit or loss profit reported

Cigar factories_________________________
Fish canning and sales societies__________
Glass (window) factories________________
Laundries_________ ____ ________ ____ _
Shingle mills___________________________
Shoe factories__________________________ 2
Veneer factories________________________
Total.................................... ...........

2
1 $861
1
27, 017
1
2 9,198
2
4, 858
6 8 18, 331
143, 346
1
54,391
15

4

248, 804

MARKETING PROBLEMS

Workers' societies are often handicapped by the fact that even
though the members be skilled workers in their trade they have had
little or no knowledge of salesmanship or of market conditions. They
11 society; the other reported a loss of $10,148.
* Loss.
8 5 societies; 1 other society reported a loss but did not state the amount.
412 societies.




32

COOPERATIVE MOVEMENT IN THE UNITED STATES

therefore are at a disadvantage and sometimes experience difficulty
in disposing of their product. Inquiry was made as to whether such
was the case in the societies studied., and also as to the channels
through which they dispose of their output. Six societies report that
they nave some trouble in disposing of their goods. One of these
societies found the marketing of its products so serious a problem
that, notwithstanding the fact that the officers served without salary,
the sales did not cover the overhead expenses and it was obliged to
close out its business early in 1926. Another attributes its sales diffi­
culties to a “ prejudice against cooperation.” The remaining socie­
ties report no difficulty on this score.
Seventeen of the workshops sell their goods on the open market,
three others find an outlet also through consumers’ cooperative so­
cieties, and only one society (which also sells to other cooperative
societies and on the open market) uses trade-union channels in selling
its goods.
BUSINESS METHODS AND MANAGEMENT

The final authority over the operation of the society lies, of course,
in the general meeting of stockholders where in the majority, 16, of
the societies studied each stockholder has but one vote irrespective
of his capital holdings in the company, and in 9 no proxy voting is
allowed. The immediate responsibility, however, rests upon the
board of directors and upon the manager. The manager receives his
position by election—by the board of directors in 10 societies and
directly by the shareholders themselves in 9 societies. One factory
has no manager, the affairs being carried on by the board of directors
and the officers. The remaining society, which is just building its
factory, has not reached the point of selecting its manager.
Check is kept upon the manager by the board of directors and by
audit of the books. All but two of the societies in operation in 1925
for which reports were received have a regular audit of accounts,
this being done by a professional accountant in 12, by a committee
in 3, and by the board of directors in 1. Of the two factories which
do not aucut their books regularly, one has an occasional audit by a
professional auditor and the other by a committee of members.




33

WORKERS* PRODUCTIVE SOCIETIES

EXPENSES OF OPERATION

Table 19 shows for three societies—a laundry, a shingle mill, and
a veneer mill—which furnished detailed expense accounts, the per
cent of total sales which went for each item of operation:
T a b le

19.—EXPENSES OP OPERATION OF THREE WORKERS' PRODUCTIVE SOCIE­
TIES FOR 1925
Per cent1spent for each item, by—
Item of expense
Laundry

Materials and supplies........................................... ........................ .....
__________________________________________
Wages and salaries.—
Depreciation__ ___ ___ ________________________________________
Rent_____ ____ __________________ ____________ ________________
Heat, light, and power_________________________________________
Advertising___________ _______ _______________ ______ _________
Taxes andmsurance___________________________________________
Office supplies........................ .............. ................................... ............
Repairs___. ________ ___________________________________ ____ ...
B ad debts____ ________________________________________________
D elivery..__ ______________________ __________________ _________
Interest_________________________________________ *.____________
Miscellaneous...................... ............... ............ ...............................

8.0
71.1
3.6
2.0
4.9
.8
1.8
.5
.4
(>)
2.5
1.6
1.3

Total.............................................................................................
N et profit on sales................................................................ ...............

98.5
1.5

* Based on sales.

Shingle
mill
64.7
28.4
1.1
. .1
.1
.2
1.8
.4
(*) ,

Veneer
mill
46.8
39.6
2.9
2.0
(2
)

(*)

2.8
.1
2.4
.5

1.7
.1

.6

98.6
1.4

97.7
2.3

*Less than one-tenth of 1 per cent.

ASSETS AND LIABILITIES

,A detailed statement of assets and liabilities as of December 31,
1925, for the 11 societies which furnished financial statements is
shown in Table 20. As is seen, the combined balance sheet of these
11 societies amounts to $2,627,834.




T able 2 0 .—ASSETS A N D L IA B IL IT IE S OF IN D IV ID U A L W ORKERS’ PR O D U CTIVE ASSOCIATIONS AS OP D E C E M B E R 31, 1925
Surplus and deficit
account

Assets

2
_
10..
12-.
13..
16171819-

21T otal.

1,210

81
30,972
191,463

Miscel­
laneous

$57,613
16,608
79,954
17,103
20,232
3,421
88,090
21,301
24,981
117,681
159,932

$70,018
3,570
287,063
50,507
27,873
39,250
44,183
21,341
99,167
200,434
28,597

$177,998
8,587
232,527
4,658
3,413
9,386
14,923
6,755
5,595
25,451
173,234

4,088
2,508
2,069
4,207
1,170
1,265
4,351
42,363

606,916

872,003

662,527

150,441

B ills and
accounts
payable

$2,441
1,991

Gain

Share
capital

$3,326

Loss

$117,200
27,100
175,074
54,600
20,000
40,283
150.000
15,000
43,200
275.000
25,500

$72,855

942,957

274,109

1,635
15,919
50,793

4,176

400
69,578

9,137

10
0

83,724
12,777
28,445
3,506
36,131
6,844
25,048
4,679

Reserve
fund

Surplus
and un­
divided
profits
$76,442

$6,091
6,322

22,955
481,378

25,757
43,356
73,922
522,034
747,833 I

Loan
capital

Miscel­

laneous

$33,146

$18,164

23,738

2,895
16,427

7,614

"11,871
25,288
25,500

64,498

107,922

7,777

I
N
THE
UNITED
STATES




$13,063
69
27,598
433
741
377
362

Merchan­ Buildings, Bills and
dise inven­ land, and
accounts
tory
equipment receivable

MOVEMENT

$796,000
50,000
749,192
282,003
144,929
145,985
223,794
155,921
188,297
743,535

6. . .
7__

Cash on
hand and
in bank

Liabilities

COOPERATIVE

Society N o.

Total busi­
ness for
1925

35

WORKERS* PRODUCTIVE SOCIETIES

Some indication of the financial status of the societies is given by
Table 21 (derived from the table preceding), which shows the per­
centage of working capital represented by fixed assets (buildings,
furniture, fixtures, lands, etc.), and bills and notes payable and receiv­
able, and the number of times the capital was turned in sales, for the
11 societies for which information was available. In this table paid-in
share capital, loan capital, reserve, and surplus are all regarded as
“ working capital.” This was done because m many of the societies
all these funds are in use as capital and merely to use the paid-in
share capital would not represent the true situation.
T a b l e 8 1 .— RE LATIO N OF F IX E D ASSETS. ACCOUNTS PA YABLE AN D RECE IV A B LE ,

A N D SALES TO C A PIT A L IN 11 W ORKERS’ PR O D U CTIVE SOCIETIES
Relation of—
Society

Society N o. 2 .
Society N o. 6.
Society N o. 7 .
Society N o. 10
Society N o. 12.
Society N o. 13.
Society N o. 16.
Society No. 17.
Society N o. 18.
Society N o. 19.
Society N o. 21.
Buildings, land, and equipment.

Fixed assets* Accounts and Accounts and
notes payable notes receiv­
to
able to
to capital3
capital*
■j

Percent

30.8

1 .8
0

45.8
92.5
105.9
61.3
29.4
52.4
105.3
57.4
5.0

Percent

32.1
.3
13.3
23.4
108.1
5.5
24.1
16.8
26.6
1.3

Ratio of sales
in 1925
to capital *

Per cent
78.5
25.9
37.6
8.5
12.9
14.7
9.9
16.6
5.9
7.3
30.4

3.5
1.5

1
.2

5.2
5.5
2.3
14.9
3.8

2
.0
2
.1
1.1

* Share and loan capital, reserve, and surplus.

The constitution and by-laws of two associations, one a cigar fac­
tory and the other a mill, are given in Appendix B (p. 110) as repre­
sentative of these types of organizations.




CHAPTER IV.—CONSUMERS’ SOCIETIES
CHARACTERISTICS OF THE CONSUMERS’ MOVEMENT

The consumers’ society in its organization varies little from country
to country. The fundamentals laid down by the Rochdale weavers
have been adopted as guiding principles wherever the movement has
spread.
1. Unrestricted membership, with capital shares of low denomination
which may be paid for in installments. This is an important feature.
Since the cooperative movement is above all a movement of the
working classes, it is essential that the financial undertaking be made
easy and within the workingman’s means.
2. Limitation of the number of shares to be held by any one member.
Members of means are not excluded, but in order that democracy
may prevail, it is well that there should be no wide inequality in
the members’ financial standing in the society.
5. Democracy in government, with officers elected by and responsible
to the members, and each member entitled to one vote only, irrespective
of the number of shares he holds. This feature immediately eliminates
any tendency toward control of the society by the more well-to-do
members, as in the stock company.
4- Sale of goods at prevailing market prices. It is the policjr of
cooperative societies to sell only pure goods and as far as possible
only goods produced under favorable working conditions. For this
reason “ union-label” goods are in demand by cooperative societies,
since the label is a guaranty of production under fair wage ana
working conditions. Prevailing market prices are charged, for two
reasons: Under the “ cost-plus” system—sale at cost, plus a small
percentage estimated as sufficient to cover expense of management,
handling, etc.—it is next to impossible to foretell accurately what
the expense will be, and the slightest miscalculation leads to the
failure of the store, since there is in the very nature of the plan no
reserve to fall back on. Again, price cutting at once attracts the
attention and arouses the hostility of the private dealer; it is also
unnecessary, since the purpose of price cutting can be accomplished
through the return of the patronage dividend.
6. Cash sales to amid the loss attendant upon the extension of credit
and to enable the society to make the best use of its capital.
6. Return of dividend to each member, not on the stock held, but
in proportion to the amount of business he has done with the store.
The dividend is the member’s share of the savings or “ profits,”
that is, of the sum remaining after the deduction from the trading
surplus of the amounts to be set aside for educational purposes,
reserve, and depreciation fund. The dividend is computed not upon
the share capital but upon the total sales, and is distributed in ac­
cordance with the amount purchased by each member. It is evident
that the member’s patronage, not the money he has invested in the
store, determines the amount he receives in dividend. This feature
is peculiar to the cooperative movement. Thus the member whose
trade at the store has amounted to $100 during the quarter would
receive, on a 6 per cent dividend, $6,




37

CONSUMERS* SOCIETIES

Not all cooperative societies, however, conform to all of these
principles, as will appear.
An attempt has been made to include in this report, as in the
previous one, only societies that are genuinely cooperative. To
determine this, the Rochdale principles were taken as a standard of
what the cooperative associations should be, the returns of the
societies being carefully scrutinize^ and the societies tested accord­
ing to this standard, with particular reference to the return of patron­
age dividends and the method of voting. Allowance was made for
the fact that some of the associations are organized under the regular
State corporation laws which often specify that voting and distribu­
tion of profits shall be on the basis of shares, and that in some States
there is no cooperative law. Not all of the societies for which infor­
mation is here given are Rochdale in every respect. Some are
included which lack certain cooperative features but which neverthe­
less conform to the standard in enough respects, especially consider­
ing the requirements of corporation law, to warrant their being
classed as cooperative societies.
It is recognized that statistical returns give no indication of the
spirit of the society and that the organization may conform in
structure and practice to every one of the accepted cooperative
tenets and at the same time be utterly lacking in the cooperative
spirit and vision. The spirit of the society can be determined only
by close first-hand study, and this was unfortunately impossible.
The figures, therefore, may and probably do cover associations
uncooperative in spirit. With this exception, however, it is believed
that the figures can be accepted as covering only true cooperatives.
TYPES OP SOCIETIES INCLUDED

Data are at hand from 479 consumers’ societies, distributed accord­
ing to type as shown below. It will be noted that, although housing
societies are consumers’ societies, they have been treated separately
in a succeeding section of the report. This was done because of the
peculiar interest attaching at present to the cooperative provision
of homes because of high rents and scarcity of housing accommoda­
tions. The data given in the present chapter are therefore exclu­
sive of the housing organizations.
Retail store societies dealing in—
Number
General merchandise______________________ 324
Groceries_________________________________ 49
Groceries and meats_______________________ 38
Students’ supplies_________________________ 11
Other commodities________________________
9
Total............... —.......... .................... ......... 431
Wholesale societies____________________________
3
Gasoline filling stations________________________
10
9
Bakeries_______ _____________________________
Laundries______ 1____________________________
2
Boarding houses______________________________
12
Restaurants__________________________________
5
Water supply societies_________________________
2
Miscellaneous societies_________________________
5
Grand total............................... ................479

Percent

67. 6
10. 2
7. 9
2. 3
1. 9
90. 0
.6
2.1
1. 9
.4
2. 5
1.0
.4
1. 0
100. 0

The societies, listed above as dealing in “ other commodities ” include
2 organizations handling coal only, 1 art supplies, 1 dry goods and



38

COOPERATIVE MOVEMENT IN THE UNITED STATES

furniture, 1 men’s clothing, and 4 miscellaneous articles. The “ mis­
cellaneous” societies include 1 milk-distributing society, 1 garage, 1
light and power society, 1 printing office, and 1 undertaking estab­
lishment.
The term “ general merchandise” covers a variety of goods, such
as groceries, meats, light hardware, shoes, various articles of clothing,
etc. The farmers’ societies usually handle farm supplies, feed,
lumber, and even farm machinery, and in Illinois the general co­
operative store is likely to carry also miners’ supplies and equip­
ment. Several of the general-store societies of Michigan and Wis­
consin also deal in forest products.
Considerable versatility in branching out into new lines is shown by
the societies studied. Nine societies, in addition to their regular busi­
ness, handle coal; one of these sells ice as well, and another also
operates a milk route. One store society also deals in gasoline,
another in automobile tires, another in oil and tires, and two others in
gasoline and oil. One of the gasoline filling stations also carries
tires and accessories. A milk station as well as a grocery and meat
business is operated by one o r g a n iz a t io n , three others run bakeries in
connection with the store, and still another has both a milk station
and bakery. One of the Finnish societies supplements its store busi­
ness with a bakery and restaurant, and another with a milk station,
coal yard, restaurant, and bakery. An Italian general-store society
also has a pool room and an assembly hall for its members. A north­
ern society which has a general store also does a public dock and
ship-chandlery business, and one of the older students’ societies, in
addition to the textbooks, etc., can supply its members with cloth­
ing, tailor service, kitchen utensils, and paints. But perhaps the
most varied activities are found in a New York society which has
four cafeterias, a bakery, food shop, lending library, and credit
union; the policy of this society is to add to the services offered
rather than to “ spread thin” a single service over one new group of
members after another.
Five of the societies are b u y in g - c lu b s which have no store but
simply pool the orders of their members.
The cooperative gasoline and oil stations are a very recent devel­
opment in the cooperative movement.
The cooperative boarding houses represent an interesting phase of
the cooperative idea. These are mainly Scandinavian and Finnish
societies composed of unmarried men who band together to supply
themselves with board and lodging without profit. Many of these
organizations also accommodate transients. In some cases the build­
ing is owned by the society. Many of these societies are operated
at cost, each man paying in advance the amount estimated as needed
to cover the week’s expenses. The boarding houses reporting have
housing accommodations for 312 roomers and serve meals to an
average of 1,513 persons per day. The number of persons served
varies considerably from season to season. One northern society
reports that in the summer when the ore docks in the locality are
active the number of boarders runs up to as high as 80 but in the
winter the number may fall as low as 10.
The four restaurants which reported as to persons fed average
4,490 meals per day.




39

CONSUMERS’ SOCIETIES

A total of 534 establishments is operated by 456 societies and
447 of these societies give employment to 3,409 full-time and 49 parttime workers.
GEOGRAPHICAL DISTRIBUTION

Table 22 shows the geographical distribution of the 479 societies
making returns.
T a b l e 32.-G E O G R A P H IC A L D ISTR IB U TIO N OF SOCIETIES FU RNISH ING REPO RTS

FOR 1025

State

Alabama____ . . , _
, ,
Alaska........ . .
__ 1>rr
Arkansas.,. .
.. . . n
California____________________
Colorado____________________
Connecticut_________________
Idaho._______________________
Illinois______________________
low s___ _____________________
Kansas______________________
Kentucky___________________
Maine_______________________
Massachusetts________________
Michigan____________________
Minnesota___________________
Missouri_____________________
Montana____________________
Nebraska____________________
New Hampshire______________
New Jersey__________________
New York___________________
North Carolina_______________
North Dakota__________ ____
Ohio............................................
Oklahoma___________________
Oregon _____________________
Pennsylvania________________
Rhode Island_________________
South Dakota________________
Tennessee____________________
Tflxjw
„ _ _
_ _ _ _ _ __
V irg in ia _________________________

Washington__________________
West Virginia________________
W isconsin___________________
W yom ing____________________
Total___________________

General
stores

1
2
3
3
1
2
16
2
13
25
2
1
9
17
99
2
2
21
1
1
13
10
3
9
2
10
2
1
16
5
30
324

Other Boarding Gasoline
Other
houses
retail
filling
types of
and res­ stations Bakeries societies
store
societies taurants

2
1

6
1
8
2
5
2

3

5
17
8
9
2

1
6
3

2
2
5
6

1
1

5
8

1

1

1
l
2

2

1
6
1
1
4
1
2

1

1

1

1
3
1
3
1
107

3
2
17

3
10

9

12

Total

1
2
3
5
1
7
3
28
4
19
27
2
6
32
31
120
4
2
25
2
6
12
1
14
16
4
2
14
3
12
2
1
1
22
6
38
1
479

YEARS OF OPERATION

The 423 retail store societies reporting as to age have had an
average business life of 10 years and 1 month,2 the other types of
societies, 6 years and 4 months, and both classes combined had been
in operation, on the average, just under 10 years. The number fall­
ing within each age group is as follows:
Retail Other
stores societies

Less than 1 year__ —______ ._________________
lyear and under 3 years. ^..............................

Total.
* In the 1920 study (see Bui. 313) the average was 4 years and 11 months.




1
13
22
235
130
22

8
3
27
10
-----

423

48

40

COOPERATIVE MOVEMENT IN THE UNITED STATES

It is evident from the above that more than four-fifths of the
societies have been in business from 5 to 25 years (56 per cent for
from 5 to 10 years and 30 per cent for from 10 to 25 years).
Twenty-two store societies, 4.7 per cent of the total, have been in
operation more than 25 years; six of these have been in business 25
and under 30 years, eleven, 30 and under 40 years, four, 40 and
under 50 years, and one society for half a century. Of these, 13 are
general stores, 3 are grocery stores, and 9 are students’ societies.
There are 1 each in Connecticut, Indiana, New York, Ohio, Rhode
Island, and Texas, 2 each in Massachusetts, Michigan, and Wis­
consin, and 3 each in California and Kansas, and 4 in Minnesota.
Of the three Kansas societies, one has been in operation 32 years,
one 49 years, and the third, 50 years.
Table 23 shows the number of each type of society reporting
which were started in each year or period from 1876 to 1925.
T a b l e 2 3 .-Y E A R OF ESTABLISH M EN T OF CONSUMERS’ SOCIETIES, B Y T Y P E OF

SO CIETY
Store societies
Year or period

Gen­
eral

2

1876-1880..............
1881-1885..............
1886-1890.............
1891-1895..............
1896-1900..............
1901-1905 ____
1906-1910.............
1911-1915..............
1916—...................
1917......................
1918......................
1919......................
1920......................
1921......................
1922......................
1923......................
1924......................
1925......................

3
6
3
5
29
65
19
22
31
47
51
25
6
5
4

Total..........

323

Other

1
2

Nonstore societies

Total

2
3
3
6
10
7
13
12
10
19
8
1
3
2
1

3
2
3
8
6
8
35
75
26
35
43
57
70
33
-7
8
6
1

103

426

Grand total

Boarding Gasoline
houses
filling Baker­ Other
and res­
ies
taurants stations

Num­

Total

ber

2

1

1

5
1

1

7
1

3
2
3
8
6
9
36
81
28
39
47
58
80
34
10
8
13
2

15

8

9

41

467

1
4
1
2
2
1
4

1
2
2
2
1

9

1
2

4

1
1
6
2
4
4
1
10
1
3

Per

cent

0.6
.4
.6
1.7
1.3
1.9
7.7
17.3
6.0
8.4
10.1
12.4
17.1
7.3
2.1
1.7
2.8
.4
100.0

The situation shown in this table is typical of the development of
the cooperative movement in this country. A slight increase in
cooperative development became noticeable at the beginning of this
century, gradually growing in volume and reaching its high points
in the war years of high prices—1918, 1919, and 1920—when nearly
two-fifths of the societies reporting were formed. Then followed a
period of depression and rapidly falling prices when cooperative as
well as other business found it difficult to survive. Even though
the need of such societies may have been felt, the workers have also
suffered from the deflation and from unemployment and have had no
money to put into new enterprises, and consequently the number of
societies formed since 1920 has been small.
MEMBERSHIP

The membership of the 450 societies which reported on this point
for 1925 aggregated 139,301, distributed by States as shown in
Table 24.



41

CONSUMERS* SOCIETIES

T a b l e * 4 .—M EM BERSH IP OP A L L TYPE S OF CONSUMERS* SOCIETIES R E PO R TIN G

IN 1925

Num­
ber of
mem­
bers

State

150

A labam a...
Alaska........
A rkansas...
C alifornia..
Colorado_
_
Connecticut
Idaho...........
Illinois........
Indiana----I o w a ...-----

9,044
160
3,176
274
9,559
643
3,051
5,245
461
1,204

Kn s__
a sa

K en tu cky..
M aine........

State

M assachusetts..
M ichigan...........
M innesota.........
M issouri............
M ontana...........
Nebraska...........
New Hampshire.
New Jersey........
New Y ork.........
N orth Carolina..
N orth D akota...
Ohio...................
Oklahoma..........

Num­
ber of
mem­
bers
21,676
8,873
23,889
458
195
4,732
6,577
124
1,400
13,494
727

Num­
ber of
mem­
bers

State

3,030
1,498
264
1,166
46
857
215
3,551
1,049
8,116
540

Oregon............ .
Pennsylvania..
Rhode Island..
South Dakota..
Tennessee____
Texas...............
Virginia..........
W ashington....
West Virginia..
W isconsin____
W yoming....... .
T otal—

139,301

The greatest membership reported in any State was that of the
Minnesota societies, comprising 23,889 cooperators, but followed
closely by Massachusetts societies with 21,676 and Ohio with 13,494.
Twelve other States reported a membership of 3,000 or more.
Table 25 shows the total membership and the average per society
of the various types of consumers’ organizations.
T able 2 5 .-T O T A L AN D AV E R AG E M EM B E R SH IP OF CONSUM ERS’ COOPERATIVE
SOCIETIES IN 1928
Membership
Type of society

Number of
societies
reporting

Total

Average per
society

Retail store societies dealing in—
General merchandise__________ _____________ ___
Groceries_______________________________________
Groceries and m eats.____________________________
Students’ supplies______________________________
Other commodities_____________________________

310
47
38
9
5

55,431
11,129
21,399
30,848
953

179
237
563
3,428
191

TotaL........................................................................
Gasoline filling stations_____________________________
Bakeries____ ______________________________________
L aundries.._____ . . . . . . . ____________________________
Boarding houses___ ________________________________
R estaurants..__ ____ _______________________________
Water supply societies........................................ ............ .
Miscellaneous societies......................................................

409
7
9
2
11
5
2
5

119,760
3,615
4,834
263
1,578
2,733
76
6,442

293
516
537
132
143
547
38
1,288

Grand totaL.............................................................

450

139,301

310

The above table shows a somewhat greater average membership
than was disclosed by the 1920 study—269 members—but it is open
to the objection that it does not cover identical societies for both
years. Therefore, in order to test the accuracy of this indication of
the growth of consumers’ cooperative societies, the 215 societies
which furnished membership data in both studies were taken for
comparison in Table 26. Because the general stores form the
largest group of the societies reporting, separate figures are also given
for them.




42

COOPERATIVE MOVEMENT IN THE UNITED STATES

T a b l e 2 6 .—M EM BERSH IP OP ID E N T IC A L CONSUMERS* SOCIETIES IN 1920 AN D 1925,

B Y STATES

General stores
State

Members
Num­
ber
report­
ing
1920 1925

Alaska_____
A fk ..............
Calif............
Colo_____ _
Conn______
Idaho___ __
111_________
Ind..............
Iowa_____ _
Kans______
K y________
M e________
Mass
M ich______
M inn______
M o...............
M ont______
Nebr............
N . J - ..........
N . Y ............
N . C............
N. Dak .....
Ohio............
Okla.............
Oreg______ _
Pa_________
R . I ..............
S. Dak.
Tex________
................
Wash______
_____
W is..............
T o t a l-

1
1
1
1

200
100
42
175

2
7
1
2
14
1

334
2,357
203
154
3,046
280

4
940
11 4,182
36 6,092
1
150
2
146
11 1,581

Total

All other consumers* societies
Members
Per Num­
ber
cent
of
report­
1920 1925
change ing

Members
Per
Socie­
cent
ties
report­
of
1920
1925
change ing

—3.0
194
120 +20.0
85 +102.4
-8 .6
160

2

6,014

8,618

227
2,076
200
169
3,019
261

-3 2 .0
-1 1 .9
-1 .5
+ 9.7
- .9
-6 .8

3
1
3

329
84
2,659

722 +119.5
53 -3 6 .9
1,262 -5 2 .5

2

475

938
4,458
6,478
148
195
1,470

- .2
+ 6.6
+ 6.3
—1.3
+33.6
-7 .0

414

+43.3

-1 2 .8

-4 .6
2
559
586
14 13,147 18,788 +42.9
6 1,261 1,385
+ 9.8
6 3,076 6,261 +103.5
182
932
6,043

2
3
6

204
554
3,614

-1 0 .8
+68.2
+67.2

1
4

-6 .5
230
215
2,943 13,397 +355.2

1
1
3
1
3
3
10
1
4
14
1
2
18
17
42
1
2
13
3
6
1
6
8
2
1
8
2
5
1
1
10
4
20

200
100
6,056
175
329
418
5,016
203
629
3,046
280
586
14,087
5,443
9,168
150
146
1,785
554
3,614
135
844
3,465
340
690
870
289
469
1,375
218
2,056
792
4,368

Per
cent
of
change

194
-3 .0
120
+20.0
8,703
+43.7
160
—8.6
722 +119.5
280
—33.0
3,338
—33.5
200
—1.5
583
-7 .3
3,019
—.9
261
-6 .8
559
-4 .6
19,726
+40.0
5,843
+ 7.3
12,739
+39.0
148
-1 .3
195
+33.6
1,652
—7.5
932 +68.2
6,043
+67.2
124
+ 8.1
679
-1 9 .5
13,825 +299.0
277
-1 8 .5
3,000 +334.8
700
—19.5
264
-8 .7
428
-8 .7
857
-3 7 .7
215
-1 .4
2,680
+30.4
840
+ 6.1
+ 6.3
4,642

1
5
4
2

135
614
522
340

124
464
428
277

-8 .1
-2 4 .4
-1 8 .0
-1 8 .5

5
1
5

509
192
469

382
164
428

-2 5 .0
-1 4 .6
-8 .7

215
Va
218
1,956 2,580
692 . Va787
W
4,284 4,407

-1 .4
+31.9
+13.7
-2 .9

151 29,913 30,454

+ 1.8

64 37,983 63,494

+67.2

215 67,896 93,948

+38.4

201

+1.5

593

+67.3

316

+38.3

1
9
3
19

Average per
society

198

1
3
1

690
361
97

1

1,375

1
1
1

100
100
84

3,000 +334.8
318 -1 1 .9
100
+3.1
857

-3 7 .7

100
0)
53 —47.0
235 +179.8

992

437

» N o change.

These societies showed an increase in membership of 38 per cent
from 1920 to 1925. In other words, the cooperative societies which
survived the depression period have more than held tbeir own in point
of membership. The combined membership of the societies handling
general merchandise increased from 29,913 in 1920 to 30,454 in 1925,
or about 2 per cent, but the membership of all other types of con­
sumers’ societies combined increased from 37,983 to 63,494, or 67.2
per cent. The grocery societies, which are not given separately in
the table, showed an increase in membership of nearly 50 per cent.
The consumers’ societies which reported in both years had an aver­
age membership per society in 1925 of 437 persons, nearly two-fifths
larger than in 1920, when it was 316.
Among the 23 States represented by more than one society 12 show
gains in membership, these ranging from 6.1 per cent in West Virginia
to 299 per cent in Ohio. In 10 of these States the cooperative
societies gained more than 25 per cent in membership in the six-year
period. Losses ranged from 0.9 per cent in Kansas to 33.5 per cent
in Illinois and 37.7 per cent in Texas. Labor troubles (especially
among the miners and railroad employees) and the resulting unem­
ployment among the members in such States as Illinois and Penn­
sylvania may have had an influence on the losses shown there.



43

CONSTTMERS’ SOCIETIES

SIZE IN RELATION TO AGE

Table 27 shows for the 451 societies reporting on both points the
size of societies that have been in business each classified number of
years.
T a b l e 2 7 <r -N U M BER AN D PE R CEN T OF CONSUM ERS’ SOCIETIES, CLASSIFIED B Y

SIZE A N D N U M BE R OF YEARS IN OPERATION

Societies in operation—

Number of members

5
5
10
10
25
Un­ and and
Unr and and
der 5 under under years Total der 5 under under years Total
and
and
years 10
25
years 10
25
years years over
years years over
Number

Percent

Store societies:
Under 100___________
100 and under 200____
200 and under 300____
300 and under 400____
400 and under 500____
500 and under 1,000__
1.000 and under 2,000..
2.000 and under 5,000..
5.000 and over_______
T ota l-

153
142
52
19
13
18
7
5
3

2
2

230

126

Other societies:
Under 100____________
100 and under 200.........
200 and under 300.........
300 and under 400------400 and under 500____
500 and under 1,000___
1.000 and under 2,000__
2.000 and under 5,000...
5.000 and over________

17
67

57.5
61.3
01.5
52.6
38.5
16.7
42.9
40.0

2 .0
0

8.3

55.8
61.5
33.3
75.0
33.3

4.6

100.0

5.3

42.9
40.0
66.7

100.0
100.0
100.0
100.0
100.0
100.0

5.3

26.8
31.0
26.9
36.8
61.5
50.0
14.3

33.3

100.0
57.1

100.0

2 100.0
.1
1.9 100.0

I&7

7.7
50.0
25.0
33.3

100.0

100.0
100.0
100.0
100.0

42.9
66.7
100.0

33.3

100.0
100.0
100.0
100.0

28.2

53.8

17.9

mo

12.7

57.8
60.1
62.5
50.0
35.7
24.0
50.0
50.0
25.0

25.3
31.8
26.8
36.4
57.1
36.0

2 .0
0

100.0
2 100.0
.0
1 100.0
.8
4.5 100.0
1 .6 100.0
2"

30.0
33.3

55.7

29.5

4.9

100.0

2
1

T o ta lA ll types of societies:
Under 100_.
100 and under 200___
200 and under 300___
300 and under 400___
400 and under 5 0 0 ....
500 and under 1,000...
1,000 and under 2,000..
2.000 and under 5,000..
5.000 and over..
Grand total.

5.6
9.6
5.3

30.8
16.7

34

*412

1 .1
1

166
148
56

2
2
14
25

1
0
6

6
.1

8.9
9.1
7.1
28.0

4

45

251

133

3 451

1 .0
0

16.7
25.0

4.2

m o

mo
100.0

100.0
100.0

i N ot including 5 societies which did not report years of operation, 9 which did not report membership*
and 3 which did not report on either point.
* N ot including 2 societies which did not report years of operation, 2 which did not report membership,
and 2 which did not report on either point.
* N ot including 7 societies which did not report years of operation, 11 which did not report membership,
and 5 which did not report on either point.

The table shows that of the 22 societies that have been in operation
25 years or more, 7 have fewer than 100 members and 10 fewer than
200 members. On the other hand, 22 societies which have been in
business less than 10 years have 500 members or more. All the
societies having more than 1,000 members have been operating 5
years or more, and 2 of the 4 societies that have 5,000 or more mem­
bers have been in existence for more than a quarter of a century.




44

COOPERATIVE MOVEMENT IN THE UNITED STATES

GENERAL ORGANIZATION *

In the 1920 study an attempt was made to ascertain the number
of societies operating, respectively, under cooperative and corpora­
tion law. The replies of the societies brought out the fact that more
societies were operating under corporation than under cooperative
law. Although the reasons therefor were not apparent, it may have
been due partly to the fact that some of the older associations were
organized before the passage of the cooperative act. No attempt
was made to obtain similar data for the present report. The pres­
ent data had almost entirely to be gathered by correspondence
because of the expense involved in personal visits. In order for
the questionnaire method to be successful to any degree, the number
of questions must be held to a minirnum, and it was felt that other
points were more important than that of legal status. In connec­
tion with the following paragraphs, however, the reader should bear
in mind that many of the provisions are determined by the law
under which the society is operating. In States having no coopera­
tive law an incorporated society must perforce do business under the
corporation law and be bound by its provisions. These may stipu­
late bases for voting and disposition of profits which are in direct
opposition to cooperative practice.
Although the newer cooperative laws contain many more or less
standard provisions, there is still need of uniform State cooperative
laws by which a general standard of what constitutes a genuine
cooperative society may be set up.
LIMITATIONS ON MEMBERSHIP

Few consumers’ cooperative societies impose any limitations upon
membership. In general, any person is eligible for membership if
he is over 16 (or 18) years of age and is indorsed by a member in
good standing. Of 140 store societies which furnished copies of their
by-laws only 25 have any membership restrictions.
Thirteen societies require in their by-laws that the prospective
cooperator must be a member of a specified farmers’ organization;
one of these, however, reports that this provision has m practice
been allowed to lapse. Another admits only fanners, and still another
gives preference to “ farmers or others whose income is derived from
the farm.” Three organizations bar all persons engaged in a busi­
ness in competition with that of the society (one of these also admits
only persons of the white race), and another specifies that no person
engaged in “ a profit business” may join its ranks. One society
limits its membership to trade-unionists, one to railroad employees,
and a third to members of a railroad or other union. Only Italians
over 21 years of age are eligible for membership in a fourth organi­
zation.
The membership provisions of one farmers’ society are as follows:
S ection 1. Any white person or Indian may be admitted to membership if
of sound mind, over the age of 16 years, of industrious habits, believes in a
Supreme Being, is of good moral character, and if a farmer, country mechanic,
school-teacher, physician, or minister of the gospel, and not engaged in any of
the following occupations, to wit: Banking, merchandising, practicing law, or
belonging to any trust or combine that is for the purpose of speculating in any
kind of agricultural products, or the necessities of life, or anything injuriously
affecting agricultural interests; provided that ownership of bank stock by any
actual farmer shall not be construed as making him ineligible to membership.
*For typical by-laws of a consumers’ society, see Appendix 0 , p. KM
.




CONSUMERS’ SOCIETIES

45

Sec. 2. Females over 16 years are eligible to membership in the local, county,
and State union, with all the rights and privileges of male members, but shall
be exempt from all fees and dues.

Another organization excludes members of commercial clubs or of
associations of employers, manufacturers, or retailers, as well as
“ profiteers, business men, and private detectives.” Any person over
16 may become a member of another society—a very successful organ­
ization—but in order to become a director in the organization the
member must belong to the Socialist Party or be a member of some
international trade-union.
Two societies, while not excluding any class from their numbers,
admonish prospective members that the society “ aims to bring about
a fundamental change, a better kind of civilization, and its organiza­
tion should be approached by members in that spirit.”
One society expressly states that “ any person of any creed or
nationality is welcome” to its numbers; and in one of the boarding
houses, a nonstock association, “ full membership rights (ire acquired
by the consumer on staying for one month at the boarding house as
a weekly boarder.”
The management of the affairs of the society is vested in a board
of directors elected by and from the membership. The number of
directors is most commonly 5, 7, or 9, though, several societies have
as many as 15 directors each. Many societies provide that certain
conditions automatically vacate the office of a director, as, for
instance, if he is concerned in any contract with the society or par­
ticipates in the profits therefrom.
Among the organizations studied, by far the most general term of
office of the directors was that of one year, though terms of two and
three years were also fairly common. The term of office ranged, in
the societies studied, from six months to five years. A continuing
board is often provided for, one-half or one-tnird of the directors
being chosen at each election.
The officers of the society—usually president; vice president, secre­
tary, and treasurer (the last two often combined)—are elected by
the directors from their own number, though occasionally they are
elected directly by the membership.
The board of directors supervises the financial affairs, appoints the
manager and employees, and fixes their salaries and the amount of
bond required, if any. The officers are usually unpaid, except for
expenses incurred while on business of the association. A nominal
fee for attendance at board meetings is often, though not always,
paid.
The actual operation of the store is placed in the hands of the
manager, a paid employee.
voTnro

It is one of the cardinal principles of the cooperative movement
that voting shall be on a membership and not a financial basis, each
member having but one vote, regardless of the size of his investment
in the association, and no proxy voting being allowed. _ The extent
to which this principle is put into practice among the societies studied
is shown below. In some States voting is regulated by the law,
either cooperative or corporation, under which the society operates,
the society having no choice in the matter.

28464°—27----- 1




46

COOPERATIVE MOVEMENT IN THE UNITED STATES

Basis of voting:
Number
1 man, 1 vote_____________________________ 275
Vote by shares____________________________ 38

Percent

87. 9
12. 1

Total............................................................. 313

100. 0

Voting by proxy:
Prohibited.........................................................221
Allowed.................. ................. .........................141

61. 0
39.0

Total............... ........ ..................................... 362

100. 0

The above data also suggest a growing laxity, as compared with the
1920 study, the percentages in that year being 90.7 and 9.3 for the
basis of voting and 69.8 and 30.2 as to proxy voting. One society,
cooperative in other respects, allows a single member to cast 10
proxies. Since the 1920 report, 45 societies which have furnished
data for both studies have reversed their practice in this matter, 22
now allowing proxies where they formerly prohibited them and 23
now requiring the vote to be cast in person.4
VOLUME OF BUSINESS

Table 28 shows, by States, the sales of the consumers7societies in
1925. Not all of the reports cover the calendar year, but variation
of period is so slight and represented by such a small proportion of
the societies that the figures can be taken as presenting an accurate
picture of the 1925 business.
Roughly, the consumed societies covered represent a purchasing
power of nearly $50,000,000, more than one-fifth of which is in the
stores of Minnesota. This State is far in the lead, only one other
(Wisconsin) doing as much as one-tenth of the total business.
T a b l e 28 .-A M O U N T OF SALES OF CONSUM ERS’ SOCIETIES IN 1925, B Y STATES

State

Alabama________
Alaska.................
Arkansas
California_______
Colorado________
Connecticut_____
Idaho___________

____

Tllinnls_____ __
_

Indiana_________
Iowa____________
Kansas_________
Kentucky_______
M aine. ................
M assachusetts...
M ichigan.............
Minnesota...........
M issouri________
M ontana_______
Nebraska.............
New Hampshire.

Per
Amount of cent of
total
$72,000
121,090
699,604
75,502
473,401
207,934
2,883,864
305,549
1,245,849
2,021,266
116,345
507,324
3,710,376
3,485*681
11,239,067
148,175
85,155
3,488,736
136,556

0
.1
.4

.2

1.4

.2
1
.0

.4
5.8

.6

2.5
4.1

.2
1
.0

7.5
7.0

2 .6
2
.3
.2
7.0
.3

State

New Jersey.......
New York....... .
North Carolina.
North D akota..
Ohio_____ . . . . .
Oklahoma_____
Oregon............. .
Pennsylvania...
Rhode Island. .
South Dakota..
Tennessee.____
Texas............... .
Virginia-...........
Washington.
West VLW
Wisconsin
W yom ingTotal.

Per
Amount of cent of
business
total
$1,063,221
1,650,626
‘ 60,900
1,169,252
1,941,472
820,737
66,942

2
.1
3.3
.1
2.4
3.9
1.7

.1

146,000
759,193

1.4
.3
L5

134*112
95,419
2,547,950
449,081
6^653,421
181,000

5.1
.9
13.4
.4

49,710,788

100.0

.1
.3
.2

SIX-YEAR TREND OP COOPERATIVE BUSINESS

The societies covered in the present study were requested to report
a,s to their sales for each year from 1920 to 1925. Table 29 shows the
information received on this point. Fewer reports were secured for
< W ame cites three societies which were forced to allow proxy voting in order to get a quorum at
meetings. (W am e, C . E .: The Cooperative Movement in Illinois. Chicago, University of Chicago
Press, 1926, p. 202.)




CONSUMERS’ SOCIETIES

47

the earlier years than for 1924 and 1925, due in part to the fact that
some of the societies reporting have been started in the years since
1920 and partly to the fact that not all of the societies have records
for the earlier years.
Approximately three-fifths of the 1925 sales were those of the
general stores.
T a b l e 2 9 .—AM OU N T OF BUSINESS DONE B Y CONSUM ERS’ SOCIETIES EACH Y E A R ,

1920 TO 1925

1921

1920
T ype of society

Retail store societies handling—
General merchandise. „rrr
Groceries_________ *
________________ Groceries and meats..............................
Students’ supplies__________________
Ot.hftr r*nm
TnoditiAS

Num­
ber of
socie­
ties

Amount
of
business

204 $24,097,722
30 2,363,523
2,495,261
26
1,079,961
7
326,621
5

Num­
ber of
socie­
ties

1922

Amount
of
business

Num­
ber of
socie­
ties

170 $16,116,338
1,777,747
28
1,885,936
22
1,588,171
6
319,523
4

195
32
23
8
4

$16,963,009
2,040,210
1,969,453
1,679,024
252,993
22,904,689
1,641,822
55,407
589,906
13,208
129,040
302,546
600
1,800,559
27,437,867

Total____________________________
Wholesale societies_____________________
Gasoline filling stations_________________
Bakeries_______________________________
Laundries_____________________________
Boarding houses_______________________
Restaurants___________________________
W ater supply societies__________________
Miscellaneous...............................................

272
3

30,363,108
3,333,132

230
3

21,687,715
1,824,734

6
1
3
3
1
3

571,434
16,042
145,051
112,707
589
309,710

6
1
5
4
1
3

507,001
13,990
135,937
192,034
616
994,682

262
3
1
7
1
5
4
1
3

Grand total__________ 1___________

292

34,851,773

253

25,356,709

287

1924

1923
Type of society

Num­
ber of
socie­
ties

Amount
of
business

Amount
of
business

Num­
ber of
socie­
ties

Amount
of
business

1925
Num­
ber of
socie­
ties

Amount
of
business

Retail store societies handling—
General merchandise________________
Groceries________ ________________ l__
Groceries and meats________________
Students’ supplies__________________
Other commodities_________________

213 $18,900,862
37 2,378*467
25 2,441,901
11 2,175,842
4
324,276

283 $24,846,996
44 2,844,009
29
3,271,620
11
2,841,017
7
369,165

322 $29,610,246
49
3,487,979
36
4,346,690
11
2,899,626
8
401,069

T otal...................................................
Wholesale societies_____________________
Gasoline filling stations_______________ _
Bakeries______________________________
Laundries_____________________________
Boarding houses_______________________
Restaurants___________________________
Water supply societies__________________
Miscellaneous..............................................

290 26,221,348
1,974,999
3
1
87,454
8
685,172
1
15,877
5
152.660
4
448.660
2
1,246
4
3,257,376

374
3
4
8
1
6
5
2
5

34,172,807
2,206,915
190,734
752,150
21,063
137,236
578,777
1,480
3,470^439

426
3
9
9
2
10
5
2
5

40,745,610
2,459,521
742,473
1,189,737
37,786
150,853
679,110
1,559
3,704,139

318

408

41,531,601

471

49,710,788

Grand total______________________

32,844,792

The following tabulation shows, by States, the course of business
since 1920 for the 204 societies which furnished reports for all six
years. As would be expected, 1920 was a year of very high sales for
cooperative societies, as it was also the year of highest prices. That
year was followed by a decided drop in 1921 and a still further decline
in 1922. Business improved in the following year and still more in
1924, and in 1925 had even exceeded the 1920 mark by 5.1 per cent.
In 18 individual States the sales for 1925 surpassed those of 1920.
The sales have been affected by a number of factors—the rise and
fall of prices during the six-year period, the fluctuations in employ­



48

COOPERATIVE MOVEMENT IN THE UNITED STATES

ment in the trades of the members with the consequent effect upon
their purchasing power, strikes (especially in cases where the members
were largely of one trade, such as miners, railroad men, etc.), and
general economic conditions.
T able 3 0 .—AM O U N T OF BUSINESS OF ID E N T IC A L CONSUM ERS’ SOCIETIES EACH
Y E A R , 1920 TO 1925, B Y STATES

State

Socie­
ties re­
porting
for all
years

Amount of business

1920

1921

1922

1923

1924

1925

Arkansas____________
California.....................
Connecticut.................
Idaho............................
Illinois..........................
Indiana.........................
Iowa.............................
Kansas..........................
Kentucky.....................
Maine...........................
Massachusetts----------Michigan......................
Minnesota....................
M issouri_____________
Montana____________
Nebraska.....................
New Jersey...................
New York....................
North Carolina............
North Dakota..............
Ohio..............................
Oregon..........................
Pennsylvania...............
South Dakota..............
Tennessee.....................
Texas...... .....................
Virginia........................
Washington.................
W est Virginia..............
W isconsin____ _______

1
3
3
2
16
2
9
13
1
3
16
19
29
1
2
12
1
4
1
5
5
1
9
9
1
1
1
10
4
20

$25,004
193,160
248,184
185,488
1,532,405
158,889
628,021
1,551,834
198,786
488,640
1,132,093
3,106,499
3,202,760
10,000
79,030
3,211,739
270,419
504,701
38,200
468,351
517,278
40,000
275,059
651,161
9,723
90,000
59,388
1,679,369
321,243
6,126,311

$23,281
222.284
225,272
206,885
1,445,819
151,139
518,988
1,165,853
110,862
366,824
992,951
2,295,212
3,236,638
25,000
56,744
2,196,777
263,709
592,462
39.500
408,455
595,995
52,023
284,975
506,110
10.231
140,000
51,096
1,052,572
349,300
4,648,583

$20,762
215,047
274,677
156,483
1,349,469
130,452
582,878
912,050
111,960
341,690
973,504
2,046,929
3,907,272
39.000
58,957
1,835,853
206,001
643,034
44,100
374,323
606,821
53,415
269,295
523,147
9,621
130,000
53,129
1,099,398
324,830
4,297,982

$24,755
226,288
299,470
188,312
1,698,700
137,386
595,621
967,432
105,346
340,424
1,059,606
2,217,974
5,402,627
39,000
68,757
2,065,359
204,610
723,103
56,100
425,232
747,599
59.865
317,155
561,765
10,242
149,560
66,278
1,194,477
364,975
4,703,219

$20,231
244.391
303,799
163,256
1,873,765
134,009
564,766
952,619
89,786
337,534
1.047,386
2,536,159
5,680,431
40,000
70,318
2,124,569
212,093
809,713
57,500
421,591
688,285
59,901
327,444
632,510
9,395
139,675
80,442
1,300,106
333,305
4,937,104

$21,422
283,501
331,561
176,058
2,100,775
125,546
586,895
1,056,025
81,996
320,696
1,164,996
2,883,166
6,093,785
42,000
85,154
2,394,801
234,978
756,125
60,900
501,773
724,525
66,111
338,429
690.333
10,388
134,112
95,419
1,283,742
330,415
5.568,838

Total__________

204

27,003,735

22,235,540

21,592,079

25,021,237

26,192,083

28,544,465

The same information as given in the preceding table is shown for
the various types of society, in Table 31:
T able 3 1.—AM OU N T OF BUSINESS OF ID E N T IC A L CONSUMERS* SOCIETIES EACH
Y E A R , 1920 TO 1925, B Y TY P E OF SO CIETY

T ype of society

Soci­
eties
report­
ing
for all
years

Amount of business

1920

1921

1922

4923

1924

1925

Retail store societies dealing
in—
General merchandise___
Groceries..........................
Groceries and meats.......
Students’ supplies______
Other commodities.........

135 $18,022,554 $14,566,079 $13,370; 295 $14,357,262 $14,709,591 $16,090,343
23 1,763,258 1,455*156 1,413,145 1,582,427 1,581,495 1,691,073
19 2,040,233 1,793,358 1,813,493 2,140,294 2,440,938 2; 702,242
5
575,982
755,944
681,100
814,370
819,434
83a 797
316,188
300,871
288,044
251,019
3
276,374
274,221

Total.............................
Wholesale societies................
Bakeries___________________
Laundries...............................
Boarding houses....................
R estaurants..........................
Water supply societies______
Miscellaneous........................

185 22,690; 071 18,811,881 17,603,896 19,195,224 19,839,195 21,577,313
3 3,333,132 1,824,734 1,641,822 1,974,999 2,206,915 2,459,521
396,434
5
394,093
323,963
340,067
329,551
464,993
16,042
1
13,206
15,877
21,063
13,990
25,306
3
99,380
95,623
117,184
92; 490
86,479
145,050
225,187
3
112,707
112,298
96*165
131,257
230; 296
1
616
690
796
775
729
589
994,681 1,800; 559 3,256,346 3,466,370 3,699,828
3
309,710

Grand total..................

204 27,003,735 22,235,540 21,592,079 25,021,236 26,192,062 28,544,465




49

CONSUMERS* SOCIETIES

Table 32 shows, in terms of average annual amount of business per
society and of index numbers thereof, the development of the various
types of consumers’ societies which reported for the entire six-year
period. In 1920, the general stores were doing the largest annual
business of all the retail store societies, while among all types, the
wholesale societies held the lead. In 1925, however, the wholesales
still ranked highest in average sales, but the general stores had been
outdistanced by grocery and meat societies and those handling
students’ supplies. The index numbers show that of all types of
consumers’ societies the wholesale societies suffered most from the
depression, their business falling in 1922 to less than half their 1920
sales. The societies handling students’ supplies were, of the store
societies, the only ones unaffected, their sales showing a nearly con­
tinuous increase. By 1925 the sales of all societies combined had
more than overcome the depression, and five of the groups had sales
in 1925 more than 25 per cent in excess of their 1920 business.
T able 3 3.—'TREND OF SALES OF IDENTICAL CONSUMERS' SOCIETIES, 1920 TO 1925,

BY TYPE OF SOCIETY

Average amount of business per society
Type of society
1921

1922

1923

1924

Retail store societies dealing in—
Qeneral merchandise............................. $133,500
76,663
Groceries................................................
Groceries and meats. ...........................
107,381
Students’ supplies................................. 115,196
96,015
Other commodities................................

$107,897
63,268
94,387
136,220
105,396

$99,039
61,441
95,447
151,189
83,673

$106,350
68,801
112,647
162,874
100,290

$108,960
68,761
128,470
166,159
92,125

$119,188
73,525
142,223
163,887
91,407

Total................................................... 122,649
Wholesale societies....................................... 1,111,044
79,287
Bakeries........................................................
Laundries.....................................................
16,012
Boarding houses .......................................
48,350
Restaurants________ ___________________
37,569
589
Water supply societies.................................
Miscellaneous............................................... 103,237

101,686
608,245
78,819
13,990
33,127
32,055
616
331,560

95,156
103,758
107,239
547,274
658,333
735,638
64,797
68,017
65,910
13,208
15,877
21,063
31,874
39,061
30,830
75,062
43,752
37,433
798
775
690
600,186 1,085,449 1,155,457

116,634
819,840
92,999
25,306
28,826
76,765
729
1,233,276

108,998

105,844

1920

Grand total______________________

132,371

122,653

1925

128,393

139,924

Index numbers
Retail store societies dealing in—
General merchandise.............................
Groceries................................................
Groceries and meats. ...........................
Students’ supplies................................
Other commodities---------------------------

100.0
100.0
100.0
100.0
100.0

80.8
82.5
87.9
118.3
109.8

74.2
8a 1
88.9
131.2
87.1

7a 7
89.7
104.9
141.4
104.5

81.6
89.7
119.6
144.2
95.9

89.3
95.9
132.4
142.3
95.2

T ota l..................................................
Wholesale societies.......................................
Bakeries........................................................
Laundries_____________________________
Boarding houses...........................................
Restaurants..................................................
Water supply societies.................................
Miscellaneous__________________________

loao
100.0
100.0
100.0
100.0
100.0
100.0
100.0

82.9
54.7
99.4
87.2
68.5
85.3
104.6
32L2

77.6
49.3
81.7
82.3
65.9
99.6
117.1
581.4

84.6
59.3
83.1
99.0
80.8
116.5
135.5
1,051.4

87.4
ea 2
85.8
131.3
63.8
199.8
131.6
1,119.2

95.1
73.8
117.3
157.7
59.6
204.3
123.8
1,194.6

100.0

82.3

80.0

92.7

97.0

105.7

Grand total______________________

In Table 33 are shown the total 1925 business of store societies
reporting on that point, and the average business per society and i>er
member. Average sales per member are based only on societies
which reported both membership and sales. For purposes of com­
parison the averages disclosed by the 1920 study are also given.




50

COOPERATIVE MOVEMENT IN THE UNITED STATES

T a b l e 33 .—VOLUM E OF BUSINESS OF STORE SOCIETIES IN 1025 AN D AVERAG E BUSI­

NESS PE R SO CIETY AN D PER M E M B E R , 1020 AN D 1025, B Y STATES
Business done, 1025
State
Amount

Alabama-----Alaska..........
Arkansas.......
California—
Colorado.......
Connecticut..
Idaho............
Illinois..........
Indiana.........
Iowa..
Kentucky............
M a in e................
M assachusetts.. .
M ichigan.............
M innesota...........
M issouri..............
M ontana.............
Nebraska.............
New Hampshire.
New Jersey.........
New Y ork...........
North C arolina..
North Dakota___
Ohio....................
Oklahoma---------Oregon.................
Pennsylvania___
Rhode Island___
South Dakota___
Tennessee............
Texas...................
Virginia...............
W ashington........
W est Virginia___
W isconsin..........
W yoming............
Total..

$72,000
223,037
121,090
75,502
460,921
207,934
2^620,322
305,540
1,162,142
2,021,266
116,345
507,324
3,362,082
3,440,894
7,004,937
148,175
85*155
1,932,748
136,556
831,270
60,900
1,169,252
1,941,472
820,737
66,111

485,616
146.000
759,193
26,331
134,112
95,419
2,442,729
449,081
5,615,361
181.000
40,745,410

Per
cent
of
total

0
.2
.5

.3
1.7
.2
1.1
.5
6.4
.7
2.9
5.0
.3

1.2

8.3
8.5
17.2
.4
.2
4.7
.3

2
.0
2
.0
.1
2.9
48

2
.0
.2

1.1

Average amount of business
Per society
1025
$75,121
60,000
57,172
93,947
101,730

96,342

56,435
90,360
80,122
9M 35
80,425
161,618
122,213
116,002
89,185
69,243
113,856
8,500
72,252
99,853
71,275
63,419
33,061

$72,000
111,519
40,363
139,921
76,502
76,820
69,311
109,180
76,387
74,862
58,173
84,554
129,311
123,211
64,861
37,044
42,578
84,033
68,278
165,649
118,743
60,900
83,518
121,342
205,184

66,111

13.8
.4

65,652
72,679
134,500
77,416
67,586
101,270
65,734
164,885
60,800

35,817
73,000
69,018
13,166
134,112
05,419
128,565
74,847
187,179
181,000

100.0

100,354

95,423

.4
1.9

.1
.3
.2

6
.0
1.1

Per member
1020
$769

303

341
168
623
193
711
236
409
495
441
544
303
252
484
635
433
530
709
321
258
189
825
851
352
426
650
207
237

11
2

498
739
412
265
477

' 1925
$480
721
515
773
472
146
759
286
304
477
421
171
415
447
324
437
763
479
241
306
491
835
136
1,129

2
2

317
281
684
572
156
444
663
428
958
335

334

As is seen from the table, for all the store societies combined, a
decrease took place both in average yearly sales per member and in
average absolute sales per society in 1925 as compared with 1920.
Oklahoma shows the latest average sales per society, $205,184, but
Wisconsin and Wyoming societies follow, with average sales of
$187,179 and $181,000, respectively, and 10 other States also show
average sales of more than $100,000. A much greater range is shown
in the average sales per member, varying from only $22 in Oregon
to $1,129 in Oklahoma. Five of the States with societies whose aver?
age sales exceeded $100,000 had sales per member averaging more
than $500. Massachusetts, however, with sales averaging $129,311
er society, sold only $171 worth of goods to each member, and
'exas with sales per society averaging $134,112 sold only $156
worth to each member. The average per member is, of course,
influenced by the lines of goods carried by the store. Thus, average
sales per member would naturally be smaller in a society doing only
a grocery business than in one which supplied its members with dry
goods, shoes, coal, and perhaps farm machinery as well.
Loyalty of the member to the store, while desirable, can not be
compelled. Cooperative effort to be effective must be voluntary.
Efforts can, however, be made to stimulate a member’s interest and
hold his patronage, and in some cases lack of support is penalized

?




51

CONSUMERS’ SOCIETIES

by withholding the dividend of any member who fails to purchase a
certain amount of goods from the store during the year. One
society provides, in this connection, as follows:
Section 4. When a member does not trade in his own cooperative store and
no good reason prevents him from doing so, but supports instead a competing
private store with his purchases, the board of directors shall send him a reminder.
Should the member, in spite of the reminder, still refuse to make his purchases
in his own store, the board of directors shall have the right to suspend his mem­
bership privileges, and if this does not remedy matters, the board may expel him
from membership in accordance with the provisions of the foregoing section of
this article.

Table 34 shows the “ real sales” of the retail store societies and of
the wholesale societies during the six years, 1920 to 1925, figured on
the basis of retail and wholesale prices, respectively.
T a b l e 3 4 .—IN D E X

N U M BERS OF W HOLESALE AN D R E TA IL PRICES A N D OF
“ R E A L SALES” OF COOPERATIVE W HOLESALE AN D R E TA IL SOCIETIES, BASED
TH EREO N , B Y Y EARS
Index numbers of—
Year

1920________________________
1921............................................
1922............................................
1923............................................
1924............................................
1925............................................

Sales of
retail
store
societies
100.0
82.9
77.6
84.6
87.4
95.1

Retail
prices

100.0
75.4
69.6
71.9
71.7
77.4

“ Real
sales” of
retail store
societies

Sales of
wholesale
societies

W hole­
sale prices

100.0
109.9
111.1
117.7
121.9
122.9

100.0
54.7
49.3
59.3
66.2
73.8

100.0
64.9
65.8
67.9
66.2
70.2

“ Real
sales” of
wholesale
societies
100.0
84.3
74.9
87.3
100.0
105.1

The relation of the sales of wholesale and retail societies to whole­
sale and retail prices (in terms of “ real sales” ) and to employment
is shown graphically in the chart on page 52.
AVERAGE SALES IN 1925

The 472 consumers’ societies reporting are classified in Table 35
according to amount of business done in 1925.
About half of the retail store societies fall in the two groups from
$25,000 to $50,000 and $50,000 to $75,000. Nearly equal groups of
general stores do an annual business of $25,000 but less than $50,000
and of $50,000 and less than $75,000. Nearly one-third of the
stores dealing in groceries and meats have sales of from $25,000 to
$50,000; but another 25 per cent of these stores also fall in the group
doing business of between $100,000 and $200,000 a year. The gro­
cery stores are somewhat smaller, 45 per cent of these having sales
of less than $50,000. More than one-fifth of all the stores com­
bined, however, have an annual business of more than $100,000.
The students’ societies are the largest of the retail store group, all
of them having sales of $50,000 or over and over 80 per cent sales of
$100,000 or over.
About one-fourth of the consumers’ societies as a whole may be
termed “ large” societies, i. e., those with annual sales of $100,000
or over, while one-eighth are small societies doing a yearly business
of less than $25,000. Of the second group, the laundries, boarding
house societies, and water supply societies are small, all having a
yearly total of less than $50,000 per year. All of the wholesales and
three-fourths of the bakeries fall in the “ laige” group.



52




COOPERATIVE MOVEMENT IN THE UNITED STATES

53

CONSUMERS* SOCIETIES

T a b l e 3 5 .— N U M BER AN D PER CEN T OF CONSUM ERS’ SOCIETIES H AVIN G EACH

CLASSIFIED AM OU N T OF BUSINESS IN 1025

Societies having sales in 1925 of—
Type of society

Less $5,000 $25,000 $50,000 $75,000 $100,000 $200,000 $300,000 $500,000
and
and
and
and
and
and
and
than under under under under under under under and Total
$5,000 $25,000 $50,000 $75,000 $100,000 $200,000 $300,000 $500,000 over
Humber

Retail stores dealing in—
General merchandise__
Groceries_____________
Groceries and meats___
Students’ supplies____
Other com m od es.......
Total______________
Wholesale societies_______
Gasoline filling stations__
Bakeries_________________
Laundries.......................... .
Boarding houses__________
Restaurants___________
Water supply societies____
Miscellaneous__ ___ _____
Grand total________

6
2

84
16
11

51
7
5
1

44
5
9
4

12
2
2
2
1

10
1
2
1

62
1
2
1

19

14

5
2

2

1

3

2

1

3

83
12
6
1
1

10

36

114

103

64

3

1
1

3
1

2
2
2
16

30
4
1

1

6

1

1
2

105

427
3
9
9
2

i

68

21

16

11

472

13.7

m2

3.7
4.1
5.4
18.2
12.5

3.1
2.0
5.4
9.1

0.6

100.0
100.0
100.0
100.0
100.0

14.5
33.3
22.2
11.1

4.4

3.3

1.2
66.7

22.2

11.1

33.3

100.0
100.0
100.0
100.0
100.0
100.0
100.0

20.0

100.0

2.3

100.0

1

1
1

123

322
49
37
11
8

no
5
2
5

2
3

1
44

2

68
Per cent

Retail stores dealing in—
General m erchandise... 1.9
Groceries__ ____
41
Groceries and meats
Students’ supplies____
Other commodities____ 25.0

26.1
32.7
29.7

12.5

37.5

25.8
24.5
16.2
9.1
12.5

8.4

26.7

24.1

15.0

33.3

11.1
11.1

33.3
11.1

Total.......................... 2.3
Wholesale societies________
Gasoline filling stations
Bakeries_________________
Laundries________________
Boarding houses_____ ____ 20.0
Restaurants______________
Water supply societies____ 100.0
Miscellaneous____________ 40.0

60.0

3.4

9.3

Grand total________

15.8
14.3
13.5
9.1

9.3
8.2
2.7

6o
a

50.0
20.0
60.0

24.3
36.4

20.0

20.0

2 .0
0

2 .0
0
26.1

2 .2
2

14.4

14.4

2.7
18.2

4.4

3.4

mo

* N ot including one society operating at cost which keeps no accounts and one society in which the busi­
ness averages about $40 per month per member.

The average sales per member in 1925 of the various types of
consumers’ societies are shown below. In calculating these averages
only those societies which reported as to both membership and sa le s
were included.
Average
sales per

Retail store societies dealing in—
member
General merchandise_____________________________
$528
Groceries________________________________________
305
Groceries and meats______________________________
198
Students’ supplies________________________________
87
Other commodities_______________________________
372
Total______ __________ ________________ ______
Gasoline filling stations____________________________ '__
Bakeries. ----------------- -----------------------------------------------Laundries-----------------------------------------------------------------Restaurants________________________________ •
_____ _
Water-supply societies------------------------------------------------Miscellaneous.^______________________________________




334
195
246
144
248
21
572

54

COOPERATIVE MOVEMENT IN THE UNITED STATES

NET TRADING PROFIT OR LOSS

Although a few societies still operate on the cost-plus plan (i. e.
they set their selling prices only high enough to cover the cost of the
goods plus estimated expense of operation), this practice seems to be
on the decrease, and all but 15 of the societies reporting sell at cur­
rent prices. Sale at current prices not only avoids arousing the an­
tagonism of private competitors because of the “ price cutting” in­
volved in the cost-plus plan, but it obviates the necessity of guessing
what the overhead expense will be.
The difference or margin, then, between the cost of goods, plus the
overhead expense, and the selling price constitutes the ordinary
dealer's profit or the cooperative societies’ “ saving” (it is not profit
in the ordinary sense in the case of the cooperative society, but repre­
sents what the member lends the society above the cost of his goods).
Unfortunately, only incomplete returns are available as to the net
trading profit or loss and as to dividends paid by consumers’ soci­
eties on the 1925 business. Only 441 societies replied definitely to the
question of whether a profit was made on the 1925 business. Of these
317 had a profit, 87 were able only to make ends meet, 15 operate on
the cost-plus plan and so showed no profit, and 22 lost money. The
profit for the 71.9 per cent of the societies which had a profit aggre­
gated more than a million and a half dollars, as shown in Table 36.
T a b l e 3 6 .-A M 0 U N T OP N E T TR A D IN G PR O FIT OK LOSS ON 1925 BUSINESS, B Y T Y P E

OF SOCIETY
Net trading loss

Net trading profit
T ype of society

Retail stores dealing in—
General merchandise.
Groceries...................
Groceries and meats.
Students' supplies...
Other commodities. .
Total......................
Wholesale societies......... .
Gasoline filling stations..
Bakeries..........................
Laundries........................
Boarding houses..............
Restaurants.....................
W ater-supply societies...
Miscellaneous__________
Grand total______

Num­
ber of
socie­
ties re­
porting

219
30
25

Average
Amount

per

society

5

$918*630
73*128
141)949
170,732
10*075

$4*195
2*438
5*678
21*342
2*015

287
2

1*314*514
45*503

22*752

6
8
2

18*823
1*079
3*026
23*976
527
102*359

1*079
504
11*988
527
51*180

317

1*608*699

5*075

Num­
ber of
socie­ Am ount
ties re­
porting

8

9
7
1
1

X$19* 265
*3*740
200

16

8 23*205

572
2*822
18

*26,599

* N ot including 3 societies which reported a loss but did not state amount.
* N ot including 1 society which reported a loss but did not state amount.
* N ot induding 4 societies which reported a loss but did not state amount.

Table 37 shows, for the societies reporting, the per cent of net profit
(calculated on sales) for each type of consumers’ society. It is seen
that profits were highest among societies operating gasoline filling
stations; these averaged 12.9 per cent net profit on their 1925 sales.
Among the store societies, those selling students’ supplies averaged
highest—7 per cent.




55

CONSUMERS' SOCIETIES

TABLE 37^—
LOW , H IGH , COM M ON, AN D AVERAG E R A TE OF N E T PR O FIT OF CONSUM ­
ERS’ SOCIETIES ON 1925 BUSINESS
Rate (per cent) o f profit
T ype of society
Low
Retail store societies dealing in—
General merchandise..............
Groceries..................................
Groceries and meats_________
Students’ supplies.................. .
Other commodities..................

High

0
.1
.8
.7
2
.8
.7

.1
1
.1
1.4
.1
.1
2
.0

T otal.....................
Wholesale societies.........
Gasoline filling stations.
Bakeries..........................
Laundries........................
Boarding houses.............
Restaurants....................
Miscellaneous.................

2.9

.1

Grand total..

1 .6
2
15.3
9.2

1 .0
0
9.7

15.3
2.4
15.4

6
.6
1 .1
1

Common Average

4-5
2-3
11-3
6-7
*2-4

4.0
3.7
4.3
7.0
3.0

3-4
*2-4

4.0
1.9
12.9
2.3
*4.3
3.6
4.2
2.9

2-3

3.0

..

5.1
13.1

15.4

* Equal numbers o f societies had profits of between 1 and 2 and 2 and 3 per cent.
* Equal numbers o f societies had profits of between 2 and 3 and 3 and 4 per cent,
i One society only.

Table 38 shows for each of 316 consumers’ societies the per cent of
net gain for 1925 on the basis of the sales.
T able 3 8 .-P E R CEN T OF N E T G AIN M ADE ON 1925 BUSINESS B Y 316 CONSUM ERS’
SOCIETIES

Number and type
of society

General stores:
N o. 1........................
N o. 2........................
N o. 3........................
N o. 4........................
N o. 5........................
N o. 6........................
N o. 7........................
N o. 8........................
N o. 9........................
N o. 10......................
N o. 11......................
N o. 12.......................
N o. 13......................
N o. 14......................
N o. 15....... ..............
N o. 16......................
N o. 17......................
N o. 18......................
N o. 19.......................
N o. 20......................
N o. 21.......................
N o. 22......................
N o. 23......................
N o. 24......................
N o. 25......................
N o. 26.......................
N o. 27......................
N o. 28......................
N o. 29.......................
N o. 30......................
N o. 31.......................
N o. 32...... ...............
N o. 33.......................
N o. 34.......................
No. 05.......................
N o. 36.......................
N o. 37.......................
N o. 38.......................
N o. 39.......................
N o. 40____________




Per
cent of
net
profit

1.4
7.3
6.1
5.4
5.4
4.5
&6
1.5
mo
2.0
5.5
3.7
1.4
5.4
2.2
3.5
m3
4.2
.2
2.9
3.1
7.8
5.9
2.7
6.0
3.1
4.8
2.4
3.7
2.1
1.0
1.6
.4
1.8
8.3
3.4
3.5
4.3
I 4.4
< 1.8

Number and type
of society

General stores—Contd.
N o. 41......................
N o. 42......................
N o. 43......................
N o. 44......................
N o. 45......................
N o. 46......................
N o. 47......................
N o. 48......................
N o. 49......................
N o. 50......................
N o. 51......................
N o. 52......................
N o. 53......................
N o. 54......................
No. 55......................
N o. 56......................
N o. 57......................
N o. 58......................
N o. 59......................
N o. 60......................
N o. 61......................
N o. 62......................
N o. 63......................
N o. 64......................
N o. 65......................
N o. 66......................
N o. 67......................
N o. 68......................
N o. 69......................
N o. 70......................
N o. 71N o. 72......................
N o. 73......................
No. 74......................
N o. 75......................
N o. 76......................
N o. 77......................
N o. 78......................
N o. 79......................
N o. 80......................

Per
cent of
net
profit

3.8
7.5
.7
4.2
4.0
.4
LI
3.6
3.4
4.5
2.9
6.0
2.9
3.6
9.6
4.2
L2
5.7
47
7.4
1.3
8.2
2.7
5.3
L6
5.3
1.3
2.8
m i
4.5
12.7
8.6
5.7
1.1
1.1
2.7
&8
7.0
5.1
3.2

Number and type
of society

General stores—Contd.
N o. 81......................
N o. 82.......................
N o. 83......................
N o. 84.......................
N o. 85......................
N o. 86......................
N o. 87......................
N o. 88......................
N o. 89......................
No. 90......................
N o. 91......................
N o. 92......................
N o. 93......................
N o. 94......................
N o. 95......................
N o. 96......................
N o. 97......................
N o. 98......................
N o. 99......................
N o. 100.....................
N o. 101.....................
N o. 102.....................
N o. 103.....................
N o. 104.....................
N o. 105.....................
N o. 106.....................
N o. 107.....................
No. 108.....................
N o. 109.....................
No. 110 ___
N o. I ll
___
N o. 112..
___
N o. 113.....................
N o. 114..
N o. 115.....................
N o. 116.....................
N o. 117.....................
N o. 118.....................
N o. 119.....................
N o. 120.....................

Per
cent of
net
profit

1.2
1.9
1.9
5.4
3.5
5.3
3.8
3.5
2.1
2.6
3.2
4.4
4.2
7.7
3.8
4.1
1.9
5.3
3.1
1.6
2.1
5.0
4.5
.3
3.4
5.2
2.0
9.4
2.4
4.3
4.0
.9
9.4
2.0
.5
3.2
8.4
5.3
1.8
7.2

56

COOPERATIVE MOVEMENT IN THE tTNITED STATES

TABLE 3 8 .—PER CEN T OF N E T GAIN M ADE ON 1928 BUSINESS B Y 316 CONSUM ERS’
SOCIETIES—Continued

Number and type
of society

General stores—Contd.
N o. 121...................
N o. 122...................
N o. 123...................
N o. 124...................
N o. 125...................
N o. 126...................
N o. 127...................
N o. 128...................
N o. 129...................
N o. 130...................
N o. 131...................
N o. 132...................
N o. 133...................
N o. 134...................
N o. 135...................
N o 136...................
N o. 137...................
N o 138...................
N o. 139...................
N o. 140...................
N o 141...................
N o. 142...................
N o. 143...................
N o. 144...................
N o. 145...................
N o. 146...................
N o. 147...................
N o. 148...................
N o. 149...................
N o. 150...................
No. 151...................
N o. 152...................
No. 153...................
No. 154...................
No. 155...................
N o. 156...................
No. 157...................
No. 158...................
N o. 159...................
N o. 160...................
N o. 161...................
N o. 162...................
N o. 163...................
No. 164...................
N o. 165...................
N o. 166...................
N o. 167...................
N o. 168...................
N o. 169...................
N o. 170...................
N o. 171...................
N o. 172..... ............
N o. 173....................
N o. 174—................
N o. 175...................
N o. 176...................
N o. 177-..................
N o. 178...................
N o. 179...................
N o. 180-..................
N o. 181....................
No. 182...................
N o. 183....................
N o. 184....................
N o. 185....................
N o. 186....................
No. 187-..................
No. 188....................
No. 189-..................
N o. 190....................
No. 191....................
No. 192-..................
N o. 193....................
No. 194....................
N o 195....................
N o. 196....................
N o. 197....................
N o. 198....................




Per
cent of
net
profit

3.3
3.0
3.7
2.3

6
.1
.1
9.6

6
.2
5.2
1.5

1
.2
2
.6
1
.6
.4
3.4

2
.1
3.1
1
.6
4.6
1 .1
0
1.8
4.4
3.0
1.2
4.9
2.9
4.4
3.0
2.3
2.8
1.2
4.8

.8

4.0
3.4
1.1
6.0
7.3
2.4
9.1

1 .6
2
6.5
.5
4.9
4.3
11.9
5.7
4.6

8
.2
3.8
4.7
3.6
2.4

6
.1

3.3
&1
4.6

2
.8
6.7
2
.0

3.9
4.0

1 .0
1
4.9
4.6

2
.0

4.8
5.6
1.9
2.4
6.9

ao

3.1
4.6

2
.1
as
1.9
1.9

Number and type
of society

General stores—Contd.
No. 199...................
No. 200...................
N o. 201...................
N o 202...................
N o. 203...................
No. 204...................
No. 205...................
N o. 206..................
No. 207...................
No. 208...................
No. 209...................
N o. 210...................
N o. 211....................
No. 212...................
No. 213...................
No. 214...................
No. 215...................
No. 216...................
No. 217...................
No. 218...................
N o. 219...................
Average...............
Grocery stores:
N o. 1_.___..............
N o. 2.......................
No. 3.......................
N o. 4.......................
N o. 5.......................
No. 6.......................
N o. 7.......................
No. 8 -.....................
No. 9 -.....................
No. 10-...................
No. 11.....................
No. 12.....................
N o. 13.....................
N o. 14.....................
No. 15....................
No. 16....................
No. 17....................
N o. 18.....................
N o. 19.....................
No. 20.....................
N o. 21.....................
N o. 22.....................
N o. 23.....................
N o. 24.....................
N o. 25.....................
N o. 26.....................
N o. 27.....................
N o. 28.....................
N o. 29.....................
N o. 30.....................
Average.
Grocery and meat stores:
N o. 1
N o. 2—
N o. 3—
N o. 4—
N o. 5—
N o. 6—
N o. 7—
N o. 8—
N o. 9 ..
N o. 10N o. 11N o. 12N o. 13.
N o. 14N o. 15No. 16N o. 17N o. 18N o. 19..
N o. 20N o. 21..

Per
cent of
net
profit

7.2

2
.0
4.3
4.5
4.9
4.1
6.4
2.4
9.4

2
.1
1
.0
2
.0
5.3
4.7
4.7
4.2
5.0
2.7
L4
.4
5.9
4.0

a7
9.0
2.5

mo
2
.8
a4
4.3
2.3
4.2
15.3
5.9

1
.2

2.3
6.5
9.5
2.9
1.5

iao
6
.1
.9
as
.9
1.9
6.5

.8
ul

2.3
4.4
6.3

a7
a7
2.7

2
.0
6
.8
4.4
L
0
a7
6
.1
9.2
5.2

L
8
&
6
1
.1
.7
2.5
1.4
5.5

ai
2
.6
2.4
6
.8
.8

Number and type
of society

Grocery and meat
stores—Continued
N o. 22.................... .
N o. 23.....................
N o. 24.....................
N o. 25....................
Average-. .
Students' stores:
N o. 1............
N o. 2............
N o. 3............
N o. 4............
N o. 5............
N o. 6............
N o. 7............
N o. 8............
AverageOther c o m m o d it ie s
stores:
N o. 1........................
N o. 2........................
N o. 3........................
N o. 4........................
N o. 5........................
A verage..............
Average, all stores.
Wholesale societies:
N o. 1........................
N o. 2........................
Average.
Gasoline stations:
N o. 1..............
N o. 2..............
N o. 3..............
N o. 4...............
N o. 5..............
N o. 6..............
N o. 7...............
N o. 8...............
N o. 9..............
Bakeries:
N o. 1..............
N o. 2..............
N o. 3..............
N o. 4..............
N o. 5..............
N o. 6..............
N o. 7..............
Average----Laundries: N o. 1.
Boarding houses:
N o. 1..............
N o. 2..............
N o. 3..............
N o. 4..............
N o. 5..............
N o. 6..............
Average-.
Restaurants:
N o. 1...........
N o. 2...........
Average. .
Other societies:
N o. 1...........
N o. 2...........
Average-.

Per
cent of
net
profit

7
.6
1
.8
ae
a7
4.3
6.9
6.3

iao
6
.1
8.9
2
.8
4.2
6
.8
7.0

2.7
9.7
3.9

a7
.7
ao
To
2.4

1.1
1.9

11.5
14.5
15.4

7
.7

1.4
21.9
9.0

1 .2
0
10.5
12.9

.1
2
.8
a2
6
.6
2
.2
a4
1
.7
2.3
"4 3

.8
.2
.1
1 .1
1
.8
3.4
ae
2
.0
5.1
4.2

iai
2.9
2.9

CONSUMERS’ SOCIETIES

57

DISPOSITION OF TRADING SURPLUS

The net surplus acquired by the society on its year’s sales is divided
several ways, as follows:
INTEREST OH CAPITAL

Usually the first claim on the net profit is the interest paid on share
capital. A ruling principle of cooperative societies is that the capital
invested shall receive a certain fixed rate of interest; the actual rate
paid may fall below the fixed rate but may never rise above it. The
rates fixed by the societies studied range from 2 to 16 per cent (1
case each); the most general rates are 5, 6, and 8 per cent. Two
societies pay no interest at all on share capital.
No data are at hand concerning the rates actually paid. Wame,
in his study of the Illinois societies, found 4 per cent to be a common
rate, and is of the opinion that the low rate of interest typically paid
on share capital by cooperative societies is the main reason why these
societies so often experience difficulty in obtaining adequate funds
for the conduct of the business/
RESERVE

A certain percentage ranging up to 30 per cent of the net profit
remaining is usually set aside for a reserve to meet unexpected
losses. The societies reporting in the present study have by this
means accumulated more than $2,000,000 in reserves. (See Table
41, p. 63.)
EDUCATIONAL FUND

The more progressive societies also set aside money for educational
work. By “ educational work” is meant that done to familiarize
both the members and the public with the aims and principles of
cooperation. This may be done in various ways, as through the for­
mation of study groups, the publication of a cooperative news sheet
or magazine, etc. The amount of work so done varies greatly from
society to society, some neglecting it altogether or leaving it to be
done by the wholesale society or the educational body, while others
consider this one of the most important activities of the society and
devote considerable attention to it.6
DEPRECIATION

Depreciation is taken care of by writing off a certain percentage
of the value of buildings and furniture, fixtures, etc. (the most com­
mon rates being 2% per cent on buildings and 10 per cent on furniture
and fixtures), or by making appropriation therefor out of profits.
Some societies set up a special “ depreciation reserve ” to cover replace­
ment of equipment, etc.
PATBOHAOR REBATES

Finally, after provision has been made for all the above purposes,
the remainder of the profits is returned to the members in proportion
to their patronage. The return of purchase dividends proportioned
to the amount of the member’s business with the society is peculiar
to the cooperative movement. This insures that the member who
does the most trading at the store shall receive the highest trade
rebate, and the member whose business with the store is small shall
receive a proportionally small return. In other words, the system
(W ame, Colston E .: The Cooperative M ovement in Illinois. Chicago, University of Chicago Press,
1826, pp. 207, 271.
• See page 83.




58

COOPERATIVE MOVEMENT IN THE UNITED STATES

was designed to reward the loyalty of the members in the exact
degree of their loyalty.
Data are at hand as regards purchase dividends returned for 425
societies. Of these only 172 of 317 which reported a profit on the
year’s business also returned a dividend. The 15 cost-plus societies
should also be regarded as returning purchase dividends, which the
member obtained at the time of purchase in the form of a lower
(cost) price.
The statement below shows for 165 societies the amount returned
in patronage dividends. Seven others not included in the table
reported that they also paid dividends but failed to state the amount
so returned.
Number

Retail store societies dealing in—
of societies
General merchandise_____________________________ 7 111
Groceries_______________________________________
814
Groceries and meats_________________________ .!____ *17
Students’ supplies________________________________
10
Other commodities_______________________________
2
Total_________________________________________
Wholesale societies___________________________________
Gasoline filling stations_______________________________
Laundries___________________________________________
Restaurants_________________________________________
Water supply societies_______________________________
Miscellaneous_______________________________________
Grand total___________________________________

154
2
15
0
1
1
1
1
11165

Amount

$402, 391
22, 952
94,251
160,339
3,793
683,726
19,048
44, 826
510
4,955
400
326
753,791

Many of the societies return to nonmembers one-half the rate of
patronage dividends paid to the members. In some cases, however,
the nonmember’s rebate is not paid in cash but is applied on the pur­
chase of a share of stock, so that in time the customer automatically
becomes a member and, as such, entitled to the full rate of dividend.
One of the most successful societies fixes the rate of nonmember
dividend at 2 per cent, irrespective of the rate paid to members.
Another returns no dividend to nonmembers; earnings from their
patronage are put into a permanent reserve to insure “ the safety and
extension of the business as a consumers’ cooperative.” Fourteen
societies reported that all the profits for 1925 were applied on deficits
of previous years, four societies that all the profits were placed in the
reserve or surplus fund (and one of these adds that no dividends will
be paid until the surplus equals $5,000), three societies are applying
their profits on the purchase of a building to house the society, seven
put au the profits back into the business as share capital, one society
uses its profits for various social measures for the benefit of the mem­
bership as a whole, and another is doing so this year. It is sound
business policy to use part at least of the profits to build up the
reserves, and doubtless many of the societies which did not explain
the failure to pay dividends were making the same disposition of
profits as were the societies which reported definitely on this point.
A fourth society, a boarding house, provides that any profits shall go
7N ot including 1 society which paid a dividend in stock but did not state amount so paid. 1 which paid
a 2M per cent dividend but did not state amount so paid, and l which gives a discount of 10 per cent at
time of purchase on cash purchases.
8 Not including 1 society which paid a 1 per cent and 1 which paid a 7 per cent dividend but did not state
amount so paid.
» Not including 1 society which allows a discount of 3 per cent on all bills paid every 30 days.
Not including l society which allows a discount of 2 cents a gallon on gasoline and 5 cents a gallon on oil.
u Not including 7 societies which returned a dividend but did not state amount so returned.




59

CONSUMERS’ SOCIETIES

to build up a surplus to the amount of $1,000; nothing is said as
to the disposal of profits after the reserve reaches the amount so set.
Three societies illustrate a policy not so commendable. These
societies sustained a loss on the year’s business; nevertheless all
returned purchase dividends (presumably from reserves) amounting
in one case to nearly $7.50 per member, in the second to about $10,
and in the third to nearly $9.
In the majority of cases, the bakeries return no patronage divi­
dends, but any profits made are used in aiding various social causes,
following the Belgian practice. Three other societies which sell at
current prices do not practice the return of patronage rebates.
One uses the savings to further a certain social cause ana to enlarge
the business; the second uses all surplus not needed in the business
to “ advance the cause of labor” ; and the third provides that “ should
this society, through its activities, yield any profits, same shall be
transferred undivided to the reserve fund, which may only be used
for enlarging and improving the enterprise or its aims.”
As already seen, more than $750,000 was returned in patronage
dividends on the 1925 sales. What this means to the individual
cooperator is shown in Table 39 below. This table gives for the
societies which had a profit the average amount of this profit per
society, and for those societies which returned purchase dividends,
the average dividend per society and per member and the rate (per
cent) of dividend on the basis of safes and of share capital. In
cooperative practice the dividend is never spoken of in terms of cap­
ital, for a fixed rate of interest is paid on capital. It has, however,
been considered worth while here to calculate the dividend on the
basis of capital as well as of sales, so as to afford a clearer comparison
between private enterprises, in which it is customary to figure divi­
dends in terms of stock, and cooperative societies. In reading the
table, moreover, it should be remembered that the rate of dividend
shown as being returned on capital is in addition to the interest paid
on stock, so that if the interest (figures for which are not available)
were included the rate would be higher than is shown in the table.
T a b l e 39*—A VERAG E PATRON AGE D IV ID E N D PE R SO CIETY AN D PE R M E M B E R

AN D R A TE OF D IV ID E N D ON SALES AN D ON C A PIT A L , B Y T Y P E OF SO C IE TY, 1925
Average dividend—

Rate (per cent) of divi­
dend on—

Type of society
Per society

Retail store societies dealing in—
General merchandise___________ ________________
Groceries______________________________________
Groceries and meats______ _____________________
Miscellaneous commodities (including students’
supplies)...................................... ................ ....
T o ta l.......................................................................
Gasoline filling stations_____________ ____ __________
Laundries8________________________________________
Boarding houses........ .............. ..................... ...................
Restaurants_______________________________________
Water supply societies______________________________
Miscellaneous....................................................................
Grand total__________________________________

Per
member

Capital

$3,625
1,639
5,544

$17.13
14.71
ia o s

3.3
2.2
4.0

25.7
30.9
52.8

13,678
4,440

4.85
Id 66

5.4
3.4

0)
*28.5

8,965
510

17.55
2.12

9.4
2.0

90.6
6.0

84,955
400
326
4,568

2.24
8.70
12.54
10.62

1.2
54.9
13.1
3.8

13.9
1.7
5.0
29.3

i Impossible to compute, as half of the societies are nonstock associations.
* A ll types except those grouped under miscellaneous commodities.




Sales

8 One society only.

60

COOPERATIVE MOVEMENT IN THE UNITED STATES

Although the dividend returned by cooperative societies averaged
only 3.8 per cent on sales, the rebate if calculated on the basis of the
stock investment averaged nearly 30 per cent—no mean return.
Here again, gasoline filling stations took the lead. The water supply
societies, though having a high dividend on sales, fell very low in point
of capital return, since the price of water sold is very small as com­
pared with the amount invested in the plant.
Some of the societies have fine records as regards the savings they
have effected for their members. One such organization, with a
capital of $17,600, has paid back to its members in trade rebates
$20,417. A second, whose members have invested $39,000 in the
business, has returned nearly $53,000 in patronage dividends. A
third with a capital of $40,000 has returned in interest and dividends
$126,306.
One society composed mainly of farmers has in the eight years it
has been in business paid interest (on capital) of $6,462, patronage
dividends of $26,759, and accumulated a reserve fund of $5,779.
Its paid-in share capital December 31, 1925, amounted to $20,245.
Another successful society—one of the large organizations—has been
in business 35 years. During that time it has sold goods to the
amount of nearly $18,000,000, paid interest on stock of nearly
$137,000, and has rebated on purchases a total of $1,697,528. Its
capital stock amounts to $56,000.
One little store of about 100 members in California has a modest
but enviable record. Started in March, 1919, just before the depres­
sion began, it has seen its sales increase from $20,159 to $81,625.
In the seven-year period expenses have risen from 8 to 11.1 per cent
of sales (labor costs from 3.4 to 7.5 per cent), but the net profit has
also increased, from 3.4 to 4.4 per cent. Every year the society has
paid a patronage dividend, these aggregating in the seven years
$14,114. This is a nonstock organization operating with members’
certificates amounting to $2,350 and $14,955 loan capital. It has
no regular reserve, but it has accumulated nearly $6,000 in undivided
profits.
FUNDS OF CONSUMERS’ SOCIETIES
SHAKE CAPITAL AND RESERVE

The capital of cooperative societies is raised through entrance fees,
the issue of nonassessable capital stock, and money borrowed from
members and others. An entrance fee is charged in many societies
to cover the cost of a copy of the rules, organization work, etc., any
balance being carried to the reserve fund. This fee is forfeited to
the society if the member withdraws. Usually this fee is a nominal
sum, the amounts chaiged in the different societies ranging from 25
cents to $2. Some few associations studied require an entrance fee
of $10. In these cases, however, the organization is a nonstock one
and the fees supply the capital that would otherwise have been secured
by the issue of capital stock. Borrowed money is known in the
cooperative movement as “ loan capital, ” and may be raised through
loans from bodies favorable to the movement (as trade-unions)
or from members, sometimes in the form of savings deposits. Loan
capital, being generally withdrawable at short notice, is unsatis­
factory as a means of carrying on a continuing business. To obviate
this difficulty, the cooperative association issues capital stock or



61

CONSUMERS* SOCIETIES

“ share capital, ” as it is called. This share capital differs from the
capital stock of the ordinary corporation in the following respects:
(1) Its ownership carries no voting power, that being inherent in
membership. (2) Its value always remains at par, thus removing
the element of speculation. (3) Share capital receives a fixed rate
of interest and does not participate in dividends. (4) It may
usually be paid for in installments, the certificates being issued to the
purchaser when the full amount is paid.
The face value of share capital issued by the societies varies, being
determined sometimes by the associations themselves and sometimes
oy the cooperative law.
The statement which follows gives an idea of the range of share
capital values in the store societies:
xsuinD6r

x ©r
cent

Share capital with par value o f—
of societies
$5______________________________________ 25
$7.50____________________________________
1
$10___ _________________________________ 46
$15_______________________ _____________
1
$20_____________________________________
5
16
$25_____________________________________
$35_____________________________________
1
$50_________________________________ 7
$75_____________________________________
1
$100____________________________________
14
3
$200____________________________________
Total______ _____ ____ ________________

20. 8
.8
38.3
.8
4 2
13. 3
.8
5.8
.8
11. 7
2. 5

120

100.0

One society (not included in the above) which is organized to sup­
ply its members with electricity, has a provision in regard to its share
capital which is unique among cooperative societies, as far as this
bureau’s experience goes. It provides that its shares shall have a par
value of $100 “ until the initial [power] line is constructed, after winch
the market value shall be $125 and they shall not sell for less than this
amount.” Its practice also varies from that of other cooperatives in
that, giving service at cost as it does, it has provided that its shares
may be assessed 5 per cent in any one year, tnree-fifths of which shall
be used for maintenance purposes and the other two-fifths to create a
sinking fund.
Table 40 shows the number of store societies fixing minimum and
maximum limits of investment in the organization:
T a b l e 4 0 .— N U M BER OP SOCIETIES R E PO RTIN G , IN V ESTM EN T R E Q U IR E D , AN D

M A XIM U M IN V E STM E N T ALLOW ED PE R M E M B E R , STORE SOCIETIES ON LY

Maximum

Investment required
Amount per member

Number
requiring
each amount

$5 and under $25____________________________________
$25 and under $50.___ . ______________________________
$50 and under $100________ __ ______________________
$100 and under $200_______________________ __________
$200 and under $500...________________ ______ ___ ____
$500 and under $1,000.........................................................
$1,000...................................................................................

34
13
13
10

Total.........................................................................

71

28464°—27------5



Number allow­ Number allow­
ing each
ing payment
by installments amount of
investment
4
5
8
3

2
4
5
20
18
17
15

20

87

1

62

COOPERATIVE MOVEMENT IN THE UNITED STATES

Shares are usually withdrawable and transferable under certain
conditions. When a member wishes to transfer his stock to another
person this transfer must usually have the approval of the board of
directors and the transfer must be made on the books of the associa­
tion, the old certificate being canceled and a new one issued in the
name of the purchaser. Many societies require that any such share
of stock must be offered to the association first. In case the society
does not care to redeem it the transfer may be made as above. Four
societies included in the study prohibit transfer of stock and one
allows it only by unanimous vote of the directors. Many societies
permit the withdrawal of share capital only under such circumstances
as the following: If the member removes from the community or is
in actual need of the money; if the withdrawal of the money will
not prove injurious to the society; if the board of directors approves;
after the association has been in business for a certain period; or on
notice of varying periods. The share is then bought back, at its
original price, by the society and the certificate is canceled. Some­
times a withdrawal fee (usually $1) is charged which is carried to the
reserve fund of the society. Foot societies report that they allow
no withdrawal of share capital. The law of Pennsylvania provides
that the share capital may be of two kinds, permanent and ordinary,
and that the permanent share capital shall be nonwithdrawable.
In that State, however, the societies usually provide that a member
wishing to withdraw nay transfer his share to some other person
acceptable to the board 01 directors. Transfer of stock is prohibited
by law in Tennessee. In that State the association must refund to
any withdrawing member the face value of his stock, and the shares
then revert to the association.
Other funds than share capital are, in the course of time, accumu­
lated by the cooperative society. These may include loan capital,
surplus or undivided profits, educational funds, deposits of members,
income from investments, buildings, etc.
Table 41 shows the paid-in share capital and reserve of the con­
sumers’ societies at the end of 1925, and the averages per society
and per member. The “ reserves” here given do not include those
set aside for special purposes such as building fund, depreciation, etc.
The reserves per society average more than one-half of the amount
of share capital per society—a very favorable situation. The 1920
study disclosed an average capital per society of $17,056, and per
member of $59, and an average reserve per society of $5,142. Thus
the 1925 figures show a gain on all three points, especially as regards
reserves.
Loan capital was reported by 54 societies, aggregating $299,281.
Also, the financial statements of 15 societies showed members’
deposits with the societies amounting to $131,210 and averaging
$8,747 per society reporting such.




63

CONSUMERS* SOCIETIES

T a b l e 4 1 .— AVERAG E SHARE C A PIT A L AN D RESERVE PE R SO CIETY A N D A V ERAG E

C A PITA L PER M E M B E R , D E C E M B E R 31, 1925

Reserve fund

Paid-in share capital
Num­
ber of
societies
report­
ing

Type of society

Amount

Aver­ Num­
Aver­
age ber of
age per per societies
society mem­ report­
ber i
ing

Amount

Aver­
age
per
society

Retail store societies dealing in—
General merchandise.......................
Groceries..........................................
Groceries and meats........................
Students’ supplies...........................
Miscellaneous commodities............

*275
*46
331
*4
*6

$4,485,758
377,222
302,320
54,005
36,229

$16,312
8,200
9,752
13,501
6,038

$110
35
190
4
27

180
29
19
3
3

$1,356,308
148,913
214,458
420,062
28,449

$7,535
5*135
11,287
140,021
9,483

Total.............................................
Wholesale societies................................
Gasoline filling stations.........................
Bakeries..................................................
Laundries_____ ________ ____________
Boarding houses....................................
Restaurants............................................
Water supply societies_______________
Miscellaneous societies..........................

*362
3
7
9
1
*9
52
2
#3

5,255,534
371,656
79,225
67,919
8,540
24,210
37,296
27,850
999,000

14,518
123,885
11,318
7,547
8,540
2,690
18,648
13,925
333,000

63
23
15
35
16
16
366
187

234
2
6
5

2,168,190
27,502
21,316
21,843

9,266
13,751
3,553
4,369

5
3

7,768
106,106

1,554
35,369

2

82,453

41,227

Grand total...................................

7 398

6,871,230

17,264

68

257

2,435,178

9,475

i On basis of societies reporting both capital and membership.
* N ot including 5 nonstock associations.
* N ot including 1 nonstock association.
* N ot including 7 nonstock associations.
* N ot including 2 nonstock associations.
* Not including 16 nonstock associations.
7 N ot indudfng 21 nonstock associations.

ASSETS AND LIABILITIES

In each of the bureau’s studies each society was asKed to fur­
nish a copy of its financial statement as of December 31, or as
near thereto as possible. Less than half of the societies complied
with this request in either year, but the balance sheets submitted
this year indicate a decided improvement in bookkeeping methods
as compared with 1920. Here and there a society quite evidently
is going along with no clear idea of where it stands, or whether it
is ahead of or behind the game. Some were still found either enter­
ing their capital or reserve as an asset instead of a liability, or omit­
ting it altogether, calling the difference between liabilities and assets
“ net worth,” “ equity,” or even “ surplus,” in the latter case giving
the members the impression of a gain where there may have been
a deficit. Of late years more and more emphasis has been laid by
cooperative leaders upon the value of proper accounting methods,
and several of the central organizations have established accounting
and auditing services for their members. Some of the improvement
shown is undoubtedly due to their efforts.
Table 42 shows that the 204 societies reporting present a com­
bined balance sheet of $9,551,664. A detailed statement of the
assets and liabilities of these societies appears below.




T a b l e 4 3 . — ASSETS A N D LIA B IL IT IE S OF IN D IVID U AL CONSUM ERS’ SOCIETIES AS OF D E C E M B E R 3i, 1926

RETAIL STORE SOCIETIES
Surplus and deficit
account

Assets

Liabilities

Society No.

for year
1925

7_.

8..
9..

202,609
57,568
70,000
192,000
131,019
64,103
34,349
39,136
285,381




68
6

106
1,033
1,298
1,138
260

66
,8 8

303
7,858
912
1,090
5,758
294
494
2,715
1,614

12,624
8,509
25,643
10,531
2,494
26,020

$1,956
34,775
10,127
1,008

9,589
3,027
1,767
3,281
14,786
869
11,856
511
734
2,231
6,600
12,401
7.800
195
1,391
2,092
3,166
6,993
1,870
6,776
1.801
4,012
16,835
1,745
2,400
4,765
3,312
2,575
5,497
7.902
2.903
50,548

16,847

1 ,0 0
00

8,797
4,166
8,941
3,427
2,198
1,881
1,812
18,150
2,477
2,267
4,973
5,549
3,213
6,459
15,547
8,711
844
3,497
7,033
476
1,721
835
3,746
2,400
1,674

$275
884
534

$764

20
0

5,506
3,608
974

500
532
628
27
657
829
14,810
810

395*

432
1,300
64
232
35

458
1,620
495
1,954
720

450
679
3,285

56
6,510

$3,750
43,671

$5,479
36,539

4,400
13,750
8,522
6,905
12,350
453
19,650
1,440
12,057
2.500
4,505
6,425
11,725
13,875
17,150

3,096
829
4,571
4,204
5,513
3,104
9,763
2,480
7,829
675
5,222
12,098
22,624
4.809
11,633
1,290
2,563
6,902
5,850
2,911
1,032
12,329
1,497
6,016
7,371
6,880
662
530
4.809
618
4,616
5,645
13
7,670

(2
)
7.500

1,896
3,131
34,780
830
4,429

501
602

22
2

$14,300

590
6,611
5,992

Bills,
accounts,
and notes
payable

4,750
6,555
11,745
3.000

80
.0 0

17,200
7,610
5,725
11,280
20,643
8,740
8,180
7,790
15,215
21,570

20
,2 0

18,670

Reserve
fund

$19,069
31
24

■o'
§o
1,674
7,628
'3,'520*
5,000
1,807
7,709
1,644
1,990
234
45
1,262
3,679
3,173
8,832
1,015
5,779

Surplus
and un­
divided
profit
$4,669
1,524
15,261
27,194
1,315
4,291
455
2,290
2,927
2,239

$510

6,400
"i4,955"
414
2,629
13,468
577
3,154
55,'522

'4,"9i3

1,694
232

60
,0 2
1,622

10
,0 0

$11,779*
7,216
373

702
7,3
1,564
4,532
500
305
625
7,220
397
1,383
736
1,755
6,504
6,515
2,325
150
464
5,138

10
,2 0

"2,072

7,565
19,065

Miscel­
laneous

9,000

10,276

d,096

16,729

Loan
capital

4,550
14,455

1,830
225
1,484
945
64
16,566

STATES

23.
24.
25.
26.
27.
28.
29.
30.
31
32
33.
34
35
36
37

548
1,383
5,377
1,333
567
37,508
1,899
50
354
469
48

11,960
18,715
12,918
19,514
5,095
14,429
3,361
22,471
2,786
10.883
17,902
27,901
11.884
19,329
3,071
12,464
5,657
7,158
8,214
3,374
13,731
14,235
6,219
39,410
14,059
15,761

$14,005
51,763
10,823
1,145

capital

UNITED

2.
0
2.
1
2.
2

6

1,301
1,336
2,487

$9,132
33,008
13,851

Gain

THE

13.
14.
15.
16.
17.
18.
19.

29,617
70,052
64,743
101,103
81,625
65,667
110,391
45,935
125,221
33,470
35,000
83,767
348,981
89,004
36,546
33,086
64,711
21,400
36,352
63,474
54,788
50,357
53,107

$819
385

Loss

I
N

1.
0
1.
1
1.
2

$72,000
196,144

Miscel­

laneous

MOVEMENT

1-.
2_.
3_.
4..
5..
6..

Cash
Merchan­ Buildings,
Bills,
on hand dise inven­ land, and accounts,
tory Dec. equipment and notes
and in
bank
31,1925
receivable

COOPERATIVE

Total

120
*2

340
196
436
1*580
707
127
146
1*685
487
902
2,042

6,169
2,040
12,610
11,167

61
,1 2

11,871
53,739
31*689
13,615
27,541
6*692
7,569
14*948
4,248
9*048
10*395
7*624
32,877
3,301
12,662
23,951
17,365
23,097
38,407
10,663
42,911
17,539
7,100
19,237
3,098
22,653
4*650
3,177
35,133
14,132
30.778
30.778
4,010
8,489
17,941
5,550
25,432
8,089
13,356
16,526
15,439

7,948
76,153
19,279
4,984

1,401
2*131
9*556
700

11*415
6,442
4,691

1,519
5,677
88,740
8,634
5,649
3,793
3,679
25,125
16,248
6,975
7,413
14,974
4,189
4,821
26,853
1,849
15,173
5.169
1,700
1,350
6*545
3,875
4,010
10*323
11,964
14,745
1,567
8,119
2,213
1,726
6.170
9,133
19, 111
2,395
1,250
2,824
4,726

20
,2 0

1*950
1,583
5,976
7,547
6,301

8,370
10,772
267

5,061

9,228
17,208
12,065
5,049
7,007
3,764
695
2,254
7,048
5,025
2,105
10,724
3,346
1,091
14*978
4,538
11,906
2,890
970
1,787
2*566
5,174
1,402
583
1,083
6,810
2,104
3,278

i Membership fees; this is a nonstock association.

'16,"487*

4,8
1,156
1,966
1,814
16,208
498
1,691

21
0
1,219

1,414
§,499"
2,927
4,742

1,748

8*462
5,060
818

1,9
1*634

553
^7"
633*
3,121
1,982

585

6,905
2,850
45*721
5*355
3*030
1,931
4,050
11,290
53,970
11,410
15,415
10,867
6,664
2,970
26,210
9,195
3,650
1,940
17,910
4,660
39.000
1,055
14,450
29,698
14.800
20,600
27,500
8,540
18,400
17,600
15.000
10.300
11,150
13,070
14,250
1,875
34.800
10.300
43,900
25,200
5*555
11,525
11*975
3*900
13,347
7*680

2 ,1 0
00
2,043

18*150
17*700

7,947
1,326
19,707
16,727
1,270
791
53,434
26,159
19,836
6,673
4,195
30,295
5,189
2,278
24,049
27,366
5,160
4,752
2,663
10,282
5,570
778
4,051
4,458
1,593
12,588
1,332
8,131
4,033
12,113
1,760

70
1,658
16,691
2,428
5,621

210
*0

19,444

2,035
'§,“670

4,308
6,854
309
640

13*534

3,620
45,140
8,478
1,918
2,745
145

2*256

”'§,'329'
17,243
10,659

5,448

1,368

13,948
2,624

~5,"818

1,341
3,714
1,718
475
2,232
3,134
*5,745
14,445
3,325
7,928
18,509

22,256
7,517
12,665

1*498
4,130"
1,087

20
,0 0

726
7,240
19,168
5,000
17,647
13,017

11
,2 0

48,733
13,024
I,948
1,053
976
777
1,273
16,984
467
9,770
6,405
1,165
1,442
3,258
4,878
1,453
II,700
2,048
875

5,466
486

7,584
11,099
5*247
1,718
9,804
6,572
4,537
1,834
8*091
831
7,313
10,911

1,527
15,405
1*047

515
241
4,880
1,996
358

23,973
5,592

2,117

~ ii$
%

6,127
7,031
5,564
5*475

SOCIETIES




390
5,130
5,493
1*297
746
7,214
1*082
3*678
6,152
2,534
2*316
1,009
364
171
1*637
1*259
298
291
2*859
541
36
7,313
482
613
5,659
4,480
3,575
1,497
2,089
724
11,758
3,123
3*455
846
804
2,453
443
6,443
339

CONSUMERS'

70,202
39.000
330,000
120,832
33,393
20,285
32.000
82,683
297,524
199,064
146,195
244,964
22,629
43,682
131,066
115,820
55,461
65^611
108,051
73,445
35,568
429,931
23*052
105*327
80,256
53,975
69*418
132,230
66,818
100,586
85,186
40,550
89,722
36*988
87,676
38*611
14,671
96,434
55,919
99,748
109,646
15,459
42.000
30,067
55,087
19,244
59,859
18,989
51,004
52.000
49*288

10
,0 0
8*485
4,866

94
4,354
633
613

20
2

2,067
4,617

* Nonstock association.

3,200

0
01

T a b le

42 .—ASSETS AND LIABILITIES OP INDIVIDUAL CONSUMERS’ SOCIETIES AS OF DECEMBER 31, 1925—Continued
RETAIL STORE SOCIETIES-Continued

10
0.

123.
124125.
126127.




172
302
147

353
1,074
3,292
1,448
841

22
0

1,349
2,991
4,344
2,483
5,596
234
6,965
163
160
653
1,177
2,775
2,087
656

10,074
11,875
9.000
1,751
3,546
5,659
14,478

8.000

8,179
4,863
1,540
5,717
9,050
1,549
1,000
48,420
718
9,244
3,700
14,436
4,482
8,793
15,064
3,846

$1,749
1,200
23,591
8,292
1,477
14,276
4,296
1,611
19,695
6,578
6,331
2,518
12.113
3,093
348
2,098
3,538
13.113
2,500
2,978
1,186
4,658
1,421
6,794
5,068
986
992
18,212
4,652
11,490
3,503
2,574
14,992
1,957
10,025

$65
962
400

13,648

962
425

12
0

7,117
1,308
5,188
$18,176
4,144
4,063

852

125
484

5,451
~
2,"633

1,345
‘ 4,‘ 777

384
57

3,485
364
15,295
175

50

10
2

381
1,216
1,000
537
1,488
242
300

$13,700
9,010
11,328
40,111
22^100

11,200

73
310

400

capital

2,045
3,940

7,637

321

387

16,980
7,600
7,500
10,425
16,890
4,438
7,200
5,982
7,900
29,450
8,815
12,000
4,310
7,945
5,460
18,680
13.600
8,400
17.000
17.600
20,152
7,970
4,250
29,299
1,420
32,325
8,800
23,750
15.000
8,300
7,351
3,180
14,235

Bills,
accounts,
and notes
payable
5,066
1,123
45,484
9,723
3,942
10,958
7,628
13,783
4,176
12,356
1,017
1,165
7,809
9,416
9,288
2,725
3,937

Reserve
fund
$1,353
3,062
1,227
8,411
2,521
1,022

53,246
4,421

1,000

Surplus
and un­
divided
profit

$401
13,194
2,742
16,377
10,254

1,229

2,"136

8,092
24,080

"1,814

378
8,272
31,018
1,418
607
11,911
17,684
4,379
2,616
2,770
4,800

750
11,702

10
,0 0
750
2,955
6,340

3,000

8,181

$6,000

8,587
6,290

2,313
139
8,011
4,850
810

Loan

’i,‘o 5
o‘
2,427

5,524
15,709
1,015
26,801
574

1,300

4,650
20,583
12,912

22,085

$2,083
2,261
30,379
1,790
3,'263
119
812
10,682
3,000
4,579
6,450
1,800
4,472
912
2,792
1,137
260
653
8,978
239
900
21,090
9,453
1,710
979

14,325

3,199

Miscel­
laneous

9,641
526
811

STATES

10
2.
11
2.
12
2-

66,360
2,500
50,444
43.598
140,971
95,419
15,943
282,704
18.000
328,297
40,044
54,000
29.598
79,480
207,000
75,695

1,021

$5,724
6*703
5,746
47,718
12,758
7,600
14.338
1,460
10.338
4,619
48,682
3,985
600

Gain

tTNITED

113.
114.
115116.
117.
118.
119.

0)
12,560

1

834
2,892
2,490
8,492

$14,787
7,386
7,098
50,675
17,848
8,596
23,210
15,403
20,780
15,852
25.123
9,946
8,382
6,895
10,253
9,760
12,568
7,680
7,261
11,091
11,459
1.420
13,909
7,255
17,224
13,890
25,998
11,084
2,060
42,377
1,643
20.124
9,585
22,748
9.420
12,711
18,996
11,398
9,766

Loss

THE

10
1.
11
112
1.

72,008
50,901
28,253
60,969
60,000
137,047
33.000
26,118
53,719

$1,724
1,801
1,895
1,439
1,046
320
544

Miscel­
laneous

I
N

101.
102.
106.
104.
105.
106.
107.
108.
109.

$55,609
44,643
57.000
263,514
60,900
38,422
72.000
55,400
172,823
73,958

Bills,
Merchan­ Buildings,
Cash
on hand dise inven­ land, and accounts,
tory Dec. equipment and notes
and in
receivable
bank
31,1925

MOVEMENT

90..
91..
92. .
93..
94..
95..
96 ..
97..
©8..
99..

for year
1925

COOPBBATIVB

Society N o.

Liabilities

Surplus and deficit
account

Assets
Total

181,578
61,665
M, 008
64,323
179 179
210,297
78,824
21,674
2,149
54,856
71.225
43,319
48.000
67,571
33.470
42,787
25.000
64,131
98.000
134,915
40,121
98,252
5,896
48,540
56,726
20,633
45.000
13.471
55,716
221,923
34,276
124,864
18,020
75.000
53.471
271,290
181,000
167,225
62,529
75.226
105,066
180,862
36.000
136,198
74,778
81,341
78,427
136,548
92,097
53,263

8 N ot reported.




4,280
1,253
371
2,208
1,835
644
27,605
2,288
294
59
95
1,503
218
343
591
5,377
478

6
8

1,026
1,612
1,207
4,926
1,256
125
357
276
58
404
592
1,233
9,012
12,841
1,403
599
5,576
768
4*426

319
331
1,785
195
4,272
1,115
1,335
836
2,667
1,695

23,018
10,413
4,172
16,850
49,394
16,458
50,640
14,987
3,670
654
17.368
28,194
3.000
10,632
10.368
2,786
4.000
6,643
7,056
7,998
11,072
5,530
3,770
674
6,611
2,509

20
.0 0

2,518
313
1,761
15,271
2,006
10,795
1,897
1,938
1,722
49,196
21,249
8,830
7,244
2,633
7,208
6*301
1,894
3,301
6,573
7,313
9,279
2,830

43,195
2,603
1,612
21,198
36,205
8,280
13,558
2,009
90
18,061
11,613
3,425
943
7,064
511
447
9,859
5,106
15,791
11.447
20,065
5,163
4,013
4,619
2,300
5,343
163
800
4,323
420
52,875
15,149
402
355
12.448
12,452
25,618
10,244
1,162
37,158
34,300
2,646
22,480
2,134
5,125
1,782
6,456
3,284
2,700

4,665

19,165
4,739
1,293
5,291
11,370
6,032
24,934
5,082
2,270

20
2

3,299
3,060
2,499
2,008
4,447
2,198
4,631
1,056
2,638
3,044
8,827
1,852
3,530
99
4,341
2,356
3,000
6,263

"’ "284"
3,453
5,182
2,025
1,099
3,371
"1,228"
687

Tear
590

5,472
"§,‘ 625’
904
2,858
27,178
"~2, i 86~
“

1,990
500
22,185
16,085
3,130
6,778
1,526
8,856
2,218
3,620
2,017
2,135

'lMlS'
2,878
1,147

1,438

m
14,517
"”i,664"
7,415
679

1,136
2,769

581
2,083
2,748
3,584
4,231
3,495

42,271
9.110
6,253
24,400
33,600
15.000
32.000
19,280
2.780
490
24,100
11,500
5,280
6.150
7.110
2,500
6,229
4,442
12,240
2,440
19,140
14,035
4.150
810
2.490
3,610
2,600
27,200
171
3,430
26,380
10.000
29,034
4,000
1,850
2,540
4,210
23,735
32,342
6,160
3.490
8,620
19,250
4,525
5.780
6*105
5,100
1,515
5,009
4,050

29,506
4,819
426
6,272
36,576
1,306
4,516
1,630
13
5,888

13,294
478
11,318
4,507
179
336

1,000

5,194
6,466
5,408
675
1,115
3,673
10,129
6,793
16,000
1,465
1,792
6,316
1,817
4,387
11,678
706
429
8,562
2.035
4,243
16*890
10,136
11,850
11,370
5,338
4,818
16,400
3,009
9.035
4,712
1,941
19,649
926
685

12,157
5,052
43,904
3,894
184
‘ 26, 848
‘

630
5,000
2,783

1,442

6,207

5,184

13,973

7,000

577

10
,0 0
1,448

7,308
7,890

10
,0 0

2,465

11,195
’ "4"633
" '“"195'

950
4,"7cd

1,119
500

5,728
11,399
4,541
500
99
2,309
1,414

30
43,327
11,558

445
9,518
2,555
1,812
2,328

18,394
5,500
141
5,169

701
”i§,325*

60
,0 0
23,475
3,614
4,305
2*060
1,418

5,277
4,458
2,085

C
c

50 a
,0 0

3,600
40
4,700
750

2,340
2,405
12,580
12,470
160

500

15,702

1,064
"5,"?00'

2,154
1,293

41
1,346
17,344
5.225
15,619
6,500
3,074

4,003
1,493

SUMEBS’ SOCXKTIES

128..
129..
130_.
131..
132..
133..
134..
135..
136_.
137138—
139..
140141—
142..
14«„
144145146147148149„
150151152153..
154..
155156..
157158..
159160..
161162163..
164..
165166..
167..
168..
169..
170171..
172..
173—
174..
175..
176..
177..
178..

T ab le 42.—ASSETS AND LIABILITIES OF INDIVIDUAL CONSUMERS’ SOCIETIES AS OF DECEMBER 31, 1926—Continued

BETAH STORE SOCIETHS-Continued
Surplus and deficit
account
Society N o.

216
22,669

2,121

3,492

21
0

130,802
13,685
46,647

10
,2 0

Gain

$167

$4,000
9,104
7,363
53,371
1,600
30,519

3,110
4,372

18,527
1,040
1,154

1,532
2,156
14,482
594
48,007

$3,652
400
562

17,715
143,788
43,201
4,708
736
39,854

37,934
3,325
830
14,378

1,662
1,638
31,176

2,426,111

1,210,215

142,011

fund

2,375,659

1,453,333

609,948

$248,921
253

$2,380
2,676
983,500
4,270

$332
4,021
103,728
8,874
24,740

79,453
2,934

9,550
14,075
7,560
8,6V3
31,719
930

5,000
401
6,394
3,350

27,338*
853
8,947
9,094
1,674

136,447

2,789
50,000

<
2
)
3,375

$1,976

Loan
capital

$650
1,722

21,552

200,684
61,400
2,974
577
1,048,077

$940
25*395
6,658
3,116
18
250
2,707
274,508
17,830

30,214
101,248

Miscel­
laneous

23,046
291,456

1,007,820

OTHER SOCIETIES
.
19 3
19 4
.
19 5
.
19........................ 6
19........................ 7
19 8
.
19 9

20
0
201........................
22
0 ..............
20 3
20 4

.
.

$2,821
$79,257
47,111
315
3,533,175
168,440
30,678
....................1,844
24,493
145,4V2
....................
25,306
540
83,707
4,188
131,000
11,330
55,461
4,313
2,100
34,676
32,431
406,182
1,279
170,729

Grand total.

2 Nonstock association.




728,551

$4,164
1,330
67,473
1,097
23,013
936
4,162
9,260
3,112
3,345
5,334
3,157
2,929,244

$1,187
26,114
1,208*946
21,146
97,466
11,260
14,830
13,342
7,191
10,601
22,322
45,276
3,905,792

$1,300
1,099
41,701
" s i,'846
1,057
1,508
6,554
5,788
581
745
1,302,394

$543
281
337,039
267
13,600
125

9,652
12,587

370
605
41
29,725
1,134
525,741

4,499
” §,'459'
15^,942

685,179

(2
)
8,540

3,449,532

1,610,173

$6,955

$348
13,556
358,544

49,453
111, 163
5,378

400
7,000
49,548
756,238

78,010

4,556
4,260

8
6

35,194

$7,825

2,237
2,795
146
9,290
3,438

1,266,967

299,281

1,484,293

STATES

405,808

31,912

$23,172
2,995
28,253

Surplus
and un­
divided
profit

UNITED

4,936
70,887
4,746
34,590
3,121
1,545
41,024
6,763
22,502
1,081
4,018
1,700
46,662

50

2,802,861

$6,025
1,600
43,500
11,820
40,090
3,800

Bills,
accounts,
and notes
payable

THE

1,411
17,527
3,754
.2,346
1,393
14,382

capital

2,370
8,630

$2,388

1,320
432
332
6*390
2,118

474,457

T ota l.

Loss

I
N

$49,000
42,647
356,150
132,408
551,367
27,862
137,133
254,078
81,569
943,399
134,112
45,412
12,616
216,194

Miscel­
laneous

MOVEMENT

179.
180.
181..
182..
183..
184..
185. .
186.
18?..
188..
189..
190..
191..
192..

Cash
Merchan­
Bills,
on hand dise inven­ Buildings, accounts,
land, and
and in
tory Dec. equipment and notes
bank
receivable
31,1925

Liabilities

COOPERATIVE

Total
business
for year
1925

69

CONSUMERS’ SOCIETIES

In order to reveal some of the salient features of the above table,
the relationships of certain of the data shown above are given in
Table 43. In this table paid-in share capital, loan capital, reserve,
and surplus are all regarded as “ working capital.” This was done
because in some of the older societies the paid-in share capital
represents a relatively small part of the amount that is realty used as
capital, and therefore the use in the table of only paid-in share
capital as the basis of comparison would not show the actual facts.
Column 1 shows the percentage of capital that is invested in buildings,
land, and equipment. Column 2 gives the relation of the debts
of the association, exclusive of loan capital, to the capital. Column
3 shows the proportion of capital that is tied up in credit to members.
Columns 4 and 5 represent turnover in terms of sales, column 4
showing the relationship of sales to merchandise stocks, and column
5 that of sales to capital. Thus, in society No. 1 the sales for the
year were 7.9 times as great as the stock of merchandise on hand
^December 31, 1925, and 8.1 times as great as the capital.
T able 43.—R E LA TIO N OF F IX E D ASSETS, ACCOUNTS A N D BILLS P A Y A B L E , AN D
ACCOUNTS R E C E IV A B LE , TO C A PIT A L , AN D PR O PO RTIO N OF SALES TO
M ERCH AN D ISE AN D TO C A P IT A L , D E C E M B E R 31,1925

RETAIL STORE SOCIETIES
Relation of—

Turnover

Ac­
A c­
counts
Fixed
counts
and
assets^ bills receiv­
Society to cap­
able
No.
ital 2
to cap­
(per to cap­ ital*
ital*
(per
cent)
cent)
(per
cent)
(1)
1__
2__
3__
4__
5 ...
6—.
7__.
8 ...
9 „.

1
01 -.
1

12..
13..
14..
15..
16-.
17-.
18-.
19..
20..

2 -.
1
24..
25..
26..
27..
28-.
29..
30-.
3132..

(2)

156.8
61.4
82.5
58.2
26.4
19.3 "~ 5 2.T
34.4
2.9
22.8
10.9
41.4
49.3
8.2
25.5
m s
103.6
49.4
32.6
23.3
66.5
37.1
24.5
6.3
&4
7.8
55.2
25.8
139.6
30.2
8.8
60.7
23.5
45.5
67.8
9.8
64.8
8.3
15.3
32.5
107.1
88.6
4& 0
52.8
22.0
13.7
7.5
53.0
96.4
10.5
8.7
52.7
79.1
67.8
29.7
14.2
56.0
9.1
2.5
44.1
4.9
40.5
58.8
14.8
3.5

(3)

Ratio
of
sales
to
merdise

ital*

(4)

(5)

7.9
5.9
1.9
4.3
5.9
3.5
7.8
4.2

21.9
55.4
24.7
17.0
22.7
40.0
40.7
139.1
29.9
91.9
27.0
27.2
19.9
20.9
24.2
12.1
13.2
29.7
86.1
48.7
48.8
113.6
68.1
4.9
14.7
28.4
26.6
4.4
21.0
4.8

1 .1
1
7.7
13.7
5.6

1 .0
2
3.2
4.7

1 .6
2
7.5
1
.8
1 .8
0
5.2
3.8
5.1
7.7
16.2
3.7
3.7
4.2
5.1
3.8
3.7

1 .0
1

15.2
15.4

i Buildings, land, and equipment.




Ratio
of
sales
to
cap­

8
.1

3.1
.7
5.0
2.4
1.5
11.9
3.8
21.9
3.7
12.3
3.9
4.1
3.7
9.7
4.7
4.4

2
.1

16.6
3.9
3.3
5.5
4.8
4.0
3.9
3.1
3.4

8
.2
2
.2

4.3

6.5
23.5
7.5

Relation of—

Turnover

A c­
counts
A c­
and
counts
bills receiv­
to cap­
able
ital*
to cap­
(per to cap­ ital*
cent)
ital*
(per
(per
cent)
cent)

Ratio
of
sales
to
mer­
chan­
dise

Ratio
of
sales
to
cap­
ital*

(2
)

(4)

(5)

Fixed

Society
No.

S£

(1
)
18.5
36.6
131.8
92.8
279.8
176.3
95.4
218.3
97.7
24.1
38.8
115.8
39.1
23.1

2 .6
1

40.8
35.8
51.8
78.0
147.2
188.1
46.9
26.8
90.3
62.0
82.0
91.0
12.9
5.0
5.1
13.9
32.7

15.6
26.2
.6
14.1
75.0
29.4
24.7
189.4
.

2 .1
0

5.4
69.7
118.5
68.5
33.8
71.8
40.8
62.5
24.9
48.1
610.4
85.7
33.0
89.0

(3)

1 .6
2
1 .1
1

76.1

"lO*
47.3
1 .0
2
7.9

1.7
17.2
3.0
32.3
108.0
49.9
10.3
56.6
40.1
155.8
25.4
26.8
135.4
16.6
51.9

6
.1
0
1 .0 2 .6
0

118.0
61.6
13.9
2.3
15.4
9.5
13.4

55.3
42.9
35.5
19.2
14.9
31.7

2
.2
1
.6

2.5
3.3
15.7

17.8
5.2

1 .0
1

6
.6

11.4
19.1
26.2

1 .8
0
5.5
3.7

8
.2

7.0
5.5
6.3
10.7
8.9
3.4
5.8
5.5
7.7
13.1
7.3

2
.8

7.1
4.7
13.1
7.0
8.3
3.4
3.1
3.0
3.4
6.3

8.7
4.1
13.7
6.5
2.7
5.1
5.7
3.9
9.0
5.1
9.4
2.4
4.2
2.7
5.6
11.7
16.7
3.4
4.7
6.7
9.9

1 .2
0
6.3
2
.0
1
.6
2
.6
2
.8

* Share and loan capital, surplus, and reserve.

5.6

70

COOPERATIVE MOVEMENT IN TH E UNITED STATES

T a b l e 4 3 .—R E LA TIO N

OF F IX E D ASSETS, ACCOUNTS AN D BILLS PA Y A B L E , A N D
ACCOU N TS B E C E IV A B L E , TO C A PIT A L , AN D PB O PO BTIO N OF SALES TO
M E B C H A N D ISE A N D TO C A PIT A L , D E C E M B E R 31,1926—Continued
RETAIL STOBE SOCIETIES—Continued
Belation of

Turnover

Ac­
counts
A c­
and counts
Fixed
bills receiv­
assets
Society to cap­
able
N o.
to cap­
ital
(per to cap­
ital
ital
(per
cent)
(per
cent)
cent)

Batio
of
sales
to
mer­
chan­
dise

Batio
of
sales
to
cap­
ital

(3)

(4)

(5)

1.9
7.4
30.7
17.4
18.9
57.9
23.5
46.2
25.5
28.6
23.9
9.5
17.5
9.6
24.6
26.3
11.3
3.1
8.6
33.3
11.6
14.7
5.9
27.1
9.6
48.6
27.1
12.0
33.3
41.5
25.7
7.8
28.1
35.1
77.2
37.4
70.7
10.5
1.9
17.5
63.9

2.3
4.9
5.7
4.7
11.9
3.9
8.3
4.6
2.7
4.0
3.2
3.6
3.9
1.8
3.5
3.1
3.5
2.4
2.3
3.8
3.1
3.2
3.8
6.0
8.0
5.2
3.4
4.5
3.1
3.6
8.3
4.7
15.2
7.2
6.1
4.1
5.9
6.1
10.9
4.3
3.6
4.8

2.8
2.8
1.8
3.1
3.3
4.7
2.7
6.2
1.6
3.5
2.0
3.6
2.8
2.3
2.9
2.8
1.6
3.2
1.5
2.5
2.9
2.2
3.7
3.7
4.5
5.4
2.0
3.1
1.7
5.4
6.9
3.6
5.4
3.8
6.2
4.2
3.6
2.0
7.5
2.8
4.7
3.2

.7
4.8
.3
2.9
3.1
5.4
8.6
7.7
6.7
11.0
16.3
4.2
2.4
3.1
6.3
10.9
6.6
9.4
7.9
5.9

8.8
4.3
.2
2.2
2.5
3.9
9.4
3.0
4.9
9.0
7.0
4.6
2.3
2.0
5.9
4.1
4.7
5.3
3.3
4.0

S£

(1)
67..
70-.
71-.
72..
73-.
74-.
75-.
76-.
77..
78-.
79..
80-.
81-.
82..
83..
84..
85-.

8 -.
6
87..

9 0 ...
9 1 ...
9 2 ...
9 3 -.
94—
9 5 ...
96—
97—.
98—
99 ...

10
0 ..
11
0 ..
12
0 ..
103..
104105..
106..
107..
108..
109..

10
1 ..
11
1 ..
12
1 ..
113..
114..
115..
116..
117..
118..
119..

10
2 ..
11
2 ..
12
2 ..
123..
124..
125..
126..
127..
128..
129..

(2)

34.9
11.1
33.7
52.2
5.8
28.2
51.2
36.2
14.1
65.3
43.8
12.4
15.5
105.6
73.1
11.5
57.5 '" ”47.7"
22.2
38.3
17.3
7.9
30.9
6.7
52.6
27.1
63.0
24.0
23.1
17.8
14.8
10.4
43.0
12.6
6.6
29.3
35.8
41.6
60.1
28.2
’ 42.0
38.0
55.5
42.0
8.9
45.8
98.3
93.7
41.7
31.8
61.5
31.9
33.4
25.5
14.1
73.8
41.6
55.4
20.2
22.3
69.4
17.6
21.3
12.4
7.3
17.3
45.5
58.8
40.3
32.0
51.2
49.6
22.7
14.6
71.1
64.0
33.2
38.4
6.1
.7
42.8
53.0
52.0
44.9
44.8
3.6
6.8
32.5
25.2
1.1
15.3
81.9
19.0
84.4
54.0
36.0
71.1
1.3
19.8
135.4
42.0
74.5
60.8
29.2
29.9
65.0
19.3
30.1
5.5
23.9
21.4
15.4
27.5
77.7
53.1
17.0
31.5




Belation of

34.8
13.4
19.3
11.0
20.7
8.1
18.9
50.1
18.7
49.4
49.7
39.0
52.9
48.3
23.4
19.0
30.0
12.2
57.5
34.5
30.9

Society
N o.

Ac­
A c­
counts
and
counts
Fixed
bills receiv­
assets
to cap­
able
ital
to cap­
(per to cap­
ital
ital
(per
cent)
cent)
(per
cent)

SE

(D
130...
131...
132...
133...
134...
135...
136...
137...
138...
139...
140—

Hl-

142...
143...
144—
145...
146...
147...
148...
149—.
150—
151...
152...
153...
154...
155...
156...
157...
158...
159...
160...
161—
162...
163...
164...
165...
166...
167..
168...
169...
170171172..
173..
174..
175..
176177..
178..
179180—
181182..
183184..
185186..
187—
188189190191192-

Turnover

23.9
59.3
79.1
25.9
9.2
58.5
67.9
8.9
58.1
35.9
64.9
15.5
54.7
6.3
26.0
10.1
72.0
52.4
82.5
47.5
113.8
637.4
81.0
56.0
88.5
19.3
44.5
23.3
15.8
1.6
137.4
318.9
7.7
13.8
26.2
30.4
79.2
149.3
19.9
126.6
107.8
58.5
123.2
18.5
53.6
37.8
89.9
65.6
66.7
66.4
56.4
196.2
82.8
68.3
39.5
61.3
3.7
41.4
123.1
61.8
52.4
28.2
47.8

(2)
6.3
17.6
79.9

. ....
19.5
55.1
1.3
18.9
3.1
98.4
105.1
41.9
8.4
11.1
82.7
74.0
69.7
83.6
8.3
221.2
127.5
22.0
168.7
42.2
192.9

——

’ 1.7
22.2
38.7
165.1
35.5
24.7
36.6
165.7
91.6
16.4
51.5
66.5
49.5
" 49. 3"
41.1
273.7
1&5
16.9
57.1
116.8
106.3
28.7
50.6
82.1
5.1
144.9
242.5
6.4
1.8
63.3
57.7
155.1

(3)
19.2
14.8
24.8
24.6
27.7
21.9
76.7
21.8
10.6
9.5
47.3
32.7
34.4
27.2
46.3
23.8
19.3
31.2
46.1
7.7
20.0
12.2
87.6
28.6
115.4
22.6
30.6
48.4
7.0
6.1
77.4
1.1
54.1
49.7
45.6
116.3
5.2
27.8
49.0
19.8
17.5
22.3
234.2
57.5
28.3
50.1
86.7
4.7
26.4
49.6
40.3
7.1
51.2
21.3
13.6
3.9
26.2
55.6
103.6

Ratio
of
sales
to
mer­
chan­
dise

Ratio
of
sales
to
cap­
ital

(4)

(5)

3.4
3.8
3.6
3.4
4.2
5.3
5.9
3.3
3.2
2.5
14.4
6.5
6.5
12.0
10.7
3.8
9.1
12.3
12.2
7.3
26.1
8.7
7.3
22.6
10.3
17.9
43.0
31.6
14.5
17.1
11.6
9.5
38.7
31.1
5.5
8.5
18.9
8.6
28.6
14.6
28.7
19.0
41.3
11.4
11.1
27.7
14.7
32.5
19.8
21.1
11.1
39.1
18.0
10.3
17.4
4.5
4.7
4.6
6.6
3.1
9.6
17.1
5.4

2.1
1.8
3.9
2.3
2.3
3.4
7.3
2.1
1.8
2.2
8.2
11.0
5.2
4.1
4.3
5.6
4.7
10.1
7.0
1.7
5.6
7.3
9.8
6.9
7.9
1.6
36.8
16.2
8.1
1.3
3.2
3.8
14.3
20.8
5.7
4.4
5.2
9.1
12.9
3.6
5.7
8.0
7.5
6.5
8.5
16.6
19.0
18.4
13.2
8.1
10.1
5.3
8.0
8.1
7.3
4.5
9.0
29.2
2.7
2.2
7.2
4.3
7.2

71

CONSUMERS’ SOCIETIES

T a b l e 4 3 .— R E LA TIO N OF F IX E D ASSETS, ACCOU N TS AN D BILLS P A Y A B L E , AN D

ACCOUNTS R E C E IV A B LE , TO C A P IT A L , AN D PR O PO RTIO N OF
M ERCH AN D ISE AN D TO C A P IT A L , D E C E M B E R 31,1925—Continued

SALES

TO

OTHER SOCIETIES
Relation of—

Turnover

A c­
counts
A c­
and counts
Fixed
assets
bills receiv­
Society tocai
able
N o.
to cap­
ital
(per to cap­
ital
cent)
(per
(per
cent)
cent)

Ratio
of
sales
to
mer­
chan­
dise

Ratio
of
sales
to
cap­
ital

(8
)

(4)

(5)

13.9
9.6
3.7

19.0
35.4
52.4

28.6*
7.6

6.3

2E

(1
)
193.
194.
195.
196.
197.
198.

(*
)

12.7
225.9
108.7

3.5
34.8
9.3
123.2

87.7
80.9

2 .2
2

Relation of—

8
.8

8.5
4.1
3.2
4.2
1.3

1
.8

Society
N o.

Fixed
assets
tocai
(per
cent)

Turnover

A c­
counts
A c­
counts
and
bills receiv­
able
to cap­
ital
to cap­
(per
ital
cent)
(per
cent)

SE

Ratio
of
sales
to
mer­
chan­
dise

Ratio
of
sales
to
cap­
ital

(5)

(1
)
199.

20
0.
21
0.
22
0.
203.
204.

(2
)

(3
)

(4)

149.0
52.5
60.9

50.3

15.2
25.5
48.9
6.7
.9

5.9
14.0
17.8
10.4

122.2
27.5
103.0

1
.6

54.1
38.6

8.4
5.1
4.7
4.0
5.0
3.9

It will be seen from the above table that the amount invested in
buildings, real estate, and equipment ranged from 1.6 to 637.4 per
cent of the total amount of the society’s capital. The investment
most commonly found represents between 10 and 20 per cent of the
capital. (This is just the same as was found in the 1920 study.)
More than one-fifth of the societies included have so invested an
amount equal to 70 per cent or more of their capital, while in about
one-eighth this is as much as or greater than all their capital. On the
other hand over one-third had less than 30 per cent of their capital in
fixed assets.
Accounts and bills payable show an improvement over 1920. In
that year 16 of 303 societies reporting owed no bills; in 1925, this was
true of 19 of 204 societies. In 1920 the common proportion of capital
represented by bills payable was about one-fifth, and one-tenth of
the societies owed less than 10 per cent of their capital; in 1925 the
common amount was less than 10 per cent, and over one-seventh of
the societies were in this group. Only about one-sixth of the socie­
ties now owe bills amounting to 80 per cent of the capital, as against
more than one-third in 1920, and only 4 per cent had debts exceeding
their capital whereas in 1920 more than one-third were in this class.
The amount of money outstanding in credit extended to members
ranges from nothing (in 13 societies) to more than twice the associa­
tion’s capital. About one-seventh of the organizations had extended
credit amounting to less than 10 per cent, and in about one-third less
than 20 per cent was tied up in credit accounts. In nine associa­
tions, members’ unpaid accounts exceeded the total capital.
There were 36 societies whose accounts both payable and receiva­
ble were less than 20 per cent of their capital. Of these 3 had no
accounts of either kind. In six societies, however, both types
of accounts equaled or exceeded the total capital.
Some of the societies are hampered by lack of ready money. As a
glance at Table 42 will show, at the end of 1925, 9 stores had money,
both in hand and in bank, amounting to less than $100, and 20




72

COOPERATIVE MOVEMENT IN TH E UNITED STATES

less than $200. This means inability to discount bills or to take
advantage of favorable prices in cases where cash payment is a factor.
All but two of the societies with less than $100 on hand show a high
proportion of debts or of members’ unpaid accounts, or both.
The common rate of stock turnover was between three and four
times a year, although 65 societies turned their merchandise over in
sales more than ten times during the year. Both the grocery and
the grocery and meat stores exceeded the general stores in rate of
stock turnover.
• The common rate of turnover of capital was between three and
four times, though in 11 societies the capital was turned over fifteen
times or more. In some cases the high rate of turnover of capital,
secured in spite of having too little “ working capital,” is undoubtedly
due to the large amount of credit which the society has been able
to obtain from wholesalers. Refused this, it is altogether probable
that the society would be considerably handicapped.
One little nonstock society of 20 farmer members had sales in
1925 of $33,000 and a profit of $1,600. All the society’s bills are
paid every Saturday night and no credit is allowed. The prices are
set as near cost as possible and any surplus is put into the reserve
fund. Its fixed assets form less than 10 per cent of its accumulated
working capital of nearly $2,000. Its merchandise is turned an aver­
age of 10.8 times a year and its working capital 16.6 times. The
manager attributes the society’s success to “ economy in keeping
down overhead expenses” and in buying “ as direct as possible ana
without traveling men. ”
Sixty-five societies furnished balance sheets for both studies.
Analysis of these comparative data reveals several interesting points.
Two-thirds of the societies have reduced their fixed assets during
the five-year period—possibly through writing off some proportion
of their value in depreciation each year. On the other hand, of the
one-third that have increased their investment in fixed assets, six
now have so tied up an amount equal to more than all of their capital.
One of these is operating three stores on a share capital of less than
$2,000. It owes six times as much as its capital amounts to, has
extended credit exceeding the capital, and on December 31, 1925,
had less than $300 in ready money. It has no reserve fund, and,
although it turned over its stock of goods seven times and its capital
seventeen times it lost money on the 1925 business, amounting to
more than its entire share capital. During the 12 years of its exist­
ence it has accumulated a deficit of nearly $24,000. Since 1920 its
sales have fallen off to about half and its membership has dwindled
to less than 60 persons. Here, evidently, is a society headed straight
for bankruptcy unless something radical is done to save it.
Two-thirds of the organizations have also reduced the amounts
owed by them, some very materially. Thus, one association has
reduced its debts from 375.7 to 30.2 per cent of its working capital,
a second from 118.4 to 23.1 per cent, a third from 163.1 to 10 per
cent, a fourth from 75.6 to 6.1 per cent, a fifth from 217.3 to 79.9
per cent, and a sixth from 322.3 to 57.7 per cent. Two societies
which formerly had debts exceeding their working capital now owe
less than 20 per cent. Two other organizations nave been able to
report, for both years, that they do not owe a cent.




73

CONSUMERS* SOCIETIES

Accounts outstanding show little change, the increases about
offsetting the reductions, and the average per cent of capital out­
standing in credit accounts remaining about as it was in 1920—35
per cent.
Merchandise is not being turned over so quickly by these societies
as in 1920, nor is the capital.
One society deserves special mention. This is a small society of
only 60 members, which has been in business 15 years. Equipment
which in 1920 formed only 8.1 per cent of the capital has declined
to 1.6 per cent. Debts have been reduced from 9.8 to 1.7 per cent,
and members* accounts from 10 to 7 per cent. The stock turnover
has been raised from 15.6 to 17.1. It has ready cash amounting to
nearly $13,000. Although its sales for the year 1925 amounted to
less than $35,000, it made a net profit of over $4,000 and paid back
$3,000 of this in patronage rebates, and this not in a small place
where little competition is met but in a city of nearly 200,000,
BUSINESS PRACTICE
PRICES CHARGED

As already stated, most (334, or 91 per cent) of the societies report­
ing sell at current prices, 15 sell on the cost-plus plan, 7 at prices a
little lower than the market price, 1 sells for*less “ when possible,”
1 sells at prices “ not altogether” in correspondence with those
current in the locality, 1 sens partly at current rates, 1 has no set
policy, and the prices of 1 are higher than those of the private
merchants. Seven societies simply reported that they do not sell at
current rates, but did not state what their price policy is.
GRANTING OF CREDIT

Each society was asked whether it makes a practice of extending
credit to its members, and if so for what period and in what amount
this credit is allowed. The statement below shows the information
supplied on the first point:
Number

Percent

Societies granting credit________ ________ _____ 322
Societies doing cash business only_____________ _ 63

83. 6
16. 4

TotaL.......................................................... 385

100. 0

It appears that the practice of extension of credit by cooperative
societies is growing. The percentages of credit and cash societies in
the 1920 study were 69.5 and 30.5, respectively.
When credit is allowed, a limit is often placed on the amount
granted—in the form either of a flat amount or of a certain percentage
of the amount of paid-up share capital held by the member—or on
the period for which credit is extended, or both. The limitations as
to amount and period of credit for the 322 societies which operate
on the credit basis are shown in Table 44.




74

COOPERATIVE MOVEMENT IN THE UNITED STATES

T able 44 .—N U M BER OF SOCIETIES CLASSIFIED B Y L IM IT ON AM OU N T OF C R E D IT
A N D PERIO D FOR W HICH G RAN TED

LIMITATION OF AMOUNT

Limitation

Flat amount:
$5................................
$30
$30-$50
$40—
$50
$50..............................
I to. .............................
$75..............................
$100............................
$150............................
$25-$250.....................

Num­
ber of
socie­
ties

1
1
4
9
1
2
15
1
1
8
1
1

Limitation

Num­
ber of
socie­
ties

Flat amount—Contd.
$250-...........................
$1,000..........................
$2,000..........................
Per cent of member’s
share capital:
50-..............................
60...............................
66 ...........................
75................................
80-..............................
90-..............................
100-.............................

2
1
1
6
4
2
4
2
1
16

Limitation

Num­
ber of
socie­
ties

“ Reasonable ” amount—
Very small amount_____
“ Lim ited” amount_____
Varying amounts _
“ Safe” amount________
Unlimited a m o u n t..___
“ 1 order” ______________
Needs of member___ ___
Member’s worth_______
Not reported___________

6
8
8
46
2
31
1
1
11
124

Total.......................

322

LIMITATION OF PERIOD
7 days................
10 days...............
15 days or m ore.
14 days...............
30 days...............
30-60 days..........
30-90 days..........
60 days...............
60-90 days..........

2
1
1
21
1 86
3
3
11
1

90 days.............................
1-6 months—
....................
4-6 months.......................
6 months..........................
1-12 months......................
12 months______________
T o end of year.................
Short period.....................
Very short p e rio d ...____

3
1
1
2
1
4
1
2
2

Varying period_________
Several months_________
Unlimited period_______
Between orders_________
Summer______________
“ Reasonable” __________
N ot reported...............

8
1
7
1
1

3
155

Total___ ___ _____

i After the expiration of this period one society charges interest at 7 per cent.

Six of the societies shown above allow credit unlimited as to both
amount and period. Another allows unlimited credit for the period
of a year. In one society the amount and period of credit depend on
industrial conditions.
The result of a liberal credit policy is shown by the fact that of the
six societies allowing unlimited credit, one has bills receivable amount­
ing to nearly 49 per cent and owes accounts amounting to nearly
89 per cent of its capital. Another also has nearly 49 per cent of its
capital tied up in credit to its members and owes bills aggregating
22 per cent of the capital. A third, though owing only 7.5 per cent,
has in credit outstanding 113.6 per cent of its capital. In a fourth
of these societies the members evidently have not taken advantage
of the lenient credit policy, for bills receivable amount to only 21.8
per cent of the capital.
Of the societies which reported in 1920 and again in 1925,4 societies
have gone onto a strictly cash basis; 30 others which in 1920 were
giving no credit have now changed their policy in this respect.
Another society, which in 1920 had just changed from a credit to
cash basis, has since made another change and is now extending credit
again. Industrial conditions have, no doubt, been responsible for
many of these changes in policy, and the report of one society in
a mining town in Illinois may be representative of many others
which did not elaborate the point:
[This] is a small coal-mining community, and as a result of the lack of work in
the mines the people are practically penniless, and as a consequence, it has been
necessary to extend credit far beyond our wishes, in order to hold our organization
together,




CONSUMERS’ SOCIETIES

75

The members’ accounts in this society amount to 91.9 per cent of
the capital and the organization’s debts to 66.5 per cent of the
capital.
Another society in the same State reports:
During the time that the coal mines work we do not have very much trouble
with our members’ credit, for they pay their accounts each two weeks. But in
time of strikes and lockouts the miners look to their store to supply them with
food. We have a rule to extend $50 credit besides the amount of shares and
loans, but this does not apply to all our members, as they do not need credit to
any extent. It is only the ones that have laige families and some that are not
saving when the mines work. So we have to watch very carefully. We want to
help the ones that are honest and we want to get rid of the ones that do not
want to do right.

That this store is succeeding in spite of adverse conditions is indi­
cated by the fact that it was able to return a 7 per cent dividend on
the 1925 sales and has built up a reserve amounting to nearly three
times its share capital.
Another store farther north is not so fortunate. This society was
the outgrowth of a mutual-benefit society. But after three years of
operation the manager reports, “ We have made very little headway;
in fact, our members are very heavily in debt with the society, due
to bad industrial conditions.” And in its straits the society has
turned to poor practice from the cooperative standpoint: “ We have
managed to stand on our feet so far by inducing outside trade as a
private store, but the margin of profit is very small, due to keen
competition.”
One of the larger societies reports that 30 per cent of its sales in
1925 were on credit; and another (also a large organization), that 80
per cent of its business is in “ charge accounts ” and 60 per cent of
it is done with nonmembers. An unfortunate feature of the situation
is that the latter society returns no rebates on patronage to non­
members, thus presenting the situation of a cooperative society
benefiting at the expense of the outside customers. It is possible,
however, that the profit so made is used in ways calculated to benefit
the community in general.
On the subject of credit, the attitude of one western farmers’
store is thus described: “ We buy for cash, discounting all of our
bills, our discounts last year amounting to over $1,000, and sell for
cash, saving the expense of collecting our money after we have sold
the goods. We haven’t the time, money, or disposition to run a
credit business. * * * The credit system has ruined more mer­
chants than any other one thing.” It acts strictly on this principle
and has been very successful. The store opened for business in July,
1921. Each year it has paid interest of 8 per cent on the capital
stock and a trade rebate of 5 per cent (two years it paid a rebate
of 10 per cent), having returned in dividends more than the members
have invested in the business. “ Our motto is buy for cash, sell for
cash, and never cut prices. Skin ’em for all you can and give their
hide back at the end of the season.”
OPERATING EXPENSES

Each society was requested to send in to the bureau a copy of its
financial statement, including operating expenses for the year.
This request was complied with by 204 societies, but only 79 sup­



76

COOPERATIVE MOVEMENT IN THE UNITED STATES

plied detailed information as to expense of operation. It is recog­
nized that 69 societies form too small a number to furnish exact
evidence as to the operating efficiency of cooperative stores in general.
The figures do, however, show a general trend and are therefore
presented for what they are worth.
Some difficulty was encountered in trying to separate the items
of expense as, for instance, some stores would combine two items,
whereas each of these items would be found, in other statements,
in still other combinations. As far as possible, however, the classi­
fication of the Harvard Bureau of Business Research was used.
Table 45 shows the operating expenses in 1925 of each of the 79
consumers’ societies which supplied such information. It will be
noticed that in some instances no expense is noted for a particular
item. This does not necessarily mean that no expense was incurred,
but may mean that the expenses were so listed as to make it impos­
sible to segregate that particular item. In cases where the “ mis­
cellaneous” item is relatively large, it is safe to conclude that this
item includes expenditure for some of the other items for which no
expenditure is apparent in the table.




T a b le 45.—OPERATING EXPENSES IN 1925 OP 79 CONSUMERS’ SOCIETIES

Per cent of net sales spent for—
Sales expense

Society N o.

to

I

Wages Adver­ Wrap­
tising pings

General stores:
12...
3—.
4 ...
5-_.
6—.
7 ...
8...
9 ...
..

10
11 - .
12..

7.64
7.40
10.59
8.72
a io
8.36
6.05
8.50
11.39

iaes
5.07
7.58
8.03
6.47

13..
14..
15..
26..
17..
18..
19..
20..

6.12

10.30
7.86
7.79
4.48
9.17
11.06
9.37
4.50

21..

22..

23..
24..
25..
26..
27..

0.26
.58
.19
.01
.01

Rent

Total

Miscel­
laneous
deli ery
expense
(except

Light,
heat,
and
power

7.90
8.28

0.09
1.07

0.06

.45
.42

3.16

0.38
.65
.31

0.30
.34
.03

.0
1
.1
2

.20

.18
.45
.07

.1
1
.17
.19

‘.19
1.61
.08

.19
.25
.32

.66

(*
)
.44

a91

8.56
7.81
7.37
7.16
11.35
9.21

30-

i Including wrappings.
* Included w ith advertising.
* Included in interest on capital and borrowed money.
« Including insurance and taxes.




11.11

8.73
6.14
8.36
6.06
8.50
11.51

10.86

5.26
7.75

a48

6.79
6.56
11.14
&06
7.79
4.68
10.78
11.57
9.37
477
9.38
9.36
7.81
7.47
7.16
11.35
9.21

.31
.67
.72
1.31
.87
.26
1.20

.20
1.35
1.16
.75

.84

~2
L1
.04
.77
.91

.18
7 1.81

.61

.1
2

.06
.71
.24
.39
.57

.23
1.54
.27
.42
.62
.75
.28
.65

(«
)
.27

Interest
on
Insur­
Office
capital
ance
sup­
and
and
taxes borrowed plies
money

2.59
.58
1.05
.90
.42
.39
.84
.41
1.13
1.36
.18
.80
1.20
.76
.80
.85
1.32
.80
.73
£ ?.
1.48
.57
.51
1.62
1.30
1.23
1.50

86
.3

1.69
.61
.04

0.10

.15
1.22

06
14
53

.68

.1
2

1.32

.48
.06

2
1

2.09
.29
1.28
.36
.63
.69

8.04
.31
.39
1.51
1.62
3.52

0.22

.2
1

.01

.05

2.42
.02

.1
2
.73

13

.42

.22

.23
.77
2.57
.52
.27
.40

"§.'13

(*
)

a 8i
.20

.74
.33
.88
.70
.54
1.35

3.06
1.73
6.31
1.71
1.37

1.09
1.59

0.36
.67
.70

.67

1.20
.90
1.47
.76
4.46

* .6
88

.91
2.47
.91

Freight,
Mis­
dra:—
Depre­
Repairs dation Bad ac­ cella­
counts neous
express

4.71
2.09
.33

(«)
.14

0)

(«
)

* Included in miscellaneous.
* Indudes light, power, and heat, office supplies, repairs, depredation, and bad accounts.
7 Including taxes.
* Insurance only.

T a b l e 45.—OPERATING EXPENSES IN 1925 OF 79 CONSUMERS’ SOCIETIES—Continued

Per cent of net sales spent fo r-

Wages

w.97
.19

.68

.60

4.48
20.21
2.97
16.16
3.94
12.99
12.21
11.78
6.97
3.43
6.75
8.21

.21
.87
.30
.57
.70
1.39
.25
1.47

.01

.40
.96
.77

.47
1.97
.56

.46

.57

1.04
.69
1.19
1.19
.71
1.81
.51
.93
.99
.72
.48
.71
2.03
1.85
.99
.81
1.23
1.07
1.41

1.19
.17
.19

.5
6

1.20

.16
.39*
.57
.12

.15

.1
2
(»
)
.13
.08
.25
.91
.46
.39
.24
.49
.44
.43

.16
2.04

.1
2

.36
.60
» 3 .51
(*>
.56
.03
.07
.18

.20
2.09
.08
.91
.67
1.35
.46
.43
1.19
.10
.48
.14

1.60
.85
.56
.35
.85
.55
.78
1.41
1.27
.31
.15

.5
5

.95
.43
1.75
1.43
.86
1.29

0.03

Freight,
M is­
drayage, Repairs Depre­ Bad ac­ cella­
ciation counts
and
neous
express

05
l5

0.83

0.65
.40
.71

(10)

.1
0
.1
5
.26
.51

.2
1
.1
1

.05
.18
.60
.16
.34

2.27

.34
2.73
1.82
.14
L65

.27
.18
.04
.27

T03

1.62
1.57

.04
.09

.48

1.35

.10

.48
.04
.25
.86

.79

(*
)
(*
)
.06

.05
&91

.03

2.84

3.47
2.95
1.41
.84
2.65

.1 (»)
2
.54
<)
*
.20
.06

2.28

0)

0.04

.90
.18

.04

.5
0
.22
.02

.32
1.17

.1
2

.08

.10

.60
.26
.75
.42
.16
.30
.74

.04

.22

.01

.40

.18

.30

1.01
.56

.22

.80

.36

*.20
.25

.10

.23

2.19
.46
.74
u 1.29
.87
.15
.18
1.00
.81
.47
.99
.57
.36
.72
.24
1 6.68
1
.42
.38
1.19

n.86
.44
w1
.4
.60
.60

Total

15.78
10.52
9.62

12.68

11.08
19.63
10.33
10.74
12.04
10.15
6.06
14.71
15.42
13.91
14.36
15.20
10.34
15.33
13.84
6.29
29.86
4.30
26.13
8.13
18.64
19.18
16.14
13.84
5.04
12.07
11.13

STATES

10.82
6.97
3.34
6.75
7.63

.01

0.44

Interest
on
Office
capital
sup­
and
borrowed plies
money

UNITED

12.21

0.32

0.31
.26

10.36
7.42
6.54
7.65
8.09
8.80
4.67
4.99
5.88
4.80
3.94
10.42
6.98
7.46
10.26
a 91
6.43
10.41
7.02

Insur­
ance
and

THE

4.48
19.24
2.78
16.11
3.69
12.99

0.34
.08

Light,
heat,
and
power

I
N




10.36
7.08
6.46
7.55
7.77
8.80
4.54
4.87
5.88
4.61
3.92
9.78
6.67
7.29
10.18
8.57
5.74
10.28
6.44

Total

Rent

MOVEMENT

General stores—Continued.
3 1
3 2
3 3
3 4
36....................................
3 6
3 7
3 8
3 9
4 0
4 1
4 2
4 3
4 4
4......................................5
46...................................
47....................................
48...................................
49....................................
Grocery stores:
50...................................
5 1
5 2
6 3
6 4
5 5
5 6
5 7
5 8
69...................
60...................................
61....................................

Adver­ W rap­
tising pings

Miscel­
laneous
delivery
expense
(except
wages)

COOPERATIVE

Sales expense

Society N o.

Grocery and meat stores:

62............................... .
6 3
6 4
.
6 5
6 6
................
67............................... .

Coal yards:

8.54
10.12
6.96
12.19
14.70
18.55

.73

.1
1

.72

1.11

2.03
1.30

.37

.59
.98
.50
.81
.78
.29

.19

70JIII...........................

18.36
8.30

2.10

71..................................

17.39

72..................................
7 3

*11.28
7.95

1.25

.99

.37

2.24
.73

6.96

1.10

Milk distribution:

Gasoline filling stations:

29.66
14.82

7 6
7.................................... 7

17.79
36.48

.31
2.29

78_. . . . . . . . . . . . . . . . . . . .

8.90

79..................................

11.96

Light and power societies:

3.46

2.18
1.15




.10

2.89

a 51

.1
1

.55

.87

19.29

.93
.25

3a 70
11.80

5.07

31.80

.80

33.14
13.47
4a 80
26.10

1.61
3.39

28.20
45.55

.46

.09
.76
3.96

.70
.91

(“>
.40

.42

.07

.38
.37

.90

1.27

14.30
.05
.18

.69

1.01

.47

1.48
.06
.23
.73

1.03

.14

9.33

11.51
14.47
12.28
17.86
27.83
20.94

9.33

<)
*

1 Included with light, heat, and power.
4
1 Including interest on capital, and borrowed m oney and office supplies.
5
1 Including light, heat, and power, and office supplies.
8
17 Included with wages.
1 Including freight, drayage, and express.
8

27.71

>28.82

49.26

SOCIETIES

* Included in miscellaneous.
* Including office supplies.
i° Included in light, heat, and power.
1 Including light, heat* and power, and office supplies,
1
u Including office supplies,
u Included w ith wrappings,

.07

.49

3.39
.31

.91

.06

1.06
.82
2.19

.91
1.07
.83
.66
3.19
.05

.24

.14

.1
1

7.22

6.18

.46
.06

Water-supply societies:

.14

.47

7
>
’"."ie (1
" .40

7 4
7 5

Restaurants:

.22

.1
0

.01

CONSUMEBS'

Bakeries:

*45"

.10

11.98

i stores:

.57
.50
.43

<1
C
O

COOPERATIVE MOVEMENT IN THE UNITED STATES

80

Table 46 shows for each of the types of consumers’ societies re­
porting, the average expenditure (calculated on the basis of net sales)
for each item and for all expenses in 1925.
T a b l e 46 ,—AVERAG E OPERATIN G EXPENSES OF CONSUMERS* COOPERATIVE SOCIE­

TIES IN 1925

Per cent of net sales expended for each item by—
Item

General

Grocery
Grocery and meat Coal
yards1
stores
stores

Dry­
goods
stores3

M ilkdistribution

7.76
.25
.27

8.92
.13

11.84
.16
.55

11.98
.44

13.33
.27

17.39

Advertising.......
Wrappings, etc..
T o ta l............

8.02

9.18

12.23

12.42

13.57

17.39

.51
.92
.46
1.08
1.02
.15
2.32
.14
.64
.39
.87

.72
.62
.76
.74
.74
.06
.77
.36
.46
.27
1.07

.91
1.29

2.06
.19

13.82

14.23

Miscellaneous delivery expense (except
wages)...................................................... .
Rent.
Light, heat, and power..............................
Insurance and taxes...................................
Interest on capital and borrowed m oney.
Office supplies ............................................
Freight, drayage, and express.................
Depreciation of equipment..
Loss from bad accounts.___
Miscellaneous expenses____
Grand total.,

.20
.1
2

4.07
.49

.1
0

1.25
.99
.06
.91
.46

1.12

19.29

2.10
.37
1.99
3.59
.07
.43

3.28
1.10
.47

3.96

.24

T07

21.25

31.80

.87

17.48

.2
1

Per cent of net sales expended for each item by—
Gasoline
filling
Bakeries
stations

9.62
9.32

T otal-

22.24
.27
.84

27.14
1.30

8.90

9.78

Sales expense:
Wages................
Advertising____
Wrappings, etc..

Restau­
rants

Water-

22.98

28.60

8.90

2.89
3.51
.33
.38
.90

Light
and
power
societies1

9.33

G&
>

11.96

11.96

Miscellaneous delivery expense (except

w ar-'

Rent.
Light, heat, and power..............................
Tnftnrflnftft and taxes___________________
Interest on capital and borrowed money..
Office supplies............................................
Freight, drayage, and express—...............
Repairs.......................................................
Depreciation of equipment.......................
Loss from bad accounts.............................
Miscellaneous expenses.............................
Grand total11 society only.

.16
.40
3.45
.81
.40
7.18
.39
.85
.47
.80
23.31

4.26
.82
1.78
1.67
.42
.07
.23
.77
2.89
1.85
33.45

.14

7.22
1.27

.48
.94
2.50

9.33
27.71

49.26

8 Includes also the dry goods department of 1 society doing a general business.

All types of store societies had expenses averaging higher than
in 1920. For that year operating expenses averaged only 11.9, and
the common expense was only 10.3. In order to determine whether
these expenses were characteristic simply of the societies which
happened to report for 1925 or whether the general level of expenses
of cooperative stores has risen, the expense accounts of 11 societies
which supplied information as to expenses in both years were ana­
lyzed, witn the results shown in Table 47.



81

CONSUMERS* SOCIETIES
T a b i e 47.—COM PARISON

OF

OPERATIN G EXPEN SES FOR 1920 AN D 1925, FOR 11
SOCIETIES
Operating expenses
Per cent of total
(in per cent of sales) expended for labor

Society
1920
General stores:
N o. 3 ..................
No. 5.................. .
N o. 13..................
N o. 15................ .
N o. 43................ .
No. 44.................
N o. 58.................
Groceries: N o. 55___
Groceries and meats:
No. 64..................
N o. 66................ .
Coal: N o. 68.............

1925

1920

1925

Per cent of total
e x p e n d e d for
other items
1920

1925

11.39
11.82
9.58
9.33
6.69
17.23
10.59

12.01

16.£2
a 48
15.59
11.30
15.42
13.91
13.84
18.64

53.3
48.3
63.2
58.5
63.4
76.1
52.8
67.0

63.0
71.9
51.5
54.2
43.3
52.4
50.4
69.7

46.7
51.7
36.8
41.5
36.6
23.*9
47.2
33.0

37.0
28.1
48.5
45.8
56.7
47.6
49.6
30.3

12.44
25.28
15.53

12.28
27.83
19.29

59.5
98.5
66.3

56.7
52.8
62.1

40.5
1.5
33.7

43.3
47.1
37.9

Of the 11 societies included in the table, only 3 show a reduction in
expenses in 1925 as compared with 1920. In all the others, overhead
expense has risen, on an average, 47 per .cent. In one instance
expenses have more than doubled.
In all the cases in which expenses have been cut, sales have increased.
An increased volume of sales was also shown in 1925 by three societies
whose operating expense had risen, while for the remaining five, sales
fell off as compared with 1920.
The second part of the table shows that whatever may have been
the cause of the increased expense, it can not be ascribed to labor
costs, for in all but two of the societies whose cost of doing business
increased, the labor costs in 1925 formed a smaller proportion of the
total operating cost than in 1920.
The statement below shows operating expenses for societies accord­
ing to amount of sales during 1925:
Societies with sales of—
Labor expense
Less than $25,000___ _________________ 10.70
$25,000 and under $50,000_____________ 11.72
$50,000 and under $75,000_____________
7. 64
$75,000 and under $100,000____________
7. 96
$100,000 and under $200,000___________
8. 64
$200,000 and over--------- ------- ---------------12.50

Total expense

27.00
18.79
13. 46
14 63
15. 03
19.82

The following table shows the operating expenses in 1925 of
cooperative societies, selling groceries and groceries and meats, which
reported to the Bureau of Labor Statistics, as compared with expenses
of private stores selling the same commodities as reported for 1924
by the Harvard University Bureau of Business Research.1
2
table

4 8 .—COM PARISON OF LABOR AN D TO TAL O PERATIN G COSTS AN D R A TE OF
STOCK TU RN IN COOPERATIVE AN D PR IVA TE STORES
Private stores

Cooperative stores
Item

Labor cost_________________________ _~
Total operating cost__________________ _
Average rate of stock tu rn .. . . . . . . . . .

1920
7.4
11.9

1925
10.2
15.3
8.8

Percent
of
increase
37.8
28.6

1919
&9
14.6

1924
10.9
18.0
10.0

Per cent
of
increase
84.7
23.3

1 Harvard University. Bureau of Business Research. Bulletin N o. 52: Operating Expenses in Retail
3
Grocery Stores in 1924. Cambridge, 1925.




82

COOPERATIVE MOVEMENT IN TH E UNITED STATES

It is seen that as regards both labor and total operating costs, the
cooperative stores have an advantage over the private stores. The
latter, however, turn their stock more rapidly.
The total operating expenses of private stores show an increase
during the six-year period, though not so pronounced a one as occurred
in the cooperative stores. Labor costs in both types of stores are
now practically the same, these costs having increased, in the private
stores, nearly 85 per cent during the period under review. In the
private stores, however, the labor cost forms a larger percentage of
total operating cost than in the cooperative stores.
AUDITING

The societies were asked whether or not their books are subjected
to regular audits, and if so, whether this is done by an auditing com­
mittee of members or by a professional accountant. The results of
this question are shown in Table 48, the corresponding data for 1920
being given for purposes of comparison.
T a b l e 4 8 .— A U D ITIN G PB AC TIC E OF CONSUM ERS’ COOPERATIVE SOCIETIES

1925

1920

Item
Number

Percent

Per cent

Regular audit by—
Committee...................................................................
Expert accountant.......................................................
B oth.............................................................................
M ethod not stated_________________________________

143
161
37
9

37.0
41.6
9.6
2.3

46.3
34.9
11.0

Total.........................................................................

350

90.4

92.2

Occasional audit by—
Committee...................................................................
Expert accountant......................................................
N o audit.............................................................................

12
5
20

3.1
1.3
5.2

1.3
.9
5.6

Grand total...............................................................

387

100.0

100.0

It is evident that although the proportion of societies having regular
audits remains about the same, a somewhat larger percentage than
in 1920 are haying the audit made by a qualified accountant; this is
now true of slightly more than half of tne societies reporting. The
proportion of those having no audit whatever shows a alight,
improvement.
INSPECTION OF BOOKS BY MEMBERS

More in order to determine the degree of democracy prevailing
than as a factor in its business methods, the bureau asked each society
whether its books are open to the inspection of the members, and if so,
under what conditions. The answers received to this question are
shown below.
Number of

Books o p e n to inspection:
societies
On request----------- ------- ------- ------- ------------------------- 1 219
3
During business hours----------- ------- ------------------------5
At reasonable times_______________________________
6
By appointment-------------- ---------- --------------------------1
If good reason for request- -------- -----------------------------2
i* Except credit accounts in 1 society.




83

CONSUMERS’ SOCIETIES

Books open to inspection— Continued.
Number of
On consent of—
societies
Board of directors_____________________________
2
Manager_____ _____ _________________________
2
In presence of—
President____________________________________
1
Officer_______________________________________
1
1
If for good of society______________________________
At place of business_______________________________
5
At meetings of board or of members_________________
4
Books not open to inspection________ __________________
35
Total........................ ............... ............. ..................... 284

It is evident that in most societies reporting, the books are open to
members unconditionally. Of the 35 not open to the general member­
ship, inspection is permitted in 15 to the board of directors or officers
or to a committee. A peculiar condition of affairs is suggested in the
two societies where the members (owners of the store) must apply to
the manager, a paid employee, for permission to see the books.
In some societies periodical statements are posted for the inspection
of the members.
The value of having the books accessible to the members is em­
phasized by the report of one society which had gotten into difficulties
from poor accounting and which then changed its policy, adopted an
up-to-date accounting system, and made it a practice to let the mem­
bers know the exact condition of the society:
After this thorough “ house cleaning” the affairs of the society began to show
a great deal of improvement. Although the grocery and meat departments
still showed in turns loss and gain, the members were always posted on the true
affairs of the society. The result was that the administration of the society
won the confidence of the entire membership, which it had lacked before. It
brought the membership closer to the society and consequently won their support
and patronage. This was all gained by simply letting the members know the
true state of affairs of the society.1
4
BONDING OF OFFICERS

As a means of protection against possible dishonesty, many societies
require that certain or all of the officers be bonded. The practice
among the organizations reporting is shown in the statement below:
Number of
societies

All officers____________________________________________ 100
Specified officers or persons:
Manager__________________________________________ 51
Manager and treasurer_____________________________
6
8
Treasurer_________________________________________
Secretary, manager, and treasurer____________________
3
Directors_____________________________________ ___
1
No bonds required_____________________________________ 85
Total________ __________________________________ “254
SOCIAL SERVICE, EDUCATIONAL AND PROPAGANDA WORK

The amount of educational and other work varies greatly from
society to society. It may be said, however, that the more successful
societies are keenly^ alive to the value of such work, and spend con­
siderable sums for it.1 One such organization states:
6
1 Northern States Cooperative League. Yearbook, 1925. Minneapolis, M inn., 1925, p. 106.
4
1 Of the 204 societies which furnished financial statements, those of only 21 showed a separate fund for
5
educational work. The amounts so noted ranged, in the various societies, from $6.10 to $1,464.56; the
total amounted to $6,677.21, and the average per society which reported such funds was $318.




84

COOPERATIVE MOVEMENT IN TH E UNITED STATES

In some way we must get before people the fact that back of a cooperative
business lies something bigger than the product of a particular management.
They must see that cooperation is a form of business which can be used as a tool
to obtain better products for everybody, here, there, and everywhere. Support
based on that realization is one that will not only back our management when it
is good, but clean it up when it is bad.

Some of the ways in which this purpose can be accomplished are
through periodicals, lectures, motion pictures, picnics, dances, social
gatherings of members and others, etc. The society quoted has
taken a step which, as far as the bureau knows, has not been under­
taken by any other society in this country. Two persons give their
time, during particular periods each day, to answering questions and
making personal contacts with members and customers. “ It is
through their efforts, ably seconded by the cashiers, that most of
our new members are obtained.” This society also gives practical
training for managers.
One society is devoting a good deal of attention to educational
activities. It has established an educational department, believing
that, in the financial success of the society “ the bigger idea behind
the movement was lost sight of.” Although lectures have been
given, and “ financial support has always been given to all worthy
cooperative and working-class educational efforts,” it was felt that
more intensive educational work among the members was needed.
The tasks which the new department has given itself are described
as follows:
1. To educate its own employees to the aims and purposes of the cooperative
movement, and to get them to understand their relations to the company.
2. To rouse the membership and customers to an increased interest in and
responsibility for their organization; and to give them educational material
both directly and indirectly connected with the cooperative movement.
3. To bring about coordinated educational activity (and later also business
activity) between the various cooperative enterprises and sympathetic organi­
zations in ------and vicinity.
4. To undertake (separately if necessary, jointly with other cooperatives if
possible) a campaign amongst the workers, their wives and children and get
them to understand the purpose and significance of the cooperative movement.
5. To organize study classes during the winter months in subjects of interest
to workers and related to the cooperative movement.
6. To undertake such research work as is possible for the preparation of
study-class outlines, speeches, reports; and also for the more efficient function­
ing of the organization.1
6

The organization issues a four-page monthly paper; popular free
lectures are given twice a month, and afternoon lectures for the
woman members once a week. A Junior Cooperative League for
children between 8 and 13 years has been formed.
A number of other associations have developed the recreational
and social side. One maintains a free reading room where papers
and magazines are kept and also has a free library. Lectures, also
without charge, are given during the winter months. Several other
societies maintain such services as assembly halls or club rooms
(some of which can also be used as theaters), billiard or pool rooms,
etc.
Another has an auditorium, a chorus, band, and baseball team
whose members are employees of the society. This association lays
particular emphasis upon its relations with its employees. The
sentiment expressed in the by-laws of many cooperative societies,
1 The Cooperative Pyramid Builder, Superior, Wis., November, 1926.
9




CONSUMERS’ SOCIETIES

85

that the society shall endeavor to give its employees the best of
wages and working conditions, •finds practical expression here. The
wages paid and the general working conditions are above the standard
in the industry. All employees, including those in the office, aro
members of labor organizations. The company presents a life insur­
ance policy to every employee who has been in its service six months
or more. Health and accident insurance are provided through a
mutual benefit club. A cafeteria is maintained at each of its plants,
at which meals are furnished at cost. Shower baths and locker
rooms are also provided.
This society has taken the lead in using its earnings for social pur­
poses by establishing a free clinic for undernourished or malnourished
children of members, patrons, or employees of the company. At the
end of nine months 1,020 children had been examined at the clinic,
of whom 107 were treated for malnutrition, “ hundreds of other chil­
dren were referred to other medical agencies in the city, and scores
of children were discovered to be suffering from various diseases
and ailments which would not have been found but for the clinic.”
So successful was the first venture that a second was opened and
operated for nine months. Each clinic has a full-time nurse and a
physician who is a specialist in children’s diseases.
Besides services to their own members, many societies have used
their funds for social or other causes, or for such purposes as giving
aid to needy strikers, and have in many instances been a real factor
in the success of the strike, by enabling the workers to hold out,
CENTRAL ORGANIZATIONS
COMMERCIAL

Federated cooperation, like local cooperation, has had a checkered
career in the United States. During the boom period of cooperative
effort during the war, attempts toward federation of the local societies
were made and at the time of writing of this bureau’s previous
bulletin on the cooperative movement at least 13 district wholesales
and a number of organization bureaus were operating. The latter,
especially, were very busy, and one of these during this period
reported that it had organized on the average a store every two
weeks for the preceding six months.
An attempt was made at that time to establish a country-wide
wholesale society, which was called the National Cooperative Associa­
tion. Whether, even had all the societies in operation joined the
wholesale, there would have been a sufficient purchasing power to
support a nation-wide wholesale is conjectural. The wholesale, how­
ever, was started before it had enough patronage to support it.
General support was slow in coming, ana in order to obtain the
patronage that should have been supplied by local constituent
societies the national society resorted to the organization of retail
branches.
It also established wholesale branches at Chicago, Hoboken, N. J.,
and Seattle, Wash. The desire for rapid expansion led to the adop­
tion of expensive stock sales methods, and this with other mistakes of
unwise buying at a time of falling prices, too great overhead expense,
and poor management, soon involved the wholesale in difficulties



86

COOPERATIVE MOVEMENT IN TH E UNITED STATES

throughout the country. Because of the intimate connection of the
local retail branches with the wholesale it was difficult to ascertain
which were assets of the local and which of the wholesale, and this
fact was a cause of recriminations and bitterness by the local stores
which felt that they were being defrauded. The Hoboken branch
went into receivership late in 1920, and the Chicago branch early in
1921. The Tri-State Cooperative Wholesale Association (Pittsburgh)
which had affiliated with the national wholesale at the time of the
latter’s organization went down in the general crash. In an endeavor
to save the situation in Seattle, the aid of the Pacific Cooperative
League (San Francisco) was enlisted. This was unsuccessful and the
wholesale at Seattle had to be closed also. The Pacific Cooperative
League, which had become financially involved in Seattle, was
presently rent by dissension and charges both of mismanagement and
fraud and finally went into receivership in the spring of 1922. The
Cooperative Wholesale Society of America, at St. Paul, which had
remained independent throughout, also failed, leaving of all the dis­
trict wholesales only the Central States Cooperative Wholesale Society
(East St. Louis, HI.), the Cooperative Central Exchange (Superior,
Wis.), and the New England Cooperative Wholesale Association
(Boston). The last mentioned was the central association for a
group of Finnish cooperative stores, mainly in Massachusetts,
which in 1919 had amalgamated to form one society, the United
Cooperative Society of Boston. This latter society was dissolved
into its constituent societies in 1922, due mainly to political dif­
ferences among the members, and the wholesale was also given up.
The so-callea “American Rochdale plan ” of cooperation, practiced
in Illinois, by which a large measure of control was vested in the whole­
sale society, the Central States Cooperative Wholesale Society, proved
not to be feasible and was gradually modified as the depression set in.
The wholesale was reorganized and gradually the local organizations
were made into autonomous societies on the Rochdale basis. Even
reorganizations failed to save the situation and it was found necessary
in 1925 to dissolve the wholesale, the number of cooperative societies
in the State having, according to the report to the Bureau of Labor
Statistics, “ dwindled to such a point that it is utterly impossible to
continue the wholesale on a paying basis.”
Of the remaining wholesales, only three—the Nebraska Farmers’
Union State Exchange (Omaha), the Associated Grange Wholesale
(Seattle), and the Cooperative Central Exchange (Superior, Wis.)—
have furnished data for the present study. These data have been
included with the consumers’ figures in tne group “ wholesale socie­
ties,” although, strictly speaking, only the Cooperative Central
Exchange is an exclusively consumers’ wholesale. The other two
handle farm supplies as well as consumers’ goods.
The Omaha society has 10 retail branches and there are approxi­
mately 200 unaffiliated societies making their purchases from it. The
Grange wholesale acts as wholesale and auditor for a group of stores
throughout the State of Washington. The Cooperative Central
Exchange has 65 affiliated societies, and 28 others not affiliated use
the exchange’s wholesale service; it has no retail branches.
Another organization not included in the above is the FarmerLabor Exchange (Chicago) whose purpose is to facilitate direct trad­
ing between farmer-proaucers and the workers either as producers or



CONSUMERS’ SOCIETIES

87

consumers. Thus it sells the farmers' produce (apples, honey,
potatoes, etc.) to unions or to individual consumers or cooperative
societies, and union-mined coal to the farmers. The exchange states
that its sales have been made through two channels:
(а) Direct to consumers through cooperative stores, trades-unions, and buying
clubs, among the teachers in the public schools and employees in factories and
banks, etc., on the basis of a saving to both the farmer and the consumer.
(б) Sales on the regular produce market and to regular dealers on the basis of
regular wholesale market prices as high on the average as when sold through com­
mission men and with the assurance of an honest return to the farmer.

In addition to handling farm produce, the exchange has acted as
sales agent for workers’ cooperative factories and as buying agent
for union label goods for both consumers and farmers.
From the above, it is evident to those who have followed the coop­
erative movement that the cooperative wholesale movement has been
largely abandoned. In 1919 there were in existence at least 18 whole­
sale societies throughout the country. One by one most of these
societies have been discontinued or have failed. In a number of
instances it was a case of trying to run before learning to walk—the
undertaking of wholesaling without being familiar with the particular
problems in that field and before the local societies were in sufficient
numbers educated to the patronage of the wholesale. In other cases
difficulties of transportation of commodities over the long distances
between the wholesale and the local stores made the business an
unprofitable one, and this condition was intensified with the dropping
out of many of the stores which failed during the depression period.
A new start is now being made, and the first steps toward the ultimate
formation of a wholesale are now being taken by at least two of the
district cooperative leagues, in the promotion, not of wholesaling,
but simply of joint purchase of certain staple commodities used in
large quantities by the constituent societies.
A movement is now on foot toward joint buying of such commodi­
ties as flour, coffee, etc. Some of the eastern societies and some of
the Finnish societies in the North Central States are behind this
project. Also a similar movement for the societies of Minnesota is
being agitated.
ORGANIZATION

Organization work by regular “ cooperative organization bureaus”
has practically ceased, though one such agency (which so far as the
bureau is aware is the only survivor of the many which flourished be­
fore and during the boom period) expresses the opinion that the lull
is only temporary and that there will be a “ resumption of the work
in the near future.” This organization also furnishes expert auditing
service for subscribing societies.
EDUCATIONAL

The main educational body for the consumers' cooperative move­
ment is the Cooperative League of the United States of America, with
headquarters in New York City. This organization has, according
to its report made to the fifth cooperative congress held at Minneapolis,
November 4-6, 1926, 152 affiliated societies, 104 of which are
indirectly affiliated through four district leagues.




88

COOPERATIVE MOVEMENT IN THE UNITED STATES

The league is connected with no commercial enterprise, its work
being entirely educational. As part of its functions it supplies
lecturers, cooperative films, pamphlets on various cooperative topics,
legal and other advice, and supplies its subscribers with news and
articles for cooperative papers. In addition to its regular work of
supplying societies with cooperative information, compiling articles
and pamphlets on various phases of the cooperative movement,
supplying lectures, etc., the league is now furnishing an auditing
service, and has been acting as an employment bureau to supply
cooperative societies with managers, clerks, and other employees.
During the past few years district leagues, in affiliation with the
national body, have been formed. These include the Ohio Coopera­
tive League, formed as a direct result of the 1920 cooperative con­
gress; Northern States Cooperative League (for the district of
Wisconsin, Michigan, and Minnesota), an active body now 2 years
old which is steadily expanding its activities and membership; the
Central States Cooperative League (covering Illinois, mainly), which
was the outgrowth of the educational department of the now defunct
Central States Cooperative Wholesale Society; and the Eastern States
Cooperative League (for New England, New York, and New Jersey).
Possible amalgamation of the Omo and Central States Cooperative
Leagues is foreshadowed by the reports of their delegates to the fifth
cooperative congress. The Ohio league is finding effective work
among the stores of the State very difficult without a full-time worker,
and its delegate urged the national league to study its situation with a
view to amalgamation with the Central States League. The latter
league, which now operates only in Illinois, is desirous of extending its
field to cover the States of Indiana and Ohio, and the suggestion from
Ohio will, no doubt, be acceptable to it.
The Central States Cooperative League now has in affiliation some
dozen local societies in Illinois with a membership of 3,063. One
of its planned functions is the promotion of joint buying among the
societies. It is also planning an active membership campaign.
The Eastern States Cooperative League has in affiliation 12
societies in New England, New York, and New Jersey. It has al­
ready undertaken a joint-purchase scheme. Several of its member
societies being bakeries, the pooling of flour orders was the initial step,
the manager of one of the member societies doing the actual buying
and three or four of the larger societies binding themselves to guar­
antee any losses to this society. Coffee roasting for all the member
societies is now being done, the coffee being roasted in the plants of
two of the societies. When the capacity of their plants is passed
the plan is to do all the roasting at a central plant to be estab­
lished in New York.
The declared purposes of the Northern States Cooperative League
illustrate the field to be covered by the district leagues:
(1) To unite in its organization all consumers’ cooperative societies in the
States of Minnesota, Wisconsin, and Michigan, as well as such cooperative
societies in the adjoining States that wish to join the league.
(2) To carry on the work of teaching the facts, principles, and methods of
cooperation.
(3) To carry on education for the training of technical cooperative advisers
and workers and of administrators of cooperative enterprises.
(4) To give aid in organizing cooperative enterprises in every field, thus help­
ing the. people by means of cooperative societies to secure the best possible access




CONSUMERS’ SOCIETIES

89

to the things they need, by taking into their own hands the administration of
their economic and social affairs.
(5) To furnish auditing service for the cooperative societies in the district and
to provide uniform methods of accounting and bookkeeping.
(6) To give technical, legal, commercial, and general advice on all subjects
pertaining to the practice of cooperation.
(7) To collect, compile, edit, and publish information on cooperation and
allied subjects.
(8) To provide arbiters in matters of dispute or difference arising between
cooperative societies, between individual members of cooperative societies, and
between societies and individuals.
(9) To acquire property, to receive, hold, and disburse funds, legacies, bequests,
and loans in furtherance of its work.
(10) To assemble a district convention of delegates of its constituent coopera­
tive societies annually, or at such times as seem best for the interest of the coopera­
tive movement.
(11) To promote, in union with other district leagues, the interest of the
Cooperative League (of the United States of America).
(12) To do all things necessary or expedient for the accomplishment of all
objects specified in its constitution and by-laws.




CHAPTER V.—HOUSING SOCIETIES
Figures on building permits collected by the United States Bureau
of Labor Statistics for the principal cities of the United States show
that, as regards residential buildings, the volume of construction
has more than kept pace with the increasing population. These
studies, however, have taken no account of the rentals or purchase
price of such dwellings, a factor which is of vital importance to the
average working-class family. It is of little consequence to such a
family that there is an adequate supply of dwellings, if these are out
of its reach financially. And housing studies in such cities as New
York and Philadelphia have shown that it is precisely the moderatepriced homes of which there is the greatest shortage and to supply
which the private builders are doing least. So serious has the situa­
tion become in New York that various legislative measures have
been resorted to in the effort to stimulate the building of such
dwellings.
Despairing of relief from private builders and determined to
eliminate the profit in housing, various groups, especially in New
York City and Brooklyn, have been providing their own housing
accommodations. The results of their efforts are, of course, negligible
in comparison with the total amount of such housing needed, but are
significant in showing others what can be done and how the housing
item of the family budget can be reduced by cooperative nonprofit
effort.
In collecting data on these housing societies, especial care was
taken to include only those which are genuinely cooperative in the
main particulars. Many apartments are being sold on the so-called
“ cooperative plan” by private builders who construct them, for
sale, just as they do single houses, and sell them outright to indi­
vidual buyers. The buyers are allowed to resell at a profit, as well
as to rent their apartment or apartments for as large a rent as they
can secure. Voting is on the basis of stock ownership, and one person
may own several apartments and thus have a number of votes. This
is not true of genuine cooperative societies, for in such societies each
member has but one vote, regardless of his capital holdings in the
society. If any surplus is earned by the society this is rebated, in
the truly cooperative society, on the basis of patronage (i. e. the
amount of the monthly payment) and not on stock hela. The af­
fairs of the society are managed by a board of directors of varying
number, elected by the members. The actual management of the
apartment house is quite often in the hands of one person chosen
for the work.
The bureau has knowledge of the existence of 40 such societies, all
but 2 of which are in Brooklyn or New York City; and data are at
hand for 32. Of these reporting societies, 22 are in Brooklyn (within
a radius of seven or eight blocks), 9 in New York City, and 1 in
Wisconsin*

90




HOUSING SOCIETIES

91

Most of these societies have been started in the past five years.
One was started in each of the years 1916 and 1919; 2 each in 1922
and 1925; 5 each in 1921 and 1923; 7 in 1924; and 8 in 1920.
TYPES OP DWELLINGS PROVIDED

In both Brooklyn and New York City the dwellings provided by
all of the societies are apartments exclusively, usually those of the
four-story, walk-up type, the 16-dwelling building having four apart­
ments per floor. Another, and more attractive type, is the court
building with a simple archway leading from the street to a grassy
court, from which one or more entrances (according to the size of the
building) lead into the various wings.
The dwellings provided by the Wisconsin society are individual
houses, 105 of which have been built on a tract of 28 acres. The
settlement includes a parked playground 250 by 600 feet. This was
partly a cooperative and partly a city project.1
GROUPS UNDERTAKING COOPERATIVE HOUSING

In Brooklyn the members are mainly Finns or Finns and Scan­
dinavians ; one society which owned a 32-apartment building had
living in the same building Germans, Finns, Swedes, and native
Americans. In New York City quite often various nationalities are
found in the same apartment bunding. In one apartment building
where a number of nationalities were housed, the wife of the secretary
stated that she had been pleasantly surprised to find how congenial
they all were. In New York City, also, two groups, one of workers
of various nationalities and the other of Jewish people entirely, are
undertaking housing activities on a very large scale. Neither of
these projects is yet complete. The first group has acquired three
city blocks of land costing $425,000 and is building apartment houses
thereon; this group of buildings will house approximately 1,000 fami­
lies. Stores also will be added when the housing work is completed.
The Jewish group has land for a group of buildings with accommo­
dations for 238 families, and has already acquired an adjoining plot
of ground on which more buildings will be erected. The contracts
are now being given out. A community development is planned,
with stores, day nurseries for babies whose mothers are at work, etc.
The 32 societies covered have a total membership of 2,073 families,
of whom 561 are in Brooklyn, 1,407 in New York City, and 105 in
Wisconsin.
COST OP COOPERATIVE DWELLINGS

When the individual becomes a member of a housing society he
subscribes for a certain amount of capital stock in the society esti­
mated as covering the cost of the apartment or dwelling he will
occupy. This total cost is arrived at alter consideration of a number
of factors; the total cost of land, building and other expenses con­
nected therewith are taken as a basis and the cost of each dwelling
is determined according to the number of rooms, floor space, loca­
tion, and other points of advantage or disadvantage. The cost figure
i This bousing project was described in detail in the December, 1922, issue of the bureau’s M onthly
Labor Review, pp. 165-158.




92

COOPERATIVE MOVEMENT IN THE UNITED STATES

so arrived at for each individual apartment is the price which the
prospective tenant must pay, and the a m o u n t for which he must
subscribe stock in the society. (No profit is made in the genuine
cooperative society.) This stock may be paid for either as a whole
or in installments, according to the requirements of the by-laws.
The share capital paid in by the members in the IS societies for
which data on this point were secured aggregated $827,850, or about
$612 per member.
Housing projects, however, especially in large cities, require
considerable amounts of money. The buildings owned by the socie­
ties studied ranged in cost from $16,000 to $152,000 (average, $59,500)
for old apartment buildings mainly of the 4-story, 16-dwelling type,
and from $75,000 to $425,000 for the land and construction of new
buildings. The wage earners who form the great majority of the
members of cooperative housing societies are therefore forced to
obtain money from outside sources. This is usually secured through
mortgages or “ comrade loans” from fellow cooperators or both.
One society in New York City paid $67,500 for land and $95,000
for constructing the building. Of this $68,000 was raised by the
members, and the remainder was secured through a first and a sec­
ond mortgage, the borrowed money being paid off at the rate of
$3,000 a year. Another society in the same city bought an old
building for $75,000. The members provided the $25,000 necessary
for the down payment and also the $40,000 which was required for
repairs and improvements; $8,000 was borrowed from private
individuals interested in the project; and the remaining amount
necessary was obtained by three mortgages. A Brooklyn group of
15 members which bought an old building costing $40,000, paid for
it without resorting to outside financial assistance, each member’s
share of the expense being $2,666.67. Another Brooklyn society
which also bought an old building for the same price was carrying
the bulk of this in a first and a second mortgage. When the time
came to renew the second mortgage, however, the holder of the
mortgage demanded what the cooperators considered an exorbitant
“ bonus” for renewal. So each member “ chipped in” what he
could; some additional funds were secured on comrade loans, and
the bank in the community, which was holding the first mortgage,
increased its amount, thus enabling the members to pay off the
second mortgage.
One group of 42 people who are now occupying a new attractive
court-type building, made the mistake of intrusting all the details
of purchase and construction to one man. Soon, through his incom­
petence and mismanagement, they found the bills unpaid and trouble
threatening from all sides. When matters came to a head, this man,
as one of the members put it, “ left them flat.” They shouldered
the burden but the experience cost them much worry and expense.
They are now paying on the principal of both first and second mort­
gages and this raises their monthly payments to a figure considerably
higher than that of other cooperative groups in the neighborhood.
A society a few squares from this one obtained the additional funds
necessary to finance its building project through comrade loans and
a first mortgage. This latter they expected to pay off some time in
1926 and by aoing so to reduce the monthly payment $8 on each




93

HOUSING SOCIETIES

apartment. Then the tenants will pay from $34 to $35.50 per month
for a 4-room apartment.
The financial arrangements made by some of the societies are
shown below:
T a b l e 50.—SOURCES OP FUNDS OF C E R TA IN COOPERATIVE HOUSING SOCIETIES

Amount of—
Society and location

Brooklyn:
No. 2...................................
No. 3________________
No. 4___________________
No. 6----------------------------No. 7___________________
No. 9___________________
New York City:
No. 3___________________
N o. 5___________________
No. 7___________________

Total cost
of building

Paid-in
share
capital

First
mortgage

$42,000
99.000
23.000
16.000
201,500
67.000

0)
$16,000
5.000
3.000
35.000
25.000

$18,000
50.000
8,500
7,000
86.000
27,500

162; 500
75.000
152,000

68.000
41,640
30,000

72,000
* 25,360
7122,000

* Not reported.
* Paid.
’ Friendly loans.
* Promissory notes of members and Mends.

Second
mortgage

Third
mortgage

<>
*
$9,"506~
3,600

Other loans

>$33,000
$2,400

“<16;"665

14,500 ---------------10,000
(«)

----------------

9

* Includes second and third mortgages also.
* Included in amount of first mortgage.
7 Includes second mortgage also.

The average cost of apartments in the buildings for which data
were secured ranged in the old buildings from $2,000 to $4,313
(average, $3,190) and in the new buildings from $3,094 to $6,750
(average, $5,614). The apartments were generally those of three,
four, and five rooms.
The initial payment required varied in certain of the societies
covered from $100 to $2,000; 2 societies require only $100 down,
4 societies from $300 to $500, 5 societies from $600 to $1,000, and
1 society from $1,200 to $2,000, according to thesizeof the apartment.
In those organizations in which the initial payment varies with the
number of rooms, the sum per room ranges from $125 to $400. In
2 societies the payment is as low as $125 a room; 2 societies require
$200 a room, 1 society $200 a room plus $50 for the kitchenette, 2
societies $250, 3 societies $300, and 3 societies $400 a room.
After the member takes possession of his dwelling he pays as
“ rent” each month a certain amount which is calculated to cover
his proportionate share of such items as taxes, insurance, the general
upkeep of the building (repairs, improvements, janitor service),
fuel, payments on the mortgage or mortgages, etc. In some cases
the members adopt the policy of making these monthly payments
large enough to cover unexpected expenses, building up a uttle surplus
for this and other purposes. In others, such expenses are met as
they arise through a pro rata assessment on all the tenants. This
latter practice was objected to by some of the housewives inter­
viewed, as they said they never knew what to expect. They would
prefer to pay a somewhat larger amount and be able to count upon
paying that amount and no more.
The monthly amounts paid by the owner-tenants are shown below.
As indicated, the amount varies with the size and, in many instances,
with the location of the apartment. In one building, where the
apartments were all of the same size, all members at first paid the
28464°—27---- 7



94

COOPERATIVE MOVEMENT IN TH E UNITED STATES

same amount, regardless of the location of the apartments, which
were drawn by lot. This system was given up, however, and at
resent the more desirably placed and arranged dwellings cost more,
n addition to the monthly payment shown, the occupant must do
for himself any redecorating—papering, painting, etc.—within his
apartment. In reading the table, it should be borne in mind that
these payments take no account of interest on principal already
paid in.
Especially among the Brooklyn cooperators, many of the members
are building-trades workmen, who not only are able to do their own
decorating, repair work, etc., but lend a hand on similar work for
the whole building, saving the society this cost.

{

T a b l e 51.—AVERAGE M O N TH LY PAYM EN TS ON COOPERATIVE APAR TM E N TS OP

3, 4, AN D 5 ROOMS

[Interest on principal already paid not included]

Society and
location

Average m onthly payment on
cooperative apartments of—
3 rooms

4 rooms

Society and
location

5 rooms

Brooklyn:
B ro o k ly n N o. 1........
$24.00
Con.
$32.00
$40.00
No. 1 6 20.70
27.60
34.50
N o. 3........
N o. 4........
12.00
16.00
20.00
No. 1 7 No. 18 N o. 5........
32.00
40.00
No. 19 N o. 6........
25.00
15.00
N o. 7........ 124.00-39.00 132.00-52.00 140.00-65.00
No. 20-.
N o. 8........
No. 21-.
25.00
New York:
N o. 9........ 124.00-27.00 132.00-36.00
N o .l—
N o. 10___
21.00
28.00
35.00
N o. 11___
No. 2 -130.00-36.50
N o. 12----46.50 i 58.88-62.00
N o .3 No. 4—
N o. 13___ 121.00-27.00 128.00-36.00 135.00-45.00
N o. 14___
No. 5—
35.00
45.00
N o. 15----N o. 6—
32.00
44.00
54.00

20.00

i4 ’6 ^ .‘6
0 65 6

Average m onthly payment on
cooperative apartments of—
3 rooms

$35.00
19.40
38.00

4 rooms

5 rooms

$65.00
142.00-43.50
59.00
32.50
50.00
55.00
144.00-54.00

$46.00

i 18.00-21.00 124.00-28.00 130.00-35.00
33.00
44.00
55.00
145.00-54.00 160.00-72.00 175.00-90.00
136.00-39.00 148.00-52.00 160.00-65.00
45.00
60.00
75.00
39.00
52.00
65.00

i According to location.

Many of the tenants interviewed expressed great satisfaction
with the cooperative plan. • One woman stated that previous to
joining the society her family had been paying $60 a month for an
apartment on which no repairs were ever made and then had to
furnish their own heat. “ When we got the rent paid, sometimes
we had enough left over for something to eat and sometimes we
didn’t.” This family now pays $35 for a 5-room apartment and of
this $7.50 applies on the second mortgage.
As part of the monthly payment goes to pay off the indebtedness
this is gradually reduced, and as a consequence not only is the amount
of the tenant’s equity in the building increased but his monthly
payments decrease. When the building or buildings finally become
the property of the society, the only expense is that of maintenance.
OWNERSHIP*

In the genuine cooperative society the tenant never receives a
title to his dwelling. Legal ownership remains in the society as
a whole. The member merely owns stock in the organization to
the value of his apartment or dwelling and receives a permanent
* See Appendix D , p. 119 for typical by-laws of cooperative housing society.




95

HOUSING SOCIETIES

lease which he may pass on to his heirs. Should he desire to give up
his membership his stock must first be offered to the society and &
the latter is unable to redeem it at its par value he is allowed to sell it,
at cost, to any person whom he considers would be a desirable tenant.
Transfers of stock must be made on the books of the society. In this
way speculative profit by the members at the expense of the prospec­
tive member is prevented. “ It is not the purpose of cooperative
building societies to enable tenants to obtain homes at bottom
prices by building collectively and then to allow the individuals to
own and sell them to others for profit. The purpose of cooperative
building societies is to provide permanent homes for the people
without private profit or speculation in land and buildings, collec­
tively controlled and administered by the tenant members. ” 8
It is to be regretted that not all the cooperative housing societies
studied follow this practice. In most instances the member does
not receive title to his dwelling; in three societies, however, the
reverse is true. As regards the principle of selling at cost, not so
favorable a situation was found. Eight societies allow the member
to sell his holdings for whatever he can get, though in none of these
societies has any of the original members attempted to do so.
COST OP PROPERTY OWNED

The 32 societies included in the present study control property
costing more than $4,000,000, distributed among the three localities
as follows:
T a b l e 58.—COST OF PR O PE R T Y CON TROLLED B Y COOPERATIVE HOUSING

SOCIETIES

Location of society

Number of
societies
reporting

Number of
families
housed

Cost of build­
ing and land

Brooklyn__________________________________________
New York C ity____________________________________
W isconsin_________________________________________

22
>9
1

534
*1,166
105

i $2,176,000
2 1,422,600
504,000

Total________________________________________

32

* 1,805

* 4,102,600

* 41 SU
C16UW
.
* Includes 1 society with 1,000 members and property costing $425,100 whose buildings are not yet ready
for occupancy.

It should be emphasized that the above figures represent the actual
cost, not the present value. In many if not all instances, the value
of the property has increased since the society has been holding it.
In one organization in Brooklyn, apartments for which the original
members paid $600 are now worth $1,000 and $1,100. Such an
increase, however, is an asset of the society as a whole not of the
individual members.
* Report of housing committee to third cooperative congress, Chicago, Oct, 20*28,1922.




CHAPTER VI.—FAILURES IN COOPERATION
Every cooperative failure renders more difficult the way of other
existing societies and of those which may be formed thereafter.
Also, the “fake” cooperative societies have done the movement in­
calculable harm. The failure of one genuine cooperative society to
obtain a foothold can be definitely traced in part to its having been
preceded in the town of its location by a spurious organization
which had swindled many people and had given “ cooperation” a
bad name.
The history of consumers’ cooperation in the United States has,
with certain notable exceptions, been a continuous experiment in
the “ trial and error” method. The unfortunate part of such a
method lies not only in the fate of each society which fails but in the
bitterness engendered among the people concerned and the unfavor­
able afterimpression which lingers m the minds of the public generally
as regards anything “cooperative.”
The secretary of one association which failed in spite of the unre­
mitting hard work of the directors and officers reports as follows:
The------cooperative venture went the way of most such ventures and, as far
as I know, nobody locally ever thinks about it any more. No more of that stuff
for me. * * * It is my fondest hope that the wretched experience will
never again be recalled in my memory.

Thus far, of a total of some 3,200 societies from which reports
have been requested, information has been received of 768 societies
that have for one reason or another discontinued business during the
six-year period 1920 to 1925.
VOLUNTARY LIQUIDATIONS

By far the greatest number of these societies were financial failures
and were forced into bankruptcy. Several, however, discontinued
operations voluntarily, mainly for the reason that the members
grew tired of the task of running the business. In some of these
cases, failure threatened largely because of insufficient patronage
by the members. The secretary of one such society reports that
“ we made some money but not enough to satisfy us,” the affairs of
the organization became involved through the granting of too much
credit, and the members lost interest and were doing their trading
at other stores. This was a society of 48 members with a small
capital. In 1920, after having been in business 13 years, the paid-in
share capital mounted to $4,800, there was no reserve fund, and the
undivided surplus amounted to $29,545. This made a total working
capital of $34,345. Of this nearly one-third was tied up in credit
extended to members. The merchandise inventory was valued at
$23,482, and stock turnover averaged only 2.4 per year. So, after
having struggled along for nearly 19 years, the members sold out.

96




FAILURES IN COOPEBATION

97

A store in one city was formed just before the war by a group of
well-to-do people who felt that they were being charged unduly nigh
prices. It carried a higher grade of goods than is usually handled
and was a success from the first, twice having to move to larger quar­
ters. The store had the policy of paying its employees, in addition
to wages, a bonus on business done. After having operated success­
fully for 10 years “ the members grew tired of conducting it and
voted to close out.” The former treasurer reports that the store had
returned purchase dividends aggregating more than 200 per cent of
the capital stock. His report concludes with the statement: “ The
fixtures and some goods were junked in closing out, so we could not
pay up our obligations in full.”
A third society which liquidated voluntarily, but with the wolf not
far from the door, had an interesting and, for cooperators anxious to
avoid the pitfalls into which others have fallen, instructive history.
Organized by a group of farmers at a time when prices were rising, it
began without capital stock, depending for funds on a small member­
ship fee. It nevertheless prospered in a small way. With a change
in management a change in policy was made. Capital stock was
issued, most of which was invested in fixtures, real estate, and
buildings. This necessitated conducting the business itself on bor­
rowed money at 7 per cent interest. The manager branched out into
new lines of business and extended credit freely, such accounts rising
as high as $30,000 on a paid-up capital of about $45,000. Due to the
cost of the borrowed money, the very small margin on which goods
were sold, the reckless buying of goods, and the Toss through giving
credit, there were no profits. What the directors and members were
doing all this while the report fails to state. About the time they
forma the society was “ losing out,” however, the manager resigned.
Several successors in the position tried to save the business but
were unable to do so and the society finally liquidated to avoid a
receivership. The assets were sufficient to cover the claims, and the
stockholders received 20 per cent of the value of their stock and, it
is expected, will receive 30 per cent more. That the members and
directors are even now far from recognizing their own responsibility
or power in the society is indicated by the following opinion of the
secretary:
A number of the stockholders have asked me to reorganize. They would be
ready to take stock and assist in cooperating. But the management might in
the future pass into bad hands and again be a failure. I am sure the success of
cooperative work is in the manager of the business. And money needed at a lower
rate of interest than our local banks will furnish.

Several societies closed out for no apparent reason. One of these
sold out at a time when the operations were yielding a trade rebate
and an interest of 8 per cent on capital stock. The society was free
of debt, and each $200 share had assets of $325 behind it. Another
society quit voluntarily, paying all claims and returning to members
$11 for each $10 share. The store was running successfully and was
not in debt. A third successful association composed ol teachers
voted to discontinue because “ we were so busy we had to drop
something.” A fourth organization discontinued operations because
of the “ financial condition of the country.” Still another society in
successful operation for more than half a century dissolved because
its members and others abused its delivery service and credit.



98

COOPERATIVE MOVEMENT IN THE UNITED STATES

It got to be a habit among customers to purchase [at neighborhood stores] what
they could carry home, and pay cash, then phone our store and order something
say, for instance, potatoes or kerosene oil, have it delivered and have it charged.
We got rather tired of that diet and decided to close, and did so. It was not a
case of being obliged to do it, but simply that we got sick of being the goat. It
goes without saying that a store that solicits orders as we did and then makes
delivery can not compete on every item with the so-called “ chain stores,” and it
is a policy of the buying public to try the “ cash and carry” idea. Times have
changed greatly since our store started. For instance, the time of paying off
help in our chair factories was sometimes only once in three months, later this
was changed to monthly, and finally it was the custom to pay weekly, so the
excuse for having groceries charged is not as necessary as in the old days.

When the store closed, members received about $23 for each $5
share of stock, “ a record unequaled by any corporation of its kind
in this State. As a matter of fact, at the time it ceased doing busi­
ness, it was the oldest corporation in [the State] if not in New Eng­
land. It did the largest (strictly grocery) business of any concern
in this vicinity.”
THE FAILURES

Data more or less complete are at hand concerning 249 defunct
societies. Of the 245 for which the year of establishment is known,
182, or 74.3 per cent, were established during the period 1914 to
1920 when prices were rising so rapidly that wages could not keep
pace and the necessity was felt for some means of stretching the
income to make it cover the family needs. This was the boom
period for the formation of cooperative societies, many of which
were started without any adequate conception of cooperative ideals,
of what benefits could reasonably be expected from a cooperative
society, or of business principles. The societies established during
this period lasted, on an average, 3.9 years.
Of all the 125 societies for which both date of organization and
date of dissolution are known, the average existence was 5.3 years;
20 operated for 10 years or more.
Due to falling prices and the industrial depression with its accom­
paniment of decreased purchasing power, the years following the
boom period of 1919-20 were extremely difficult for even the wellestablished, experienced cooperators. The year 1923 seems to have
been the most disastrous year. Of 768 societies known to have
failed during the six-year period 1920 to 1925, the year of failure is
known for 300 and of these 69, or nearly a quarter, failed in 1923,
while 36 per cent failed in the two years, 1923 and 1924.
Most of the societies which failed were small and remained so.
Even in the peak year of 1920 they averaged only 222 members and
sales of less than $75,000 a year. Only 23 attained a membership
of 400 or more and 118 had a membership of 150 or less.
CAUSES OF FAILURE

The causes of failure as reported by 177 societies and the number
of cases in which each cause figured as either sole or contributing
cause are as follows;




99

FAILURES IN COOPERATION
Number

Due to members:
of cases
Insufficient capital_______________________________
80
Lack of patronage and support____________________
17
Lack of cooperative spirit____ _____ ______________
7
Loss of interest_______________ _____ ______ ______
10
Factional disputes_________________________ _____
13
Undue interference in management_________________
2
Total.................................................. .......................

129

Due to directors:
Lack of experience_______________________________
Lack of interest and oversight_____________________

9
2

Total........................ ...................................... ........

11

Due to manager:
Inefficient management____________ ____ _________
Overstocking____________________________________
Poor bookkeeping and accounting________ ____ ____
Dishonesty of manager or clerks---------------------- -------

24
13
6
10

Total.................— _____ ______________________

53

Due to members and manager, jointly:
Unwise extension of credit_________________________
Disproportionately high expense of operation________
Operation on too small a margin___________________
Operation on borrowed money_____________________
Money tied up in fixed assets__________ ___ ____ ___
Total________ ___________ ____ — ____ _______

34
19
1
28
13
95

General:
Declining prices__________ ______________________
Poor location of store_____________________________
Strike______________________ ____ ______________
Depression or unemployment in trades of members___
Fire------------------------------------------------------------------Purchase of old, slow-turning stock_________________
Competition of private stores. --------------------------------

81
3
10
6
2
3
6

Total______ _________ ____ _________ ____ _____

111

It is evident from the above statemert that the outstanding causes
of failure since 1920 have been insufficient capital with its consequence
of having to operate by borrowing money, unwise extension of credit
to members, and declining prices. In other words, while lack of
interest, patronage, and support by members, inefficient management,
and disproportionately high operating expenses were serious defects,
financial matters were still more serious. In general, however, it
should be noted that the difficulties of these societies were in large
part the result of an economic situation (including price and employ­
ment conditions) over which the members had no control, although
of course there were contributing factors of incompetence.
One society which failed through no fault of its own started with
a capital of nearly $15,000. It owed no bills, gave no credit, and had
good management. It had been stocked at the peak prices of 1920,
however, and the sudden drop in the market, followed by the miners’
and railroad strikes, in which its membership was involved, proved
too much for the new society to stand.




100

COOPERATIVE MOVEMENT IN TH E UNITED STATES

Estimates of the minimum amount of capital necessary to under­
take a cooperative store in 1920 ranged from $1,000 to $5,000, these
sums being predicated on the members’ absolute loyalty in tradingwith
the store. Of 199 dead societies, 4 had less than $500 paid-in share
capital (2 had $250 and $260, respectively, and 1 which operated on
the cost-plus plan had $50); 7 had a capital of $500 and less than
$1,000; 12 of $1,000 and less than $2,000; and 47 of $2,000 and less
than $5,000. In other words, one-third had less than, the highest
amount set as a safe minimum sum with which to start business.
Nearly three-fifths (115 societies) had what might be called a fair
amount of capital ($5,000 to $25,000) and less than 10 per cent (16
societies) an ample amount. One society had capital of $130,000, but
endeavored with this sum to keep a main store and five branches
going, and failed in the attempt; in 1920, after 13 years of operation,
its fixed assets formed 72.8 per cent of its capital, its debts 107.7 per
cent, and accounts receivable 21.8 per cent.
Insufficient capital and too great extension of credit together form
a handicap most difficult to overcome, as is shown in the following
statement regarding 12 societies which failed:
T a b l e 5 3 .— R E LA TIO N OF D EBTS AN D OF ACCOUNTS R E CEIVABLE TO W ORK IN G

C A PITA L OF SPECIFIED SOCIETIES

Relation of—
Society

Society N o. 1~
Society N o. 2_.
Society N o. 3..
Society N o. 4..
Society N o. 5_.
Society N o. 6..
Society N o. 7 2
Society N o. 8 *
Society N o. 9 4
Society N o. 10.
Society N o. 11.
Society N o. 12.

Date of establish­
ment of society

March, 1920-.......
M arch, 1906........
August, 1919.......
M arch, 1911.........
November, 1916-.
January, 1920___
January, 1917___
September, 1916..
November, 1920—
January, 1918___
July, 1910............
July, 1916............

Amount of
working
Bills and
capital1 notes pay­
able to
capital

$3,950
13,093
3,700
7,650
1,441
5,000
2,687
12,066
4,623
12,400
6,600
3,010

Per cent
104.9
112.9
116.6
96.3
108.7
96.9
95.0
95.3
107.5
59.6
77.6

Accounts
receivable
to capital
Per cent
88.9
79.7
22.8
48.7
35.3
36.1
10.5
21.9
73.3
92.1
147.0
80.4

i Share and loan capital, reserve, and sutdIus.
*Fixed assets amounted to 174.1 per cent of working capital.
*Fixed assets amounted to 161 per cent of working capital.
4 Fixed assets amounted to 66.3 per cent of working capital.

One defunct western society, not included in the above table (for it
gave no credit and therefore did not present that particular cause of
failure), was started on the rising market with only $3,000 capital.
It invested more than the total amount of its capital in fixtures and
real estate, as a result it had to borrow money for operating expenses,
and soon its debts represented 193 per cent of its capital. With care­
ful management and loyalty from the membership the organization
might have surmounted even these circumstances. But the members’
purchases, at the period of highest prices, averaged only $169 per year,
each.
Lack of loyalty also played a large part in the failure of one of the
few southern societies, which started business, in a town of some
20,000 people, with more than 200 members and a paid-in capital of



FAILURES IN COOPERATION

101

$11,000. The first year its sales amounted to $76,000 and it paid a
purchase dividend of 5% per cent, in addition to interest of 6 per cent
on capital. A chain store was then opened in the town and immedi­
ately began to sell at prices which were lower than those which the
cooperative association had to pay for its supplies. The cooperative
members fell victims to the temptation offered by the lower prices and
deserted their store which, after holding out for three years, was forced
to close. Although the members lost the sums they had invested in
capital stock, there was practically no loss to creditors, the assets
being sufficient to cover the indebtedness.
Somewhat the same circumstances occurred in a far western town.
The cooperative society was formed in December, 1917, and.prospered
for a time. There were, however, two other stores in town which
offered strong competition. Friction among the members of the
society also added to the difficulties of the association and the store
was finally closed, in 1926. The inventory taken by the creditors on
the day of closing totaled $5,539, and accounts receivable aggregated
$2,500; claims amounted to only $3,659. Interest among the mem­
bers, however, was not sufficient to keep the store going.
An organization in a large middle western city, which had 6,000
members and nearly a million dollars of paid-up capital, spent over
$200,000 for organization expenses, had nearly half of its capital in
fixed assets, and owed money amounting to nearly three-fourths of
its capital. Accounts receivable amounted to only 15.7 per cent,
but the stock was turned less than twice a year. This was a “ pro­
moted” society not on a strictly Rochdale basis and one in which the
members apparently had little to say with regard to the management.
A remarkable instance of decline in cooperative spirit after a bad
start is shown by the following report:
This store was started with a membership of about 40 with a foundation
capital of $10 per member and organized as a branch of the older------store.
Tney put up a building worth about $4,000 and bought goods for about $15,000.
They had to borrow about $15,000 for a start paying 7 to 8 per cent for same.
After running about a year and a half they incorporated and had two men to
run it. They had drives now and then to increase membership, with a change
of membersmp fees from $50 to $500. Members dropped off now and then.
Some of them sold their stock for less than half value. In 1919 and 1920 the
organization made a little money, but 1921 and 1922 followed with losses very
near just as much, mainly because the help had demanded and gotten a 100 per
cent increase in their wages.
During 1922 we tried to sell the business through some wholesale houses, but
failed to get an offer. In the beginning of 1923 we succeeded in turning it over to
a couple of local boys without any cash payments. As these boys are doing fine,
we renewed the lease for another three-year period. By that time I expect that
the stockholders will get their money back with interest at from. 3 to 4 per cent
per year for the 20-year period they have had their money invested.

Indifference and utter lack of recognition of the responsibility of
the members for the welfare of the society are illustrated by a report
from a mining community: “ The by-laws called for 6 per cent on
capital stock and the balance of earnings on purchases, credit being
extended up to 80 per cent of the stock held. The small stockholders
soon learned they could deal 75 per cent out and still get all of the
earnings and have 6 per cent on capital.”
A society which was forced out of business by losses due to falling
prices sold its real estate and stock but was still in debt:
Assets of the company failed to pay indebtedness by $4,230, which was partly
made up by about 20 stockholders who paid their proportionate share of deficit,



102

COOPERATIVE MOVEMENT IN TH E UNITED STATES

$36.78 each. The balance has been paid in greater part by directors who had
indorsed notes of the company. Amount paid by directors will be about $400
each. About 90 stockholders refuse to pay anything.

A complication of causes led to the downfall of a cooperative organ­
ization located in a coal-mining town of Pennsylvania. This asso­
ciation was one of some 30 sponsored throughout the region by the
miners' union. It was started in August, 1920, and had some $6,500
of paid-in share capital. It was almost immediately confronted
with the problem of doing business on a falling market. Inexper­
ience led to injudicious buying, so that money was lost as prices
fell and the full cost of merchandise to the store could not be realized
on the goods. Overhead expense was too high; there were too many
clerks for the size of the business. It is charged that the employing
companies also added to the difficulties of the situation by coercing
their employees, some of whom were members of the cooperative
organization, to trade at the company stores instead of at the cooper­
ative store, and the store lost trade in this way. Trade-union
politics, due to the close connection of the cooperative association
with the union, also led to difficulties. Although there were, on
paper, about 300 members even at the time the store was closed in
1923, business had fallen off so that the trustees spent their time
“ working and worrying to pay the bills and keep peace amongst a
lot of jackals always looking for cheap goods and big dividends."
The failure caused a loss of about $8,000 to the shareholders and
some $14,000 to the creditors.
That the two societies whose reports are quoted below failed is not
surprising. The wonder is that they lasted as long as they did.
The members raised about $15,000 in money to start with. It was started
along about 1917 or 1918 when prices were at their highest and the first of a
long series of mistakes was made when it bought out one of the local stores here,
as it was found out later that everything was not only invoiced at a very high
price, but many articles were invoiced over and over again, so that it probably
lost about $3,000 in its first deal. It was also found out afterwards that the
man we had employed as manager was taking a salary from the man from whom
we bought the store.
Another cause, or rather a continuing cause, was the difficulty of getting any­
body with the capacity for management.
Aiiother cause of failure was too liberal credit. Our by-laws provided that only
the stockholders should receive credit and then only up to 75 per cent of the
value of their stock, upon the stock being hypothecated with the company; this
part of the by-laws was never lived up to and at the final wind-up we had prob­
ably two or three thousand dollars of bad bills which never had been collected.
Another cause of failure was inability to control stealing from within; I mean
by the association’s own employees. While, of course, there is no way of saying
what this item amounted to, it undoubtedly amounted to several thousand
dollars.
So far as I know, this is the only concern in this community engaged in the
mercantile business that has ever failed so completely, as for many years this
has been a growing community and, as I know from an acquaintance of 35 years,
I have never known of a mercantile business failing that had capable management
and, as I see it now, the only way to get capable management is to have some­
body, who has an interest, preferably a controlling interest, to make it good.
At one time I was quite interested in cooperative societies and believed in the
principle of such societies, which I now certainly do not.

The second society went into business in 1920 with about $14,000
in the treasury.
They bought around $4,500 worth of goods to start with, and within a month
from the time they bought same they could have bought it $1,000 cheaper as the
prices were at peak and were toppling at the time. They bought two 1-ton



FAILURES IN COOPERATION

103

trucks that cost them something like $1,800 or more, and within four months
they could have bought them for around $800 or $1,000. In starting in they
bought the highest-price fixtures they co’ Jd find, and had a bunch of clerks that
made worlds of errors and, of course, all errors that were against the customers
they heard from, but the errors that were in favor of the customers they never
heard from and the store lost. The clerks pilfered and did as they pleased.
They couldn't get a manager that would take the interest they should have.
They bought everything in sight whether they could use it or not. Worlds of
perishables were lost.
They had something like 350 stockholders. They thought because they had
stock in the store that they owned the works, and would call up and browbeat
the help and would not pay their accounts, and make claims against the store
that were simply outrageous, and would go to the comer grocery rather than
buy from their own store, and finally the store got to a place where they owed
about $3,300 and I was appointed chairman of liquidating committee to wind
up the affairs. The stockholders lost everything, those that didn’t owe the
store, but there were a lot of them that owed and we couldn’t make it out of them.
All debts were paid 100 cents on the dollar, but very little more was ever collected.
I was a director for about two years, the latter part of the time, but couldn’t
get the directors to realize that the store was failing.

Another society started operations with a grocery business early
in 1920, hiring as manager a man who had previously made a failure
of his own grocery store. As might have been expected, his judg­
ment in buying was not of the best. Thus, at a time when the price
of sugar was at its highest and consequently very little canning was
being done by housewives of the community, this manager bought a
large quantity of fruit jars, and many of them were still unsold at the
time the store was closed, three years later.




APPENDIXES

APPENDIX A.—BY-LAWS OF CREDIT SOCIETY
A rticle I.— N a m e
The name of this corporation shall b e ------and it shall be located in the city
o f ------in the State o f-------.
A rticle II . —P u r p o s e s
The purposes of this credit union shall be to promote thrift among its mem­
bers and to make loans to its members at reasonable rates, with or without
security.
A rticle I I I . — M e m b e r s h ip
Any person, upon his or her election to membership and upon subscribing for
five or more shares and paying for the same in whole or in part, together with
the entrance fee as provided in Article X of these by-laws shall become a member
of this credit union.
A rticle IV .— M e e tin g s o f m em b ers
Section 1. The annual meeting of the members shall be held on the third-----of January of each year. General meetings of members shall also be held quar­
terly on the third------of April, July, and October of each year. A notice of
all meetings of the members shall be mailed by the secretary to each member
not less than five nor more than 10 days prior to such meetings.
Sec. 2. One-half of the members shall constitute a quorum.
Sec. 3. Each member shall have but one vote. No vote shall be cast b y a
proxy. When not otherwise provided in these by-laws the vote of the majority
of the members present at a meeting shall be the act of the corporation.
Sec. 4. The order of business of the meetings of the members shall be as
follows:
a. Roll call.
b . Reading of the minutes of the last meeting.
c . Report of the directors.
d . Report of the treasurer.
e . Report of the credit committee.
/. Report of the supervisory committee.
a . Unfinished business.
n . New business.
i . Adjournment.
Sec. 5. The members by a majority vote of all the sharenolders shall have the
power to review the acts and reverse the decisions of the board of directors of
this credit union.
Sec. 6. The board of directors may at its discretion call special meetings of
the members and shall do so upon the order of the supervisory committee or
upon the request of any 10 members of the credit union in writing. Notice of
such special meetings, wherein the purpose of the meetings shall be clearly
stated, shall be sent by the secretary to each member as provided in section 1 of
this article. No other business than that specified in the written notice shall be
transacted at such meetings.
Sec. 7. The fiscal year of this credit union shall end on the 31st day of December.
A rticle V .— Director's
Section 1. At the annual meeting the members of this credit union shall elect
a board of directors of 9 members, a credit committee of 7 members, and a super­
visory committee of 3 members to serve until the next annual meeting of the

104




BY-LAW S OF CREDIT SOCIETY

105

shareholders and until their successors are elected and have qualified. No
member of the board of directors shall serve on the supervisory committee nor
shall any member of the supervisory committee serve on the board of directors.
Sec. 2. A meeting of the newly elected board of directors shall be held within
10 days after the annual meeting of shareholders, and the board of directors
shall elect from their number a president, a vice president, a secretary, and a
treasurer who shall be the executive officers of this credit union. Thereafter, the
board of directors shall meet at least once in each month. At all meetings five
members shall constitute a quorum.
Sec. 3. The board of directors shall have the general management of the affairs,
funds, and records of this credit union. It shall be their special duty to act
upon all applications for membership and the expulsion of members; to fix the
amount of the surety bond of the treasurer; to determine the rate of interest on
loans and deposits; to declare dividends; to fix the maximum number of shares
which may be held by any one member; to recommend amendments to these
by-laws; to fill vacancies in the board until the election and qualification of
successors, and to perform such other duties as the members may from time to
time authorize.
Sec. 4. No officer or other member of the board of directors shall receive com­
pensation for his services, with the exception of the treasurer, whose remunera­
tion, if any, shall be fixed by the members.
Sec. 5. The members may, at a special meeting called for that purpose,
declare by a two-thirds vote of all the members the office of any member of the
board of directors vacant, provided said meeting was called in accordance with
the provisions of Article IV, sections 1 and 6 of these by-laws.
Article VI.—

O ffic e r s a n d th e ir d u tie s

Section 1. The officers of this credit union shall consist of a president, vice
president, and secretary-treasurer.
Sec. 2. The duties of the president shall be to preside at meetings of the
members or of the board of directors; to countersign such checks, drafts, and
notes drawn by the credit union as may require his signature, ana to perform
the other usual duties connected with the office.
Sec. 3. The vice president shall, in the event of the disability of the president,
perform the duties of the president and such other duties as the board of directors
may from time to time prescribe.
Sec. 4. The secretary-treasurer shall be the custodian of the funds, securities,
books of account, and all other valuable papers of the credit union, lie shall
keep a separate set of books of entry containing in detail the financial transac­
tions of the credit union. He shall sign all checks, drafts, and notes drawn by
the credit union. The secretary-treasurer shall furnish a bond, for the faithful
performance of his duties in such amount as the board of directors shall prescribe.
Sec. 5. The secretary-treasurer shall keep correct records of all meetings of
the members and o i the board of directors. He shall give notice of all meetings
of the members in the manner prescribed by the by-laws and shall perform all
other duties incident to his office.
Article VII.—

C r e d it c o m m itte e

Section 1. The credit committee shall consist of seven members.
Sec. 2. The credit committee shall approve every loan made by this credit
union to its members. Every application for a loan shall be made in writing
and shall state the purpose for which the loan is desired and the nature of the
security offered. No loan shall be made unless it has received the unanimous
approval of those members of said committee who were present when it was
considered, who must be at least a majority of said committee.
Sec. 3. The credit committee may meet at any time and shall meet as often
as necessary. The chairman of the credit committee shall notify each member
in advance of every meeting of the committee. The credit committee shall
keep a record of its proceedings in a special book provided for that purpose.
Article VIII.—

S u p e r v is o r y c o m m itte e

Section 1. The supervisory committee shall consist of three members who
shall be elected annually. The supervisory committee shall meet at least once
every three months to audit the books of this credit union and make reports of
the same to the members.



106

APPENDIX A

Sec. 2. The supervisory committee shall inspect the securities, cash and
accounts of this credit union and supervise the acts of its board of directors,
credit committee, and officers.
Sec. 3. At any time the supervisory committee, by a unanimous vote at a
meeting called for that purpose, may suspend any member of the credit com­
mittee or of the board of directors or any officer, and by majority vote may call
a meeting of the shareholders to consider any violation of Article X I of the
banking law or of these by-laws, or any practice of this credit union which, in
the opinion of such committee, is unsafe and unauthorized.
Sec. 4. Within seven days after the suspension of any member of the board
of directors or credit committee or of any officer, the supervisory committee
shall call a special meeting of the members to take such action relative to such
suspension as may seem necessary. A notice of such meeting shall be mailed
to each member of this credit union not less than five days prior to the date of
such meeting. The supervisory committee shall fill vacancies that may occur in
its own membership*until the next annual meeting.
Sec. 5. At the close of each fiscal year the supervisory committee shall make
an audit of the books and records and an examination of the business and affairs
of the credit union for the year and shall make a full report of its assets and
liabilities, receipts, and disbursements to the board of directors, and shall cause
such report to be read at the annual meeting of shareholders and filed with the
records of the credit union.
Sec. 6. The supervisory committee shall keep a complete record of all its
proceedings. All reports of this committee shall be tiled and preserved with
the records of this credit union.
Article IX .—

C a p ita l

The capital of this credit union shall consist of the payments made upon shares
by its members and unpaid dividends credited thereon.
Section 1. The number of shares which may be issued by this credit union
shall be unlimited.
Sec. 2. The par value of each* share shall be $5.
Sec. 3. Shares may be paid for in full at any time of subscription or may be
paid in regular weekly or monthly installments.
Sec. 4. Whenever payments made by a member upon installment shares shall
equal the par value of a share such payments shall be transferred and he shall
become the owner of a full paid share and shall receive a certificate of shares
signed by the president and secretary.
Sec. 5. An entrance fee to be fixed by the members shall be charged for each
share subscribed for.
Sec. 6. Fully paid shares may be transferred to any person eligible for membeship, subject to the approval of the board of directors and the provisions of
section 9 of this article and upon the payment of a transfer fee not exceeding
25 cents per share. No transfer shall be permitted if the transferrer is indebted
to this credit union.
Sec. 7. The money credited on one or more shares may be withdrawn on any
day when payments for shares may be received, provided the withdrawing
member has filed a written notice of such intention; but the board of directors
may require a member at any time to give 30 days’ notice in writing of his
intention to withdraw the whole or any part o i the amount paid in by him on
account of shares. Such withdrawing member shall receive the amount paid by
him on account of shares, together with such dividends as have been credited
thereto, less any lawful fines or other obligations to this credit union. With­
drawals shall be paid in the order of their filing and as funds therefor become
available. After the filing of notice of withdrawal provided herein, the shares
shall continue to participate in the dividends until they are redeemed. No
member who has filed a notice of intention to withdraw shall exercise any of
the privileges of membership.
Sec. 8. The board of directors may expel any member who has not carried out
his obligations to the credit union, or who has been convicted of a criminal
offense, or who neglects or refuses to comply with the provisions of the statute
under which this credit union is organized^ or of the by-laws, or who habitually
neglects to pay his debts, or who becomes insolvent or bankrupt. The members
at any regularly called meeting may expel any member whose private life is a
source of scandal. But no member shall be expelled until he has been informed




BY-LAW S OF CREDIT SOCIETY

107

in writing of the charges against him and shall have had reasonable opportunity
to be heard.
In the event of the expulsion of a member for any cause, such expelled member
shall be deemed a withdrawing member as regards the conditions hereinabove
provided for redemption of shares. Any member who withdraws or is expelled
shall not be relieved of any liability to the corporation.
Sec. 9. No officer, director, attorney, committee member, clerk, or agent of
this credit union shall as an individual, discount, or directly or indirectly pur­
chase from another member a share in this credit union, whether filed for with­
drawal or not.
A member failing to make a payment upon shares when due shall pay a fine
at the rate of two per centum per month or fraction thereof on amounts in
default, provided, however, that such fine shall in no case be less than 5 cents.
If the fine remains unpaid for three months, such member shall be suspended
from membership and may, at the discretion of the board of directors, be expelled
from this credit union, and any balance remaining to his credit, after deducting
all sums due this credit union, shall be paid to him by the treasurer.
Article X.— D e p o s its
Section 1. The credit union may receive on deposit the savings of members
in such amounts as the board of directors may determine.
Sec. 2. Deposits shall draw interest beginning the first day of the month follow­
ing the day of the making of the deposit.
Sec. 3. The rate of interest on deposits shall be determined by the board of
directors, quarterly, in advance, and be payable within 30 days after the first
day of January, April, July, and October, and shall be credited to the account of
the depositor or withdrawn by him at his option.
Sec. 4. Any depositor may withdraw all or part of his deposit at any time that
the office of this credit union is open for business. The board of directors may,
however, require 30 days’ notice in writing of the depositor’s intention to make
the withdrawal. Such withdrawals shall be honored in the order in which the
notice therefor is filed, in the same manner as in the case of withdrawals of shares
as provided in section 7 of Article IX of these by-laws; provided, however, that
in the matter of withdrawals, deposits shall be preferred over shares.
Article X I .—

P o w e r to b o rro w

The credit union may borrow money to an amount not exceeding 40 per cent,
of its capital except when its capital is $5,000 or less, in which event it may
borrow any amount up to $2,000; provided, however, that the amount to be
borrowed, the terms upon which the loan is to be obtained, and the name of the
prospective lender are in each instance first submitted to a meeting of the mem­
bers and the loan duly authorized by them.
Article X II .—

I n v e s tm e n t o f fu n d s

Section 1. The capital, deposits, guaranty fund, undivided profits, and all
other moneys of this credit union may be invested in one or more of the following
ways and in such ways only:
a. They may be lent to members for such purposes and upon such security
and terms as provided in Article XIII of these by-laws.
b . They may be deposited to the credit of this credit union in savings banks,
State banks, or trust companies incorporated under the law's of the State o f------,
or in national banks located therein.
c. They may be invested in Federal, State, and municipal government securi­
ties and railroad corporation bonds authorized as investments for savings banks
by subdivisions 1, 2, 3, 4, 5, and 7 of section 239 of the banking law.
Article X III .—

L oan s

' Section 1. Loans may be made to any member of this credit union in good
standing.
Sec. 2. No officer or member of the board of directors or of the credit com­
mittee or of the supervisory committee shall either borrow, directly or indirectly,
or become surety for any loan from this credit union, unless such loan shall have
been approved at a regularly called meeting of the members by a two-thirds vote




108

APPENDIX A

of those present, and the notice of such meeting shall have stated that the ques­
tion of loans to directors, officers, or members of committees would be considered
at such meeting.
Sec. 3. No loan in excess of $50 shall be made by this credit union unless
security therefor is taken. The term “ security” shall include an indorsed note.
Sec. 4. From each borrowing member the credit union shall require a sur­
render and pledge of the certificate of shares issued by it to the member to
whom such loan is made.
Sec. 5. Loans shall be granted only for productive purposes or urgent needs.
Sec. 6. The amount of the loan, the time for which it is granted, the terms
of its repayment and the form ana value of the security shall be fixed by the
credit committee.
Sec. 7. The rate of interest charged upon loans shall be fixed by the board of
directors. In no event shall the interest rate exceed 1 per centum per month.
Sec. 8. All loans shall be secured by the promissory note of the borrower.
The credit committee may demand one or more responsible indorsers and such
additional security as it deems proper.
Sec. 9. Applications for loans shall state specifically the purpose for which the
money is borrowed, and that no consideration has passed or will pass from the
borrower to the indorser for his indorsement. In case the facts as stated in the
application are not found to be as represented, or the money borrowed has been
used for purposes other than those for which it was granted, or if the borrower
shall cease to be a member of this credit union pursuant to any clause or conditions
in these by-laws or any amendments thereto, then the loan shall immediately
become due and payable. In the event that the board of directors shall deem
any loan not safe for any reason whatsoever, additional security or immediate
repayment of the loan may be demanded.
Sec. 10. No loan shall be granted except with the unanimous approval of the
members of the credit committee present when the same is considered, who shall
constitute at least a majority of said committee.
Sec. 11. Appeals from the decisions of the credit committee may be taken to
the board of directors, who may lay the matter before the shareholders.
Article XIV .—

P a ss book

Section 1. Each member shall receive a pass book in which shall be entered
all moneys paid by him to the credit union on account of shares, deposits, and
loans, all moneys withdrawn by him and other debits, and credits in connection
with his account with the credit union. Each entry in such pass book shall be
initialed by the treasurer or other person receiving or paying out the money rep­
resented thereby. If a pass book is lost or stolen, the owner shall notify the
treasurer at once and may obtain a duplicate pass book upon establishing his
ownership and paying a fee of 25 cents. In all cases a payment by the treasurer
upon presentation of the pass book and the member’s certificate of shares shall
be a discharge to the credit union for the amount so paid.
Article XV .—

G u a r a n ty fu n d

Section 1. After the payment of organization expenses, all entrance fees,
fines, and transfer fees shall be known as reserve income ana shall be added at
once to the guaranty fund of this credit union.
Sec. 2. At the close of each fiscal year there shall be set apart as a guaranty
fund 25 per cent of the net earnings which have accumulated during the fiscal
year. Upon recommendation of the board of directors, the members at an annual
meeting may increase, and whenever such guaranty fund equals the amount of
capital, may decrease, the proportion of net earnings which is to be set apart
as a guaranty fund. The guaranty fund shall not, however, exceed the capital
plus 50 per cent of the other liabilities of this credit union.
Sec. 3. Losses incurred by this credit union shall be charged to the guaranty
fund. Any sums recovered on items previously charged to it shall be credited
to such fund.
Sec. 4. The guaranty fund shall be the property of this credit union and shall
be held to meet contingent losses and no share therein may be claimed by any
member except upon dissolution in the manner provided by statute and Article
X IX of these by-laws.




BY-LAW S OP CREDIT SOCIETY

Article XVI.—

109

D iv id e n d s

Section 1. Dividends may be declared by the board of directors at their annual
meeting immediately following the annual meeting of members, out of the undi­
vided profits of this credit union. Undivided profits are to be arrived at by
crediting to the profit and loss account earnings from all sources, and charging
against such account all expenses paid or incurred, interest paid or accrued and
unpaid on debts owing by the credit union, and all losses sustained by it in
excess of its guaranty fund. The credit balance of the profit and loss account
as thus determined shall constitute the undivided profits at the close of such
period and shall be applicable to the payment of dividends. But no dividends
shall be declared or paid by this credit union until it shall have made good any
existing impairment of its capital and carried to its guaranty fund such part of
its net earnings as is required by Article XV, section 2, of these by-laws.
Sec. 2. Dividends shall be paid only on fully paid shares. Shares which become
fully paid during the year shall be entitled to a proportionate part of said divi­
dend calculated from the first day of the month following such payment in full.
Dividends may be credited or paid in cash at the option of the shareholder within
30 days after declaration or as soon thereafter as funds therefor shall become
available.
Article XVII.— L ia b ility
Members shall be equally and ratably liable for the payment of the debts of
this credit union, but no member shall be liable for an amount in excess of the
par value of the shares which he owns or for which he has subscribed.
Article XVIII.—

A m e n d m e n ts to b y -la w s

These by-laws may be amended by a three-fourths vote of the members present
at any meeting; provided the proposed amendment shall have first had the ap­
proval of the superintendent of banks and that notice of such meeting containing
a true copy of the proposed amendment shall have been given to each member
as prescribed in section 1 of Article IV of these by-laws.
Article X IX .—

D is s o lu tio n

Section 1. At any meeting specially called to consider the subject, fourfifths of the members of the credit union, upon the unanimous recommendations
of the board of directors, may in person consent that the credit union shall be
dissolved and shall signify such consent in writing. The credit union shall then
be dissolved in accordance with the statute under which it is organized.
Sec. 2. In the event of liquidation, distribution of the assets of the credit
union shall be made in the following order:
o. Repayment of money borrowed, including accrued interest.
6. Payment of other legal obligations to nonmembers.
c. Payment of deposits including accrued interest.
d . Pro rata apportionment of the balance among the shareholders.




APPENDIX B.—CONSTITUTION AND BY-LAWS OP WORKERS’
PRODUCTIVE SOCIETIES
COOPERATIVE CIGAR COMPANY
A rticle I. The name of this society shall b e ------Union Cooperative Cigar
Company.
It shall Have a corporate seal bearing the name of the corporation as the board
of directors may designate.
Art. II. The objects for which this society is formed are to organize the
workers as producers and consumers and to operate various kinds of cooperative
enterprises and to manufacture, produce, barter, sell, and deal in and with cigars,
cigarettes, tobacco, and goods, wares, and merchandise of every kind and de­
scription.
Art. III. Any bona fide labor union or any member thereof of good moral
character and of legal age who agrees to comply with the constitution and by-laws
as adopted, or as they may hereafter be amended, may become a member of
this society upon subscribing for at least one share of stock.
Applicants must be proposed by a good-standing member of this society.
The application shall be presented to the board of directors, a majority voting
in favor being sufficient to elect to membership. A rejected applicant may
appeal to a general meeting from the adverse vote of the board of directors and
upon receiving a two-thirds vote at such general meeting, the applicant may be
admitted to membership.
Art. IV. The par value of a share shall be ten ($10) dollars, and may be
paid for in installments of not less than five ($5) dollars each, provided said share
is fully paid for within two (2) months from date of application for membership.
Members only may own shares, and every member shall have only one vote
irrespective of the number of shares he may own. A union that is a member
shall also have only one vote, which may be cast by its duly accredited delegate.
Shares are not transferable but are withdrawable and when a member wishes
to withdraw from the society he must apply in writing to the board of directors,
who are authorized to pay to the withdrawing member the value of said shares
within 90 days from date of application, provided the funds of the society will
allow of paying said member, and provided further that not more than two share­
holders shall withdraw their shares in any one month.
Art. V. The officers of this society shall consist of a board of directors of
11 members, all of whom, with the exception of 5, shall be practical cigar makers
or packers, provided that no more than two cigar makers employed by the society
as such shall be eligible to be elected as members of the board of directors. They
shall be elected annually and shall hold office for one year or until their successors
are duly elected and qualified.
The board of directors after its first election and annually thereafter shall
elect from its membership, a president, vice president, secretary and a treasurer,
who shall serve for one year or until their successors are duly elected and qualify.
Art. VI. The board of directors shall have general supervision over the busi­
ness of this society and shall represent the society in all its business affairs.
The management of the cigar factory, including the purchasing of tobacco,
manufacture of cigars, management of employees, etc., shall rest entirely in the
hands of the president, vice president, and treasurer, and the decision of the
above-mentioned officers shall be final unless reversed on appeal to the board of
directors.
The president shall through the foreman or manager, transmit all orders
to the employees, and the said foreman or factory manager, shall see that the
work done by the employees is performed in a proper manner and that the
employees act and work for the best interest of this cooperative society.
The foreman or factory manager shall admonish any employee who is acting
contrary to the best interest of this society or is not performing his work in a
proper manner, and if the offense is repeated a second time, he shall take such
action as in his opinion will protect the best interests of this society and report

10
1



BY-LAW S OF WORKERS’ PRODUCTIVE SOCIETIES

111

in writing the offense committed to the president, who shall lay the matter before
the board of directors, at either a regular or special meeting, of which the accused
shall be notified to be present, with witness if he so desires. After hearing both
sides, the board of directors shall consider the case, and the decision reached by
the majority of the board of directors present shall be final.
The president is authorized to call a special meeting of the board of directors
whenever he deems it necessary, notice to be sent out at least forty-eight (48)
hours prior to the time of such meeting.
In case of absence of the president or his inability to call or be present at a
special meeting, he may delegate this authority to the vice president.
If a member of the board of directors absents himself from three consecutive
meetings of the board, he is automatically suspended from it and the board of
directors may appoint another member of the society to fill the vacancy until
the next election.
In case of any other vacancy on the board of directors, the board may fill the
vacancy and the member elected shall hold office until the next general meeting
(or special meeting) of this society or until his successor is elected.
Art. VII. The president shall preside at the meetings of the board of directors
and the general meetings. He shall sign checks, shares, and all other documents
of the society, and shall officially represent the society on all occasions.
The vice president is to assume all the duties of the president in the latter’s
absence.
The secretary shall keep the minutes of the general and special meetings and
of the board of directors, and shall act as the corresponding secretary of the
society.
The treasurer shall receive and disburse all funds of the society and shall sign
all checks and shares of stock. He shall render accounts to the board of directors
as often as required.
The president and treasurer shall be bonded in an amount to be determined
by the board of directors.
Art. VIII. The annual meeting shall be held on the third Monday of Febru­
ary of each year at 7 o'clock p. m., at some suitable place in the city o f --------to be selected by the board of directors.
The board of directors shall meet once a month or oftener if necessary, a major­
ity of the directors being necessary to constitute a quorum for the transaction of
business.
Ten (10) per cent of the members shall constitute a quorum at the annual or
any general or special meeting of the society.
When no quorum is present the meeting shall be postponed for two weeks
and after three days’ written notice to all members the meeting shall be held
with any number of members present.
Written notice shall be sent to the members for both regular and special meet­
ings at least three days before the time of the meeting*
Special meetings may be called by the board of directors or whenever 10 per
cent of the membership requests the same in writing.
The purpose of such special meetings shall be stated in the notice calling the
meeting.
Art. IX. If a member of this society fails to comply with this constitution and
by-laws as adopted or hereafter amended, or if his conduct is injurious to the
interests of this society, a written complaint shall be brought against him to the
board of directors which is hereby given authority to suspend or expel said mem­
ber from the society after a thorough investigation and trial of the charges against
him.
A member thus suspended or expelled from the society by the board of direc­
tors has the privilege to appeal to the next general meeting.
Upon a member being expelled he shall be paid the value of his shares in ac­
cordance with the provisions of Article IV less any sum owing by him to the
society.
In case of a dispute between a withdrawing or expelled member and the society
as to the value of the member’s shares the same shall be determined by two
persons one of whom shall be selected by the member and one by the society.
In case of failure to agree, a third person agreeable to both parties shall be selected
as umpire and the decision of the majority as to the value shall be final and
binding.
Art. X. The profits of this society shall be distributed as follows:
Ten per cent to be placed annually in a contingent or sinking fund until the
sum so placed equals 30 per cent of the capital stock of this society. After apply­




112

APPENDIX B

ing the said 10 per cent as aforesaid, the board of directors may by a majority
vote, appropriate a portion of the annual profits for the expansion of the business.
After the aforesaid have been provided for, the balance of the profits shall be
divided annually among the members in proportion to their shares.
Art. XI. The board of directors may in its discretion purchase upon credit to
an amount not exceeding 75 per cent of the assets of this society and may sell
goods in its discretion upon credit but to an extent not greater than 75 per cent
of its total sales.
Art. XII. The corporate seal shall be circular in shape, made of metal, and
containing the following words, “ ------ Union Cooperative Cigar Company,”
and shall be in the care and custody of the secretary or such other officer as may
be selected by the board of directors.
Art. XIII. This society shall not be dissolved so long as there are 10 members
desirous of continuing the same and the question of dissolution shall be discussed
only at the general meetings, to which all members have been invited by writ­
ten notice mailed at least two weeks in advance of said meeting and in case less
than 10 members are desirous of continuing this society, the society may be
dissolved, provided all debts shall be first paid; second, the shareholders shall be
repaid the amount of their shares, and the balance of the assets, if any, shall be
divided among the shareholders in proportion to the shares held by them.
Art. XIV. This society shall purchase and acquire only such real and personal
property as may be required for the purpose of the same.
Art. XV. The accounts of this society shall be audited at least once a year by
a committee elected by the board of directors or oftener if required, or the board
of directors may engage a certified public accountant to make said audit in the
place of the committee.
Art. XVI. This constitution and by-laws may be altered or amended by a ma­
jority vote of the members present and voting at a general meeting called for that
purpose, provided each member shall receive at least three days written notice
through the mails of the proposed change or amendment and the time and place
of meeting.
COOPERATIVE SHINGLE MILL
Article I .—

S to c k h o ld e r s

Section 1. The stockholders of this company shall be those who appear on
the books of the company as holders of capital stock therein, but no member of
this company shall own more shares of stock than any other member, whether
the same be acquired by original subscription or by purchase.
Sec. 2. A person may become a stockholder in and a member of this company
in either of two manners as follows:
(a ) By subscribing for stock upon the stock books hereof either at the time of
the organization or at the time of any increase in the capital stock of this company.
(b ) Or by purchasing shares and having the same transferred to him upon the
stock books of the company, providing that, except as to those persons whose
names appear upon the original stock subscriptions, every person desiring to
become a stockholder in this company must first have his name submitted by a
majority vote of trustees and must be elected to membership by a majority vote
of the trustees. And providing further that all stockholders in this company
must hold an equal number of shares of stock in the company.
No person shall become or remain a stockholder in this company unless he is
actively engaged in working in some capacity in and about or for the company,
devoting his entire time, energy and attention to the promotion and conduct of
the business of the company, and shall remain a stockholder only so long as he
continues in such connections and employment of the company unless excused
for a fixed period by a majority vote of the trustees of the company.
Sec. 3. Certificates of membership shall be issued, signed by the president and
countersigned by the secretary and bearing the corporate seal of this company;
provided that no such certificates need be issued to any member of the com­
pany who has paid in the full amount of his stock subscription, the holding of
a certificate of stock being prima facie evidence of membership. And any per­
son rightfully in possession of either of such certificates shall be competent to
take part in the deliberations of this company.
Sec. 4. The annual meeting of the stockholders shall be held on the third
Saturday in January of each year, at the office of the company in the city of
------, ------ county, State o f ------, unless otherwise directed, for the election
of the board of trustees for the ensuing year and for the transaction of such




BY-LAW S OF WORKERS* PRODUCTIVE SOCIETIES

113

business as may properly come before the meeting. Notice of such annual meet­
ing shall be given to each stockholder personally by a true copy of a written or
printed notice at least (5) days prior to day of such meeting, or by mailing such
notice to the stockholder to his address as same appears on the records of the
company, at least (5) days prior to the meeting. All notices herein provided
for shall designate the hour and place of such meeting and shall be signed by
the president or secretary of such company.
Each said notice shall be made by mail; proof thereof shall be made by the
affidavit of the secretary filed with the records of the company.
In event of the date of annual meeting falling upon a legal holiday the meeting
shall be held on the next succeeding business day.
Sec. 5. A special meeting of the stockholders may be had upon the call of
the president or by order of the board of trustees, and it shall become the duty
of said president to call such meeting whenever requested so to do by 25 per
cent of the persons holding the capital stock of this company. Written notice
of such special meeting shall be mailed to each stockholder at his address as the
same appears from the records of the company, at least three (3) days prior to
the meeting or, in Ueu thereof, notice shall be given by a service of a copy in
writing upon such stockholder at least one (1) day prior to such meeting, and in
either event such notice shall state the purpose for which the meeting is held.
Article II .—

T r u s te e s

Section 1. The affairs of this company shall be managed by a board of trus­
tees; the number shall be nine. Said trustees shall be elected each year at the
annual meeting of the stockholders to hold office until the next annual meeting
or until the election of their successors. Vacancies shall be filled by the board
of trustees. The persons elected by the trustees to fill such vacancies shall hold
office until the next regular meetmg of the stockholders, when the vacancies
shall be filled in the regular way.
Sec. 2. The board of trustees shall hold its meetings at such times and place
as it may designate. A special meeting may be called at any time by the presi­
dent or any two trustees. Notice of the trustees’ meeting shall be given by
personally serving or mailing notice thereof to each trustee and one (1) day before
such meeting.
Sec. 3. A majority of the trustees in office shall be necessary for transaction
of business and to constitute a quorum. Any questions coming before the board
shall be determined by the majority of those present. The president of the com­
pany shall be chairman of the board of trustees and he or other presiding
officer of such meeting shall have but one vote on any one thing.
Sec. 4. The president, secretary, and treasurer shall be ex officio members of
the board of trustees, but all other trustees shall be either appointed or elected
as the by-laws herein provide.
Article III .—

D u t i e s a n d p o w e r s o f o ffic e r s

Section 1. The officers of the company, shall consist of a president, vice
president, and secretary-treasurer.
Sec. 2. Such officers shall be elected by the stockholders at such annual meeting
or special meeting called for that purpose, if necessary to fill vacancies, each
stockholder having one (1) vote.
Article IV .—

M isc ella n eo u s

Section 1. Seal of this company shall be circular in form with the words
“ ------------- Company” on the circumference, and the lettering in the center
shall be “ Incorporated [year], Seal.”
Sec. 2. One person shall be permitted to hold but one (1) share of stock.
Sec. 3. A stockholder shall not be permitted to sell his stock without first
permitting the company to buy the same, and in no event shall such share of
stock be sold to any person until such sale is submitted to the board of trustees
for their approved.
Sec. 4. The books of this company shall be audited once each year by a certified
public accountant.
Sec. 5. The secretary-treasurer shall be bonded in any amount as the board of
trustees may order, the company paying for such bond.




114

APPENDIX B

Sec. 6. These by-laws may be amended at any regular meeting of the stockholders or at any special meeting called for that purpose by a two-thirds vote of
the stockholders present at such meeting, a majority of the stockholders being
at all times necessary to constitute a quorum for the transaction of any business
except to adjourn the meeting to a definite date. Any proposed amendments to
the by-laws must be printed and a copy given to each member five days before
a meeting is called to act upon such amendments.
Sec. 7. All stockholders’ meetings shall be conducted in accordance with
“ Roberts Rules of Order,” wherein the same are not inconsistent with these by­
laws or the laws of the State o f ------. And any matter of procedure shall be
determined by such rules of order, unless otherwise specified by these by-laws.
Sec. 8. No stock shall be acquired, owned, or held by any person unless such
stockholder works in the plant of the company, and each stockholder shall
receive one pro rata share of all profits arising from the manufacture and sale of
wood products. And each stockholder shall own one undivided pro rata share
of all stock held, owned, or controlled by the------------- Company (Inc.). Each
stockholder shall perform in a creditable manner any kind of work in or about
the plant to which he may be assigned and shall not work for his personal
interest but for the interest of all concerned. Each stockholder shall work
without compensation other than is herein stated.
Sec. 9. Each stockholder, by accepting stock in this company, shall waive
any and all claims of lien on any and all of the property owned or acquired by
the-------------Company, for or on account of performing labor for said company,
and the waiver of rights of lien herein provided for shall be as binding as if sep­
arate and distinct indenture or waiver had been signed by each stockholder.
Sec. 10. In the event that any stockholder is absent from duty from an un­
avoidable cause, he, his heirs or assigns, shall receive his share of the profits,
etc., less the cost of a capable person to fill his position, the purpose and intent
of this section being to evidence the purpose of both the corporation and the
individual stockholders to be fair and just to all concerned.
Sec. 11. Any stockholder desiring to sell his stock in the company shall so
notify the secretary in writing at least 30 days previously, and shall in the same
notice offer to sell same to the company at the market value of same at the time,
the market value being determined by the stockholders. The board of trustees
shall have 10 days after the secretary receives such notice in which to decide
whether the company shall purchase same: Provided, however, That no stock­
holder shall represent that he controls any particular job of work in the company,
and it shall be his duty to advise any person desiring to purchase his stock that
only |>ersons working for the company may be stockholders: Provided further
That if such retiring stockholder quits work before sale of his stock is adjusted,
the board of trustees may fill his vacancy and charge the wages so paid against
his stock: And provided further, That the company shall have not less than
30 days after accepting such offer in which to make payment for such stock.




APPENDIX C.— BY-LAWS OF CONSUMERS’ COOPERATIVE SOCIETY

Article I .—

N a m e a n d o b je c t

Section 1. The name of this corporation shall be ------ with main offices
a t------.
Sec. 2. The purpose for which this association is formed is to engage in and
carry on a general mercantile business on the cooperative plan.
Article II .—

C o rp o ra te p o w e rs

Section 1. The corporate powers of this association shall be vested in a
board of nine directors, except such powers as are or may be reserved by statute
or by these rules and regulations to be exercised by the company as a whole or
by committees to whom the association as a whole may delegate certain definite
corporate powers.
Article III.— M e m b e r s h i p — V o t i n g
Section 1. The association shall consist of persons, male or female, over 16
years of age, who shall have paid the membership fee of $1, and subscribed for
not less than------or more than —
shares capital stock, and shall have paid
their full par value.
Sec. 2. Each member shall be entitled to one vote only; provided, that when
stock is owned jointly, that either joint owner may vote such stock. No proxies
shall be allowed in voting.
Sec. 3. The membership fee shall be applied on organizing expenses until
same are. liquidated. Subsequently they shall be placed in the association’s
propaganda or educational fund.
Sec. 4. The acceptance by a member of a stock certificate shall constitute a
contract between such member and the association and assent of such stock­
holder to those by-laws and to amendments legally adopted.
Sec. 5. Each member of the association becomes subject to, accepts, and
agrees to abide by these by-laws, rules, and regulations and all future amend­
ments legally enacted by the association.
Article IV.— C a p it a l

sto ck

Section 1. The capital stock of this association shall be fifty thousand
($50,000) dollars, which may be increased by a majority vote of the stockholders
and which shall be divided into 5,000 shares of ten ($10) dollars each.
Sec. 2. The shares subscribed for may be paid in full on entering the asso­
ciation, or by installment notes payable at the rate of not less than one ($1)
dollar per month per share until the member’s shares are paid in full.
Sec. 3. Shares of stock shall be nonassessable and nontransferable except as
provided in section 5 of this article.
Sec. 4. All shares must, before issued, be registered on the books of the
association in the name of the owner, who shall receipt therefor.
Sec. 5. All transfers of shares must be made on the books of the associa­
tion, by being surrendered, and new ones issued in the name of the purchaser,
who by acceptance thereof agrees to all by-laws and rules of the association,
including the payment of the regular membership fee, including also all amend­
ments that may be legally adopted, and thereby shall become a member of the
association. No shares can be transferred until all claims of this association
against the owner of such shares shall have been paid.
Sec. 6. If any member of the association desires to dispose of his share or
shares, he shall first offer to sell same to the association; if the association declines
to purchase, the member may find a purchaser acceptable to the board and have
same transferred on the books of the association in accordance with the rules.
llfi



116

APPENDIX C

A rticle V.— Meetings
Section 1. The annual meeting of the association shall be held on the second
Wednesday of the month of February, at 7.30 p. m., of each and every year.
Beginning with annual meeting held------, at which time three directors shall be
elected to serve for three years, three directors shall be elected to serve for two
years and three directors shall be elected to serve for one year, who shall constitute
a board of nine directors, and that each succeeding year three directors shall be
elected to serve for three years, by written ballot from the list of nominations
made by the stockholders by mail, as hereinafter provided. Reports of officers
and managers shall be made at this meeting and all matters pertaining to the
welfare of the association shall be considered.
Sec. 2. A special meeting of the association may be called by the board or on
the written petition of not less than 10 per cent of the members of the association.
Ten days’ notice shall be given in either case, and such calls shall clearly set
forth the object of the special meeting, and no business other than that set forth
in the call shall be transacted at such special meeting unless a majority of the
members of the association are present.
Sec. 3. Ten per cent of the members by petition may formulate charges
against any director, officer, or committeeman of the association and serve a
copy thereof on the president and secretary demanding that said director, officer,
or committeeman be deposed or recalled from his position; the board shall
notify all members of the association of said charges and demands at least 10
days prior to the meeting when same is to be considered, and at such meeting a
majority of the members present (if a quorum), by ballot, may sustain said
charges and recall such director, officer, or committeeman and forthwith elect
another to fill the unexpired term.
Sec. 4. Until the membership of the association shall reach 300, 10 per cent
of the members shall constitute a quorum at any meeting of the association.
When the number of members of the association exceeds 300, 5 per cent thereof
shall constitute a quorum, but a less number may adjourn from time to time.
Sec. 5. Fifteen or twenty days prior to the annual meeting the secretary shall
mail to each member of the association a nominating ballot, for nominating of
candidates for the board of directors, with full instructions, and an alphabetically
arranged list of the names of all members eligible to nomination. Nominating
ballots must be sealed and returned to the board of directors at the store or prin­
cipal office not later than three days prior to the date of the annual stockholders'
meeting in order to be counted.
Sec. 6. Preparatory to making up the report of nominations, the secretary
of the association shall call a special meeting of the board of directors at the
general office or store and on the day following that on which the nominating
ballots have been made returnable. The board of directors shall forthwith
proceed to make a tally sheet of all the ballots cast and shall place on the report
the names of the six stockholders who have received the largest number of votes
for nomination. The names shall be placed on the report in the order that
votes have been received for them, those having the largest number being placed
first, and so on.
A rticle VI.— Officers
Section 1. The officers of this association shall be a president, one or more
vice presidents, secretary, and treasurer, who shall be elected annually from
their number by the directors.
A rticle VII.— Board meetings
Section 1. Regular meetings of the board of directors shall be held at 7.30
o’clock p. m. on the second Wednesday of each month of each year at the principal
place of business, but the fiscal year shall close December 31.
Sec. 2. Special meetings of the board of directors may be held on written call
of the president, or three members of the board of directors, or two directors and
the general manager.
A rticle VIII.— Duties of the board
Section 1. To convene all regular meetings of the association and to call
special meetings of the association upon request of 10 per cent of the members
or when the board may deem it necessary.




BY-LAW S OP CONSUMERS’ COOPERATIVE SOCIETY

117

Notice of all meetings of the association shall be sent by mail, either by letter,
postal card, or official organ, addressed to lasfcknown post-office address of each
member.
Sec. 2. To engage, remove, or discharge the manager, salesmen, or employees
of any description required to conduct the business of the association, and to fix
their duties, salaries, or other remuneration.
Sec. 3. To require from any person appointed to any office or employment
having the receipt, management, or the expenditure of money, goods, or things
of value on account of the association, surety bonds in a sum double the amount
of money likely to be in his hands at any one time, belonging to the association.
Sec. 4. To make rules for the management of the association and of the
several departments thereof.
Sec. 5. If at any time, in the judgment of any officer of the association, the
conduct of any officer or manager has been injurious to the association or such
as to become unsatisfactory to the majority of the members, or it is found that
he is not complying substantially with the by-laws, rules, and regulations of the
association, upon complaint being made in writing to the board of directors said
officer or manager may be cited before the board for hearing and deposed from
his office or position.
Sec. 6. To enter into any and all lawful contracts or obligations essential to
the transaction of the association’s affairs, and to issue all such notes, bills, or
evidences of indebtedness as these rules and regulations may provide for, and to
convert into cash any notes, bills, or evidence of indebtedness in its custody
belonging to the association.
Sec. 7. The board of directors may, if they believe it to be necessary, borrow
money, at regular rates of interest, preferably from members, but the total amount
borrowed ana owing by the association at any time shall not exceed the limit of
indebtedness fixed in the articles of incorporation and may authorize the presi­
dent and secretary to execute and deliver any notes or other obligations necessary
for such purposes.
Sec. 8. Vacancies occurring in the elective offices shall be filled by the board by
electing and installing the person shown by the election records to be the most
popular for such office.
Sec. 9. The directors shall receive $2 for each meeting of the board of directors
which they attend, such sum to be paid by the manager on presentation of the
certificate of attendance signed by the president and secretary of the association.
Article IX .—

D u t i e s o f o ffic e r s

Section 1. The president shall act as chairman at all meetings of the society
and of the board of directors, but should he be absent, the vice president will
take the chair; should he also be absent, the officers and directors present shall
elect one from among themselves to act as chairman on that occasion; the presi­
dent, or chairman acting in his absence, shall sign all contracts.
Sec. 2. The secretary shall keep a full and truthful record of all the proceedings
of the association, and the board of directors, in proper books. He shall counter­
sign all notes, contracts, conveyances, ana agreements, and, generally, shall
perform all duties the board of directors may require.
Sec. 3. The treasurer shall receive all moneys from capital stock, member­
ship fees, and such other funds as may be set aside by tne directors or stock­
holders and shall disburse the same by order of the directors and stockholders.
Article X .—

M a n a g er

Section 1. The manager shall conduct the daily business affairs of the associ­
ation by and with the advice and consent of the board of directors, subject to
the duties, powers, and limitations of these by-laws. He shall attend all meet­
ings of the board when so required and shall have the same right to originate
and propose motions and amendments and to participate in deliberations as a
director, but he shall have no vote in that body.
Sec. 2. He shall employ his assistants, subject to the approval of the board of
directors. He shall have power to suspend or discharge his assistants.
Sec. 3. He shall keep a correct mailing list of the name and last known postoffice addresses of all stockholders.
Sec. 4. All funds used in the business of the association shall be in the care
and custody of the manager, and all payments for purchases and general expenses
shall be made exclusively by check signed by him and countersigned by some



118

APPENDIX 0

member of the association who has been designated by the board of directors
to act in that capacity. The board may designate other parties to sign checks
in case of the absence or inability of the manager.
Article X I .—

D i v id e n d s

Section 1. Annually, after paying the expenses of the association and the
management thereof, including 10 per cent per annum deducted from the value
of fixtures and 3 per cent per annum from the value of the buildings, the net
profits of the term preceding shall be divided as follows:
Sec. 2. On all shares of capital stock of this association subscribed and paid
for, interest at the rate of seven (7) per cent per annum shall be allowed, but in
no case is this dividend to exceed the net profits of such period.
Sec. 3. Then the board of directors shall set aside the following sums to the
following funds out of the remaining net profits of such year: Not less than 10
per cent to the permanent reserve fund, until said reserve fund shall equal onethird of the paid-up capital stock.
Sec. 4. Then the board shall apportion the balance of the net total sum profits
of such dividend period among all the members and patrons, according to the
amount of their patronage, paying to nonstockholders a per cent one-half as great
as that paid to stockholders.
Article X II .—

E d u c a t i o n a l c o m m i tte e

Section 1. The board of directors on assuming office shall appoint an educa­
tional committee of five to periodically place before the people cooperative
principles, by holding of meetings or distribution of cooperative literature or
for any purpose conducive to the health, instruction, or recreation of the members
or their families, or for any other purpose the ordinary general meeting of the
association may direct.
Article X III .—

E l e c t i o n a n d d u ti e s o f a u d it o r s

Section 1. There shall be three auditors who shall be elected by the stock­
holders; they shall serve for one year and the auditors shall at all times have
access to the books, vouchers, and accounts of the association and shall examine
and audit same and every balance sheet of the receipts and expenditures and
effects of the association at least every 12 months. If in the judgment of the
directors an expert accountant is required they are authorized to employ one as
often as they think it necessary.
Article XIV .—

A m e n d m e n t s to b y 4 a w s

Section 1. These by-laws may be altered or amended by a two-thirds vote
of the members present at any regular annual meeting or at any special meeting
called for that purpose, in case 10 days’ notice thereof has been given to all
members.




APPENDIX D.— BY-LAWS OP COOPERATIVE HOUSING SOCIETY

A rticle 1.— Name
The name of the association shall b e ------.
A rticle II.— Objects
The objects of the association shall be the improvement and advancement of
the living conditions of the members of said corporation by purchasing and occu­
pying or building modern dwellings for members and their families; and for this
purpose the corporation may convey to a member of the corporation a portion
of its real property or an interest in any dwelling house, flat, or other house
occupied by more than one family, on terms and conditions that such real
property, portion, share, and interest, together with the buildings thereupon,
shall belong to such member and on his death pass as part of his estate to his
heirs or devisees; that said real property, portion, share, and interest shall be
inalienable by him or them, except to the corporation or a member thereof, and
that such member in his lifetime, or after his death, his heirs or devisees, may
convey such interest in such property to the corporation, or to a member thereof,
for such sum as may be mutually agreed upon, but not to any other person,
unless the members of the association at a meeting of the said association consent
to the conveyance to such other person.
Article III.— M e m b e r s h i p
Section 1. Any person of full age and of good character may become a member
of the association, provided that persons of th e------nationality shall be pre­
ferred, and on condition that the candidate shall have secured an interest in the
real property of the association, by paying in, in one sum or in installments, the
sum of $1,000 for that purpose.
Sec. 2. The member shall receive a membership book, wherein the amount
paid by him shall be entered and certified.
Sec. 3. When any right, title, or interest in any real property of the asso­
ciation shall have been transferred from a member to another person by sale,
gift, or inheritance the association may, at its option, admit such person as a
member of the association or purchase from such person said right, title, or interest
by paying to him or her a sum of money equal to the money paid in by the member
for said right, title, and interest.
Sec. 4. The association may, at its option, lapse and cancel a membership
of any member who fails to meet his payments and obligations to the association
of any nature whatsoever and redeem his right, title, and interest in the property
of the association by paying to him or her a sum of money equal to the money
paid in by said member to the association on account of his or her share therein.
Sec. 5. The association may by a vote of two-thirds of those present at
any meeting, cancel the membership of any member of the association who fails
or refuses to comply with these by-laws or any other rules of the association, upon
paying to said member a sum of money equal to the money paid by him to the
association on account of his share therein; provided, however, that such action
may be taken only after charges in writing shall have been preferred against said
member and passed upon by the board of directors and he be given an opportunity
to be heard on the same.
A rticle IV.— Business
The business and affairs of the association shall be managed by the meeting of
the association, board of directors, and officers of the association,




119

120

APPENDIX D

Article V.—

M e etin g s

Section 1. The association shall hold meetings every three month at times
and places to be fixed by the board of directors; the annual meeting of the
association shall be held on the second Tuesday of January of each year at
the place and hour to be fixed by the board of directors.
Sec. 2. Notices of the meetings and also of the time, place, and business to
be transacted therein shall be mailed by the secretary to every member of the
association at least two weeks before the day of the meeting.
Sec. 3. The order of business at the annual meeting shall be:
(а) The report of the board of directors;
(б) The report of the auditing committee;
(c) Election of the members of the board of directors;
(d ) Election of the auditing committee;
(e) The report on the business of the association, its losses and profits;
( f ) Unfinished business;
(g ) New business.
The order of business at the quarterly meetings of the association shall be
as above, omitting elections of the members of the board of directors.
Sec. 4. Special meetings of the association may be called by the board of
directors; notice of the time, place, and object of such meeting shall be mailed
by the secretary to each member at least one week in advance of the day of said
meeting.
Sec. 5. Whenever two or more members so demand, a vote at any meeting
shall be taken by a secret ballot.
Sec. 6. A majority of the members present at a meeting shall constitute a
quorum.
Article VI.— B o a r d o f d i r e c to r s
Section 1, The business of the association shall be conducted and supervised
by a board of directors consisting of five members.
Sec. 2. Upon the expiration of the term of the present board of directors,
their successors shall be elected for their following terms:
Two members shall be elected to hold office three years; two members shall
be elected to hold office two years; one member shall be elected to hold office
one year; upon the expiration of tne term of the member holding office for one
year, his successor shall be elected to hold office for two years; thereafter the
board of directors shall consist of two members holding office for three years and
three members holding office for two years each, their successors to be elected as
the respective terms expire.
Sec. 3. Upon any vacancy occurring owing to the death or resignation of a
member of the board of directors, or for any other cause, it may be filled by the
board of directors until the annual meeting of the association, when said vacancy
shall be filled by the election of a member to hold office during the unexpired term.
Sec. 4. The board of directors may declare vacant the seat of any member
of the board of directors who absents himself without excuse from three consecu­
tive meetings of the board of directors.
Sec. 5. Four members present at a meeting of the board of directors shall
constitute a quorum.
Sec. 6. The members of the association shall at the annual meeting or meeting
following the said annual meeting, elect from the board of directors, the following
officers:
President, vice president, treasurer, financial secretary, recording and cor­
responding secretary.
In case of vacancy caused by resignation or death of an officer, the board of
directors shall have the power to elect the successor for the unexpired period.
Sec. 7. The board of directors shall meet regularly and not less than once
every month.
Sec. 8. The board of directors shall submit at the annual meeting of the
association, together with its report, a budget of the estimated income and
expense for the ensuing year; a copy of such budget, together with a copy of the
report, shall be mailed to every member, together with the notice of the annual
meeting.
Sec. 9. The board of directors shall not make loans for the association or
extend any business in new lines without having been first authorized to do so at
a meeting of the association.




BY-LAW S OF HOUSING SOCIETY

Article VII.—

121

O ffic e r s

Section 1. P r e s i d e n t .—The duties of the president shall be to preside at the
meetings of the board of directors and of the association; to sign all the contracts
of the association, which, however, shall be countersigned by the secretary; to
hold meetings of the board of directors whenever he deems it necessary; to have
a general supervision over all the business of the association and report regarding
the same at the meetings of the board of directors. The president may counter­
sign checks in the absence or disability of the recording and corresponding
secretary. All checks of the association shall be valid when signed by the
treasurer and countersigned either by the president or the recording and corres­
ponding secretary.
Sec. 2. V i c e p r e s i d e n t .—The duties of the vice president shall be to act as
president of the association in case of absence of the president.
Sec. 3. T r e a s u r e r .—The duties of the treasurer shall be to have the custody
and control of the funds and all valuable papers of the association; to sign,
together with the secretary, checks on the funds of the association; to collect,
together with the financial secretary, all the moneys due to the association and
receipt for the same; to pay the bills of the association after the same have been
passed by the financial secretary and receive vouchers for the same; to report
at the meetings of the board of directors on the financial affairs of the association.
Sec. 4. F i n a n c i a l s e c r e t a r y .—The duties of the financial secretary shall be to
attend to the collection of the moneys due to the association and turn over
receipts to the treasurer; to pass upon the bills due from and presented to and
payable by the association and turn the same over to the treasurer.
Sec. 5. R e c o r d i n g a n d c o r r e s p o n d i n g s e c r e t a r y .—The duties of the recording
and corresponding secretary shall be to take down the minutes of the meetings
of the board of directors and of the association; to receive all the mail and attend
to the same together with the president and treasurer respectively and attend
to the correspondence under the direction of the board of directors and officers
of the association; to countersign all the contracts signed by the president and
the checks signed by the treasurer; to have the custody of the seal of the asso­
ciation and affix the same whenever directed so to do by the board of directors
or the president.
Article VIII.—A u d i t i n g c o m m i tte e
There shall be an auditing committee of three (3) members whose duty shall
be to audit the books of the association every three (3) months or oftener when
necessary or directed so to do and submit a report at the meetings of the board
of directors and of the association.
Article IX.— R e a l

p r o p er ty

The immediate object of the association is to purchase with the funds of the
association an apartment house and to provide apartments for its members.
The following shall be rules for the conducting of said business:
(а) The entire cost of the land, building, and other expenses shall be taken as
the basis for estimating the cost of each apartment; the board of directors shall
then apportion the cost of each apartment and determine the cost of each apart­
ment according to the number of rooms, area, location, and other points of
advantage or disadvantage in said apartment, so that each apartment shall have
its cost determined.
(б) The apartments shall be distributed among the members justly and
by agreement arrived at between the member and the board of directors reduced
to writing and signed on behalf of the association by the president, and counter­
signed by the secretary and having the seal affixed thereto and also signed by
the member, who must pay the price of said apartment upon conditions and terms
set down in the agreement.
(c) Eveiy member must take the apartment subject to all the by-laws and
rules of this association which shall constitute an agreement between the asso­
ciation and said member.
(d ) The board of directors shall determine the cost of maintaining the apart­
ment house and apportion to each apartment a just share of said cost; the member
occupying the respective apartment must pay the share apportioned to his or
her apartment monthly at the time and in manner fixed by the board of directors.
( e ) In case a member is unable to meet his financial obligations to the asso­
ciation owing to sickness, unemployment, or other valid reason that may be




122

APPENDIX i>

recognized by the board of directors, the board of directors may make an extension
of time for payment by the member; and it may make a loan of money to any
member equal to this monthly share so that he may pay his share; all such action
of the board of directors to be subject to ratification at the next meeting of the
association.
A r t i c l e X .— A m e n d m e n t s
This constitution may be amended at any meeting of the association by a
two-thirds vote of those present; provided a copy of the proposed amendment
be mailed to each member together with the notice of said meeting.
Such proposed amendment must be submitted to the board of directors, and
the board of directors must submit such amendment to the association with
recommendation.




APPENDIX E.—DIRECTORY OF COOPERATIVE ORGANIZATIONS1

CREDIT AND BANKING SOCIETIES2
{Does not include certainsocieties which requested that their nam be not used]
es
A r iz o n a

Tucson_________________ Postal Employees Credit Union.
A rka n sa s

Conway_________________Farmers Agricultural Co-operative Banking Asso­
ciation.
Greenway_______________ Farmers Union Bank & Trust Co.
Marmaduke_____________ Co-operative Agricultural Bank.
C a l if o r n i a

Fresno_________________ Fresno Postal Employees Credit Union.
San Diego______________ San Diego Teachers Credit Union.
C o lo r a d o

Denver_________________Denver Postal Workers Investment Association.
C o n n e c t ic u t

New Haven_____________ Postal Employees Credit Union, Post Office Building.
F lo r id a

Jacksonville____________ Jacksonville Postal Credit Union.
G e o r g ia

Atlanta________________ Atlanta, Birmingham & Atlantic Railway Employ­
ees Credit Union, 528 Brown Building.
Do________________ Atlanta Postal Credit Union.
Do________________ Exposition Cotton Mills Employees Credit Union.
Do________________ Public Service Credit Union, c/o Georgia Railway
& Power Co.
Macon______ __________ Macon Federal Employees’ Credit Union, Post
Office Building.
Rome__________________ Floyd County Postal Credit Union.
Savannah_______________Postal Employees’ Credit Union, Post Office Build­
ing.
Illin o is

Chicago------------------------- Belden Credit Union, c/o Belden Manufacturing Co.
Do________________ Chicago Public School Teachers Credit Union.
Do_________________Chicago Shops (R. I.) Credit Union, c/o Rock
Island Railroad.
Do— ............. ......... Edgewater Laundry Co. Employees Credit Union,
c/o Edgewater Laundry Co.
Do------------------------- Nyco Credit Union, c/o A. J. Nystrom & Co.
Do--------------- ---------- Postal Employees Credit Union, Post Office
Springfield.............. .......... Post Office Employees Credit Union.
* The Bureau of Labor Statistics solicits the aid of the public in making this directory as accurate and
inclusive as possible. T o that end, readers are urged to inform the bureau of the dissolution of old
societies and the formation of new ones, or of the existence of any not included here.
* N ot including the so-called “ Labor banks.”




123

124

APPENDIX E
I n d ia n a

Fort Wayne_____________ Allen County Postal Employees Credit Union,
Federal Building.
Gary___________________ Federal Employees Credit Union, Post Office.
Hammond______________ Postal Credit Union, Poet Office Building.
Indianapolis_____________ Citizens’ Gas Co. Credit Union.
Do_________________ Columbia Conserve Credit Union, Churchman
Avenue and Belt Railroad.
D o ............................. Credit Union of H. P. Wasson & Co., 6-12 West
Washington Street.
Do___ ____ ________ Credit Union Service, c/o American Legion.
Do_________________ Diamond Chain Credit Union.
Do____ ____________ Indianapolis Post-Office Credit Union, Federal
Building.
Do_________________ Insley Credit Union, Olney and East St. Clair

St/Fcd/S

South Bend_____________ South Bend Post Office Credit Union, Post Office.
Terre Haute_____________ Postal Employees Credit Union.
Iow a

Council Bluffs___________ Union Pacific Employees Credit Union.
Des Moines_____________ Des Moines Postal Workers Credit Union, Post
Office.
Do_________________ Rollins Credit Union, c/o Rollins Hosiery Mills.
K a n sa s

Kansas City--------------------The Local Service Council Loan Association.
K en tu ck y

Berea___________________ Berea Credit Union.
Louisville_____________ _ Louisville Federal Credit Union.
Paducah________________ McCracken County Credit Union.
L o u is ia n a

New Orleans____________ Maison Blanche Employees Credit Union, c/o
Maison Blanche Co.
Do_________________ Post Office Employees Credit Union.
M a in e

Portland-------------------------Telephone Workers’ Credit Union.
M a r y la n d

Baltimore........................... Baltimore Post Office Employees Credit Union.
M a ss a ch u s etts

Beverly.............................. Beverly Credit Union, 170 Cabot Street.
Do...... ................... .....Beverly Investment Credit Union, 31 Bow Street.
Boston (Roxbury).-______ Augustov Credit Union, Otisfiela Hall, Otisfield
Street.
Boston...............................Beacon Hill Credit Union, 139 Cambridge Street.
Boston (MattapanStation). Blue Hill Neighborhood Credit Union, 1151 Blue
Hill Avenue.
Boston_____ ____________ Boston & Maine Railroad Employees Credit Union,
152 Causeway Street, Room 217.
Do----------------- ------- - Boston Post Office Employees Credit Union, Federal
Building. Devonshire Street.
Do-------------- ------------Cap, Hat & Millinery Workers Credit Union.
Do-------------------------- Cigar Factory Employees Credit Union, 7 Appleton
Street.




DIRECTORY— CREDIT AND BANKING SOCIETIES

125

Boston---------------------------City of Boston Employees Credit Union, City
Hall, Room 42.
Do-------------------------- East Boston Credit Union, 155 Chelsea Street.
Do-------------------------- Filene Co-operative Association Credit Union, 426
Washington Street.
Do----- ---------------------Gilco Credit Union, 417 Washington Street.
D o--------------------------Greater Boston Public School Employees Credit
Union, 15 Beacon Street.
Boston (Roxbury)------------ Grove Hall Credit Union, 86 Brunswick Street*
Do-------------------------- Hampden Credit Union, 250 Eustis Street.
Do--------------------------Herald-Traveler Employees Credit Union.
Do-------------------------- Independent Order Sons of Italy Credit Union.
Do-------------------------- Industrial Credit Union, 264 Boylston Street.
Boston (East Boston)......... Lord Beaconsfield Credit Union, 155 Chelsea Street.
Boston__________________ Massachusetts Carpenters’ Credit Union, 61 Court
Street.
Do_________________ Metrogra Credit Union, 89 Warren Avenue.
Boston (Dorchester)______ Mount Bowdoin Credit Union, 6 Erie Street.
Boston__________________Shawmut Credit Union, 196 Hanover Street.
D o ........................... Shepard Stores Employees Credit Union, 30 Winter
Street.
Do_________________ Social Service Credit Union, 39 North Bennet
Street.
Do_________________ South End Credit Union, 15 Florence Street.
Do_________________ State Employees Credit Union, Statehouse, Room
121.
Do_________________ Telephone Workers’ Credit Union, 119 Milk Street,
Room 105.
Do_____________ i _ Traders’ Credit Union. 18 Tremont Street.
_
Do_______________ _ Union Workers Credit Union, 560 little Bldg.,
80 Boylston Street.
Do_________________ Unity Credit Union, c/o Gilmour, Rothery Co.
Boston (South Station)___ Walworth Credit Union, 800 First Street.
Boston (Roxbury)________ Warren Credit Union, 345 Blue Hill Avenue.
Boston................................ West End Credit Union, 62 Chambers Street.
Boston (Charlestown)_____Whitson Credit Union, 570 Rutherford Avenue.
Brockton________________ Brockton Credit Union, 142 Main Street.
Do_________________ Brockton Gas Light Employees Credit Union.
Do_________________ Brockton Postal Employees Credit Union, 43
Crescent Street.
Do_________________ Crescent Credit Union, 195 Crescent Street.
Cambridge______________ Central Credit Union, 12 Howard Street.
Do_________________ Prospect Credit Union, 760 Massachusetts Avenue.
Chicopee________________ Polish National Credit Union, 222 Exchange Street.
East Cambridge__________Blake-Knowles Credit Union, 265 Third Street.
East Walpole-------------------Neponset Credit Union, c/o Bird & Son (Inc.).
Fall River-----------------------Fall River Doffers & Spinners (U. T. W.) Credit
Union.
Fitchburg----------------------- Fitchburg Credit Union, 28 Boutelle Street.
Do_________________ Workers’ Credit Union, 48 Wallace Avenue.
Framingham------------------- D. M. C. Credit Union, 300 Howard Street.
Holyoke------------- ------------Holyoke Credit Union, 380 High Street, Room 205.
Lawrence------------------------La Caisee Populaire de Lawrence Credit Union,
234 Lowell Street.
Do-------------------------- Lawrence Credit Union, Bay Street Building, Room
313.
Lowell----------------------------Jeanne d’Arc Credit Union, 751 Merrimack Street.
Do-------------------------- Lowell Bleachery Credit Union, Carter Street.
Do-------------------------- Northern Massachusetts Telephone Workers’ Credit
Union, 115 Appleton Street.
Do-------------------------- Notre Dame de Lourdes Credit Union, 26 Branch
Street.
Lynn----------------------------- Labor Circle Credit Union, 85 Blossom Street.
Do-------------------------- Lynn Postal District Employees Credit Union.
Do-------------------------- St. Jean Baptiste Parish Credit Union, 134a
Franklin Street.
Do...............................West Lynn General Electric Credit Union,
28464°—27------9



126

APPENDIX E

Malden...............................Mutual Investment Credit Union, 212 Bryant
Street.
Do_________ ________Progressive Workmen’s Credit Union, 473 Cross
Street.
Mansfield_______________ Mansfield Credit Union, 240 North Main Street.
Marlborough------------------- St* Mary’s Parish Credit Union, 478 Lincoln Street.
New Bedford.................___ New Bedford Gas & Edison Light Employees
Credit Union.
D o ........................... New Bedford Postal Credit Union*
D o--........................— Sacred Heart Credit Union, 349 Summer Street.
Do________ ____ St. Anne Credit Union, 15J£ West Rodney French
Boulevard.
Do_________________ Southern Massachusetts Telephone Workers’ Credit
Union, 390 Acushnet Avenue.
North Abington__________ Crossett Credit Union, Railroad Street.
Revere__________________Revere Credit Union, 10 Orr Square.
Rockland_______________ Rockland Credit Union, Rice Block.
Salem__________________ Hygrade Credit Union, 60 Boston Street.
Do.............................. Jewish Community Credit Union, 259J£ Essex
Street.
Do--------------- .----------St. Joseph Parish Credit Union.
Do_________________ Salem Credit Union, 125 Washington Street.
Southbridge_____________ Hamilton Credit Union, Mill Street.
Springfield---------------------- Jewish Workers’ Credit Union.
Do........— ........ ........ Springfield, Mass., Post Office Employees’ Credit
Union, 300 Main Street.
Do_________________ United Electric Light Co. Employees’ Credit Union,
73 State Street.
Do_________________ Western Massachusetts Telephone Workers’ Credit
Union, 283 Worthington Street.
Waltham....... ................... - St. Joseph’s Parish Credit Union of Waltham, 9
Barton Street.
Winthrop----------------------- People’s Credit Union, 250 Shirley Street.
Do...... ...................... . .Winthrop Credit Union, 192 Winthrop Street.
Worcester_______________ Central Massachusetts Telephone Workers Credit
Union, 26 Mechanic Street.
Do........... ................... Graton & Knight Employees’ Credit Union, 356
Franklin Street.
Do_________________ La Caisse Populaire de Worcester, 112 Front Street.
Do_________________ M. S. Wright Co. Credit Union, 164 Tremont Street.
Do_________________ New England Credit Union, 94 Water Street.
Do_________________ Norton Co. Credit Union.
Do_________________ Progressive Credit Union, 93 Water Street.
Do-------------------------- Skandia Credit Union, 379 Main Street.
Do_________________ Worcester Central Labor Credit Union, 62 Madison
Street.
Do-------------------------- Worcester Credit Union, 50 Water Street.
Do_________________ Worcester Independent Workmen’s Circle Credit
Union, 102 Water Street.
Do_________________ Worcester Lithuanian Credit Union.
Do_________________ Worcester Polish Credit Union, 51 Mulberry Street.
Do-------------- ------------Zion Credit Union, 10 Waverly Street.
M ic h ig a n

Detroit_________________ Postal Employees Credit Union, Post Office.
Do_________________ Whitehead & Kales Employees Credit Union, c/o
Whitehead & Kales Co.
Grand Rapids____________Postal Employees Credit Union, Post Office.
Kalamazoo______________ Shakespeare Employees Credit Union, Lock Box 860.
Port Huron_____________ Mueller Brass Co. Credit Union.
M in n e s o ta

Duluth_________________ Duluth Federal Employees Credit Union, Post
Office.
Minneapolis____________ _ Franklin Cooperative Credit Union, c/o Franklin
Cooperative Creamery Association.



DIRECTORY— CREDIT AND BANKING SOCIETIES

127

Minneapolis-------------------- Minneapolis Postal Employees Credit Union, Post
Office.
St. Paul-------------------------- Minnesota Transfer Railway Credit Union.
Do-------------------------- Postal Employees Credit Union, Post Office BuildDo............................... St.1
n$aul Union Depot Employees Credit Union,
Union Station
M o n ta n a

Butte----------------------------- Mutual Savings & Credit Association, 2604-2606
Amherst Avenue.
N e w H a m p s h ir e

Manchester______________La Caisse Populaire Ste. Marie.
N ew J ersey

Atlantic City-------------------Federal Employees Credit Union.
Harrison_____ __________ Worthington Works Employees Savings and Loan
Credit Union, Worthington Avenue.
Irvington_______________ Feralun Credit Union, c/o American Abrasive
Metals Co.
Newark_________________ Federal Credit Union, Post Office.
Trenton_________________John A. Roebling’s Sons Co. Employees Credit
Union, 612 South Broad Street.
Union City______________ Darbrook Credit Union, c/o Schwarzenbach-Huber
Co.
N ew Y ork

Albany_________________ Italian Credit Union, 120 Madison Avenue.
Brooklyn________________Atlantic Avenue Credit Union, 2730 Atlantic
Avenue.
Do_________________ Austrian Hungarian Credit Union, 76 Throop
Avenue.
Do_________________ Bath Beach Credit Union, 8611 Nineteenth Ave­
nue.
Do............. ................. Borough of Brooklyn Credit Union, 831J^ DeKalb
Avenue.
Do_________________ Brighton Beach Credit Union, 7051 Brighton Beach
Avenue.
Do_________________ Commercial Credit Union, 294 Ninth Street.
Do_________________ Coney Island Mutual Aid Credit Union, 2952
West Twenty-second Street.
Do_________________ Eastern Star Credit Union, 608 Cleveland Street.
Do...............................East New York Commercial Credit Union, 809
Sutter Avenue.
Do_________________ First Hungarian Credit Union, 183 Harrison
Avenue.
Do_________________ Food Dealers Credit Union, 89-91 Osborn Street.
Do_________________ Fraternal Credit Union, 183 Harrison Avenue.
Do...... ........................ General Emergency Credit Union, 637 Iinwood
Street.
Do-------------------------- Glenmore Credit Union, 401 Stone Avenue.
Do-------------------------- Grand Credit Union, 76 Throop Avenue.
Do-------------------------- Greenpoint Credit Union, 540 Graham Avenue.
Guarantee Credit Union, 1556 St. Marks Avenue.
D o -------------------------- Hamilton Credit Union, 1927 Bath Avenue.
Do----------------- ---------Hebrew National Credit Union, 218 Van Siclen
Avenue.
Do-------------------------- Independent Credit Union, 321 Sackman Street.
Do-------------------------- Kings County Credit Union, 18 Graham Avenue.
D o - ............. ..............Knox Credit Union, 601 Grand Avenue.
Do-------------------------- Lewis Credit Union, 309 Hart Street.




128

APPENDIX E

Brooklyn________________Liberty Credit Union, 559 Marcy Avenue.
Do_________________ Lincoln Credit Union, 1855 Pitkin Avenue.
Do_________________ Long Island Credit Union, 2750 Atlantic Avenue.
Do_________________ Metropolitan Credit Union, 129 Sumner Avenue.
Do_________________ Montauk Credit Union, 1031 Montauk Avenue.
Do_________________ New Lots Credit Union, 337 New Lots Avenue.
Do_________________ Pitkin Credit Union, 352-354 Stone Avenue.
Do________ i ________Real Estate Owners Credit Union, 381 Livonia
Avenue.
Do_________________ Royal Credit Union, 272a Stockton Street.
Do_________________ Standard Credit Union, 76 Throop Avenue.
Do_________________ Williamsburgh Credit Union, 16-18 Manhattan
Avenue.
Ellenville_______________ Ellenville Credit Union, 115 Center Street.
Elmhurst_______________ Great Northern Credit Union, 202 Weimar Street.
Middle Village___________ Middle Village Credit Union, 10 Proctor Street.
Monticello____ ’_________ Sullivan County Credit Union.
New Rochelle____________New Rochelle Credit Union, 730 Main Street.
New York _____________ Alliance Credit Union, 79 East One hundred and
sixteenth Street.
Do-------------------------- Amalgamated Clothing Workers Credit Union, 22
East Fifteenth Street.
Do_________________ American Commercial Credit Union, 113 Lenox
Avenue.
Do_________________ American Express Credit Union, 65 Broadway.
Do-------------------------- American Mutual Credit Union, 300 Water Street.
Do-------------------------- Amsterdam Credit Union, 151 Clinton Street.
Do_________________ Bronx Credit Union, 878 Prospect Avenue.
Do-------------------------- Central Credit Union, 140-142 Second Avenue.
Do-------------------------- Chelsea Credit Union, 82 East Fourth Street.
Do-------.-------------------Climax Credit Union, Bronx Castle Hall, One hun­
dred and forty-ninth Street and Walton Avenue.
Do_________________ Columbia Credit Union, 90-92 Columbia Street.
Do-------------- ------------Consumers’ Cooperative Credit Union, 12 Park
Avenue.
Do-------------------------- Co-operative Credit Union, 53-57 Delancey Street.
Do-------------------------- Cosmopolitan Credit Union, 238 East Sixth Street.
D o____ ____________ East New York Commercial Credit Union, 809
Sutter Avenue.
Do-------------------------- East Side Credit Union, 101 Essex Street.
Do-------------------------- Economy Credit Union, 758 East One hundred
and fifty-eighth Street.
Do-------------------------- Emissarius Credit Union, 600 Lexington Avenue.
Do-------------------------- Equitable Credit Union, 393 Seventh Avenue.
Do-------------------------- Equity Credit Union, 80-82 Clinton Street.
Do-------------------------- Federal Employees Credit Union, 641 Washington
Street.
Do__-------- ---------------Firnat Credit Union, 383 Madison Avenue.
Do_________________ Franklin Credit Union, 151 Clinton Street.
Do-------------------------- Friendship Credit Union, Martinique Mansion, Beck
and One hundred and fifty-sixth Streets.
Do-------------------------- Gibralter Credit Union, 253 Lenox Avenue.
Do-------------------------- Globe Credit Union, 621 Broadway.
Do-------------------------- Grocers’ Credit Union, 1673 Lexington Avenue.
Do-------------------------- H. and K. Credit Union, 82 Clinton Street.
Do-------------------------- Harlem Credit Union, 143 East One hundred and
third Street.
D o................ ............. Headgear Workers Credit Union, 210 East Fifth
Street.
Do-------------------------- Heights Credit Union, 1042 St. Nicholas Avenue.
Do-------------------------- Homier Credit Union, 175 East Broadway.
Do_________________ Inwood Credit Union, 196 Sherman Avenue.
Do-------------------------- Jewish Workers Alliance Credit Union, 228 East
Broadway.
Do-------------------------- Keystone Merchants’ Credit Union, 1581 Wash­
ington Avenue.




DIRECTORY— CREDIT AND BANKING SOCIETIES

129

New York-----------------------Knickerbocker Credit Union, 205 East Fifty-sixth
Street.
Do_________________ Lenox Credit Union, 119 Avenue A.
Do_________________ Liberal Credit Union, 57 St. Marks Place.
Do_________________ Litho Credit Union, 56 Irving Place.
Do_________________ Manhattan Credit Union, 222 East Fourteenth
Street.
Do_________________ Manufacturers’ Credit Union, 1123 Broadway.
Do_________________ Melrose Credit Union, 722 Prospect Avenue.
Do_______________ _ Metals Credit Union, 120 Broadway.
Do_________________ Municipal Credit Union, Room 1727, Municipal
Building.
Do________________ _ Mutual Credit Union, 1822 Madison Avenue.
Do_________________ Mutual Investment Credit Union, 253 Broadway.
Do_________________ New York County Credit Union, 100 Essex Street.
Do_________________ New York life Employees’ Credit Union, 346
Broadway.
Do_________________ Niagara Employees Credit Union (Inc.), 95 Maiden
Lane.
Do_________________ Nowo Radomsker Society, 43 East Broadway.
Do___ _____________ Ocean Credit Union, 15 Whitehall Street.
Do...................... ........ Port Morris Credit Union, 416 East One hundred
and thirty-eighth Street.
Do_________________ Professional ana Business Men’s Credit Union, 174
Second Avenue.
Do_________________ Progressive Credit Union, 370 East One hundred
and forty-ninth Street.
Do_________________ Prosperity Fund Credit Union, 34 Nassau Street
Do_________________ Provident Credit Union, 346 Fourth Avenue.
Do_________________ Public Credit Union, 250 Delancey Street.
Do_________________ Reliable Credit Union, 106 Forsythe Street.
Do_________________ Relief Credit Union, 402 Grand Street.
Do_________________ Security Credit Union, 207 Second Street.
Do_________________ Service Credit Union, 83 Forsythe Street.
Do_________________ Sixth Avenue Credit Union, 348 Sixth Avenue.
Do_________________ Stuyvesant Credit Union, 185 East Third Street.
Do_________________ Tinton Credit Union, 648 Prospect Avenue.
Do_________________ The United Credit Union, 1739 Madison Avenue.
Do______ __________ Unity Credit Union, 727 Trinity Avenue.
Do_________________ Washington Credit Union, 1284 Washington Avenue.
Do_________________ The Welfare Credit Union, 142 Second Avenue.
Do............................... West Side Credit Union, 347 West Thirty-fifth
Street
Do-------------------------- West Side Tailors’ Credit Union, 128 West Ninetyfifth Street.
Do_________________ Workmen’s Circle Credit Union, 1540 Seabury
Place, Bronx.
Do_________________ Yorkville Credit Union, 1572 Second Avenue.
Saratoga Springs_________ Postal Employees Loan Fund Association, Post
Office.
Spring Valley____________ SpringValley Credit Union, Box 137.
Troy___________________ Troy Hebrew Credit Union, 87 First Street.
Woodridge______________ Centerville Station Co-operative Credit Union.
N o r t h C a r o l in a

Asheville________________ Asheville Saving and Loan Association.
Do_________________ Southern Saving and Loan Association, c/o C. A.
Kluttz.
Bahama________________ Bahama Credit Union.
Brasstown_______________Brasstown Savings and Loan Association.
Charlotte, Route No. 1___ Carmel Credit Union, c/o W. H. Phan*.
Charlotte_______________ Charlotte Business Women’s Credit Union.
China Grove, Route No. 3— Piedmont Credit Union.
Cleveland_______________ Cleveland Credit Union.
Durham________________ Durham Saving and Loan Association, Box 575.
Durham, Route No. 3____ Lowe’s Grove Credit Union, c/o E. P. Saunders



130

APPENDIX E

Durham, Route No. 6____ Mineral Springs Saving and Loan Association, c/o
J. T. Hicks.
Elizabeth City___________ Eastern Columbus Credit Union, c/o J. W. Mitchell,
415 South Martin Street.
Gold Hill__________ ____ Gold Hill Credit Union, c/o R. L. Melchor.
High Point, Route No. 2___ Florence Credit Union, c/o W. A. Fuller.
McCullers, Route No. 1___ Juniper Level Credit Union, c/o Joseph Leach,
Box 31.
Middlesex_______________ White Oak Credit Union, c/o J. C. Hocutt.
Norlina_________________ Warren Saving and Loan Association, c/o C. E.
Wilson.
Raleigh, Route No. 6_____ Jeffery Credit Union, c/o C. B. King.
Raleigh_________________ Raleigh Postal Credit Union, Post Office.
Raleigh, Route No. 2_____ Springfield Credit Union, c/o L. B. Broadie.
Rougemont______________ Rougemont Credit Union, c/o J. H. Anderson.
Roxboro________________ Warren Grove Saving ana Loan Association, c/o I.
T. Stinfield.
Scotts Hill_______________ Central Credit Union.
Southport_______________ Farmers Credit Union, c/o E. H. Smith.
Stovall_________________ Stovall Savings and Loan Association, c/o E. A.
Jackson.
Valdese_________________ Valdese Credit Union, c/o A. Grill.
Wendell, Route No. 1_____ Shop Girls’ Credit Union, c/o G. H. Williams.
O k la h o m a

Oklahoma City
Tulsa________

Oklahoma City Postal Employees Credit Union.
Tulsa Postal Employees' Credit Union, Post Office.
R h od e Is la n d

Central Falls
Manville___
Newport----Pawtucket__
Providence. _

Central Falls Credit Union, 693 Broad Street.
Manville Credit Union, 50 Spring Street.
The Peoples Credit Union of Newport, R. I., 166a
Thames Street Auditorium Building.
Novelty Park Credit Union.
Telephone Workers’ Credit Union, 234 Washington
Street.
S o u th C a ro lin a

Charleston.
Frogmore-

The Charleston Postal Co-operative Credit Union,
Post Office Building.
St. Helena Cooperative Credit Union, St. Helena
Island.
T en n essee

Chattanooga
Knoxville__
Do____
Memphis_
_
Nashville_
_

Chattanooga Federal Employees Credit Union.
Day and Night Credit Union Bank.
Knoxville Federal Employees Credit Union.
Memphis Postal Employees Credit Union.
Nashville Post Office Credit Union.
T exa s

Dallas_____
Fort Worth San Antonio.

Postal Employees Loan Fund Association.
Post Office Employees Savings and Loan Associa­
tion.
Peoples Co-operative Credit Union, 1406 Monterey
Street.
V ir g in ia

Danville- Lynchburg.
Norfolk___




Danville Postal Credit Union, Post Office.
Lynchburg Postal Credit Union, Post Office.
Norfolk Postal Credit Union (Inc.).

DIRECTORY— WOBKEBS’ PBODTTCTIVE SOCIETIES

131

Petersburg______________ Federal Employees Credit Union of Petersburg
(Inc.).
Richmond_______________Richmond Postal Credit Union (Inc.), Post Office
Building.
Roanoke________________ Roanoke Postal Credit Union.
W a sh in g to n

Seattle__________________Seattle Postal Employees Credit Union, Post Office.
Tacoma_________________ Tacoma Postal Employees Credit Union, Post
Office.
W e s t V ir g in ia

Charleston______________ Postal Employees Credit Union, Post Office.
Huntington_____________ Huntington Postal Credit Union.
Wheeling_______________ Wheeling Postal Credit Union, Post Office.
Parkersburg_____________ Parkersburg Postal Credit Union, Post Office
Building.
W is c o n s in

Milwaukee______________ Commonwealth Mutual Savings Bank, 407-409
Broadway.
Do_________________ Milwaukee Federal Employees Credit Union, Fed­
eral Building.
Superior_________________ Workers Mutual Savings Bank, 603 Tower Avenue.
WORKERS’ PRODUCTIVE SOCIETIES
A la s k a

Ketchikan_______________Alaska Union Fisheries (Inc.).
I llin o is

Chicago_________________ Cooperative Cigar Makers, 3400 West Adams
Street.
Do__________ ______ Co-operative Glove Association, 1749 North Win­
chester Avenue.
Mapleton_______________ East Mapleton Co-operative Coal Co.
In d ia n a

Dugger_________________ Dugger Mutual Coal & Mining Co.
Rockport_______________ Rockport Sanitary Pottery Co.
M a ss a ch u s etts

Boston__________________Union Box Co. (Inc.), 1206-1210.Tremont Street.
Bridgewater_____________ Bridgewater Workers Co-operative Association, 42
Spring Street.
Campello_______________ Brockton Co-operative Boot & Shoe Co.
M in n e s o ta

Minneapolis_____________ Associated Textiles (Inc.), 612 First Avenue North.
Do_________________ Co-operative Box & Barrel Co., 816 Fremont
Avenue North.
Do____ ____________ Co-operative Cigar Co., 1228 Washington Avenue
North.
Do_________________ Union Co-operative Bakery.
M is s o u r i

St. Louis________________ Commonwealth Cigar Co., 204 North Third Street.




132

a fm k d ix e
O h io

Berghola^^^*___ _ _____ Bergholz Co-operative Coal Co.
_
Do_________________ Goat Hill Mining Co.
Cincinnati_______________ Cigar Makers Cooperative Co., 1211 Sycamore
Street.
O regon

Astoria_________________ Union Fishermen’s Co-operative Packing Co., 324
Taylor Street.
Nehalem________________ Sunset Co-operative Fish Co.
Scotts Mills_____________ Scotts Mills Co-operative Packing Corporation.
Warrenton______________ Columbia River Fishermen’s Co-operative Packers.
Wheeler_________________Sunset Co-operative Fish Co.
P en n sy lv a n ia

Reading________________ Commonwealth Co-operative Association, 628 Wal­
nut Street.
W a s h in g to n

Aberdeen_______________ Fishermen’s Co-operative Packing Co.
Anacortes_______________ Anacortes Mutual Mill Co. (Inc.).
Blaine__________________ Blaine Manufacturing Co.
Edmonds------------------------ Quality Co-operative Shingle Mill.
Everett_________________ Everbest Shingle Co.
Marysville______________ Mutual Shingle Co.
Olympia------------------------- Olympia Shingle Co.
Do-------------------------- Olympia Veneer Co. (Inc.).
Port Angeles------------------- Co-operative Laundry & Cleaning Co
Seattle..________________ Motor Mill Co. (Inc.).
Do-------------------------- Mutual Laundry Co., 714 Broad Street.
W e s t V ir g in ia

Huntington---------------------National Window Glass Manufacturing Co.
Salem__________________ Alliance Window Glass Co.
W y o m in g

Lovell---------------------------- Salem Co-operative Window Glass Co.
CONSUMERS* SOCIETIES

[Does not include certain societies which requested that their nam be not used]
es
A la b a m a

Ashland-------------------------- Farmers’ Co-operative Store.
Fairhope------------------------- People’s Co-operative Store (Inc.).
A la s k a

Hydaburg_____ ____ ____ Hydaburg Trading Co.
Petersburg______________ The Trading Union (Inc.).
A r iz o n a

Lowell---------------------------- Warren District Co-operative Store, Box 3276.
Tucson_________________ University of Arizona Cooperative Society.




DIRECTORY— CONSUMERS’ SOCIETIES

133

A rkan sas

Arkadelphia........................Clark County Co-operative League.
Berryville----------------------- Berryville Equity Union.
Cotter----------------------------Cotter Co-operative Store.
Dierks----------------------------People’s Co-operative Store Co.
Greenwood______________ Greenwood Union Co-operative Society (Inc.).
Hiwasse--------------------------Farmers’ Co-operative Association.
Jonesboro_______________ Boro Union Co-operative Society.
Jonesboro, Route No. 2___ Farmers Supply Co.
Mansfield_______________ Co-operative Store.
McGehee_______________ Union Cooperative.
McRae_________________ Farmers Union Co-operative Exchange.
Paragould_______________ Greene County Co-operative Union Store, 108 West
Main Street.
Ratcliff.................... ......... Farmers’ Supply Co.
Smithville_______________
Do.
Sulphur Springs__________ Farmers’ Union Store (Inc.).
Van Buren______________ Producers & Consumers Co-operative Society,
822 Main Street.
C a l if o r n i a

Adin___________________ Big Valley Cooperative Association.
Berkeley________________ Associated Students’ Store, University of California.
College City_____________ College City Rochdale Co.
Dinuba_________________ Dinuba Rochdale Co.
Fort Bragg______________ Fort Bragg Co-operative Mercantile Corporation,
Box F.
Hollister________________ Hollister Rochdale Co.
Le Grand_______________ Le Grand Rochdale Co.
Los Angeles_____________ Cooperative Consumers’ League, 1021 Temple
Street.
Do_________________ Jewish Cooperative Bakery.
San Bernardino__________ Union Co-operative Association, 771 Third Street.
San Diego_______________ San Diego Cooperative Association.
Solvang_________________ Solvang Co-operative Store.
Stanford University_______The Stanford University Bookstore.
Wheatland..........................Wheatland Rochdale Co.
C o lo r a d o

Aguilar_________________ Farmers & Laborers Cooperative Store.
Anton__________________ Anton Co-operative Store Co.
Arapahoe_______________ Farmers’ Cooperative Supply Co.
Arnba__________________ Arriba Equity Mercantile Co.
Berthoud_______________ Farmers’ Cooperative Co.
Bovina_______________ Star Farmers’ Cooperative Co.
Cheyenne Wells__________ Cheyenne Wells Cooperative Mercantile Co.
Cope___________________ Cope Co-operative Co.
Denver_________________ Cooperative Book Shop, Grace Church.
Haxtum________________ Haxtum Farmers Co-operative Co.
Lafayette..........................Lafayette Farmers’ Union Co.
Montrose............................Grange Cooperative Co.
Otis____________________ Otis Farmers’ Cooperative Store & Supply Co.
Salida__________________ Industrial Stores Co.
Simla___________________ Farmers’ Cooperative Co.
Snyder__________________Farmers’ Cooperative Mercantile Co., Box 63.
Do_________________ Snyder Cooperative Store (Inc.).
Strasburg_______________ Strasburg Cooperative Co.
Yuma__________________ Farmers Cooperative Exchange & Manufacturing
Co.
C o n n e c tic u t

Bristol__________________ Zgoda, 63 Irving Street.
Columbia_______________ Columbia Cooperative Association.
New Haven_____________ Cooperative Laundry Co.
Do_________________ Cooperative Society Marchegiana.
Do_________________ Yale Co-operative Corporation, 102 High Street.



134

APPENDIX E

Norwich, Route No. 1____ Preston Co-operative.
Stafford Springs__________ Workers Co-operative Union (Inc.), Main Street.
Terryville_______________ Litchfield Cooperative Association.
Do_________________ Polish Cooperative Association, Comer of Allen and
Beach Avenues.
Thompsonville___________ Polish Co-operative Co. of Thompsonville, 34 Whit­
worth Street.
D e la w a re

Wilmington______________Wilmington Co-operative Store, 226 West Second
Street.
F lo rid a

Crestview----------------------- West Florida Mercantile Corporation.
Fort Pierce______________ People’s Cooperative Grocery Store, Box 394.
Ruskin--------------------------- Ruskin Cooperative Store & Cannery.
Ybor City (P. O., Tampa). Ybor Cooperative Store, between Nineteenth and
Twentieth Streets.
G e o r g ia

Glennville_______________ Co-operative Store.
Macon__________________ Macon Union Cooperative Association.
Jessup__________________ Cooperative Store.
Id a h o

Coeur d’Alene----------------- Coeur d’Alene Cooperative Society.
Kendrick________________ Kendrick Rochdale Co.
Lewiston________________ Lewiston Co-operative Association, 1522 Main
Street.
Sandpoint_______________ Farmers General Supply Co. (Ltd.).
Spirit Lake______________ Spirit Lake Cooperative Society.
I llin o is

Aana_________ - ________ Farmers’ Exchange of Brubaker.
Ashkum_________________Ashkum Farmers Cooperative Store.
Ava____________________ The Farmers’ Co-operative Store.
Beardstown______________Beardstown Co-operative Mercantile Association,
218 Washington Street.
Benld___________________Benld Co-operative Society.
Bingham________________ Co-operative Equity Exchange.
Bloomington_____________Bloomington Cooperative Society, 911 West Mul­
berry Street.
Bloomington {e d u c a t io n a l) Central States Cooperative League, 705 West Mul­
berry Street.
Bloomington_____________McClean Cooperative Co.
Bradford____ ___________ Bradford Cooperative Association.
Breese----------------------------Breese Cooperative Society.
Brownstown_____________ Brownstown Equity Exchange.
Burgess_________________ Co-operative Mercantile Co.
Campbell Hill------------------Progressive Mercantile Co.
Canton-------------------------- Canton Rochdale Cooperative Society, 168 East
Elm Street.
Champaign______________ Twin City Cooperative Press.
Chatsworth______________Illinois Farmers Co-operative Association Store.
Chicago_________________ Cooperative Temperance Caf6 Idrott (Inc.), 3206
Wilton Avenue.
Do-------------------------- Farmer-Labor Exchange, 179 West Washington
Street.
Do_________________ Roseland Cooperative Association, 11001 Michigan
Avenue.
Do________ ________ U. S. Cooperative Co., 1335-1337 East Fiftyseventh Street.




DIRECTORY— CONSUMERS’ SOCIETIES

135

Chicago (North Station)... Waukegan & North Chicago Co-operative Asso­
ciation, 70 Tenth Street.
Chicago_________________ Western Cooperative Society (Inc.), 1610 South
Homan Avenue.
Do_________________ Workmen’s Co-operative Mercantile Association,
2659 South Crawford Avenue.
Christopher______________Progressive Co-operative Stores, 237 Thomas Street.
Do_________________ Union Co-operative Undertaking Association.
Claremont_______________Claremont Co-operative Store.
Clinton_________________ Clinton Co-operative Association.
Colchester_______________ Farmers Cash Exchange.
Cooksville_______________ Farmers Co-operative Store.
Crossville_______________ Cooperative Store.
Cuba___________________ Cuba Cooperative Store.
Dakota_________________ Rock Grove Cooperative Co.
Edwardsvill?_____________Leclaire Co-operative Association.
Farmington______________Farmington Co-operative Society (Inc.), 18 West
Fort Street.
Forest City______________ Forest City Cooperative Association.
Gillespie________________ Union Funeral Association.
Glen Carbon_____________Glen Carbon Cooperative Society (Inc.).
Harrisburg______________ Union Cooperative Undertaking Association.
Herrick_________________ Herrick Cooperative Equity Exchange.
Herrin__________________ Lombard Society Store, 110 North Fourteenth
Street.
Do_________________ Union Supply Association.
Hillsboro, Route No. 2____ Schram City Cooperative Society.
Hookdale_______________ Hookdale Equity Exchange.
Junction________________ Junction Cooperative Store.
Kincaid_________________ Kincaid Co-operative Association.
Kinmundy______________ Farmers’ Cooperative Mercantile Co.
Livingston______________ Livingston Co-operative Society.
Louisville_______________ Louisville Cooperative Store.
Manteno________________ Farmers Co-operative Store.
Marion_________________ Marion Co-operative Society, 209 West Main
Street.
Marissa_________________ Union Supply Association.
Mark (P. O., Granville)___ Mark Cooperative Society.
Mascoutah----------------------Producers’ & Consumers’ Cooperative Association.
Matherville______________Matherville Co-operative Society.
Momence_______________ Momence Co-operative Society.
Mount Olive_____________Mount Olive Cooperative Society.
Nashville, Route No. 6____Plum Hill Co-operative Mercantile Co.
New Windsor____________ New Windsor Co-operative Co.
Nokomis________________ Nokomis Cooperative Society.
Palmyra________________ Palmyra Equity Co.
Pana___________________ Pana Co-operative Society, 116 E. Second Street.
Pinckneyville, R. F. D____ Beaucoup Farmers’ Cooperative.
Pontiac_________________ Illinois Farmers Co-operative Association.
Ridge Farm_____________ Ridge Farm Co-operative Co.
Riverton________________ Riverton Co-operative Society.
Roanoke________________ Roanoke Co-operative Association.
Rockford________________ Ideal Cooperative Cafe, 1015 Third Avenue.
Do-------------------------- Rockford Cooperatives, 525 Seventh Street.
Saunemin----------------------- Illinois Farmers Co-operative Store.
Sparta----------------------------Sparta Co-operative Merchandise Association, 136
E. Main Street.
Standard------------------------ Standard Cooperative Co.
Staunton-------------------------Union Supply & Fuel Co. (Inc.), 109 West Main
Street.
Stronghurst--------------------- Farmers’ Cooperative Store.
Tamaroa—- ........... - .......... Tamaroa Cooperative Store.
Taylor Springs— ...............Hillsboro Co-operative Association (Inc.).
Tilden__________________ Tilden Labor Co-operative Society.
Tovey__________________ Tovey Rochdale Co-operative Society.
Urbana_________________ The Engineers’ Co-operative Society, 202 South
Mathews Street,




136

APPENDIX E

Vera____________________Vera Cooperative Equity Exchange.
Villa Grove______________The Villa Grove Co-operative Society.
Watseka_________ ’______ Gleaners’ Store.
Waukegan..... ........ ........... Co-operative Trading Co., 665-669 McAllister
Avenue.
Do-------------------------- Elanto Co-operative Association, 523 Helmholtz
Avenue.
West Point______________ Co-operative Co.
Williamsville_____________Williamsville Cooperative Association.
Willow Hill______________ Farmers Mercantile.
Winslow________________ Winslow Co-operative Association.
Witt____________________Witt Co-operative Association.
In d ia n a

Bloomington____________ Indiana University Bookstore.
Clinton-------------------------- Christopher Columbus Co-operative Society, 959
North Ninth Street.
Dunkirk________________ Farmers’ Cooperative Association.
Evansville-----------------------Evansville Co-operative Association, 1025-1027
West Franklin Street.
Garrett_________________ Employees’ Co-operative Co.
Helmer_________________ Helmer Co-operative Co.
New Lisbon_____________ Farmers Co-operative Co.
New Paris_______________Farmers’ Cooperative Store.
Do.
Onward_________________
Rensselaer______________ Cooperative Meat Market.
Richvalley______________ People’s Co-operative Store.
Rockfield_______________ Rockfield Cooperative Store.
Shelbum________________ Shelburn Cooperative Society.
Shirley__________________Cooperative Store.
Tell City____ ___________ Perry County Farmers’ Co.
Terre Haute_____________ Cooperative union Laundry.
Trafalgar_______________ Indiana Co-operative Mercantile Association.
Winchester______________ Winchester Cooperative Store.
People’s Co-operative Store.
Wolcott______________ _
Iow a

Ainsworth........................... Co-operative Store Co.
Albert City______________ Albert City Cooperative Mercantile Co.
Alvord__________________ Alvord Cooperative Mercantile Co.
Armstrong______________ Farmers Co-operative Co.
Battle Creek____________ Cooperative Store.
Beaman_________________Mercantile Co-operative Co.
Boone________ _________ Boone Co-operative Society, 1007 West Third
Street.
Boyden_________________ People’s Cooperative Store.
Bremer_________________ Farmers’ Co-operative Co.
Bridgewater_____________ Farmers’ Co-operative Co.
Brooks__________________Farmers’ Co-operative Store.
Buckeye________________ Buckeye Co-operative Co.
Buffalo Center___________ Farmers Co-operative Co. of Hebron Township.
Burlington______________ Burlington Farmers Mercantile Co.
Cantril_________________ Farmers Exchange.
Carlisle____ ____________
Do.
Carroll__________________Farmers Co-operative Association.
Castana_________________Farmers Co-operative Co.
Cedar Falls______________
Do.
Clearfield_______________ Farmers Co-operative Cash Store.
Clear Lake______________ Farmers Co-operative Co.
Cleghorn________________
Do.
Clemons________________
Do.
Clio____________________ Farmers Exchange.
Correctionville___________ The Farmers Co-operative Store.
C orydon™ ....................... Farmers’ Union Store.




DIRECTORY— CONSUMERS’ SOCIETIES

137

Council Bluffs___________ The Co-operative Publishers.
Creseo__________________ Cresco Co-operators.*
Dallas Center____________ Farmers Co-operative Co.
Danbury________________ Danbury Co-operative Co.
Danbury________________ Farmers Co-operative Co.
Denison___________ _____ Farmers Union Exchange.
Des Moines_____________ Des Moines Co-operative Mercantile Society, 606
East Grand Avenue.
Dike___________________ Farmers Co-operative Co.
Donnellson______________ Farmers Co-operative Store.
Drakesville______________ Farmers Union Store.
Dunlap *________________ Farmers Union Exchange.
Durant_________________ Equity Farmers Co-operative Store.
Eagle Grove_____________ American Co-operative Publishing Co.
Fairfield________________ Farmers Union Coal Co.
Gladwin-------------------------Gladwin Co-operative Co.
Grandview______________ Farmers Union Store.
Greene__________________Farmers Equity Store.
Greenfield_______________ Farmers Co-operative Co.
Griswold________________ The Griswold Cooperative Association.
Holstein________________ Farmers Co-operative Co.
Do-------------------------- Holstein Farmers Union Exchange.
Ireton_________ ________ The Farmers Store.
Kalona_________________ Farmers Co-operative Union.
Kingston________________ Farmers Union Mercantile Co.
Lacona____________ _____ The Farmers Store.
Lake City*______________ Farmers Union Cooperative Co.
Larrabee_________ •
______ Farmers’ Co-operative Co.
Leon___________________ Fanners Union Exchange.
Lester---------------- ------- ---- The Farmers Store Co.
Linn Grove--------------------- People’s Co-operative Store Co.
Lockridge_______________ Farmers’ Co-operative Exchange.
Lone Tree_______________Farmers Co-operative Store.
Lowden_________________ Lowden Farmers Co-operative Equity Association.
Luana__________________ Luana Fanners Co-operative Society.
Lytton__________________The Cooperative Store.
Marathon_______________ Marathon Cooperative Store.
Mediapolis______________ Farmers Union Mercantile Co.
Melcher_____________'___ Farmers Union Cooperative Store.
Mondamin----------------------Fanners Cooperative Co.
Mount Hammill---------------Farmers’ Co-operative Exchange.
Mount Union____________Mount Union Farmers’ Co-operative Exchange.
New Albin.!-------------------- New Albin Co-operative Co.
Newell---------------------------Farmers Co-operative Supply Co.
New Market--------------------Farmers Exchange of New Market.
Northwood--------------------- Farmers Co-operative Co.
Onawa--------------------------- Onawa Cooperative Co.
Pisgah----------------------------Farmers’ Co-operative Co.
Eeasnor--------------------------Reasnor Co-operative Exchange.
Bemsen_________________ Farmers Co-operative Co.
Riverton *----------------------- Farmers Cooperative Co.
Roland---------------------------Farmers Cooperative Co.
Rome-----------------------------Farmers Union Store.
Rowan--------------------------- Salberg Co-operative Association.
Salem---------------------------- Farmers Union Store.
Shambaugh *------------------- Farmers’ Union Association.
Shenandoah-------------------- Farmers’ Co-operative Exchange of Shenandoah.
Sioux Center------------------- Co-operative Gas & Oil Co.
Sioux City---------------------- Sioux City Cooperative Association. 1601 Geneva
Street.
Solon----------------------------- Farmers Union Exchange.
Spaulding----------------------- Spaulding Co-operative Co.
Sperry------------------ ---------Farmers Union.
Swedesburg---------------------Farmers Union Exchange.
Tipton— ......................... Farmers Co-operative Exchange.
* Marketing activities also.




138

Turin_________
Ulmer_________
Valley Junction,
Voorhies_______
Walcott_______
Wall Lake_____
Washington____
D o ...........
Waterville_____
Wellman______
Wellston_______
West Burlington.
What Cheer-----Whitten_______
Yorktown_____

APPENDIX E

Farmers Co-operative Supply Co.
Farmers Union Mercantile Co.
The Valley Junction Co-operative Mercantile
Society (Inc.), 643 Fifth Street.
Voorhies Co-operative Co.
Walcott Co-operative Co.
The Farmers Mercantile Co.
Farmers Co-operative Exchange.
Titus Co-operative Co.
Waterville Equity Association.
Farmers Co-operative Mercantile Co.
Farmers Co-operative Association.
Prairie Grove Union Store.
Farmers’ Cooperative Store.
Farmers Co-operative Co.
Farmers Union Association.
K a n sa s

Admire_________________
Aliceville_______________
Alida........... ......................
Alma8__________________
Alton___________ _______
Antonino________________
Argonia_________________
Arkansas City___________
Do-------------------------Arnold__________________
Baldwin City------ -----------Barnes__________________
Bayard_________________
Beagle__________________
Beattie_________________
Belleville________________
Bennington______________
Beulah__________________
Black Wolf 8________ ____
Blaine__________________
Blakeman_______________
Bloomington____________
Bluff City________ ____
Brazilton________________
_______________
Brewster8
Bucklin_________________
Burlington______________
Burns__________________
Burrton_________________
Bushong________________
Carbondale______________
Castleton_______________
Cawker City— .................
Cedar Bluffs......................
Cedar Point8______ ______
Cedar Vale______________
Chase__________________
Claflin__________________
Clements________________
Clifton__________________
Cloverdale (P. O., Grenola) _
Coffeyville______________
Colby..................................
’ Marketing activities also.




Admire Cooperative Association.
Peoples Supply Co.
Alida Cooperative Store.
Alma Farmers Union Co-operative Association.
Farmers Union Cooperative Association.
Farmers Union Cooperative Business Association.
Farmers Union Co-operative Association.
Co-operative Store, 217 South Summit Street.
Farmers Union Cooperative Association.
Do.
Farmers Union Co-operative Mercantile Associa­
tion.
Barnes Cooperative Association.
Farmers’ Union of Bayard.
Farmers Union Cooperative Association.
Do.
Farmers Union Cooperative Business Association of
Republic County.
Farmers Cooperative Mercantile Association.
Crawford County Farmers Union Cooperative Asso­
ciation.
Co-operative Union Mercantile Co.
Blaine Farmers Union Cooperative Business Asso­
ciation.
Blakeman Equity Exchange.
Farmers Union Co-operative Association.
Farmers’ Co-operative Store.
Brazilton Farmers’ Union Co-operative Association.
Farmers’ Cooperative Association.
Bucklin Cooperative Exchange.
Farmers Supply Co.
The Bums’ Farmers Cooperative Union.
Farmers’ Co-operative Store.
Farmers’ Union Mercantile Co.
Farmers’ Union Store.
Castleton Cooperative Equity Exchange.
Farmers Union Co-operative Association.
Cedar Bluffs Cooperative Equity Exchange.
The Cedar Point Farmers Cooperative Union.
Cedar Vale Cooperative Co.
The Co-operative Mercantile Co.
Farmers union Cooperative Supply Co.
Chase County Farmers Co-operative Union.
Farmers’ Union Store.
Cloverdale Cooperative Association.
Coffeyville Cooperative Association.
Thomas County Cooperative Association.

DIRECTORY— CONSUMERS' SOCIETIES

139

Collyer_________________ Farmers Union Store.
Colwich-------- ----------------- Farmers Union Cooperative Business Association.
Conway--------------------------Farmers Co-operative Co.
Conway Springs_________ Farmers Cooperative Association.
Coolidge-------------------------Farmers Union Cooperative Mercantile Co.
Corbin--------------------------- Sumner County Farmers Union Cooperative Asso­
ciation.
Corning-------------------------- The Farmers Co-operative Business Association.
Dellvale________________ Farmers’ Cooperative Business Association.
Delphos--------------------------Farmers Union Co-operative Association.
Denison_________________Farmers Union Cooperative Business Association.
Dennis__________________Labette County Farmers Union Cooperative Asso­
ciation.
Dent Spur (P. O., Great Dent Spur Cooperative Equity Exchange.
Bend).
Dighton________________ Farmers Cooperative Mercantile Association.
Dorrance________________Farmers Union Mercantile Association.
Downs____ _____________ Farmers Union Co-operative Association.
Dresden_ . ____________ Farmers Equity Association.
_
Dunlap_________________ The Farmers Union Mercantile Co.
Duquoin________________ Duquoin Farmers Union Co-operative Business
Association.
Edm ond..______________ Farmers Co-operative Association.
Edna___________________ The Farmers Co-operative Supply Co.
Effingham_______________ Farmers Mercantile Association.
Ellis____________________ Farmers Union Store.
Ellsworth_______________ Ellsworth County Farmers Co-operative Union.
Elmdale 8_______________ The Elmdale Farmers Co-operative Union.
Elmo8__________________ Elmo Farmers Union Cooperative Association.
Eskridge________________ The Farmers’ Union.
Eureka_ 1_____________ Greenwood County Farmers Union Business Asso­
_
ciation.
Fairview________________ Farmers Co-operative Mercantile Co.
Farlington______________ Farmers Union Co-operative Association.
Fellsburg________________ Fellsburg Cooperative Equity Exchange.
Fontana, Route No. 3____ The New Lancaster Co-operative Corporation.
Franklin________________ Union Cooperative Store.
Fredonia________________ Wilson County Grange Co-operative Association.
Fremont________________ Fremont Cooperative Mercantile Co.
Frontenac_______________ Austrian Mercantile Co.
Galesburg_______________ Farmers Cooperative Association.
Garnett_________________ Garnett Farmers Union Cooperative Association.
Gerlane_________________ Farmers Cooperative Co.
Globe (P. O., Overbrook, Globe Farmers Union Cooperative Association.
Route No. 2).
Goff____________________ Goff Farmers’ Union Cooperative Business As­
sociation.
Gorham_________________Farmers Union Store.
Grainfield______________ . Farmers Cooperative Business Association.
Green__________________ Alliance Cooperative Association.
Do_________________ Green Cooperative Mercantile Association.
Greenleaf_______________ Farmers Mutual Mercantile Co.
Grenola_________________ Farmers Union Cooperative Store.
Grinnell_________________Grinnell Union Co-operative Association.
Haddam________________ Farmers Union Co-operative Association.
Hamilton_______________ Farmers Union Cooperative Business Association.
Hanston________________ Farmers Union Cooperative Association.
Harper8________________ The Harper Farmers Union Co-operative Business
Association.
Haven__________________ Haven Farmers Union Cooperative Association.
Haviland________________Citizens Co-operative Co.
Healy 8___________ ____ _ The Healy Co-operative Elevator Co.
Herington_______________ Herington Farmers Cooperative Association.
Herkimer_______________ Herkimer Cooperative Business Association.
Hiawatha_______________ Hiawatha Cooperative Association.
Hillsdale 8_______________ Farmers Union Co-operative Mercantile Co.
*Marketing activities also.




140

APPENDIX E

Holton__________________Jackson County Grange Cooperative Association*
Holyrood________ _______Farmers Cooperative Association.
Horace.,________________ Farmers Cooperative Mercantile Association.
Humboldt_______________ Humboldt Grange Supply House.
Hunter_________________ Farmers Cooperative Business Association.
Independence.................. . Farmers’ Supply & Exchange Co., Twentieth and
West Myrtle Streets.
Iuka____________________Iuka Cooperative Exchange.
Jennings________________ Farmers Co-operative Equity Union Exchange.
Junction City____________ Geary County Farmers Union Cooperative Ex­
change.
Kansas City_____________ The Argentine Cooperative Association, 2615
Strong Avenue.
Kechi___________________Farmers^ Union.
Kellog (P. O., Winfield)___Kellog Farmers Union Association.
Kelly___________________ Kelly Farmers’ Union Cooperative Business As­
sociation.
Kimball_________________ Farmers Union* Mercantile Co.
La Cygne_____________ _ Farmers Union Cooperative Association.
Lakin___________________Lakin Cooperative Equity Exchange.
Latham_________________ Grange Cooperative Co.
Latimer_________________ Farmers Union Store.
Lawrence_______________ Farmers Co-Operative Union Business Association.
Lebanon------------------------- Farmers Union Store.
Le Loup________________
Do.
Leonardville_____________ Riley County Farmers Union Cooperative Asso­
ciation.
Little River---------------------Farmers Union Cooperative Association.
Lucas___________________Lucas Cooperative Association.
Luray---------------------------- Farmers Union Cooperative Association.
Lyndon_________________ Farmers Cooperative Association.
Madison________________ The Farmers Union Store.
Manhattan______________ University of Kansas Cooperative Store.
Manning-------------------------Manning Farmers Co-operative Business Associa­
tion.
Maplehill------------------------Farmers Union Co-operative Association.
Marquette______________ Farmers Cooperative Mercantile Co.
Marysville______________ Marshall County Cooperative Association.
McCune------------------------- Crawford County Farmers Union Cooperative
Association.
McDonald---------------------- McDonald Equity Mercantile Exchange.
McLouth------------------------ The Farmers Co-operative Exchange.
McPherson----------------------McPherson County Alliance Exchange Co.
Menlo---------------------------- Menlo Farmers Union Cooperative Association
Michigan Valley_________ Farmers Union Business Association.
Milberger (P. O. Russell, Farmers Union Store.
Route No. 4).
Milford-------------------------- Geary County Farmers Union.
Miltonvale8-------------------- The Miltonvale Farmers Co-operative Mercantile
Association.
Minneapolis-------------------- Farmers Union Cooperative Association.
Minneola------------------------ Minneola Cooperative Exchange.
Missler---------------------- ___ The Cooperative Equity Exchange.
Modoc----------------------------Modoc Cooperative Association.
Moline--------------------------- Moline Grange.
Montezuma---------------------Montezuma Equity Exchange Mercantile Asso­
ciation.
Morganville-------------------- Farmers Union Business Association.
Morland------------------------- Farmers Cooperative Exchange.
Munjor (P. O., Hays)_____Farmers Union Store.
Nashville------------------------ Farmers Cooperative Business Association.
Natoma-------------------------- Farmers Union Store.
Navarre------------------------- Farmers Union Co-operative Exchange.
Neodesha------------------------Cooperative Mercantile Association.
Neosho Rapids---------------- Farmers Cooperative Supply Co.
Ness City----------------------- Farmers Union Cooperative Association.
3 Marketing activities also.




DIRECTORY— CONSUMERS* SOCIETIES

141

Norton--------------------------- Norton County Co-operative Association.
Ogden---------------------------- Ogden Farmers Cooperative Exchange.
Oketo__________________ Farmers Co-operative Mercantile Association.
Olathe__________________ Johnson County Cooperative Association.
Olsburg 8
________________ Olsburg Farmers Union Co-operative Association.
Oneida__________________Farmers Cooperative Association.
Oronoque_______________ Fanners Co-operative Business Association.
Overbrook______________ Farmers Union Cooperative Association.
Paola___________________ Paola Farmers Cooperative Association.
Paradise________________ Farmers Union Cooperative Association.
Parker__________________ Farmers Co-operative Exchange.
Paxico__________________ Fanners Cooperative Association.
Pendennis_______________ Fanners Union Co-operative Business Association.
Phillipsburg8____________ Phillips County Farmers Union Co-operative
Association.
Pomona_________________Farmers Union Store.
Portis_______________ ___Farmers Union Co-operative Association.
Powhattan______________ Farmers Union Mercantile Co.
Pratt___________________ The Pratt Cooperative Society.
Pretty Prairie............. .......The Farmers Cooperative Co.
Protection_______________Farmers Cooperative Association.
Randall_________________ Fanners Union Co-operative Association.
Reserve_________________ Reserve Fanners Umon Cooperative Association.
R uleton........................... . The Goodland Equity Exchange.
St. Paul_________________Union Cooperative Store.
Salina__________________ The Saline County Co-operative Association.
Sawyer_________________ Sawyer Equity Cooperative Exchange.
Scandia_________________ The Sherdahl Cooperative Association.
Scott City_______________Farmers’ Co-operative Mercantile Association.
Selden__________________ Farmers Union Cooperative Association.
Seneca__________________ Farmers Union Co. of Seneca.
Shook__________________ Farmers Cooperative Association.
Smolan_________________ Smolan Cooperative Store.
Soldier_____________ - ___ Farmers Union Elevator (Store department).
Spivey__________________ Farmers Union Store.
Spring Hill______________ Spring Hill Co-operative Association.
Star valley (P. O., McCune, Farmers Union Cooperative Association.
Route No. 2).
Stilwell_________________ Stilwell Farmers Union Cooperative Business
Association.
Stockton______ ________ Farmers Union Store.
Strauss (P. O., McCune)__ Farmers Union Cooperative Association.
Strickler (P. O., Iuka)____ Strickler Cooperative Exchange.
Strong City_____________ Strong City Farmers Union Co-operative Business
Association.
Syracuse________________ The Farmers Union Co-operative Mercantile
Association.
Toulon (P. O., Hays)_____ Fanners Union Cooperative Association.
Vaughn (P. O., Rush Conkling Cooperative Co.
Center).
Victoria8
________________ The Farmers Co-operative Union.
Wakarusa_______________ Wakarusa Farmers Union Cooperative Business
Association.
Wakefield----------------------- Wakefield Alliance Cooperative Association.
Walnut-------------------------- The Fanners Union Mercantile Co.
Wamego------------------------- The Farmers Co-operative Association.
Waverly________________ Fanners Co-operative Co.
Welda----------------------------Farmers Cooperative Co.
West Mineral-------------------Farmers Union Cooperative Association.
Wheeler.............................. Wheeler Cooperative Mercantile Equity Union.
White Water____________ The Patrons Mercantile Co.
Wier— ........ .................... The Wier Farmers Union Co-operative Association.
Wilburton_______________Cooperative Equity Exchange.
Wilmot_________________ Farmers Cooperative Exchange.
*M
arketingactivities also.

28464°—27---- 10



142

Wilsey......................
Windom__________
Winifred__________
Woodruff__________
Wright____________
Yates Center 5_____
Zook (P. O., Lamed)

APPENDIX E

Farmers Union Cooperative Association.
Farmers Union Store.
Winifred Farmers Cooperative Association.
Farmers Union Co-operative Association.
Wright Cooperative Exchange.
Farmers Cooperative Elevator Co.
The Zook Cooperative Co.
K en tu ck y

Alexandria____
Bowling Green..
Campbellsville..
Georgetown----Glasgow______
Grange City___
Hartford______
Lawrenceburg...
McHenry_____
Providence__
Riley_______
Sadieville_____
Tollesboro____
Turners Station.
Versailles_____
Winchester____

Farmers’ Cooperative Store.
Farmers Union Supply Co.
Do.
Do.
Do.
Do.
American Cooperative Association.
Farmers’ Union Supply Co.
Workmen’s Cooperative Store.
Cooperative Store.
Farmers’ Cooperative Cash Store.
Farmers Union Supply Co.
Do.
Do.
Do.
Do.
M a in e

Biddeford_______
Do................
Buckfield______
Camden________
Clinton_________
Cumberland Mills.
East Livermore--.
Freeport________
Gardner________
Houlton________
Madison________
Oakland________
Saco___________
Sanford_________
Sangerville______
Sedgwick_______
South Portland - _.
Westbrook______

Biddeford Farmers Union, 3S1 Main Street.
Family Co-operative Store of Biddeford, 48 Alfred
Street.
Buckfield Farmers Union.
Camden Farmers Union.
Clinton Farmers Exchange.
Cooperative Association, 406 Main Street.
East Livermore Farmers’ Union.
Freeport Farmers Union.
Community Cooperative Store.
Houlton Grange Store.
Madison Union Co-operative Store (Ltd.).
Oakland Buying Club, 19 Belgrade Avenue.
Farmers Cooperative Store.
Sanford Cooperative Association, Washington
Street.
Sangerville Cooperative Co.
Sedgwick Grange Store.
South Portland Cooperative Association.
Westbrook Farmers Union.
M a r y la n d

Baltimore_______________ Adelphia Commercial Corporation, 1721-1723 Fleet
Street.
Cumberland_____________ Cumberland Co-Operative Bakery (Inc.).
Hagerstown, Route No. 5__ Leitersburg Grange (Inc.).
M a ss a ch u s etts

Adams..
D o.
D o.
Belmont
Beverly.
*Marketing activities also.




Cooperative Coal Co.
Polish Co-Operative Baking Association, 41J4
Crotteau Street.
Polish Cooperative Grocery Store.
Belmont Cooperative Society, Concord Avenue.
Peoples Cooperative Store, 141 Cabot Street.

DIRECTORY— CONSUMERS’ SOCIETIES

143

Boston (Dorchester Sta- Dorchester Cooperative Grocery, 342 Norfolk
tion).
Avenue.
Bridgewater-------------------- Bridgewater Polish Co-operative Grocery Co.,
Broad and Crapo Streets.
Brighton------------------------ Lithuanian Cooperative Association, 24 Lincoln
Street.
Do--------------------------Polish Cooperative Association, 17 Lincoln Street.
Brockton------------------------ Hebrew Cooperative Bakery, 25 Stillman Avenue.
Cambridge______________ Cambridge Lithuanian Co-Operative Association,
39 Portland Street.
Do-------------------------- Harvard Cooperative Society, 1400 Massachusetts
Avenue.
Do_________________ Lithuanian Co-operative Association of East
Cambridge, 711 Cambridge Street.
Clinton_________________ German Co-operative Consumers’ Co. (Inc.), 47
Branch Street.
Do_________________ Sobieski Cooperative Association, Green Street.
Dalton_________________ Dalton Co-operative Coal Co.
Deerfield________________ Connecticut Valley Polish Co-operative Corpora­
tion.
Fitchburg_______________ Finnish Cooperative Boarding House “ Veikkola,”
817 Main Street.
Do_________________ German Cooperative Grocery Co., 196 Kimball
Street.
Do______ __________ United Cooperative Society of Fitchburg, 815
Main Street.
Framingham____________ Producers and Consumers Co-operative Union,
49-55 Howard Street.
Gardner________________ Franco Co-operative Co.
Do_________________ Polish Agitation Clothing Store, 317 Pleasant
Street.
Do_________________ Polish and Russian Cooperative Grocery Co.,
326 Pleasant Street.
Do_________________ United Co-operative Society of Gardner, 89 West
Street and 229 Pine St.
Indian Orchard__________ Indian Orchard and Ludlow Co-Operative Associa­
tion, 192 Main Street.
Lawrence_______________ German Co-operative Association, 25 Berkeley
Street.
Do_________________ Italian Cooperative Bakery, 300 Elm Street.
Do_________________ Lawrence Hebrew Cooperative Bakery, 116 Valley
Street.
Do_________________ Moskwa Russian Cooperative Association, 141
Lowell Street.
Leominster______________ Italian Colonial Co-operative Co. (Inc.), 83 Lincoln
Terrace.
Lynn___________________ Workingmen’s Co-operative Bakery (Inc.), 231
Summer Street.
Maynard________________First National Co-operative Association, 40 Main
Street.
Do_________________ International Co-operative Association, 104 Main
Street.
Do_________________ Riverside Co-operative Association, 46 Nason
Street.
Do_________________ United Co-operative Society of Maynard, 56-62
Main Street.
Middleboro______________ American Lithuanian Co-operative Public Market
Corporation.
New Bedford____________ Labor League Cooperative Bakery, 478 South
Water Street.
Northampton_______ _____Italian Co-operative Association (Inc.), 54 Holyoke
Street.
North Dighton___________North Dighton Co-operative Association (Inc.),
Lincoln Avenue.
Norwood________________ Norwood Lithuanian Cooperative Association,
1078 Washington Street,




144

APPENDIX E

Norwood------------------------ Polish Cooperative (Inc.)* 1057 Washington
Street.
Do-------------------------- United Co-operative Society of Norwood, 47 Savin
Avenue.
Plymouth----------------------- Plymouth Co-operative Association (Inc.), corner
Bradford and Sandwich Streets.
Do-------------------------- Societa Co-operativa Cristoforo Colombo (Inc.).
Quincy_________________ United Co-operative Society of Quincy.
Sagamore_______________ Workers Co-operative Union.
Salem---------------------------- Polish Cooperative Commercial Store, Box 272.
Springfield______________ Jewish Workers Cooperative Bakery (Inc.), 101
Franklin Street.
Westfield________________Mundale Farmers Cooperative Exchange.
Winchendon_____________ Co-operativa Italiana (Inc.).
Woburn_________________Middlesex Cooperative Co.
Worcester----------------------- United Co-operative Society, 138 Belmont Street.
Do_________________ Workmen’s Circle Cooperative Bakery, 106 Water
Street.
M ich ig a n

Amasa__________________ Amasa Cooperative Society.
Bangor_________________ Bangor Cooperative Association.
Battle Creek____________ Alliance Mercantile Co., 43 Aldrich Street.
Do-------- ------------------Battle Creek Co-Operative Society, 22 South Madi­
son Street.
Bessemer------------------------ Bessemer Cooperative Store.
Do-------------------------- Rientola Cooperative Boarding House, Box H.
Brown City_____________ Brown City Cooperative Co.
Bruce Crossing___________Settlers’ Co-operative Trading Co.
Calumet________________ Tamarack Co-operative Association.
Carsonville______________ Carsonville Cooperative Co.
Caspian------ ------------------- Caspian Corporation.
Cass City___________ .___ Cass City Co-operative Mercantile Co.
Chatham________________Farmers* Cooperative Store Co.
Covington_______________Covington Cooperative Society.
Crystal Falls____________ Crystal Falls Co-operative Society.
Do_________________ Finnish and Swedish Mercantile Association.
Deerton_________________Deerton Cooperative Association.
Detroit_________________ Cooperative Toivo Co.
Durand_________________ Durand Co-operative Association.
Eben Junction___________ Eben Farmers Co-operative Store Co.
Escanaba_______________ Railway Emjployees Cooperative Association.
Do_________________ Scandia Co-Operative Association.
Gaines__________________ Farmers’ Cooperative Association.
Grand Rapids___________ Grand Rapids Cooperative Store, 1318 Maud
Avenue.
Grand Rapids----------------- New Era Association.
Hancock-------------------------Farmers Co-operative Trading Co.
Do_________________ Finnish Cooperative Boarding House.
Herman_________________Farmers Co-operative Association.
Holland_________________Holland Cooperative Association.
Iron Mountain___________The Iron Mountain Mercantile Co. (Ltd.)
Ironwood_______________ Elanto Cooperative Club, 434 East Pine Street.
Do_________________ National Co-operative Co., 345 East Ayer Street.
Ishpeming_______________Finnish Cooperative Boarding House.
Do-------------------------- Ishpeming Consumers’ Co-operative Association,
213 Pearl Street.
Jackson-------------------------- Co-operative Society of Railway Brotherhoods,
115-117 Cooper Street.
Johns Wood_____________ Drummond Co-operative Club.
Lake Lindon____________ Lake London Cooperative Association.
Laurium._______________ Italian Cooperative Store.
Levering8_______________ Levering Co-operative Co.
8Marketing activities also.




DIRECTORY— CONSUMERS’ SOCIETIES

145

Marquette______________ Finnish Cooperative Boarding House.
Do_________________ Bailway Employees Co-operative Association of
Marquette, Mich., 207-209 South Front Street.
Do_________________ Workers Co-operative Society, 231 Washington
Street.
Mass___________________ Mass Co-operative Co.
Montgomery____________ Montgomery Cooperative Association.
Do_________________ Tri-State Cooperative Association.
Morenci________________ Morenci Cooperative Association.
Munising_______________ Finnish Cooperative Society, West Superior Street.
Negaunee_________ ____ - Voimala Boarding House, Clark Street.
Newberry_______________ Newberry Co-operative Association.
New Hudson____________ Wixon Cooperative Association.
Nisula----------------------------Farmers' Co-operative Store Co.
North Branch___________ North Branch Cooperative Co.
Olivet__________________ Walton Township Co-operative Co.
Onsted_________________ Onsted Cooperative Association.
Owosso_________________ Owosso Cooperative Association, 207 South Wash­
ington Street.
Palmer_________________ Palmer Co-operative Association.
Park City (P. O., Republic). Finnish Cooperative Store of Park City.
Pelkie__________________ Farmers Co-Operative Trading Co.
Republic________________ Republic Finnish Co-operative Store.
Rock___________________ Rock Co-operative Co.
Rudyard________________ Rudyard Cooperative Co.
Saline__________________ Saline Cooperative Co.
Sault Ste. Marie_________ Finnish Co-operative Boarding House, 416 East
Portage Avenue.
Do_________________ Soo Co-operative Mercantile Association, 636
Ashmun Street.
Scotts__________________ Scotts Co-operative Association.
South Haven____________ South Haven Co-operative Stores.
Tecumseh----------------------- Tecumseh Cooperative Association.
Toivola______ __________ Toivola Cooperative Consumers' Association. (No
store; buying club only).
Trenary_________________Trenary Farmers Co-Operative Store.
Wakefield_______________ Finnish Cooperative Boarding House.
Do_________________ Finnish Cooperative Trading Co.
Do-------------------------- Peoples Cooperative Co.
M in n e s o ta

Aitkin__________________ Bay Lake Fruit Growers Association.
Albert Lea______________ Freeborn County Cooperative Oil Co.
Almelund_______________ Farmers' Cooperative Store Co.
Angora_________________ Northern Farmers Cooperative Society.
Do-------------------------- Sturgeon Alango Cooperative Co.
Appleton________________Appleton Cooperative Co.
Argyle, Route No. 1______ Farmers Co-operative Association.
Arlington_________ •
-------- Union Mercantile Co.
Ashby__________________ Farmers Equity Association.
Aurora__________________Aurora Co-operative Mercantile Association.
Bamum________________ Barnum Farmers' Cooperative Co.
Belgrade-------------------------Belgrade Co-operative Store Co.
Biwabik________________ Biwabik Co-operative Mercantile Association.
Blackberry______________ Farmers Mercantile Co.
Bongards_______________ Bongards Co-operative Co.
Bovey__________________ Balsam Farmers' Co-operative Association. (No
store; buying club only.)
Do_________________ Kunto Clubhouse.
Brainerd________________ Brainerd Co-operative Mercantile Co.
Do_________________ Scandinavian Co-operative Mercantile Co., 1301
Woodward Street.
Breckenridge____________ Breckenridge Co-operative Association, 608 Ne­
braska Avenue.




146

APPENDIX E

Brimson________________ Farmers Store Association.
Brookston 8
--------------------- Brookston Farmers Co-operative Trading Co.
Brooten_________________ Farmers’ Co-operative Mercantile Co.
Do_________________ Grove Lake Co-operative Co.
Canton 8
________________ Farmers Co-operative Co. of Canton.
Chisholm_______________ Balkan Farmers Co-operative Association.
Clarkfield_______________ Consumers’ Cooperative Oil Co.
Cloquet--------------------------Cloquet Co-operative Society, Avenue F and
Fourteenth Street.
Do_________________ Toivola Co. 1106 Avenue F.
Cokato_________________ Cokato Farmers Mercantile Association.
Cook___________________ Cook Co-operative Association.
Cottonwood-------------------- Cottonwood Cooperative Oil Co.
Cromwell_______________ Farmers Co-operative Co.
Crookston_______________Crookston Co-operative Mercantile Co., 113 South
Main Street.
Crosby_________________ Crosby Workers Co-operative Association.
Dawson_________________ Dawson Cooperative Mercantile Co.
Do_________________ Dawson Cooperative Oil Co.
Duluth (West)___________ The Rentola Co., 4 North Fifty-ninth Avenue.
Do-------------------------- Toverila Co., 108 East First Street.
Do_________________ Union Consumers’ Co-operative Society, 1911
West Superior Street.
Dundee_________________ Dundee Co-operative Co.
East Lake_______________ Farmers Co-operative Trading Co.
Elbow Lake______________Elbow Lake Co-operative Co.
Elmore_________________ Elmore Cooperative Mercantile Co.
Ely_____________________Ely Co-operative Association.
Elysian_________________ Greenland Farmers Equity Exchange.
Embarrass______________ Embarrass Farmers Co-operative Mercantile Asso­
ciation.
Emmons________________ State Line Farmers’ Cooperative Co.
Eveleth_________________ Tarmo Trading Association, 426 Monroe Street.
Fairfax_________________ Fairfax Cooperative Association.
Finland_________________ Finland Co-operative Co.
Floodwood______________ Floodwood Co-operative Association.
Gary, Route No. 4_______ Sundahl Mercantile Co.
Gary___________________ The Waukon Mercantile Co.
Georgeville______________ Co-operative Farmers Co.
Gheen__________________ Farmers Co-operative Trading Co.
Gilbert__________________Hutter Farmers Cooperative Association.
Do_________________ International Work People’s Co-operative Associa­
tion.
Gowan__________________ Gowan Co-operative Association.
Grand Rapids___________ Grand Rapids Cooperative Co.
Grey Eagle______________ The Co-operative Store.
Grove City______________ Consumers’ Co-operative Mercantile Co.
Grygla__________________ Grygla Co-operative Co.
Hanska_________________ Hanska-Linden Store Co.
Hayfield________________ Farmers Cooperative Oil Association.
Hazel Run______________ Jertson Mercantile Co.
Henderson______________ Henderson Mercantile Co.
Henning________________ Henning Farmers Supply Co.
Herman_________________Herman Farmers Store Co.
Hibbing_________________Consumers’ Cooperative Co. (Inc.), 916 Third Ave­
nue North, and 2325 First Avenue South.
Do_________________ Finnish Cooperative Boarding House.
Hills____________________Farmers Mercantile Co.
Hoffman________________ Farmers’ Cooperative Mercantile Co.
Hopkins________________ Hopkins Co-operative Association.
Howard Lake____________ Howard Lake Cooperative Mercantile Co.
International Falls_______ Walo Co-operative Association, Box 742.
Iron____________________ Cherry Farmers’ Co-operative Association.
Isanti, Route No. 2_ ___ Union Mercantile Co.
Jackson_________________ Peoples’ Cooperative Oil Co.
* Marketing activities also.




DIRECTORY— CONSUMERS’ SOCIETIES

147

Jeffers__________________ Jeffers Co-operative Co.
Kandiyohi_______________Kandiyohi Cooperative Mercantile Co.
Kellogg_________________ Kellogg Co-operative Store Co.
Kenneth________________ Kenneth Farmers Store Co.
Kerkhoven______________ Farmers’ Exchange.
Kettle River__- _________ Farmers’ Co-operative Mercantile Association.
Knapp (P. O. Cokato, Knapp Co-operative Mercantile Co.
Route No. 3).
Lakefield________________Jackson County Cooperative Co.
Lamberton______________ Farmers Co-operative Co.
Lanesboro_______________Lanesboro Co-operative Mercantile Co.
_________________ Lawler Farmers’ Cooperative Mercantile Asso­
Lawler8
ciation.
Lindstrom_______________ Chisago County Cooperative Co.
Litchfield_______________ Litchfield Oil Co.
Little Swan_____________ Farmers’ Co-operative Society.
Long Prairie_____________Long Prairie Cooperative Co.
Mahtowa_______________ Skelton Farmers Co-operative Association.
Marcell_________________ Marcell Cooperative Association.
Marshall________________ Marshall Co-operative Oil Co.
Martin_________________ Martin Cooperative Oil Co.
Matawan_______________ Matawan Farmers Cooperative Mercantile Co.
Menahga________________Farmers Co-operative Sampo.
Mentor_________________ Mentor Co-operative Co.
Minneapolis_____________ Economy Fuel Co. Cooperative, North Side.
Do_________________ Franklin Co-operative Creamery Association, 2108
Washington Avenue North.
Do_________________ Idrott Cooperative Society.
Minneapolis ( f e d e r a t i o n ) __ Minnesota Cooperative Oil Co., 3300 Hennepin
Avenue.
Minneapolis_____________ Modem Book Store.
Minneapolis ( f e d e r a t i o n ) — Northern States Cooperative League, 2108 Wash­
ington Avenue North.
Minneapolis ( o r g a n i z a t i o n Northwestern Cooperative League, 912-913 Lumb o d y ).
her Exchange.
Minnesota Lake__________Minnesota Lake Farmers Co-operative Mercantile
Co.
Moose Lake_____________ Farmers Cooperative Produce Association.
Nashwauk______________ Elanto Co., Store Department.
New London____________ New London Farmers Store Co.
New Richland___________ New Richland Farmers’ Cooperative Co.
New York Mills__________Heinola Farmers’ Co-operative Mercantile Asso­
ciation.
Do-------------------------- New York Mills Cooperative Co.
Do-------------------------- Peoples Voice Publishing Co.
Odessa__________________Odessa Cooperative Oil Association.
Orr_____________________Orr Farmers Co-operative Trading Co.
Ortonville----------------------- Pioneer Store Co-operative Co.
Owatonna----------------------- Central Cooperative Oil Association.
Palisade------------------------- Palisade Cooperative Association.
Pennock________________ Pennock Cooperative Store.
Perham-------------------------- Perham Co-operative Co.
Pipestone----------------------- Farmers Co-operative Mercantile Co.
Pitt------------------------------- Pitt Co-operative Co.
Preston-------------------------- Preston Cooperative Mercantile Co.
Princeton----------------------- Farmers Co-operative Co.
Randolph----------------------- Randolph Co-operative Co.
Ray------------------------------- Beaver Farmers Co-operative Association.
Redwood Falls-----------------Scenic City Co-operative Oil Co.
Rose Creek--------------------- Rose Creek Cooperative Co.
Rothsay------------------------- Rothsay Cooperative Association.
Sacred Heart-------------------Sacred Heart Co-operative Mercantile Co.
St. Clair------------------------- Farmers’ Cooperative Store.
St. James------------------------Nelson & Albin Co-operative Mercantile Associa­
tion.
*Marketing activities also.




148

St. James______
Sax____________
Scandia________
Sebeka_________
Squaw Lake-----Starbuck----------Stewart________
Storden________
Svea___________
Thief River Falls.
Toimi..............—
Do________
Toivola-----------Two Harbors___
Do________
Viking_________
Virginia________
Do________
Do________
Wanamingo____
Warroad_______
Waseca-----------Waverly----------Wawina________
Wegdahl.............
Wells__________
Westbrook_____
Westbury______
Wheaton_______
Willmar________
Windom_______
Winona________
Wright________
Young America. .
Zim___________
Zumbrota______

APPENDIX E

Sveadahl Cooperative Mercantile Association.
Sax Farmers, Cooperative Stock Co.
Scandia Mercantile Co.
Sebeka Co-operative Co.
Farmers’ Co-operative Co. (of Max).
Farmers Mercantile Co.
Stewart Co-operative Store (Inc.).
Storden Cooperative Co.
Svea Co-operative Mercantile Co.
Peoples Co-operative Store Co. (Inc.).
Fairbanks Cooperative Association. (No store;
buying club only.)
Finnish Supply Co.
Toivola Co-operative Mercantile Co.
Scandinavian Co-operative Mercantile Co., corner
Third and Cedar Streets.
The Workers & Farmers’ Co-operative Co.
Farmers Co-operative Co.
Finnish Cooperative Boarding House.
Italian Work People’s Trading Co.
Virginia Work People’s Trading Co.
Farmers Cooperative Mercantile Co.
Warroad Co-operative Co.
Waseca Cooperative Association.
Farmers’ Union Store Association.
Wawina Co-operative Society.
Wegdahl Farmers Co-operative Association.
Wells Farmers Mercantile Co.
Westbrook Co-operative Co.
Farmers Mercantile Co.
Wheaton Farmers’ Co-operative Mercantile Co.
Willmar Co-operative Mercantile Co.
Windom Co-operative Co.
Winona Co-operative Association, 903 West Fifth
Street.
Farmers Co-operative Co.
Young America Co-operative Store Co.
Zim Farmers’ Mercantile Association.
Zumbrota Co-operative Mercantile Co.
M iss issip p i

Amory.

Amory Co-operative Store.
M is s o u r i

Bland_______
Bogard______
Bosworth____
Bowling Green.
Braymer_____
Brookfield____
Chula_______
Columbia____
Cowgill *_____
De Soto_____
Dunnegan____
Eldon_______
Gallatin_____
Galt_____. . . .
Hamilton____
High Hill____
Hopkins_____
*Marketing activities also.




Farmers’ Union Cooperative Association.
Farmers Union Mercantile Co.
Farmers Store.
Farmers’ Equity Exchange.
Farmers’ Union Cooperative Co.
Cooperative League of Brookfield. 120 South Main
Street.
Farmers’ Union Store.
University Cooperative Store.
Farmers’ Produce Co.
Farmers’ Union Store.
Farmers Golden Rule Store.
Miller County Co-operative Association, 102 South
Maple Street.
Farmers Mercantile Co.
Do.
Farmers Store.
Farmers Mercantile Co.
Farmers Union Store.

DIRECTORY— CONSUMERS’ SOCIETIES

149

Jameson________________ Farmers Store.
Jerico Springs___________ Farmers’ Union Store Association.
Kansas City (w h o le s a le )___ Farmers Union Jobbing Association, 643 Board of
Trade Building.
Kidder_ _______________Farmers Store.
_
Lexington_______________ French Cooperative Store, Franklin Street.
Do_________________ Miners Co-operative Store, U. M. W. A. Building.
Local 171.
Liberal_________________ Farmers’ Exchange.
Lock Springs *___________ Farmers Mercantile Co.
Marble Hill________ ____ Farmers Supply Store.
Milo___________________ Farmers’ Exchange.
Montrose_______________ Farmers Union Store.
Moscow Mills___________ Moscow Co-operative Society.
Mount Moriah___________The Farmers’ Exchange.
Nettleton_______________ Farmers Mercantile & Trade Co.
Newburg________________Cooperative Mercantile Co.
Odessa_________________ Farmers’ Cooperative Co.
Powersville______________ Farmers Exchange No. 210.
Princeton_______________ Farmers Union Store of Mercer County.
St. Clair________________ Farmers Co-operative Association No. 17.
Salem__________________ Farmers Store.
Saline__________________
Do.
Sheldon_________________Farmers Exchange.
Sikeston_______ ________ Farmers Dry Goods & Clothing Co.
Skidmore_______________ Farmers Union Mercantile Co.
Spickard________________ Farmers Store.
Standish________________ Farmers Co-operative Supply Co.
Trenton________________ Trenton Cooperative Mercantile Co., 811 Main
Street.
Windsor------------------------- Farmers Co-operative Co.
M o n ta n a

Baker__________________ Fallon County Cooperative Mercantile Association.
Bear Creek______________ Peoples Co-operative Society.
Camas__________________Camas Co-operative Co.
Cascade________________ Cascade Co-operative Association.
Conrad_________________ Equity Cooperative Association.
Corvallis________________ Equity Co-operative Association.
Creston_________________ Equity Supply Co.
Dagmar________________ Farmers Co-operative Association.
Denton_________________ Equity Cooperative Association.
Fairchild________________
Do.
Florence________________ Florence Co-operative Co.
Geraldine_______________ Geraldine Co-operative Association.
Gildford________________ Equity Cooperative Association.
Gold Butte______________ Gold Butte Co-operative Association.
Greycliff________________ Greycliff Cooperative Store.
Helena---------------------------Farmers’ Society of Equity.
KaUspell8
----------------------- Equity Supply Co.
Livingston______________ Union Cooperative Store.
Do-------------------------- Yellowstone Cooperative Association.
Miles City---------------------- Equity Rochdale Cooperative Co.
Missoula________ ______ _ Workers Co-operative Co., 227 Alder Street.
Monarch________________Monarch Cooperative Store.
Plentywood____________ _ Farmers’ Cooperative Store.
Roundup------------------------ Roundup Co-operative Association.
Rudyard------------------------ Equity Cooperative Association.
Saco *-----------------------------Saco Co-operative Association.
Shelby................................ Cooperative Store.
Square Butte...................... Square Butte Cooperative Mercantile Co*
Stevensville---------------------Farmers Co-operative Association.
Windham_______________ Windham Cooperative Store.
Wisdom________________ Wisdom Cooperative Store.
Worden_________________Project Co-operative Association.
* Marketing activities also.




150

APPENDIX E
N ebra ska

Adams--------------------------- Farmers’ Union Cooperative Association*
Alexandria______________
Do.
Alliance_________________
Do.
Do.
Altona__________________
Do.
Anoka__________________
Ansley----------------------------Farmers’ Union Cooperative Co.
Arapahoe_______________ Farmers’ Equity Exchange.
Archer----------------------------Farmers’ Union Cooperative Association.
Atkinson-------------------------Farmers’ Union Cooperative Association.
Bancroft-------------------------Farmers’ Union Mercantile Co.
Belgrade________________ Farmers’ Union Store.
Bennett-------------------------- Farmers’ Union Cooperative Association.
Bladen--------------------------- Farmers Union Business Association.
Blair------------------------------Farmers’ Cooperative Union.
Bloomfield______________ Farmers’ Cooperative Co.
Bloomington------------------- Bloomington Equity Exchange.
Broken Bow_____________ Cooperative Co.
Brownville---------------------- Farmers Union Co-operative Association.
Burr------------------------------ Farmers Union Cooperative Association.
Burwell_________________
Do.
Bushnell________________ Farmers’ Union Co-operative Supply Co.
Butte___________________ Farmers Exchange.
Cadams--------------- ’----------Cadams Farmers Union Association.
Cairo___________________ Farmers Mercantile Co.
Cambridge----------------------Cambridge Co-operative Oil Co.
Campbell_______________ Farmers Union Mercantile Co.
Carroll__________________Farmers’ Union Cooperative Association.
Central City--------------------Chapman Cooperative Mercantile Association.
Clarks__________________ Farmers Union Co.
Clear Water-------------------- The Union Store.
Coleridge------------------------Farmers’ Union Co-operative Exchange.
Columbus_______________ Farmers’ Union Cooperative Mercantile Co.
Concord------------------------- Farmers’ Union Cooperative Association.
Crab Orchard____________
Do.
Crawford_______________ Crawford Cooperative Co.
Creighton----------------------- Farmers’ Cooperative Association.
Crete___________________ Farmers’ Union Cooperative Association of Crete.
Culbertson______________ Culbertson Equity Exchange.
Davenport______________ Farmers’ Union Co-operative Association.
Daykin_________________ Farmers Mercantile Co.
Diller___________________ Farmers Union Co-operative Store.
Dorchester______________ Farmers’ Union Cooperative Association of Dor­
chester.
Du Bois________________ Farmers’ Union Cooperative Association.
Eagle___________________
Do.
Eddyville_______________ Farmers’ Cooperative Co.
Elwood_________________ Elwood Equity Exchange.
Fairfield________________ Farmers’ Union Cooperative Association.
Farnam_________________ Farmers’ Cooperative Association.
Filley___________________ Farmers’ Union Cooperative Association.
Flowerfield______________ Farmers’ Union Cooperative Supply Co.
Franklin 8
----------------------- Farmers’ Union Cooperative Association.
Fremont________________ People’s Co-operative Store, 505-515 North Broad
Street.
Fullerton________________ Farmers’ Union Cooperative Association.
Funk___________________ Farmers’ Cooperative Store.
Geneva_________________ Farmers’ Cooperative Store.
Do-------------------------- People’s Cooperative Supply Co.
Genoa__________________ Farmers’ Union Cooperative Association.
Gering__________________ Farmers Mercantile Co.
Gordon_________________ Farmers’ Union Cooperative Association.
Graf------------------------------ Farmers’ Union Cooperative Association of Graf.
Grant__________________ Grant Equity Exchange.
Greeley 8__----------------------Farmers Cooperative Co.
8Marketing activities also.




DIRECTORY— CONSUMERS’ SOCIETIES

151

Gresham________________ Farmers’ Union Cooperative Association.
Guide R ock .____________ Farmers’ Union Cooperative Co.
Hardy__________________ Farmers’ Union Mercantile Association.
Harrison________________ Equity Cooperative Association of Harrison.
Hartington______________ Farmers Union Exchange.
Havelock_______________ Peoples Co-Operative Co.
Hayland________________ Hayland Farmers’ Union Co.
Hay Springs_____________ Farmers Union Co-operative Association.
Hebron 8________________ Farmers Union Cooperative Association.
Hendley________________ Farmers’ Union Cooperative Co.
Hickman________________Farmers Union Mercantile Co.
Hildreth________________ Farmers’ Union Cooperative Association.
Holbrook_______________ Farmers Union Co-Operative Store.
Homer_________________ Farmers’ Cooperative Co. of Homer.
Hoskins_________________Farmers’ Union Cooperative Association.
Inland__________________
Do.
Ithaca___________ ______
Do.
Jansen__________________
Do.
Johnson________________ The Johnson Farmers’ Union Co-operative Associa­
tion.
Julian__________________ Farmers’ Union Cooperative Association.
Keene__________________ Keene Store.
Keystone_______________ Farmers Co-Operative Association.
Kimball________________ Farmers’ Union Cooperative Association.
Lanham (P. O., Lanham, Farmers’ Union Cooperative Co.
Kans.).
Lexington_______________ Lexington Grange Cooperative Association.
Lincoln_________________ Farmers’ Union Cooperative Association.
Lodge Pole._____________ Farmers Union Cooperative Grain & Stock Asso­
ciation.
Long Pine_______________Long Pine Farmers Co-Operative Co.
Louisville_______________ Farmers’ Union Mercantile Co.
Loup City____- __________Farmers’ Union Cooperative Association.
Lyons__________________ Lyons Cooperative Store.
Madison________________ Farmers’ Union Cooperative Association.
Maywood_______________ Maywood Equity Exchange.
McCook8_______________ Red Willow Equity Exchange.
McCool Junction_________Farmers’ Union Cooperative Association.
Memphis________________
Do.
Millard_________________ Cooperative Mercantile Co.
Mitchell________________ Farmers’ Union Association.
Naponee_______ ________ Naponee Equity Exchange.
Neligh--------------------------- Farmers Union Cooperative Association.
Do.
Newman Grove__________
Nickerson_______________ People’s Cooperative Store.
Niobrara________________ Farmers Union Cooperative Association.
Nora___________________ Farmers Union Association.
Norfolk_________________ Farmers Union Cooperative Association.
Oak__________ _________
Do.
Oakdale________________
Do.
Omaha ('w h o le s a le )________Farmers’ Union State Exchange, Eleventh and
Jones Streets.
Omaha__________ ______ Workmen’s Co-operative Mercantile Association,
1732 South Thirteenth Street.
Orchard_________________ Farmers’ Union Cooperative Co.
Ord8____________ _____ _ Farmers Grain & Supply Co.
Orleans_________________ Orleans Equity Cooperative Association.
Osceola8________________ Farmers Union Cooperative Association.
Overton8
________________Overton Grange Association.
Page------------------------------Farmers Union Store.
Parks___________________Parks Equity Exchange.
Paul____________________ Farmers’ Union Cooperative Association.
Pawnee City____________ Farmers’ Union Cooperative Store..
Paxton_________________ Farmers’ Cooperative Association.
Petersburg8______ ______ Farmers Cooperative Mercantile Co.
*Marketing activities also.




152

APPENDIX E

Phillips_____ ___________ St. Joe Co-operative Cash Mercantile Co.
Pickrell_________________ Pickrell Farmers Mercantile Co.
Pilger___________________Farmers’ Union Cooperative Association.
Platte Center____________ Farmers Union Co-operative Co.
Plymouth_______________ Farmers Mercantile Co.
Polk____________________ Farmers’ Union Cooperative Association.
Prague__________________Farmers’ Union Cooperative Co.
Raeville_________________Farmers Co-Operative Exchange of Raeville.
Randolph_______________ Farmers’ Union Cooperative Association.
Rescue__________________Farmers’ Cooperative Co.
Rising City______________Farmers’ Union Cooperative Association.
Rosalie_________________ Farmers Union Co-operative Co.
Roscoe__________________Farmers’ Cooperative Association.
Rosemont_______________ Farmers’ Union Cooperative Association.
Shickley________________ Shickley Co-operative Society.
Silver Creek-------------------- Farmers’ Union Cooperative Association.
Spalding________________ Farmers’ Union.
Springfield---------------------- Farmers Co-operative Grain Co.
Springview----------------------Farmers Union Mercantile Co.
Stanton_________________ Farmers Union Co-Operative Association.
Sterling_________________ Farmers’ Union Cooperative Association.
Stockville----------------------- Farmers’ Cooperative Association.
Sutton__________________ Farmers Co-operative Co.
Swede Home (P. O., Stroms- Farmers’ Union Co-operative Association.
burg).8
Table Rock--------------------- Table Rock Cooperative Co.
Taylor__________________ Farmers’ Cooperative Store Co.
Tekamah_______________ Farmers’ Union Store.
Thedford________________ Farmers’ Union Cooperative Association.
Trenton_________________Trenton Equity Exchange.
Trumbull------------------------ Nebraska Farmers’ Union Association.
Ulysses_________________ Farmers Cooperative Store.
Unadilla________________ Farmers’ Union Cooperative Association.
Upland---------------------------Farmers Union Mercantile Co.
Valentine 8
______________ Farmers Union Co-operative Association.
Venango________________ Venango Equity Exchange.
Verdigre________________ Farmers’ Cooperative Association.
Wakefield----------------------- Farmers Union Co-operative Exchange.
Wallace-------------------------- Wallace Equity Exchange.
Walton---------------------------Farmers’ Union Cooperative Association.
Wann__________________
Do.
Waterbury----------------------Farmers’ Union Cooperative Mercantile Co.
Wausa__________________ Farmers’ Union Cooperative Association.
Do.
Waverly________________
Weeping Water---------------Do.
Weston_________________ Farmers Union Co.
Westpoint_______________ Farmers Union Exchange.
Wilsonville----------------------Wilsonville Co-operative Mercantile Co.
Wisner__________________Farmers’ Union Cooperative Association.
Wolbach............. ................
Do.
Wynot__________________ Farmers Union Exchange.
N e w H a m p s h ire

Durham------------------------- Durham Cooperative Co.
East Wakefield__________ Wakefield Farmers Union.
Milford............... ......... .....Milford Cooperative Society, South Street.
Nashua-------------------------- Polish Co-operative Co., 9 School Street.
Portsmouth---------------------Co-operative del Popola, 214 Market Street.
N ew J ersey

Bergenfield---------------------- North Jersey Co-operative Society (Inc.), 114 South
Washington Avenue.
Clifton__________________ Italian-American Family Association, 262 Parker
Avenue.
•Marketing activities also.




DIRECTORY— CONSUMERS' SOCIETIES

153

Gloucester City—. ............. Gloucester City Co-Operative Co. (Inc.), 844
Cumberland Street.
Newark-------------------------- Newark Cooperative League (Inc.), 194 Prince
Street.
Do-------------------------- Ukraine Cooperative Society, Beacon Street and
Springfield Avenue.
Do-------------------------- White Eagle Store. 509 Market Street.
Paterson-------------------------Co-operative Butcner Shop, 127 River Street.
Do-------------------------- Italian Union Co-operative, 276 Straight Street.
Do-------------------------- Purity Co-operative Association, 12 Tyler Street.
Princeton------------------------The Princeton University Store (Inc.).
Sayreville----------------------- Sayreville Consumers’ Cooperative Association.
Stelton------------- , _______ Fellowship Cooperative Association.
Do-------------------------- New Jersey Cooperative Mercantile Association
(Inc.).
Union City______________ Cooperativa Italiana Moderna, 470 Summit Avenue.
Do-------------------------- Italian Workmen Co-operative, 345-347 West
Street.
N e w M e x ic o

Clovis__________________ Plains Buying & Selling Association.
Gallup__________________ Gallup Co-operative Store.
N ew Y ork

Auburn_________________ Polish meat & Grocery Cooperative Store, 215
State Street.
Brooklyn________________Co-operative Bakery of Brownsville & E. N. Y.,
543 Osborn Street.
Do_________________ Co-operative Educational Institute, 400 Stone
Avenue.
Do_________________ Education Co-operative Buying Society, 131 Living­
ston Street.
Do_________________ Finnish Cooperative Restaurant, corner of Fortieth
Street and Eighth Avenue.
Do_________________ Finnish Co-operative Trading Association (Inc.),
4301 Eighth Avenue.
Do_________________ Lithuanian Cooperative Publishing Society (Inc.),
445 Grand Street.
Do_________________ Ridge Cooperative Association (Inc.), 913 Fiftysecond Street.
Do_________________ Sunray Co-operative Garage (Inc.), 3817 Eighth
Avenue.
Colonie_________________ Cooperative Public Market (Inc.).
Copenhagen_____________ Copenhagen Cooperative Co. (Inc.).
Croghan________________ Croghan Grange Exchange Cooperative Associa­
tion.
Deer Park_______________Port Jervis Cooperative Association.
Fort Edward____________ Adirondack Farmers’ Cooperative Exchange (Inc.).
Germantown____________ Germantown Co-operative Association (Inc.).
Katonah________________ The Co-operative Store, Brookwood Labor College.
Kennedy________________ Kennedy Cooperative Corporation (Inc.).
Kerhonksen_________ ____Farmers Co-operative Co.
Little Falls______________ Grangers Mercantile Association.
Livingston Manor________ Livingston Manor Cooperative Grange Exchange
(Inc.).
Mallory_________________Mallory Co-operative Association.
Mechanicsville___________ Champlain Cooperative Society, 927 East Street,
Flag Island.
Do_________________ Mechanicville Cooperative Wholesale & Retail
Association (Inc.), 304 Park Avenue.
Middleville______________ Middleville Cooperative Exchange.
Mountain Dale__________ Co-operative Store.
New York___ __________ City Hall P. O. Cooperative Society, City Hall Sta­
tion.
Do________ ________ Consumers’ Cooperative Services, 54 Irving Place,




154

New York

APPENDIX E
(e d u c a t io n a l f e d -

Co-operative League of the United States of America (Inc.), 167 West Twelfth Street.
New York (e d u c a t i o n a l ) ___ Eastern States Cooperative League, 167 West
Twelfth Street.
New York_______________Economic Co-operative Circle, 2401 Southern
Boulevard.
Do_________________ Girls Community Shop, 94 MacDougall Street.
Do_________________ Hudson Guild Cooperative Store (Inc.), 443 West
Twenty-eighth Street.
Do_________________ Industrial Arts Co-operative Service Association
(Inc.), 1256 Amsterdam Avenue.
Do_________________ People’s Cooperative Society (Inc.), 175 East
Broadway.
Do__ ____ _________ “ T ” Cooperative Association (Inc.), 5 West Sixtyfifth Street.
Do_________________ Workers’ Unity Association, 135 Lexington Avenue.
Do_________________ Workingmen’s Cooperative Publishing Association,
112 Fourth Avenue.
Pinelawn________________ Lombardi Cooperative Association (Inc.).
Plessis__________________ Plessis Farmers Co-operative Association.
Poestenkill______________ Poestenkill Co-operative Association.
Rochester_______________ Working People’s Consumers’ League, 588 Genesee
Street.
Rose___________________ Rose Cooperative Association.
Schenectady.____________ Workers’ Consumers’ League, 13 Nawood Avenue.
Seneca Castle____________ Castle Cooperative (Inc.).
South Fallsburg__________ South Fadlsburg Farmers Co-operative Exchange.
Spring Valley____________ Spring Valley Co-operative Association.
Staatsburg______________ Farmers Co-operative Association.
Syracuse-------------------------Purity Cooperative Bakery Association (Inc.), 918
McBride Street.
Troy___________________ Troy Supplies Co-operative Association.
Utica___________________ Utica Co-operative Society (Inc.), 914 Court
Street.
Woodhaven_____________ Woodhaven Polish American Corporation, 4018
Beaufort Avenue.
Woodridge______________ Woodridge Farmers’ Cooperative Bakery.
er a tio n ).

N o r th C a r o lin a

Asheville________________ Railroad Employees Co-operative Store.
Elon College_____________ Elon Cooperative Store.
Hiddenite_______________ Growers Cooperative Purchasing Association.
Marion_________________ People’s Store.
Monroe_________________ Cooperative Mercantile Co.
Spray___________________Rockingham Cooperative Co.
Stony Point_____________ Stony Point Cooperative Purchasing Association.
Valdese.............................. Valdese Co-operative Store Co.
N o rth D a k o ta

Alexander_______________ Co-operative Store.
Ayr____________________ Ayr Farmers’ Cooperative Co.
Baker__________________ Baker Co-operative Store Co.
Barney_________________ Barney Cooperative Mercantile Association.
Berlin__________________ Berlin Cooperative Store.
Bismarck_______________ Farmers’ Cooperative Union, Box 215.
Blaisdell________________ Blaisdell Cooperative Co.
Bottineau----------------------- Bottineau Co-operative Store Co.
Brampton_______________ Farmers’ Cooperative Store.
Carrington______________ Co-operative Store.
Cleveland_______________ Cleveland Cooperative Mercantile Co.
Cooperstown____________ Co-operative Store.
Do_________________ People’s Meat Market.
Courtney_______________ Co-operative Store,




DIBEOTOBY— CONSUMEBS’ SOCIETIES

155

Dawson_________________ Dawson Farmers’ Co-operative Store Co. (Inc.).
Dazey__________________ Dazey Cooperative Association.
Dore___________________ Dore Cooperative Mercantile Co.
Drayton________________ Drayton Co-Operative Co.
Eastedge________________ Eastedge Farmers Store.
Emerado________________ Emerado Cooperative Store.
Forbes__________________ Forbes Co-operative Mercantile Co.
Fredonia________________ Fredonia Co-operative Mercantile Co.
Gackle__________________ Gackle Co-operative Store Co.
Galchutt________________ Galchutt Co-operative Mercantile Co.
Gardner________________ Gardner Co-operative Co.
Golden Valley___________ Golden Valley Mercantile Co.
Gorham_________________Gorham Cooperative Mercantile Co.
Grand Forks____________ Grand Forks Co-Operative Association. 125-127
South Third Street.
Hunter_________________ Hunter Co-operative Mercantile Co.
Jamestown______________ Railroad Co-Operative Store.
Kenmare._______________Kenmare Farmers Co-operative Store.
Lansford.2______________ Lansford Co-Operative Co.
Lincoln Valley___________ Lincoln Cooperative Co.
Medina_________________ Medina Cooperative Society.
Michigan_______________ Michigan Cooperative Store.
Milnor__________________ Milnor Cooperative Mercantile Co.
Mohall_________________ Co-operative Store Co.
Nome__________________ Farmers’ Co-operative Publishing Co.
Parshall_________________ Co-operative Store.
Plaza___________________ Farmers’ Cooperative Society.
Portland________________ Portland Co-operative Mercantile Co.
Powers Lake____________ Farmers Co-Operative Store.
Ray____________________ Farmers Co-operative Store.
Reeder__________________Reeder Cooperative Co.
Rhame_________________ Rhame Equity Co-Operative Mercantile Co.
Roth___________________ Eidsvold Equity Club.
Sherwood_______________ Sherwood Cooperative Store.
Silverleaf________________ Silverleaf Cooperative Society.
Tolley----------------------------Tolley Cooperative Store Co.
Turtle Lake---------------------Co-operative Cash Mercantile Co.
Valley City______________ Peoples Co-operative Trading Co.
Van Hook_______________ Finnish Cooperative Club.
Wildrose__ , ____________ Wildrose Co-operative Store.
Wilton__________________ Wilton Co-operative Association.
Wing___________________ Farmers Cooperative Store.
O h io

Adena__________________ Adena Miners’ Supply Co.
Ashtabula_______________ Co-operative Milk line, Oak Street.
Ashtabula_______________ The Finnish Co-operative Co., 103 Oak Street.
Aultman________________ The Aultman Co-operative Co.
Barberton_______________ Co-operative Store, 131 West Creedmore Avenue.
Bellefontaine____________ The Beliefontaine Co-operative Supply Co., 113115 North Main Street.
Bellevue________________ Bellevue Cooperative Society.
Bridgeport______________ Bridgeport Cooperative Association.
Do_________________ Slovenian Cooperative Store.
Do_________________ Wheeling Creek Co-operative Association.
Canfield________________ The Citizens’ Cooperative Co.
Cincinnati-----------------------University of Cincinnati Cooperative Store.
Cleveland----------------------- Cleveland Cooperative Co., 2412-2416 ScoviUe
Avenue.
Do-------------------------- Cleveland Cooperative Coal Co., 308 Euclid Avenue
Building.
Do-------------------------- The Cooperators Co., 1195 East Seventy-first Street.
Do-------------------------- The Slovenian Labor Co-Operative Co. (Inc.),
667 East One hundred and fifty-second Street
Do----------------- -------- The Workingmen’s Co-operative Co., 3726 East
One hundred and thirty-first Street,




156

APPENDIX E

Columbus_____ ____ ____ The Ohio State University Co-operative Supply Co.,
Hayes Hall, State University.
Crestline________________ The Crestline Co-Operative Co., 134-136 East
Main Street.
De Graff........ ........ ........... The Peoples General Store Co.
Dennison............................Dennison & Uhrlchsville Co-operative Co., 23 West
Grant Street.
Deshler*.-......................... Deshler Farmers Elevator Co*
Dillonvale .................... The New Co-operative Association Co.
Elmore_____________ ____ Farmers’ Cooperative Society.
Fairpoint_ ____________~ Midway Co-operative Association.
_
Fairport Harbor______ .... North Star Co-operative Store Co.
Flushing_________ - _____ Cooperative Store.
Fredericktown----------------- Fredericktown Co-operative Grocery.
Galion__________________ Galion Equity Exchange Co.
Glouster________________ Glouster Co-operative Store.
Grelton*_______ ________ The Farmers Grain & Seed Co.
Hollister________________ Cooperative Store.
Jackson_________________ The Jackson Co-operative Co.
Lansing_________________ Lansing Co-operative.
Lowell----------------------------The Lowell Co-operative Co.
Minersville______________ The Peoples Cooperative Co.
Murray_________________ The Murray City Co-operative Store Co.
Neffs___________________ The Co-Operative Store Co.
Newark.................. ............ Federated Cooperative Society, 444 EastMain Street.
New Lexington---------------- The Farmers Co-Operative Store Co.
New Straitsville__________New Straitsville Co-operative Co.
Orrville— *-------------------- The Orrville Co-operative Co.. 142 West Market
Street.
Pomeroy------------------------- The Ohio Valley Co-Operative Co., comer of Maine
and Court Streets.
Do-------------- ------- — People’s Cooperative Store.
Port Clinton_____________Port Clinton Cooperative Co.
Rockford________________Rockford Equity Exchange Co.
Rockyridge--------------------- Ottawa County Cooperative Co.
Scott___________________ The Equity Mercantile Co.
Syracuse________________ The Syracuse Co-Operative Store Co.
Tiro____________________ Tiro Equity Exchange.
Van Wert...................... .
The Van Wert Cooperative Co.
Washingtonville--------------- Washingtonville Co-operative Society.
Wellsville------------------------The Wellsville Co-operative Store Co., 1323 Main
Street.
O k la h o m a

Apache............................... Farmers Union Exchange.
Bartlesville----------------------The People’s Co-operative Store, 112 East Second
Street.
Butler---------------------------- Farmers Union Exchange.
Carter........ .........................Farmers & Laborers Co-operative Association.
Cherokee------------- ----------Farmers’ Federation.
Cheyenne----------------------- Farmers Cooperative Association.
Coalgate________________ Farmers Union Exchange.
Custer City........ ................Custer City Farmers Association.
Cyril___________________ Farmers Union Exchange.
Duke___________________ Farmers Cooperative Association.
Erick----------------------------- Farmers Union Exchange.
Forgan__________________Forgan Equity.
Garlington........ ................. Garlington Cooperative Store.
Heavener_______________ Farmers Store.
Holdenville______________ Farmers Union Exchange.
Isabella_________________ Farmers Co-operative Association.
Lela____________________ Farmers’ Union Trading Association.
Lexington_______________ Farmers Union Co-operative Exchange.
Marietta________________ Farmers Exchange.
*Marketing activities also.




DIRECTORY— CONSUMERS’ SOCIETIES

157

Mooreland 8_____________ Farmers Co-operative Trading Co.
Maud.......... .......................Farmers Mercantile Co.
Newkirk 8----------------------- Farmers Co-operaiive Elevator & Supply Co.
Okarche_________________Farmers’ Cooperative Association.
Paden__________________ Farmers Union Co-operative Exchange.
Perkins_________________ Farmers Exchange.
Perry______ ____________ Farmers Union Trading Co.
Putnam_________________ Farmers Exchange.
Sayre___________________ Farmers Co-operative Union Association.
Seminole 8
_______________ Farmers Co-operative Union Exchange.
Shattuck________________ Shattuck Co-operative Association.
Stillwater------------------------Farmers Union Co-operative Exchange.
Stroud__________________ Farmers Union Co-operative Exchange,
Supply__________________ Farmers’ Cooperative Association.
Texhoma_______ ____ ____Texhoma Equity Exchange.
Tupelo__________________Farmers & Labor Union Exchange.
Wewoka________________ Farmers Union.
Willowbar_______________ Willowbar Cooperative Mercantile Co. (Inc.).

Astoria_________________ Consumers Co-operative Association, 274 Com­
mercial Street.
Bandon___________ _____ Cooperative Store.
Beavercreek_____________ Beavercreek Cooperative Co,
Brownsville______________Calapooia Co-operative Exchange (Inc.).
Corvallis________________ Cooperative Managers Association.
Do_________________ O. A. C. Co-operative Association.
Dallas__________________ Smithfield Cooperative Exchange,
Dayton_________________ Cooperative Store.
Do_________________ Farmers Union Cooperative Warehouse Co.
Halsey__________________ Calapooia Cooperative Exchange (Inc.).
Hood River_____________ Grange Cooperative Store.
Huntingdon_____________ Huntingdon Cooperative Co.
Lebanon________________ The Lebanon Farmers’ Cooperative Exchange.
Milwaukie______________ Wichita Co-operative Water Association.
Mulino_________________ Beaver Creek Cooperative Co.
Oregon City, Route No. 5~_ Rosemont Community Club.
Portland________________ Barnes Road Co-operative Water Users’ Associa­
tion, Barnes Road.
Do_________________ Reed College Co-operative Store, Reed College.
Prineville_______________ Grangers Cooperative Association.
Rickreall________________ Polk County Farmers’ Cooperative Co.
Riddle__________________ Azalea Cooperative Broccoli Association.
The Dalles______________ The Dalles Cooperative Association.

Arcadia_________________ Arcadia Cooperative Association.
Ariel___________________ Southern Wayne Cooperative Association.
Avella__________________ The Avella Co-operative Association.
Bellwood________________ Cooperative Store.
Berlin__________________ Berlin Co-operative Association.
Blain___________________ Blain Cooperative Association.
Blairsville_______________ Blairsville Co-operative Association, 5 W. Market
Street.
Brookville_______________ Brookville Cooperative Association.
Cherry Valley___________ Cherry Valley Real Estate & Retail Co-operative
Association, Box 23.
Clarence________________ Cooperative Store.
Coaldale______________ . Coaldale United Workers' Cooperative Store.
Conemaugh_____________ Conemaugh Cooperative Association.
Cresson_______ _________ Cresson Co-operative Association.
*Marketing activities also.

28464°—27------11




APPENDIX E

158

Defiance------------------------Derry _________________
East Brady_______ _____
Emigsville_______________
Emporium______________
Freeland________________
Germansville. ----------------Grassflat-------- ---------------Houtzdale, Route No. 1___
Huntingdon_____________
Imperial__________ «____
Johnsonburg_____________
Kaylor__________________
Lancaster— •
------------------Lanse_________ ____ ____
Lehighton_______________
Lewistown_______ _____ _
London Grove___________
Maplewood______________
Mars___________________
Meadville_______________
Midway________________
Mill HaH............ ...............
Min Village_____________
Monesson_______________
Monongahela____________
Morann_________________
Newmanstown___________
Philadelphia_____________
Do...............................
Pittsburgh--------------------Do............... - ........ —
Pittston_________________
Reading________________
Do____ ______ _____
Red Lion____________ —
Saegertown______________
Shenandoah_____________
Do___ ____ ________
South Fork______;_______
SvkesviUe_______________
Telford_________________
Temple, Route No. 1_____
Tower City______________
Ulysses--------------------------Union City______________
West Chester____________
West Reading___________
Wilkes-Barre____________
WiUiamstown____________
Womelsdorf . ......................
Wysox__________________




Broad Top Co-operative Association.
Derry Wholesale & Retail Cooperative Association.
East Brady Cooperative Store.
Manchester Grange Cooperative Association,
Consumers’ Association, East Allegheny Avenue
and Third Street.
Union Co-Operative Association, 341 Center Street.
Lehigh Exchange.
Grassflat Cooperative Association.
Atlantic Cooperative Association.
Union Cooperative Society.
Imperial Co-operative Association.
Polish Co-Operative Association.
Kaylor Grange Supply Co.
Red Rose Cooperative Association, 38 Broad Street.
Lanse Cooperative Association.
Lehighton Co-operative Association, 342 North
First Street.
Standard Cooperative Association, 39 VaUey Street.
London Grove Cooperative Association (Inc.).
Maplewood Farmers Cooperative Club.
Mars Cooperative Co. (Inc.).
MeadviUe Cooperative Association.
Midway Co-operative Association.
CUnton County Cooperative Association.
MiU VUlage Cooperative Association.
Osuusruckala Oma, Finnish Co-operative Society.
Peopled Store.
Morann Cooperative Association.
Newmanstown Cooperative Association.
Cooperative Store for Pennsylvania Railroad
Employees, Seventeenth and Filbert Streets.
Kensington Workmen’s Cooperative Association,
2331 East Cumberland Street.
Lithuanian Biruta Corporation, 104 West Carson
Street.
Lithuanian Provision Co-Operative Association,
1326 Reesdale Street.
Pittston Co-Operative Association, 70 North Main
Street.
Keystone Co-operative Association, 105 North
sixth Street.
ReadingPubHshing Co-Operative Association, Reed
and Walnut Streets.
Red Lion Farmers Cooperative Association.
Saegertown Cooperative Association.
Globe Cooperative Society, 208 Centre Street.
Polish Cooperative Store, Main and Oak Streets.
Fork Cooperative Association.
SykesviUe Co-operative Association.
Telford Cooperative Association.
Rosedale Cooperative Association.
Williams Valley Cooperative Association.
Farmers Cooperative Association.
Union City Cooperative Association.
Pomona Exchange No. 3.
West Reading Co-operative Association, 211-213
South Third Avenue.
Ukrainian Cooperative Society, 817 Washington
Street.
WiUiamstown Co-Operative Association, Market
Street.
Womelsdorf Co-Operative Association.
Farmers Cooperative Co.

MBECXOfiV— CO£I.SUAtBBS’ SOCIETIES

159

R h od e Isla n d

Harrisville.......................... Harrisville Co-operative Association.
Pascoag--------------------------Pascoag United Co-operative Association, Saylor
Avenue.
Providence (Olneyville Sta- American Co-operative Association, 1755 Westtion).
minster Street.
Saylesville_______________ Saylesville Cooperative Association, 1218 Smithfield Avenue.
S o u th C a r o l i n a

Abbeville_______________ The Cooperative Mercantile Co.
Columbia_ _ _ ______ Clemson Community Store, Clemson College.
_ _ _
_
Florence_____ _ ____ B. of L. E. Co-operative Association.
Greenville___ ____ ______ Railroad Men's Cooperative Society.
Laurens................ ........... . People's Cooperative Association, Watts Mill.
S o u th D a k o ta

Albee__________ _______ Farmers Co-operative Store of Albee.
Bonesteel________________Farmers Union Mercantile Co.
Britton_________________ Equity Cash Exchange.
Canistota______________ - Farmers' Union Cooperative Store.
Canova_________________ Farmers Co-operative Store of Canova.
Chester_________________ Chester Cooperative Mercantile Co.
Cottonwood8____________ Cottonwood Rochdale Co.
Cresbard________________ Cresbard Co-Operative Store Co.
Dallas__________________ Dallas Farmers' Union Co-Operative Mercantile
Co.
Delmont________ _____ Delmont Co-operative Mercantile Co.
Dimock_________________ Dimock Rochdale Co.
Doland-------------------------- Doland Co-operative Co.
Florence--____ _________ Florence Cooperative Store.
Fredericks____ ____ ____ Frederick Co-operative Mercantile Co.
Fruitdale_______________ Fruitdale Co-operative Mercantile Co.
Gayville________________ Farmers' Union Store.
Groton___ ____ ________ Groton Co-Operative Co.
Hamill_______ _____ ____ Hamill Farmers' Co-Operative Exchange.
Hitchcock_____ ____ ____ Hitchcock Cooperative Co.
Huron__________________ Union Co-operative Association.
Kidder.......................... .
Kidder Co-Operative Co.
Leola___________________ Leola Co-operative Association.
Lucas___________________Lucas Co-operative Mercantile Co.
McIntosh_______________ McIntosh Equity Exchange.
Miranda________________ Miranda Rochdale Co.
Mount Vernon___________ Farmers' Union Mercantile Co.
Murdo__________________ Farmers' Cooperative Grocery Co.
New Underwood_________ Underwood Rochdale Co.
Nisland_________________ Nisland Co-operative Co.
Northville_____________ Northville Mercantile Store.
Osceola_________________ Farmers' Union, Le Sueur Local 322. (No store;
buying club only.)
Owanka--- ---------------------- Owanka Rochdale Co.
Pierpont-------- ---------------- Farmers Store of Pierpont.
Raymond_______________ Raymond Co-operative Co.
Reafield________________ Consumers' Cooperative Exchange.
Vale------------------------------ Vale Rochdale Co.
Wasta__________________ Wasta Rochdale Co.
Wecota_________________ Wecota Cooperative Store.
Wessington Springs 8
--------- Jerauld County Farmers Union.
White Lake_____________ Farmers' Union Store.
8Marketing activities also.




160

APPENDIX E
T en n essee

Charleston______________ The Co-operative Store.
Etowah___ _____ _______ Consumers Co-operative League.
Greeneville______________ Farmers’ Cooperative Store.
Huntingdon_____________ _Farmers’ Cooperative Association.
Jackson_________________ Madison Cooperative Society, 110 Liberty Street.
McKenzie_______________ Farmers’ Cooperative Store.
Middleton-----------------------Farmers Union Supply Co.
Rutherford______________ Farmers’ Cooperative Store.
Union City______________ Macon Hall Union Store.
Wartrace________________People’s Grocery.
Watertown____________ - - The Farmers Supply Store.
T exan

_
Austin______________ .._ Consumers Co-operative Supply Co., East Sixth
and Brazos Streets.
Do-------------------------- University of Texas Co-operative Society, 2210
Guadalupe Street.
Childress________________ Childress Cooperative Society.
Dalhart_________________ Dalhart Co-Operative Association.
DeKalb_________________ Farmers’ & Laborers’ Mercantile & Produce Co.
Farwell_________________ Plains Buying & Selling Association.
Giddings________________ Lee County Cooperative Association.
Hughes Springs----------------Hughes Springs Cooperative Store.
Industry________________ Industry Cooperative Association.
Lueders_________________ Lueders Warehouse Co.
Marshall________________ Cooperative Store.
Mart___________________ Mart Cooperative Co.
Mesquite________________ Cooperative Association.
Mission_________________ Mission Farmers Co-operative Society.
New Ulm_______________ New Ulm Co-operative Store.
O’Brien_________________ Farmers’ Cooperative Union.
Pottsville_______________ Cooperative Store.
Santo___________________ Farmers & Laborers Co-operative Store.
Swan----------------------------- Swan Farmers Co-operative Store.
Texarkana______________ Farm-Labor Union.
Three Rivers------------------- People’s Co-operative Store.
Yoakum________________ Farmers Union Co-operative Store.
V erm on t

Franklin_ ____ . _ _____Franklin Farmers’ Exchange.
_
_
V ir g in ia

Baskerville---------------------- Cooperative Store.
Clifton Forge____________ Workers Commercial Union (Inc.), 505 Main Street.
Covington_______________ Workingmen’s Mercantile Association (Inc.).
Harrisonburg-------------------Spring Creek Cooperative Store.
Nokesville_______________ Nokesville Co-operative Union.
Scottsville_______________ Farmers’ Co-operative Exchange Club (Inc.).
Strasburg_______________ Strasburg Co-operative Association (Inc.).
Winchester______________ Fair Play Store (Inc.).
W a sh in g to n

Auburn-------------------------- Union Co-operative Society of Auburn.
Bellingham----------------------Bellingham Grange Warehouse.
Do-------------------------- Whatcom Co-operative Oil Co.
Brush Prairie, Route No. 1. Hockinson Co-operative Association.
Buena__________________ Cooperative Trading Co. of Buena.
Carlsborg_______________ Dungeness Grange Store Co.
Carnation_______________ The Grange Store.
Castlerock______________ Grange Warehouse Co.
Centralia________________
Do.



DIRECTORY— CONSUMERS’ SOCIETIES

161

Chehalis________________ Grange Warehouse Co. of Chehalis.
Clallam Bay-------------------- Clallam County Grange Store.
Cle Elum_______________ Cle Elum Cooperative Society.
Cloverland______________ Cloverland Cooperative Water Co.
College Place-------------------Maple Co-operative Water Co.
Colton__________________ Farmers’ Union Supply Co.
Daisy___________________Community Store Co.
Dash Point--------------------- Dash Point Co-operative Water Association.
----------------Grange Warehouse of Deer Park.
Deer Park____•
East Spokane____________ Consumers’ Cooperative Society.
Edmonds________________Edmonds Co-operative Association.
Enumclaw_______________Enumclaw Rochdale Co.
Do-------------------------- Grange Warehouse Co.
Fairmont_______________ Grange Warehouse of Fairmont.
Frances-------------------------- Grange Warehouse of Pacific County (Inc.).
Fredonia (Mount Vernon, Grangers’ Warehouse Co.
Route No. 1).
Gertrude________________ Grange Warehouse of McNeil’s Island.
Hadlock________________ Grange Warehouse Co. of Chimacum.
Hansville_______________ Grange Warehouse of Hansville.
Impach-------------------------- Community Store Co.
Issaquah________________ Grange Mercantile Association.
Kalama-------------------------- Grange Warehouse of Kalama.
Kennewick______________ Grange Warehouse of Kennewick.
Kent___________________ Grangers’ Warehouse Co., South Street and Rail­
road Avenue.
Lakebay________________ Grange Warehouse Co. of Home, Washington.
Langley_________________ Whidby Co-operative Association.
Leavenworth____________ Leavenworth Co-operative Society.
Malo----------------------------- Grange Warehouse of Malo.
Marysville______________ Marysville Co-operative Association.
Newport------------------------- Newport Grange Warehouse Co.
Nooksack_____________ . Nooksack Valley Rochdale Co.
Oak Harbor_____________ Oak Harbor Producers Co-operative Co.
Olympia________________ Co-operators of Olympia, 219 West Fourth Street.
Olympia, Route No. 4____ Farmers’ Co-operative Light & Power Co.
Oso____________________ Grange Warehouse Co.
Parkwater_______________ Parkwater Cooperative Association.
Port Angeles_____________Grange Warehouse Co. of Clallam County.
Poulsbo_________________ Kitsap County Co-operative Association.
Prosser_________________ Grange Warehouse Co.
Pullman________________
Do.
Redmond___________ ___ Grange Co-operative Co.
Rochester----------------------- Farmers’ Exchange.
Roslyn__________________Cascade Industrial Cooperative Association.
Roy-------------------------------Grange Warehouse Co.
Satsop__________________ Grange Warehouse Co. (Inc.).
Seattle ( w h o l e s a l e ) ________ Grange Co-operative Wholesale, 1007-1009 Weller
Street.
Silvana---------------------------Silvana Trading Union.
Silverdale_______________ The Silverdale Cooperative Association.
Do-------------------------- Silverdale Poultry Association.
Snohomish______________ Snohomish Fruit Growers Association.
Tacoma_________________Northeast Tacoma Co-operative Water Asso­
ciation.
Toledo__________________Grange Warehouse Co. of Cowlitz Valley.
Tolt-------------------------------The Grange Store.
Touchet________________ Touchet Grange Store (Inc.).
Usk------------------------------- Grange Warehouse Co.
Vaughn-------------------------- Upper Sound Grange Warehouse of Vaughn.
Walla Walla_____________ Inland Empire Cooperative Federation.
Waterville--------*
-------------- Rochdale Cooperative Store.
West Sound_____________ West Sound Trading Co.
White Bluffs_____________ Grange Warehouse Co.
Winlock________ ____ _
_
Do.
Woodland----------------------- Farmers Co-Operative Trading Co. (Inc.).
Yakima-------------------------- Grangers Warehouse Co.




162

Yardlev

Yelm__

APPENDIX *
E

Consumers' Cooperative Society.
Grange Warehouse Co.
West Virginia

Clarksburg------Enterprise_____
Gassaway_____
Glenmorgan___
Grafton_______
Hinton_______
Jumping Branch
McMechen____
Newburg______
Parsons_______
Piedmont_____
Richwood_____
St. Albans_____
Simpson, j ____
Tunnelton_____
W endel............

Adamston Co-operative Mercantile Co., 1410 West
Pike Street.
People's Co-operative Store.
Gassaway Cooperative Association.
Beaver Cooperative Store.
Grafton Cooperative Store, 122 Latrobe Street.
The Hinton Co-operative Mercantile Co. (Inc.), 207
Temple Street.
The Co-operative Store.
McMechen Cooperative Store (Inc.).
Newburg Co-operative Store (Inc.).
Laborers Supply Co.
Trades Council Supply Co.
The Richwood Cooperative Association.
The Union Store Co.
Simpson Cooperative Store.
Tunnelton Cooperative Store.
Mine Workers' Cooperative Store.
W isc o n sin

Algoma_________________
Altoona_________________
Amery, Route No. 2______
Aniwa__________________
Antigo_____ ____________
Do_______ ___ ______
Athelstane______ ___ ___
Avoca___________ _ ____
_
Baldwin________________
Barneveld--- ------------------Bayfield________________
Bear Creek______________
Benoit__________________
Black Creek-------------------Black Earth_____________
Bloomer________________
Brantwood______________
Brodhead_______________
Browntown--------------------Bruce___________________
Brule___________________
Butternut_______________
Catawba________________
Chaseburg______________
Clifford-------------------------Clintonville 8____________
Colby__________________
Dale, Route No. 1________
Dorchester______________
Eau Claire______________
Fall River_______________
Fond du Lac____________
Fredonia________________
Fremont________________
Grantsburg, Route No. 3_ _
Green Bay, Route No. 8__
Green Bay______________
* Marketing activities also.




The Algoma Farmers' Cooperative Co.
Altoona Co-operative Association.
The Co-operative Little Falls Mercantile Co.
Aniwa Equity Exchange.
Antigo Railroad Employees' Cooperative Store, 712
Fifth Avenue.
Langlade Farmers Cooperative Co.
Athelstane Cooperative Association.
Avoca Cooperative Co.
Baldwin Cooperative Co.
Barneveld Cooperative Co.
Sand Island Co-operative Association.
Bear Creek Cooperative Co.
Keystone Farmers & Laborers Co-operative Asso­
ciation.
Black Creek Consumers' Store.
Patrons' Mercantile Co.
Farmers Store Co.
Brantwood Cooperative Supply Co.
Brodhead Co-Operative Store.
Browntown Cooperative Co.
Bruce Cooperative Store Co.
Farmers & Consumers' Cooperative Association.
Farmers Co-operative Exchange.
Catawba Co-operative Supply Co.
Farmers' Cooperative Co. of Chaseburg.
Farmers Industrial Association.
Clintonville Co-operative Mercantile Co.
Harmony Cooperative Co.
Dale Farmers' Cooperative Exchange.
Dorchester Co-Operative Co.
Eau Claire Cooperative Oil Co.
Fall River Cooperative Exchange.
WoodhuU Cooperative Association.
Fredonia Co-operative Exchange. .
Wolf River Valley Co-operative Co.
Equity Farmers' Cooperative Association.
Anston Farmers' Cooperative Exchange.
Northeastern Cooperative Milk Exchange.

DIRECTORY— CONSUMERS* SOCIETIES

163

Green Lake_____________ The Green Lake Farmers Equity Co-operative
Association.
Hartford----------- ------------- Hartford Cooperative Co.
Iron Belt_______________ Iron Belt Cooperative Association.
Iron River___ ____ _____ Farmers’ Cooperative Mercantile Association.
Jim Falls________________ Jim Falls Co-operative Mercantile Co.
Knapp----------------- -------- Knapp Equity Exchange.
La Crosse----------- ---- ------- La Crosse Cooperative Association, 1607 George
Street.
La Farge________________ La Farge Equity Exchange.
Lake Nebagamon________ The Farmers Co-opwerative Store.
Lebanon-------------------------Universal Cooperative Association.
Luck, Route No. 2_______ The Farmers’ Equity Exchange.
Luxemburg______________ Farmers Trading Co.
Madison________________ University Co-operative Co., 506-508 State Street.
Manitowoc, Route No. 4__ Alvemo Equity Exchange.
Maple---------------------------- Maple Farmers Co-operative Association.
Marengo________________ Marengo Farmers Co-operative Mercantile Asso­
ciation.
Marion_________________ Marion Co-Operative Mercantile Co.
Mason__________________ Keystone Farmers & Laborers Co-operative Asso­
ciation.
Mattoon________________ Farmers’ Equity Supply & Produce Co.
Medford________________ Medford Cooperative Co.
Menomonie______________Farmers’ Store Co.
Milwaukee______________ Co-operative Kosher Meat Market, 607 Twelfth
Street.
Do_________________ The Milwaukee Consumers Co-operative Associa­
tion, 3612*^ Clarke Street (address of secretarytreasurer).
Montfort________________ Montfort Cooperative Co.
Moquah________________ Risen Cooperative Association.
Mount Horeb____________ The Farmer Store.
Muscoda________________ Muscoda Co-operative Co.
Neosho_________________ Neosho Co-operative Co.
New Auburn____________ New Auburn Cooperative Co.
Norwalk________________ Norwalk Cooperative Mercantile Co.
Ogema__________________ Ogema Cooperative Service Station.
Phelps__________________ Phelps Cooperative Society.
Phillips_____________ ____American Society of Equity.
Poskin__________________ Poskin Cooperative Mercantile Co.
Prairie Farm____________ Prairie Farm Co-operative Association.
Prentice________________ Prentice Cooperative Supply Co.
Random Lake___________ Random Lake Cooperative Association.
Readfield_______________ Readfield Co-operative Co.
Reedsburg______________ Reedsburg Co-Operative Co.
Richland Center_________ Richland Cooperative Association.
River Falls______________ River Falls Co-Operative Laundry Co.
Rosholt_________________ Rosholt Cooperative Co.
Royalton________________Royalton Farmers’ Equity Association.
Rubicon________________ Rubicon Co-operative Co.
Sand Creek______________ Sand Creek Cooperative Co.
Soldiers Grove___________ Farmers Cooperative Equity Exchange.
Spooner_________________ Spooner Cooperative Association.
Spring Valley____________ Equity Cooperative Association.
StetsonviUe______________ Stetsonville Mercantile Cooperative Co.
Stoughton_______________ Stoughton Cooperative Co.
Superior (w h o le s a le ) ______ Cooperative Central Exchange, Ogden Avenue and
Winter Street.
Superior________________ Peoples Cooperative Society, 1310 Fifth Street.
Do__ _____ ________ Tarmo Co., 1402 North Third Street.
Do_________________ Tyomies Society, 601-603 Tower Avenue.
Do_________________ Workers’ Cooperative Club, 312 Cass Avenue.
Thiensville, Route No. 2__ East Mequon Co-operative Supply Association.
Van Buskirk_____________ Van Buskirk Equity Cooperative Supply Co.
Vandyne________________ Vandyne Farmers’ Cooperative Association.
Watertown..........................Farmers Co-operative Co., 111-117 Water Street.




164

APPENDIX E

Wausau_________________ Co-operative Society, 1506-1508 Sixth Street.
Wausaukee______________ Wausaukee Cooperative Association.
Wentworth-------- ------------- Wentworth Farmers’ Co-operative Association.
Withee__________________Withee Cooperative Co.
Wittenberg______________ Wittenberg Co-operative Co.
Woodruff________________Woodruff Grange.
W y o m in g

Beulah............ .................. Beulah Rochdale Co.
Hanna__________________ Sampo Co-operative Store Co.
Sheridan________________ Farmers’ & Consumers’ Cooperative Co., 39-51
East Brundage Street.
Upton__________________ Equity Cooperative Association.
HOUSING SOCIETIES
N ew Y ork

Brooklyn________________ 517 Forty-ninth Street Club (Inc.), 517 Forty-ninth
Street.
Do_____________ _— 682 Lexington Avenue Co-operative Tenants, 682
Lexington Avenue.
Do_________________ Baltic Home Association (Inc.), 4113 Seventh
Avenue.
Do_________________ Bay View Association, 671 Forty-seventh Street.
Do______________ Berkshire Court (Inc.), Seventh Avenue and
Fortieth Street.
Do_________________ Broadview Association, 4313 Ninth Avenue.
Do_________________ Comer View Association (Inc.), 4401-4407 Fourth
Avenue.
Do_________________ Finnish Home Building Association “ Alku” (Inc.),
816-826 Forty-third Street.
Do_________________ Florence Homes Association (Inc.), 546 Fortieth
Street.
Do_________________ Hillside Association, 566 Forty-fourth Street.
Do_________________ Hilltop View Association, 4404 Sixth Avenue.
Do_________________ Linden Heights Association, 702 Forty-fifth Street.
Do-------------------------- Park Hill Home Association, 759 Forty-second
Street.
Do-------------------------- Parkslope Association, 570 Forty-fourth Street.
Do_________________ Pleasant View Association, 574 Forty-fourth Street.
Do_________________ Riverview Co-operative Association, Forty-first
Street and Seventh Avenue.
Do_________________ Sun Garden Home Association, 655 Forty-first
Street.
Do........................ .......Sunset Court Association, 4002-4006 Seventh
Avenue.
Do_________________ Sunset Home Association, Forty-first* Street and
Seventh Avenue.
Do_________________ Sunset View Association, 605 Forty-first Street.
Do_________________ Topview Association, 807 Forty-fourth Street.
Do.... ........ .................Victory Homes Association (Inc.), 672 Forty-sixth
Street.
New York______________ 105 and 117 East One hundred and second Street Co­
operative (Inc.), 105 and 117 East One hundred
and second Street.
Do_________________ 65 East One hundred and fifth Street Cooperative
(Inc.), 65 East One hundred and fifth Street
Do_________ - - ______167 West One hundred and thirty-sixth Street Co­
operative Corporation, 167 West One hundred
and thirty-sixth Street.
Do_________________ 314 West One hundred and twenty-seventh Street
Cooperative Realty Co. (Inc.), 314 West One
hundred and twenty-seventh Street.
Do___ ___ _________ Beekman Hill Cooperative Association (Inc.), 343349 East Fiftieth Street.




DIRECTORY— HOUSING SOCIETIES

165

New York-----------------------Consumerized Homes, Co-operative (Inc.), 1884
Belmont Avenue.
Do-------------------------- Consumers’ Co-operative Housing Association, 66
Barrow Street.
Do-------------------------- Greenwich House Cooperative Apartments (Inc.),
26 and 28 Jones Street.
Do-------------------------- Labor Home Building Corporation, c/o Inter­
national Ladies’ Garment Workers’ Union, 3
West Sixteenth Street.
Do-------------------------- Rational Workmen’s Co-operative Society, 1815
Madison Avenue.
Do-------------------------- Stockbridge Apartments, 608 West One hundred
and thirty-eighth Street.
Do-------------------------- Suoja, 1 West One hundred and twenty-seventh
Street.
Do-------------------------- United Workers Co-operative Association (Inc.),
1 Union Square.
Do-------------------------- Varma Co-operative Homes (Inc), 2056 Fifth
Avenue.
Do-------------------------- Workmen’s Mutual Aim Association (Inc.), 1786
Lexington Avenue.
Do_________________ Yiddische Co-operative Heim Geselschaft, 406
East One hundred and forty-ninth Street.
W is c o n s in

Milwaukee_____ _______ Garden Homes Co., City Hall.







LIST OF BULLETINS OF THE BUREAU OF LABOR STATISTICS
The following is a list of all bulletins of the Bureau of Labor Statistics published since
July, 1912, except that in the case of bulletins giving the results of periodic surveys of the
bureau only the latest bulletin on any one subject is here listed.
A complete list of the reports and bulletins issued prior to July, 1921, as well as the bulle­
tins published since that date will be furnished on application. Bulletin marked thus (*)
are out of print.

Wholesale Prices.
N o. 284. Index numbers of wholesale prices in the United States and foreign countries. [1921.]
N o. 415. Wholesale prices, 1890 to 1925.

Retail Prices and Cost of Living.
♦No. 121.
*No. 130.
♦No. 164.
N o. 170.
N o. 357.
N o. 369.
N o. 418.

Sugar prices, from refiner to consumer. [1918.]
Wheat and flour prices, from farmer to consumer. [1913.]
Butter prices, from producer to consumer. [1914.]
Foreign food prices as affected by the war. [1915.]
Cost of living in the United States. [1924.]
The use of cost-of-living figures in wage adjustments. [1925.]
Retail prices, 1890 to 1925.

Wages and Honrs of Labor.

*No. 146. Wages and regularity of employment and standardization of piece rates in the dress and waist
industry of New York C ity. [1914.]
*No. 147. Wages and regularity of employment in the cloak, suit, and skirt industry. [1914.]
N o. 161. Wages and hours of labor in the clothing and cigar industries, 1911 to 1913.
N o. 163. Wages and hours of labor in the building and repairing of steam-railroad cars, 1907 to 1913.
•No. 190. Wages and hours of labor in the cotton, woolen, and silk industries, 1907 to 1914.
N o. 204. Street-railway employment in the United States. [1917.]
N o. 225. Wages and hours of labor in the lumber, millwork, and furniture industries, 1915.
N o. 265. Industrial survey in selected industries in the United States, 1919.
N o. 297. Wages and hours of labor in the petroleum industry, 1920.
N o. 348. Wages and hours of labor in the automobile industry, 1922.
N o. 356. Productivity costs in the common-brick industry. [1924.]
N o. 358. Wages and hours of labor in the automobile-tire industry, 1923.
N o. 360. Tim e and labor costs in manufacturing 100 pairs of shoes. [1924.]
N o. 365. Wages and hours of labor in the paper and pulp industry, 1923.
N o. 371. Wages and hours of labor in the cotton-goods manufacturing, 1924.
N o. 374. Wages and hours of labor in the boot and shoe industry, 1907 to 1924.
N o. 376. Wages an hours of labor in the hosiery and underwear industry, 1907 to 1924.
N o. 377. Wages and hours of labor in woolen and worsted goods manufacturing, 1924.
N o. 381. Wages and hours of labor in the iron and steel industry, 1907 to 1924.
N o. 394. Wages and hours of labor in metalliferous mines, 1924.
N o. 407. Labor cost of production and wages and hours in the paper box-board industry, 1925.
N o. 412. Wages, hours, and productivity in the pottery industry, 1925.
N o. 413. Wages and hours of labor in the lumber industry in the United States, 1925.
N o. 416. Hours and earnings in anthracite and bituminous coal mining, 1922 and 1924.
N o. 421. Wages and hours of labor in the slaughtering and meat-packing industry, 1925.
N o. 422. Wages and hours of labor in foundries and machine shops, 1925.
N o. 431. Union scale of wages and hours of labor, M ay 15,1926.
N o. 434. Wages and hours of labor in the men’s clothing industry, 1911 to 1926.

Employment and Unemployment.

*No. 109. Statistics of unemployment and the work of employment offices in the United States.
[1913.]
N o. 172. Unemployment in New York C ity, N . Y . [1915.]
•No. 183. Regularity of employment in the women’s ready-to-wear garment industries. [1915.]
♦No. 195. Unemployment in the United States. [1916.]
N o. 196. Proceedings of the Employment Managers’ Conference held at Minneapolis, M inn., Jan­
uary, 1916.
♦No. 202. Proceedings of the conference of Employment Managers’ Association, Boston, M ass., held
M ay 10,1916.




M

Employment and Unemployment—Continued.
N o. 206. The British system of labor exchanges. [1916.]
♦No. 227. Proceedings of the Employment Managers’ Conference, Philadelphia, Pa., April 2 and 3,
1917.
N o. 235. Employment system of the Lake Carriers* Association. [1918.]
♦No. 241. Public employment offices in the United States. [1918.3
N o. 247. Proceedings of Employment Managers’ Conference, Rochester, N . Y „ M ay 9-11,1918.
N o. 310. Industrial unemployment: A statistical study of its extent and causes. [1922.j
N o. 409. Unemployment in Columbus, Ohio, 1921 to 1925.
Proceedings o f Annual M eetings o f International Association o f Public Employment Services.
N o. 192. First, Chicago, December 19 and 20,1913; Second, Indianapolis, September 24 and 25,1914;
Third, Detroit, July 1 and 2,1915.
N o. 220. Fourth, Buffalo, N . Y ., July 20 and 21,1916.
N o. 311. N inth, Buffalo, N . Y ., September 7-9,1921.
N o. 337. Tenth, Washington, D . C ., September 11-13,1922.
N o. 355. Eleventh, Toronto, Canada, September 4-7,1923.
N o. 400. Twelfth, Chicago, HI., M ay 19-23,1924.
N o. 414. Thirteenth, Rochester, N . Y ., September 15-17,1925.
Women and Children in Industry.
N o. 116. Hours, earnings, and duration of employment of wage-earning women in selected industries
in the District of Columbia. [1913.]
♦No. 117. Prohibition of night work of young persons. [1913.]
♦No. 118. Ten-hour maximum working-day for women and young persons. [1913.]
♦No. 119. W orking hours of women in the pea canneries of W isconsin. [1913.]
♦No. 122. Employment of women in power laundries in Milwaukee. [1913.]
N o. 160. Hours, earnings, and conditions of labor of women in Indiana mercantile establishments
and garment factories. [1914.]
♦No. 167. M inimum wage legislation in the United States and foreign countries. [1915.]
♦No. 175. Summary of the report on condition of woman and child wage earners in the United States.
[1915.]
♦No. 176. Effect of minimum-wage determinations in Oregon. [1915.]
♦No. 180. The boot and shoe industry in Massachusetts as a vocation for women. [1915.]
♦No. 182. Unemployment among women in department and other retail stores of Boston, Mass. [1916.]
N o. 193. Dressmaking as a trade for women in Massachusetts. [1916.]
N o. 215. Industrial experience of trade-school girls in Massachusetts. [1917.]
♦No. 217. Effect of workmen’s compensation laws in diminishing the necessity of industrial em ploy­
ment of women and children. [1918.]
N o. 223. Employment of women and juveniles in Great Britain during the war. [1917.]
N o. 253. Women in lead industries. [1919.]
W orkmen’s Insurance and Compensation (including laws relating thereto).
♦No. 101. Care of tuberculous wage earners in Germany. [1912.]
♦No. 102. British National Insurance act, 1911.
♦No. 103. Sickness and accident insurance law of Switzerland. [1912.]
N o. 107. Law relating to insurance of salaried employees in Germany. [1913.]
♦No. 155. Compensation for accidents to employees of the United States. [1914.]
N o. 212. Proceedings of the conference on social insurance called by the International Association of
Industrial Accident Boards and Commissions, Washington, D . C ., December 5-9,1916.
N o. 243. Workmen’s compensation legislation in the United States and foreign countries, 1917 and
1918.
N o. 301. Comparison of workmen’s compensation insurance and administration. [1922.]
N o. 312. National health insurance in Great Britain, 1911 to 1920.
N o. 379. Comparison of workmen’s compensation laws of the United States as of January 1, 1925.
N o. 423. Workmen’s compensation legislation of the United States and Canada. [1926.]
Proceedings o f Annual M eetings o f the International Association o f Industrial Accident Boards and
Commissions.
♦No. 210. Third, Columbus, Ohio, April 25-28,1916.
N o. 248. Fourth, Boston, M ass., August 21-25,1917.
N o. 264. Fifth, Madison, W is., September 24-27,1918.
♦No. 273. Sixth, Toronto, Canada, September 23-26,1919.
N o. 281. Seventh, San Francisco, Calif., September 20-24,1920.
N o. 304. Eighth, Chicago, HI., September 19-23,1921.
N o. 333. Ninth, Baltimore, M d., October 9-13, 1922.
N o. 359. Tenth, St. Paul, M inn., September 24-26, 1923.
N o. 385. Eleventh, Halifax, N ova Scotia, August 26-28, 1924.
N o. 395. Index to proceedings, 1914-1924.
N o. 406. Twelfth, Salt Lake C ity, Utah, August 17-20, 1925.
N o. 432. Thirteenth, Hartford, Conn., September 14-17, 1926.




In]

Industrial Accidents and Hygiene.
*No. 104. Lead poisoning in potteries, tile works, and porcelain enameled sanitary ware factories.
[1912.]
N o. 120. Hygiene in the painters* trade. [1913.]
♦No. 127. Dangers to workers from dust and ftunes, and methods of protection. [1913.]
♦No. 141. Lead poisoning in the smelting and refining of lead. [1914.1
♦No. 157. industrial accident statistics. [1915.1
♦No. 165. Lead poisoning in the manufacture of storage batteries. [1914.]
♦No. 179. Industrial poisons used in the rubber industry. [1915.]
N o. 188. Report of British departmental committee on the danger in the use of lead in the painting
of buildings. (1916.]
♦No. 201. Report of committee on statistics and compensation-insurance cost of the Internationa]
Association of Industrial Accident Boards and Commissions. 11916.]
♦No. 207. Causes of death by occupation. [1917.1
♦No. 209. Hygiene of the printing trades. [1917.1
N o. 219. Industrial poisons used or produced in the manufacture of explosives. [1917.]
N o. 221. Hours, fatigue, and health in British munition factories. [1917.]
N o. 230. Industrial efficiency and fatigue in British m unition factories. [1917.1
♦No. 231. M ortality from respiratory diseases in dusty trades (inorganic dusts). [1918.]
N o. 234. Safety movement in the iron and steel industry, 1907 to 1917.
♦No. 236. E ffect of the air hammer on the hands of stonecutters. [1918.]
N o. 249. Industrial health and efficiency. Final report of British Health of M unition Workers Com­
mittee. [1919.1
♦No. 251. Preventable death in the cotton-manufacturing industry. [1919.]
N o. 256. Accidents and accident prevention in machine building. [1919.]
N o. 267. Anthrax as an occupational disease. [1920.]
N o. 276. Standardization of industrial accident statistics. [1920.]
N o. 280. Industrial poisoning in the making of coal-tar dyes and dye intermediates. [1921.]
N o. 291. Carbon monoxide poisoning. [1921.]
N o. 293. The problem of dust phthisis in the granite-stone industry. [1922.]
.N o. 298. Causes and prevention of accidents in the iron and steel industry, 1916 to 1919.
N o. 306. Occupational hazards and diagnostic signs: A guide to impairments to be looked for in
hazardous occupations. [1922.]
N o. 339. Statistics of industrial accidents in the United States. [1923.]
N o. 392. Survey of hygienic conditions in the printing trades. [1925.1
No. 405. Phosphorus necrosis in the manufacture of fireworks and the preparation of phosphorus.
[1926.1
N o. 425. Record of industrial accidents in the United States to 1925.
N o. 426. Deaths from lead poisoning. [1926.]
N o. 427. Health survey in the printing trades, 1922 to 1925.
No. 428. Proceedings of the Industrial Accident Prevention Conference, held at Washington, D . C .,
July 14-16,1926.

Conciliation and Arbitration (including strikes and lockouts).
♦No. 124. Conciliation and arbitration in the building trades of Greater New Y ork. [1913.|
♦No. 133. Report of the industrial council of the British Board of Trade in its Inquiry into industrial
agreements. [1913.]
♦No. 139. Michigan copper district strike. [1914.]
N o. 144. Industrial court of the cloak, suit, and skirt industry of New York City. [1914.]
N o. 145. Conciliation, arbitration, and sanitation in the dress and waist industry of New York C ity
[1914.1
♦No. 191. Collective bargaining in the anthracite coal industry. [1916.]
♦No. 198. Collective agreements in the men’s clothing industry. [1916.]
N o. 233. Operation of the industrial disputes investigation act of Canada. [1918.]
No. 255. Joint industrial councils in Great Britain. [1919.]
N o. 283. History of the Shipbuilding Labor Adjustment Board, 1917 to 1919.
N o. 287. National War Labor Board: History of its formation, activities, etc. [1921.]
No. 303. Use of Federal power in settlement of railway labor disputes. [1922.]
No. 341. Trade agreement in the silk-ribbon industry of New York C ity. [1923.]
No. 402. Collective bargaining by actors. [1926.]
No. 419. Trade agreements, 1925.




[ml

Labor Laws o f the United States (including decisions o f courts relating to labor).
No. 211. Labor laws and their administration in the Pacific States. [19J7.J
N o. 229. Wage-payment legislation in the United States. [1917.]
N o. 285. Minimum-wage legislation in the United States. [1921.]
N o. 321. Labor laws that have been declared unconstitutional. [1922.]
N o. 322. Kansas Court of Industrial Relations. [1923.]
N o. 343. Laws providing for bureaus of labor statistics, etc. [1923.]
N o. 370. Labor laws of the United States, with decisions of courts relating thereto. [1925.]
N o. 406. Labor laws relating to payment of wages. [1926.]
N o. 417. Decisions of courts and opinions affecting labor, 1925.
N o. 434. Labor legislation of 1926.

Foreign Labor Laws.
♦No. 142. Administration of labor laws and factory inspection in certain European countries. [1914.]

Vocational and Workers* Education.
♦No. 159.
•No. 162.
N o. 199.
N o. 271.

Short-unit courses for wage earners, and a factory school experiment. [1915.]
Vocational education survey of Richmond, Va. [1915.]
Vocational education survey of Minneapolis, M inn. [1916.]
Adult working-class education in Great Britain and the United States. [1920.]

Safety Codes.
N o. 331.
N o. 336.
N o. 338.
N o. 350.
N o. 351.
N o. 364.
N o. 375.
N o. 378.
N o. 382.
N o. 410.
N o. 430.
N o. 433.
N o. 436.

Code of lighting factories, mills, and other work places.
Safety code for the protection of industrial workers in foundries.
Safety code for the use, care, and protection of abrasive wheels.
Specifications of laboratory tests for approval of electric headlighting devices for motof]
vehicles.
Safety code for the construction, care, and use of ladders.
Safety code for the mechanical power-transmission apparatus.
Safety code for laundry machinery and operation.
Safety code for woodworking plants.
Code of lighting school buildings.
Safety code for paper and pulp mills.
Safety code for power presses and foot and hand presses.
Safety code for prevention of dust explosions.
Safety code for the use, care, and protection of abrasive wheels.

Industrial Relations and Labor Conditions.
N o. 237.
N o. 340.
N o. 349.
N o. 361.
N o. 380.
N o. 383.
N o. 384.
N o. 399.

Industrial unrest in Great Britain. [1917.]
Chinese migrations, with special reference to labor conditions. [1923.]
Industrial relations in the West Coast lumber industry. [1923.]
Labor relations in the Fairmont (W . Va.) bituminoua-coal field. [1924.]
Postwar labor conditions in Germany. [1925.]
Works council movement in Germany. [1925.]
Labor conditions in the shoe industry in Massachusetts, 1920 to 1924.
Labor relations in the lace and lace-curtain industries in the United States. [1925.]

Welfare work.
♦No. 123. Employers’ welfare work. [1913.]
N o. 222. Welfare work in British munitions factories. [1917.]
♦No. 250. Welfare work for employees in industrial establishments in the United States. [1919.]
Cooperation.
N o. 313. Consumers’ cooperative societies in the United States in 1920.
N o. 314 Cooperative credit societies in America and in foreign countries. [1922.]

Housing.
♦No. 158.
N o. 263.
N o. 295.
N o. 424.

Government aid to home owning and housing of working people in foreign countries. [1914.1
Housing by employees in the United States. [1920.]
Building operations in representative cities in 1920.
Building permits in the principal cities of the United States, 1925.

Proceedings of Annual Conventions of the Association of Governmental Labor Officials of the United
States and Canada.
N o. 266. Seventh, Seattle, Wash., July 12-15,1920.
N o. 307. Eighth, New Orleans, La., May 2-6,1921.
♦No. 323. Ninth, Harrisburg, Pa., M ay 22-26, 1922.
N o. 352. Tenth, Richmond, V a., M ay 1-4, 1923.
N o. 389. Eleventh, Chicago, HI., M ay 19-23, 1924.
N o. 411. Twelfth, Salt Lake C ity, Utah, August 13-15,1925.
N o. 429. Thirteenth, Columbus, Ohio, June 7-10,1926.




[nr]

Miscellaneous Series.
*No. 174. Subject index of the publications of the United States Bureau of Labor Statistics up to M ay
1,1915.
N o. 206. Profit sharing in the United States. [1916.]
N o. 242. Food situation in central Europe, 1917.
N o. 254. International labor legislation and the society of nations. [1919.]
N o. 268. Historical survey of international action affecting labor. [1920.]
N o. 282. Mutual relief associations among Government employees in Washington, D . C. [1921.]
N o. 299. Personnel research agencies. A guide to organized research in employment management,
industrial relations, training, and working conditions. [1921.]
N o. 319. The Bureau of Labor Statistics: Its history, activities, and organization.
N o. 326. Methods of procuring and computing statistical information of the Bureau of Labor Statistics.
N o. 342. International Seamen’s Union of America: A study of its history and problems. [1923.]
No. 346. Humanity in government. [1923.]
No. 372. Convict labor in 1923.
No. 386. The cost of American almshouses. [1925.]
N o. 398. Growth of legal-aid work in the United States. [1926.]
N o. 401. Family allowances in foreign countries. [1926.]
N o. 420. Handbook of American trade-unions. [1926.]




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