NT JIN 1095 ME “< A OV VEN OPERATI Cf FE TH o e re os =< a 4 w YY pans fae 2 fa < fen 4p) fe c¢ eo < fx. = << ix pe waa ae wv = Eka © Z. ml oo Ex a! i eSUs: Cee = es Jee OF LABOR STATISTICS BULLETIN OF THE UNITED ae BUREAU OF LABOR STATISTICS j COOPERATIVE MOVEMENT IN THE UNITED STATES IN 1925 (OTHER THAN AGRICULTURAL) > iuiU.S. DEPARTMENT OF LABOR JAMES J. DAVIS, Secretary BUREAU OF LABOR STATISTICS ETHELBERT STEWART, Commissioner BULLETIN OF THE UNITED STATES N 43 Bureau - OF LABOR. STATISHICS, = 0. 1 NESE-S-©: ELE AN: EO. US Ss Ee LES COOPERATIVE MOVEMENT IN THE UNITED STATES IN 1925 (OTHER THAN AGRICULTURAL) MARCH, 1927 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1927HL ati ae, a ¢ ‘i iy ‘ ma Ag EAU eR ACKNOWLEDGMENT This bulletin was prepared by Florence E. Parker, of the United States Bureau of Labor Statistics. ICONTENTS Page peemoduction... a... oo AA Be 1 PEASE ons oe acco coc poe n ences onde cencececeo Glee eee 1-4 Meuse of investigation... oo. <2 oso ewe coda cca 4,5 Geographical distribution of societies reporting oo Soe se eee 6 Cuaprer I.—General development of cooperation in the United States__ 7-10 ooperative:membership: -- . 002 ic Ee ee 8,9 Cooperative business in 1925... 0.2... 1... Suu St eee ee 9 Pindncial factors 2. 2. ee ee ee 10 Suarten [i —Credit societies... 2.2.2.2. ee SSR eee 11-26 Number and age of credit unions reporting Seas 2526 ag ee tz 1s Petehership.. 2 2 2 Se ss ee 13, 14 Size in relation to age.___._______- Sis pee Br eae ee 15 BUGHOGNCOS: 2 26.20 ee be ee ee ee 15, 16 mMcinimstrawon. of the society ==. =. ss cee ae 17 Supervisory. and credit. committees. _ 2... 2. 22 a Re 17 General.and special meetings. 2.222. ij: eo_uLee ee ia ae 17 Requirements for loans, and loans granted________________- pe eee fe 18, 19 HIPOLOSt- OM 1OSNS oo eee iG SV Tere 19 aeepennos OF OPeraiion. 2 Se aU Beats Sis Bee 19, 20 eorvision Of profits: 12552 sis cei wiles IS Ae 20, 21 Dividends: oe Sl eee a 21 muasitiess practice..0.g ii saul: bya Aa Se ee ee 21 PRAT CIR SLAUUS. <2 Se es ak oa on SOU BO ee ae oe 21-24 Results of cooperative credit 2 5s =. Saas ee ee 25, 26 Cuapter III].— Workers’ productive societies_________.____-__________ 27-35 General characteristics of workers’ productive societiesa.d 2 92. yiijasc 27, 28 Year and cause of establishment of societies__-_____.._____-_____- 28, 29 re es ea oS ge ees 29 migpioyinent and, wage policies... 3) 2 Se 29, 30 Camtausation and business 2-20. ee eS ee 30, 31 masons and division of profite. 2. os 3 a ve Ree OtIN QTODCOI 8 ne ee ee ee 35,32 Business methods and management ___._____.=- 5-5 32 Pere (n Operstion eS BE Re sia oe 33 GSebs ADU DUC 2s Pisce aes SS a Ln eoeeo ene TV. Consimers’ societies {22 ecg oe 36-89 Characteristics of the consumers’ movement______________-___- Se pGeae 7 ercr Soticwes wenden eee 37-39 peeraeses: Giettibuuon. 2! x ee 39 Breton GperatiOn. 22). 22 2 8 ee 39, 40 eee epee eee eee ee ee 2p ee eee ee 40-42 Pave toinon 1o.ag0 <2 cn a ee ee 43 General or ganization ee eee 44—46 Limitations on membership whoo co ee 44,45 ert a OS eee ee 45, 46 ae er renege Se eee 46 Six-year trend of cooperative business _ _ _ _- Se 46-51 ue onien iy 40050 PS ha ean ee mere 51-53 Net trading prot or loss--= 322 _ Se eee 54-60 Disposition of wading surplis-2 22S... Sa 5s e-GO Siherest-ce janilal o-oo se ee eee 57 TEN a eee 57 PAUCSMODS FUNG ee 57 Depreciation = a a ee 57 Patronage rebates eS Se ee eee 57-60 Semin Of Soncumers societics...... So ee 60-63 Rueeet eile! and reserve. 8 60-63 ee ae SES ne 63-73IV CONTENTS Cuapter IV.—Consumers’ societies—Continued. Page Business practice____.__-.------------------------+=-+----------- 73-83 Prleee (ried 2 oot ee eo 73 Gregiting of credit... 2. ss 8 oo a oe 73-15 Operating expenses. _. . -.4424<+5-5~=---+-+-------++-+-+---- 75-82 Rodney ees Fe 82 Inspection of books by members-_---------------------------- 82, 83 Romi oF Olieers: 2 os a en 83 Social service, educational, and propaganda work__---------------- 83-85 AGrerA OFGRISR MOUS. 5. 8 ee 85-89 Conimercint eS eee 85-87 Geramieacion.. = = ra a Sa eee ses eee 87 TiepeOr icin 6 2 ees Ss Se ee Pe 87-89 Pern) ——L using SOCiCties... = 8 ee eS ee 90-95 Types of dwellings provided -_-_-_-_-.-.--------=---+------=-+----<-< 91 Groups undertaking cooperative HOUSING = 2 SS Se eee 91 (Coat of cooperative dwellings... ____ -__-- .- ssieiescs- -s be eee 91-93 Oynerenth. ... _.. .-. 5. ss Ss es -++ +s Be 94, 95 Cost or property Owned... ....-. -- .. .-_----.-+.-----ss2 eee 95 Geapreh Vif aires in cooperation._- _ .- - - .---- 4 eee oe 96-103 Veluinenry uida ions. 5. es 8 5 SS See ce 96-98 PSE aT OS ee a 98-103 Gauses-of tare == ee a 98-103 Apprenpix A.—By-laws of credit society_ --------=-=i--=---=----s=++-- 104-109 AppEeNpIx B.—Constitution and by-laws of workers’ productive societies. 110-114 Cooperaiive Gilat LOmpany..- .- e 110-112 Couperit ve suiuge Mi Ss oe eee 112-114 Apprenpix C.—By-laws of consumers’ cooperative society_--_.------- 115-118 Appenpix D.—By-laws of cooperative housing society_.____.-------- 119-122 Apprenpix E.—Directory of cooperative organizations__.._..--------- 123-165 Credi-andcbanking sociehics === eee 123-131 Workers- productive socleties=- = = 2 = ss as oe ee ee 131, 1382 Consumers: societies: = = es Fe ee ee Fe 132-164 PeOUsIOg SOCIRUIES ota oe Soi es a a Se Se 164, 165BULLETIN OF THE U.S. BUREAU OF LABOR STATISTICS NO. 437 WASHINGTON MARCH, 1926 COOPERATIVE MOVEMENT IN THE UNITED STATES IN 1925 (OTHER THAN AGRICULTURAL)’ INTRODUCTION In 1920 the Bureau of Labor Statistics made a statistical survey of consumers’ cooperative societies.' 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 workers’ 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 safely be said that the cooperative movement reaches several million people. * 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 Mr. V.S. Alanne, of the Northern States Cooperative League. 1 See Bul. No. 3138 of this bureau. 12 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 will 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) 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 in 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 known 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 s -uni ion’ furnishing a portion of the capital needed. : Seponsored bye trade-anion, by UMassSUMMARY 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. Theconsumers’ 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 per cent. It is doubtful if private businesses operating in the same line 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,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 a ppeared 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 business. 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 them 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 whichSCOPE OF INVESTIGATION 5 the inquiries were not returned, undelivered, by the postal author- ities were still in existence. As is seen, only s 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 dat Data are at hand for slightly over half of the New York soc ieties, ey these include housing societies much of the information for which was secured by personal visit to the societies. TABLE 1.—NUMBER OF KNOWN SOCIETIES, DECEMBER 31, 1925, AND OF SOCIETIES REPORTING FOR 1925, BY STATE AND TYPE OF SOCIETY | Credit | Workers’ Housing Consumers’ societies procuestys societies societies otal eam ; societies Sas Se State | } | Num- Num- | Num- Num- na +.) | Der re-} mi4.1 | ber re-} m_4.7 | ber re-| m,;.7 | ber re-| Num-| ber re- | Total | port- | Potal | port- | 7 otal | port- | Total | port- | ber port- aS ing | ing ing ing ing | Seog DST Ss ae rae eae Soe See ge oe fog eee 2 I 2 | 1 pees se 22-2 jist eee eee oe Eeieaaes esate 2 2 3 | 2 eneianbteneas hg Se Bee ae gp a eee Fee Besse eee itcs eet soe 8S PS ITS 3 Ae Se eons ee ee 16 3 19 4 tae 1 a Se bere 12 5 13 6 Rarer een eS Pe eee a peel E22 beeee Se eee 22 1 22 1 Bneecticwie ete. 2 5 2 fe pelerewress Ce 11 z 11 7 SS ER tener eg a fe ee eee Ee Te eae ase es eee tS fees 3 sees Ste pease tS aes BE 5 1 NRCan 3 2 fe ee ee ee 5 1 Reece ee te nef et pe See eer ae 7 3 7 3 RRM RN Rare 2 ns 2 2 ledges 3 = Fe hee a ee 86 28 89 28 SL aS See ee Zz 7 Z Se ee 19 4 28 12 eR Be ee ena ee SS ra 2d 1 bee io sete Feed 100 19 101 20 RN ee 1 Ree ee et bee e ee 211 27 212 28 eorurneges es 2 2 a See ee ee 18 2 20 4 MPSA FS 2 fi eee eee ern si ee a eee 2 1 a ee ee et oe Sh gee eg eee 17 6 18 6 SSE i feaee rae cs See 1 ee ae Seg ee ee fio 5 1 BPPRACBUSHELS.-- 85 58 3 De es See ee 57 32 145 92 Re RC Rene Fess Ne ee ee 76 31 79 31 RRR ele 1 i 3 Bhs eee 94 120 198 122 SaaS ee eeaees ee eee: ee gee Pee Eb sae SSCA Fe ee ee 1 Fb ee 4 4 41 5 NR Se Ae Fe ne ae ee ee 29 2 29 2 SAB RS a Sg ne eee en ee eee | 168 25 168 25 ewer ampsnire = Pe ee ee aire ee eee 4 2 5 2 Pe OPS ON oss 4 4 1 bes ee 17 6 22 11 IVES ECU en SP oe —— Fa oe err ORR eX 115 67 Se 38 31 5 12 209 110 pEGrere Carolia == 26 1s ee ee Pe ee 8 1 34 pager Prakora == = Ss Be a en ee 58 14 58 14 WO = pans ee ee 4 | | is Seer 53 16 57 17 Wee rs 2 | Tee en ee y 34 4 36 6 Ly ge see 5 | Sob Sas 3 23 | 2 28 5 Pennsylvania-_--__- Se tl 1 (o3 ae pS 66 | 14 69 15 Rhode Island..-.-._.--....__- fig eS eS ee ss 9 7 SELTIR SECS [7a 11a See eee ae 2 | fee a ee ie 7 1 south Dakota_.--._=..-- er ep ee ee eee 38 | 12 38 12 Sera OSSRG so 3 2 See | ets 11 2 14 5 JST sae ea ee ae eee 3 1 Se 2 22 1 25 2 ef eS ee eee ee Re ie a ee 4 = Ps . 8 ; 12 5 Rerrrr Piensa 2 1 11 es aS 22 84 32 Weet-Virginis__--__-___---.. $3 2 i | <6) J iO Bae 1 EES 1 1 101 | 38 103 40 Wyoming | 4 | 1 5 2 Total 40 32 | 1,703 | 479 | 2,066 708 \6 COOPERATIVE MOVEMENT IN THE UNITED STATES GRAPHICAL DISTRIBUTION OF SOCIETIES Tae REPORTING ° 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 Consumers’ workers’ societies societies Per cent of total cooperators in— New dengland: division 2542-5 iseeics-2 eee 18.9. 48.2 Middle: Atlantic division= << = = .2: 2s 4s 1053 3 45, 4 Hast North GCentral-division=: <2 22255 29. 0 15 West North: Gentral-division: =: 2.2 21-2 525 SoutheAtlanticsdivision= =. = a 10 1.9 Bast souul Central CLvVisiOiass: 2 =O 1 West south Central division. = = io .9 Wountain division = es 28:26) Racine divthone 2s oss felt 9 WN Oiale = ee ee a a 100.0 100.0 As was disclosed in the previous report and confirmed by the present study, consumers’ cooperation has reached its greatest development 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. § Using census classification of geographical divisions as follows: New England division includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut; Middle Atlantic division includes New York, New Jersey, and Pennsylvania; East North Central division includes Ohio, Indiana, Illinois, Michigan, and Wisconsin; West North Central division includes Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, and Kansas; South Atlantic division includes Delaware, Mary- 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, Wyoming, Colorado, New Mexico, Arizona, Utah, and Nevada; Pacific division includes Washing- ton, Oregon, and California. 4 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. TABLE 2.—-NUMBER OF COOPERATORS IN EACH GEOGRAPHICAL DIVISION AND RATE PER 10,000 OF POPULATION | Cooperative membership, 1925 | Credit and work | Consumers’ so- Sredit and work- . | errs ciate Total Estimated | cieties ers’ societies Geographical division population, — July 1, 1923 = | Rate Rate Rate eah 2 er z per 2 per Mere” | 20,000 | “ers” | 10,000 | “Sens” | 10,000 © | of pop- z of pop- of pop- ulation ulation ulation Rig St cee She bie Hye SAE See pi | Memmrserioiand.- 32428. oo 3 ee 7, 707, 979 26, 605 34. 5 53, 008 68. 8 79, 613 103. 3 Berraic- Atianmc. =. 23, 322, 950 14, 507 | 6.2 49, 902 21.4 64, 409 27.6 eer Orth Contural. | 22, 638, 175 40, 790 18.0 1, 686 7* 42, 476 18. 7 est.N orth Central... _- 2. 12, 842, 762 38, 237 29.8 580 -5 38, 817 30. 2 Peper Ataniies: (fi. feta 14, 599, 139 1, 388 1.6 2, 129 15 3, 517 2.4 mest South-Central... = a 9, 069, 924 657 ae 749 8 1, 406 1.6 Peest south Central. = 10, 767, 742 1, 819 Li 936 2322s oe ee 13 2,0U0 sna under 2000s = 2 Se ee 8 z,000 ane under 0,000.27 Se ee 4, 5,000 ane uncer 10-000 si os fo eee 2 M0 BS pe a ee ee ee oe eee oe eee eres 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 between 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: TABLE 8.—_MEMBERSHIP OF CREDIT UNIONS AT END OF 1925, BY STATES i Members || Members | Sura State | Aver- State Aver- | Num- age Num- age | ber per ber per society society a | Atk Ne \orh og See ee poe eee Sa ee 390 390 || North Carolinas 22 sere oer 561 56 Capel te a 117 117 | Oklahoma sae ee ee 240 120 Woridads = 3. se Ss 215 215 || Pennsylvania 1.210. Se 350 350 S0re1e Fess ee Se 214 214 | Rhode Island =: - 2555 2. 6,510 | 1, 628 SR 841 1202] Soup © arouna ts 96 96 Dawah tS oe sees pe SS 47 47 | SPenneSSOCe ss eae 269 90 PANGAN As oe es eee 61 Ol ROXAS ee ee 41 41 Mentucky 732.255 480 240 eNiroinin. 2 Seer ee 608 152 Pouisian Se 4 265 265 || Washington 1.232 235 235 PEATVIANG Ss oe ae 173 L735 |Web Viteimin dt 2 ee 62 62 Massachnsetts. 2 ier 3: | 45, 672 787 Wisconsin 22225. 2 eseses 495 495 Minnesota Ps ee eee | 395 BOb seen es ee NOW UBISOY. oo er 1, 659 415 ‘ 7 Nowy ones £25692 as aa | 47, 783 713 TN rrr ea ae ne 11 society only.CREDIT SOCIETIES 15 SIZE IN RELATION TO AGE Table 9 classifies the 174 credit unions which reported both as to number of years of operation and membership. TABLE 9.—NUMBER AND PER CENT OF SOCIETIES CLASSIFIED BY SIZE AND BY NUMBER OF YEARS IN OPERATION Societies in operation— | j Number of members E NeaeE and fo and jLe — and under] under 10 | under 25 Total & a 5 years years years = a Zs che ~ | Se pre bie ee iS ee Ae ee eatin eee Number RINNE Ot fe fone 6 SF Sa S52 13 | 10 5 | 2 30 SA a eee ere Seeeeecaee es 7 18 8 | 2 35 Sunn = Se bth 5 Lae 3 11 6 | 2 22 ERROR AUN 9S Sos hw 1 5 4 | 2 12 geet ona uncer 500.2. - 27. Bee eg ee eee eee 7 34 3 13 ESSE Ses SS ae ea eee eR eee Se 16 11 | 9 36 EEPIIIERA PSTO DUCK) 1 4 6 9 20 SMITE MEEICIOR’ DOGO 5 5236 Lee oi ee a eke chats Se oe 1 3 4 SII ee 5 Ps SN ae creas Eee Se See 2 NN F252 62 53 bt 25 | 71 A6 32 | 174 Per cent CI eg 43.3| 33.3 6.7| 100.0 100 and under 200 | 20. 0 51.4 5. 7 100. 0 200 and under 300 13. 6 50. 0 9.1 100. 0 TAQ gS Sie a3. 41.7 16.7 100. 0 BenMEMNMNEITCLOL 000-2262 5505 Seep eee 53. 8 | 23. 1 100. 0 TIES Ts OM cee cls Beco ey 44. 4 25. 0 100. 0 EETCIR 2 00M) et 50] 20. 0 45.0 100. 0 IEEE 00st eS pte 75.0 100. 0 5,000 Rare we a Sh ee See 100-6 ee 100. 0 Fees ce Je eon eee inte eee | 14.4 | 40. 8 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.‘COOPERATIVE MOVEMENT IN THE UNITED STATES 16 TABLE 10.-AVERAGE PAID-IN SHARE CAPITAL PER MEMBER, BY STATES | | { | Average | Average | ae | capital 1 capital | capl State | per State per | State per member member member eee Ie ees ee eee Pee a en See BERRIGAN SS eos ea ce S27 1 Maryland..-. $22. || South Carolina... = $52 Gaiiornis. 22 37- e 22 || Massachusetts -_-.------- 795} Dennessee =. ees 18 ts eee eee ee Gai LinesOun se ss 17 | POxUSs 02.2 ee ee 32 GCeervin. oc ttee ee Bat NOw J CISey. fo555 2. 1 -G) | V IRENA 8 27 ese ke Bist NOW AY-OFK 52253 iot-1- Washington <2 - 28 iq os oes 9 || North Carolina. -------- 25 || West Virginia___________ 12 WNBA 5 Se ae gt tf BF eo 2 Se ee 18 | W IseONSii 2S. 58 PIANOR Yt oe et Sian 34 || Pennsylvania---.-..----- 257 || g ecient PUN enh ee 15 | Rhode Island =. - ===. = 46 || PCa See 99 | 1} 1 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. TABLE 11.—-SHARE CAPITAL, RESERVES, AND DEPOSITS OF CREDIT UNIONS, 1925, BY STATES Num.- | | 3 ber of |Mrem ber-| Paid-inshare! Reserve Number of | Amount of State peulonss ship capital funds depositors | deposits | report- | ing | | | yearns. see 1 390 $10, 460 $24, 865 Salijoriia es 1 117 2,579 | $100 |----------.-|----- 8 iprith tt ee | 1 215 17,0002) 8 02 ceca. |e Brrr 1 214 108 | eee ee ee pidge =: 7 841 17, 373 42,491 nwa. ee 1 47 424 10 eee | 1 61 6; Q00-\ =e eso aoa uees. oe anes e RORHGR y= ee } 2 480 16, 327 2, 738 PQuistihs Wg oS Se Fe 1 265 AOU Ae oesy 220s [Sans ees |e POETS os ee 1 173 De OlO2 = = a0 fee ee |S ee Massachusetts 922: is ei 58 45, 672 3, 630, 717 4 386, 890 5 21,565 | 6 2, 860,375 Winnesbta: == eS 1 395 6, 700 8 28 1, 200 Naw Jarsny = = oe 4 1, 659 (*) 712 1, 473 84, 197 NOW 30D ee 67 47, 783 8 6, 522, 982 9 §22, 789 10 4, 468 10 393, 293 PeTPe APO iis ee 10 561 14, 016 11 6, 189 12 327 12 47, 978 Dkighoma 3-2 ss Se 2 240 4, 352 13 405 Fennsyivaie. -- —- = ee 1 350 89, 800 3, 909 Rhode Island = 3s a 4 6, 510 299, 340 14 49, 093 Berihare lina 1 96 5, 000 97 ORGS OR = ee ae 3 269 4, 897 18119 MORON ne ee 1 41 [DOR aes 2 3 Sess Oy seeing se a ge a 4 608 16, 581 141, 428 Weashineton:2 22273 2 Ss SS 4: 235 656003 | S52 es Wenst Sarina ee 1 62 COD) R88 ot Wy SCONSit Se 1 495 28, 694 716 Ot ea ee a 176 107, 779 | 16 10, 706, 099 17 973, 873 18 34, 827 | 19 4, 700, 768 1 14 societies. 8 Not including 1 nonstock 14 3 societies. 2 6 societies. society. 15 2 societies. 3 Data are as of Oct. 31. 4 56 societies. 5 §2 societies. 6 51 societies. 7 Nonstock societies. § 63 societies. 10 29 societies. 11 7 societies. 12 9 societies. 13 1 society. 16 171 societies. 17 155 societies. 18 114 societies. 19 113 societies. Besides the resources shown above, 98 societies which furnished financial reports show an a $420,910. geregate surplus and undivided profits ofCREDIT SOCIETIES 17 ADMINISTRATION OF THE SOCIETY 4 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 Jaws 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 specia] 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 w hich 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 thc first $5 of share capital paid in by him and an additional vote for each additional $25. 4 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 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 ormore 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 RON OO 10 5.8 Blane ane sinder 62000) 6 3.5 BA oe 260 Wnder 5.000 68 ee 11 6. 4 mo ee er S100) 23 13. 4 $10,000 and tinder $25.00. 25 14.6 $25,000 and under $90,000:° 2 15 8.8 a OO0 and under $100,000... cs 22 12.8 pr 00,000 aiid under $500,000. 54 31. 6 $500,000 and under $1,000,000________________ 2 2 O1,00,000 and over 8 3 1:7 = oO S oOCREDIT SOCIETIES 19 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. TABLE 12.—LOANS GRANTED, AVERAGE LOAN PER BORROWER, AND LOANS OUT STANDING, BY STATES Loans granted in 1925 Number, | Ntimber|2 23.2 as es I State of of ss Our a unions |borrowers Average ~_ pate : reporting} in 1925 Amount per a borrower Irie = et 1 220 $19, 314 $88 $19, 314 UREA ee Se eS 1 66 4, 520 69 2, 502 A SS era ee 1 258 24, 805 96 11, 521 mE ere eee se 1 33 2, 381 72 2, 294 (a Se cs ene a a 7 251 29, 085 116 15, 588 ees es 5 S 1 3 450 150 404 enna 5 Ft 1 (4) 5, 947 (2) 2, 750 ae Ngee ak 2 185 33, 748 182 19, 180 eerie ee 1 64 6, 320 99 4, 060 enema 1 60 3, 586 60 3, 586 Massachusetts 3 58 19, 289 4 5, 931, 418 308 5, 608, 836 INSEE Sere 1 95 122 1 6, 900 aI 4 L327 53, 691 40 19, 619 Nc 67 | 527,148 5 12, 986, 626 478 6, 054, 894 NTEIREDUrON Et 0 Sg 10 291 25, 183 86 64, 896 ROIIIDN Te rn 2 136 9, 680 71 4, 041 EUSA Sn 1 1, 000 177, 572 178 144, 257 eC tISEEIC ere oe 4 1, 545 680, 842 441 1, 350, 624 ee Iris 1 28 3, 845 137 2, 098 INRA terres eS 3 114 12, 249 107 4, 959 Re nese bak 1 82 (4) (2) 1, 400 Rete sures 4 339 45, 304 134 23, 835 PEURRR IRENE Rss ee 1 97 7, 280 75 7, 280 RR PAE RIMS et 1 9 658 73 658 RRM SERRE ere 1 196 35, 780 183 14, 927 PUR oe ef eS 176 | § 52,836 7 20, 100, 356 381 13, 390, 423 1 Not reported. 5 66 societies. 2 Impossible to compute. 6 174 societies. 3 Data are for year ending Oct. 31. 7 173 societies. 4 57 societies. INTEREST ON LOANS The interest that may be charged on loans is quite often limited by the credit union law. A very 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. The following table, giving the 1925 expenses of operation of the 32 credit unions furnishing data on this point, 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. 5 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 TABLE 13.—OPERATING EXPENSES OF 32 INDIVIDUAL GREDIT UNIONS IN 1925 Per cent of total loans granted during year, formed by expense for— bs = | ee | nia | DOtak jn = | rabor| Rent | Bat’ | ana’ | Offee| De. | Bad | MiP : Labor| Rent why | Sere sup- | preci- | ace | inne | | | power | ance | plies | ation bis ous Credit union— | | 2 PR Bee 5 Sieicneee ates SAS ene es ee ee 0. 55 No. 2 = eee ees 200 at 1. 00 INS Sate he 1: 85.450; 203 ns 0. 06 . 47 2.71 No. 4_- : See] OPUE: fame Se pegs . 3 3. 35 No. 5. oe ae 1.88 (2 Se Be ae . 3 . 2. 46 No. 6 = ee ae fete AY | 47 ee ee | ahh ee ee oS .33| 2.96 No. 8__- ------} 103} 1.19 | @) ie 0 ase 26] 1.61 No. 9_- See fe=eb7- |= 09 of ie ee No. 10 = --| 115] .14 ea 03) .12|--.| 1.47] .34}] 8.24 No. 11 ice =e be BO tS S07 aod 1. 81 No. 12 ee i S . 36 21 ge wie pS ee --- 68 No. 13 ade Peas ee = 18 B0gs = - 58 013-2 76 2. 54 NG de Boe . 67 06415 32 eatsoee ats eee ee | Ses se 1.01 No. 15. Eee Sees ISI 205 ieee 15°| == 208 a= 07 | =L6t Ns igs es 91 20} 0.01 | 03 04 04E eee a 04 1. 26 dfs . 60 a7 (sei6 (i ee Ss 59 | 1.86 I Ge Led ee A 1. 08 3) 22 2 ie===02 fae 22 19 La BG RG ene ee | he | essa ae S142) 22 28 |S ee 12 2.90 ass ee ee as aaa Sls ee eee 17 27 DNs el ee ee . 55 20 eae | .02 Tete == - 06 1. 02 Ree es re 05 [2 ee . 02 . 58 ING Ss ne ee 56 .19 (8) | Ol ends aa . 29 1-26 WOM se SO A: See Satie poe ee 15} 1.44 G2 ee Ss a Sines oe Se in eees Eee SS 88 | 8.73 DN Rs see ee tia Sa Bes O63 — eh 2. 37 3. 61 EGF ofS oo ee ee SS 43 LS pas SS re ee - 18 1. 34 Sie eee Loy mis PS he ae 45 | 2.28 ING sal ee . 70 3 See f-=.02 pies ee ice zie EGE NS he 0 0 | SS Oath ee a =009 = 1g GS SE Se ee ee he fi geese ss . 36 LB ee ee ee ed 85 164 . 02 eh ee | Sana shee 1.25 PRRs oe ee | a ese 1. 80 1 Includes light, heat, and power. 8 Less than one-hundredth of 1 per cent. 2 Included with rent. DIVISION OF 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 per cent of profits. This continues until the amount so accumu- lated 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,CREDIT SOCIETIES 2s 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: TaBLE 14.-AMOUNT AND RATE OF DIVIDENDS RETURNED BY CREDIT UNIONS ON 1925 BUSINESS, BY STATES Dividends = | Dividends || is | N umber} returned i |N umber| returned of {| bof ate | Societies ee elt State | societies eS | return- Rate || I sonar | Rate ing divi- oe meet | ing divl-| ,, apes | aands | aneeny 5 | | dards | Amount a pee | |__| MEER ee oe 1 $80 | 3.1 | North. Caroling=.- == 3 $846 9.4 a 1 678 | 5. 32 -Ok shonin. = aI 250 Baz a menren ree 3 376 | 2:7 Rhode Jsiand === a | 2 St 4.2 erent SN Gee ee 1 300 | 6.0 || South Carol 1 95 | 1.9 eee yo 7 965 5.9 || Tennessee___-__- 2 418 9.6 ements ie se 1 60 Pa 8 exts = Se 1 126 | 9.7 eee rae 1 94 2,41 Varese ee 4 1, 309 | 7.9 Massachusetts ____--_-- 55 | 213, 390 6.2: | WAS@ODSIN = eS 1 1,457 | 5.1 RNIN EEE 3 2 AT6e| == Oe ssl $$$ |—_____|___ eNO: 50 | 223, 113 | 4.3 || Volal. St 135 | 458, 183 | 5 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 of specific legal requirements on this point few credit unions have expert periodical examination of their books. 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 gives the balance sheet as of December 31, 1925, of the 121 credit unions supplying this information, which totals $14,967,563.22 2 a a oe = 3 BER ; EM 1 KC AS OF YCIETIES SO UAL CREDIT D S OF INDIVI 4 AND LIABILITIE rs f) ws aq Di k —A 5. « TABLE 1 Liabilities | icit count | Surplus and def ac ts 4 ASS¢ COOPERATIVE MOVEMENT IN THE UNITED STATES SOS je Ie ei te a ee eee e345 i ' 'n mNS 10N ict BAD tt es hee Pt GS Soa (ett 1s = ONS 10 1OoOuk rr Fs eS ee te bee et 1 Qa ee 1 is io Bh Cat ae et ei ot tt ta oe oo ANA 1 ' it Seto ee PS 6 ce eee es eek 2e aS ' ' ' et te haat Wage Ae heh ot Fo bt Bae ' ee ! i ' ot PACE ates Piet 6 iat to Ap ae ae tee ' as ' ' ’ 15st 3524 het te Ot a te Ete ee ' on ' ! ' 28 et Fags San | tb hk st eae eas staan ge ek eae | ! ' 1 ' ess Sa 4 220 8 Fait 0 8 1s ee Bat 1 1 = ’ ’ ' ' Qin | lat IRE THON IO IHAIIQ IHR WDHOBOL AMMAN OAMIOHOE 1A Se aH4 | ima 8 1H 8 oD tet 1OBPo IMOSDHADBDRODDW DOH HAVOSHO OO ng =a52o iA 11m tt Matt NOH § ARMAAN NMHMKRBMOAHON Ot rs hs ecm ae 2 poe ad ~ ! ns ns s nos ” note ; ee KA 1c 1 Ast N VN os NN re 1 mY ' 4 4 ' ' ' — N ’ oe eee at 1 34 | 1 1 ' 1 RAs ' acts ot ' ' ' ’ t ' Bs tt et ' ' ce, aad : eee 8 4 tet 428 tL ch ok abet s ea ean fae ree fy 2 @ > 1 ' 1 ' ' 1 ' ' ' ' 1 ' 1 1 ' exe S ' iss a ste ws Rte te ee td ET eet 11 eer Sem © Se as ee ee ee a Og De ee oboe a 8 ee GS 6 a PG ee eee | sea j Ge tt oe Sas 99 8 4 3e 8 2 Arde * 8S $28: 8.056 ee ttn eee Ox > j ees ft 8 0 8st 6 0 8 ee eS eee ee ON GP eee ovr | ss ot -8 ee t Soe ae te 8 ee £7) [Ese eae ons 3 coe: Sat et St Be 34 eee 8 8 8d ebb tt & ob et ae ' ' ' ' ' ' ' ' ' ' ' ! ' ! ' ! 1 ! ' ' ' ' ' ' ' ' ' ' ' ' ! 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' ' ' ' ' : 38 CS ' ' ! : rm il CranCREDIT SOCIETIES 23 ~rt 19 10 Reid he ese SDANS 1919 9 8,8 52, 730 8, 105 e N10 wt ws CQ DQ u AS | | ' r- if eo 10D ior) ‘ ' 1 ' 1 pee ee ae Boa ‘ , om st s S 0 OS 22'9 WD D2 D> k~ oD nQooer ©'D sx 3 So OD KD ONC OO iD xt Oo 6 1OdOdxmw =) oO C INN ( 0 38, 6 a 82S 1D 1a © as Non OS Ors AAD re oD ~ 7 ee SL taeeenaeeaaeias oan eee > eee. sok t $k 8 ok 8 8 et eee Eee Pe ed Cte or Bee he ee ee ee ee ete ir Bh A Piet Eh ee Ok a 8 ee a ek Be Ae See ke ee ee ee ee ee eek ee Go ge ee 8 ee Eee Ce Se 8 eR Ee ee Oe eee ee Eee ee rg, pg et rt oe eed CEE 42 et te ee Oe ee ee ee ee ace pp eee fg ge ke NE ee a oe ee ee Sd Oe tS ae Be ee ee Ge eg gg pee A eg ee 8 ae ee ek a oe eee oe 8 eee regs fe eee ge ee Ok a aS a ee ee ee a epee eee pg eg hk he a a ee ee ee ee i i EE ee eee eee eg ee kkk Oe ee BL ee SRE ech Ft oe eee be tk ee ag gg agg ey St ee 0 oe ee ee ee EE fog ere be gh gs eae ek Re ee Oe CE 8 ke tee ee ee ee oe ne ye he kg gy ggg 8 A Ee A ek LE a Se ee ee ee oe MRE Mtge gg fg yg A a ee Oe ee 8 ee Ce ee & ee ee ee ee ee aE ig eg gt ee Oo Pe ce EE hk 0 ee Oe EE eee Nr ak egg ge ge fg gg ke ee ee 8 Ore a 8 ee ee eRe yy hg gory gg gy 8 ee Se ee a ee ee bet a eee ee ae tere pe ey op gg a Bt ES Se 0 ee 8 eee RTE Cie coa Re ge gg gg eee kN 8 8 kk eS te A ee. 8 8 ee 8 oe ek Oe Oh oe ee Oe eee pee eae wt ot et tee eS cat ihe eee SEE tot “= abot te boeken pos wi kb 8 1 ROMAN TP IOOPr-ORHOAAM HT OOMmWOD mao DOoraoe TIN OD HID OD DDOINOH'S Or DD CO SSIS SH SH gt HSH SHS 1 19 19 1) 1D BSSSSSSSSSSSSRRRRARRRERR ~DHWOWDDDHNDNDWDH24 ~ ~ UAL INDIVII OF ci me > ETS AND LIAB SS 15.—A TABLE’ nt ecou a Assets | t + .woC ry OO | 219 + 5 | ood rd | ee pee a ene nS | Ort N00 OD OD OS BR } NOD Co ae N or ~ ja re _ ; | 2 n | ee > oO ey } mo | aa Ognca “3 “nA > nye Coe 3.4 | a | = COOPERATIVE MOVEMENT IN THE UNITED STATES S : 2 oO aS Os Surp. nd t ipment Society No. 1, 505,298 | 1, | OTe eid sor)CREDIT SOCIETIES 20 RESULTS OF 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 self- help by the 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 of - 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. Tn 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 IN THE UNITED 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 bv 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 7/4 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 UI.—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 have become ordinary joint-stock companies, while 21 of the 39 ex- isting societies have furnished reports. The geographical distribution of the existing societies and of those reporting is as follows: Existing Reporting 1 CIR SEE fic igs rs oa Ye ee Ere Ce 2 eee. Werechertn ey eS ee Bi Sho eee OP ee 2 1 SNA GUUSCLLS 22 oes 6 et 5 ad es neers S 2 Wenig net Se See Se ee ] see PMMIOLPONO OS S:5 5 Fe Be eae ee ee eee eee iE PeenOUT = 2 : eae ere 1 reer et Se Se iM | 1 New York. _ aes ts ee eee reetissaae a ae 1 tee sO =e ee Baio gate ee a oe ee 4 1 I oe i =e eB 3 RE 1 Soe rte pote 6 te ee Se te aie tf 9 Cru VT ONMI A = > iste a yee ee ee erat 2 1 IR et Sot a a a 1 1 PECL tees ee ee ee 39 21 GENERAL CHARACTERISTICS GCF 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 of 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 2728 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, 1m- 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 unionists 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 in 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 1920.WORKERS’? PRODUCTIVE SOCIETIES 29 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 factory 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, and 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. TABLE 16.—NUMBER OF MEMBERS AND OF EMPLOYEES OF WORKERS’ PRODUC- TIVE SOCIETIES, 1925 Shareholders Shareholders = | -_Non- | pr ——| Non- Num- | share- | Num- a Society r ber em- | holder Society _ | ber em-| holder oe ployed | employ- | — ployed | employ- , in fac- ees : in fac- ees tory tory ! mecinLy ING st. =. === 200 () (j= Segety Ness = 382 13 63 Bogienv No.2 = - -:-- = 650 70 30 || Society No. 14___----- 21 10 8 epcietyINO.3_—.- 2 = 8 4 4-1-Society No.1: ..-—-- 22 16 15 merery NO. 4. 2 69 {43 | Society No. 16. =.=. - 200 20 180 Peery NO. 5.2 2 = 110 df Society No. 17_._----- 9 Gas ee mociety- No, 62. === 150 23 2*\| Society No. 18-2 <== 16 16 22 Bociety No.7 == = 203 25 250 || Society No. 19. --.----- 89 86 45 Beriapy NG. 8. =. = 25 Dt || Society No. 20_~.-.----- 40 40 pee ee maciety No.9... == _ 80 (3) (@)-— 4; Soeiety No. 21... 92 15 150 Society No. 10___-_____ 45 38 3 | | peciety Not =. 16 13 14 | Totals =). ae 465 | 807 Society No. 12._______-| i 11 21 | 1 Not reported. 210 per cent of working force, 3 This society has not yet started operation, 28464°—27——330 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, holding 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 83 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 society 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 in 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: ; TABLE 17.—PAID-IN SHARE CAPITAL AND SURPLUS AND RESERVE OF WORKERS’ PRODUCTIVE SOCIETIES, DECEMBER 31, 1925, BY KIND OF BUSINESS DONE ; Number | Paid-in sh Gan Kind of business done of ae er Surplus and acted capita. reserve GABAR (aClomes 2 se A od ee 8 4 | $53, 952 1 $900 Fish canning and sales societies___......-.------------ = 3 | 208, 074 1 445, 677 Giass(window) factories —— 2 ee ge 2 | 175, 000.:|. =. Soe a ‘\ Pagandr ios ssc te es A 2 53, 283 14,700 + MOUGCTIOS = Se a Fo ee 1 71, 000 2 : inte plo ail ieee eS 6 | 158, 500 3 75, 435 fete tortotien 60 ee 2 | 140, 700 52, 956 Manone Mictories =. a ee 1 | 265, 000 73, 922 a ee 21 | 4 1, 025, 509 5 653, 590 11 society. 2 Not reported. 3 3 societies. 4 20 societies. 5 9 societies.WORKERS’ PRODUCTIVE SOCIETIES 31 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: TABLE 18.—_AMOUNT OF BUSINESS ee ae WORKERS’ PRODUCTIVE SOCIETIES, 1920 TO 1925 Num- Amount of business ber of Kind of business socie- ties re- : : porting 1920 1921 1922 1923 1924 1925 Seiear factories. _ =... ___ 44 1$45,055} 1 $94, 101] 1$104, 570) 2 $131, 842} 2 $112, 136] $141, 824 Fish canning and sales socie- ferme os 8 522 2| 31, 019, 054} 3 601, 298] 3 632,812] 3723043] 1 668, 756} 764, 192 Glass (window) factories____- 2) 3 621, 548 3 438, 466 3 231, 653 3 214, 334 3 102, 398 295, 679 Laundries 2 144, 643 125, 142 123, 729 148, 495 Lee eEt 175, 585 Shingle mills_- 6 1 301, 781 4 640, 068 5 809, 196 5 807, 450 5 837, 903 §92, 906 Shoe factor ies. 2| 3 1, 702, 611 8 853, 509} 1,191, 989} 1, 301, 842 1, 262, 414} 1, 419, 608 Veneer factories Lise ee? (8) 536, 854 924, 812 712, 275 743, 535 Bil 19| 7 3, 834, 692) § 2, 752, 584] 9 3, 630, 803) 10 4,246 818} 11 3,873,593] 4, 533, 329 1 2 societies. 4 4 societies. 79 societies. 10 15 societies. 2 3 societies. 5 5 societies. 8 11 societies. 11 16 societies. 31 society. 6 Not reported. 9 14 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 only & 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 (IG SES Se Se geen ee eee eee 2 1 $861 Fish canning and sales societies___________ 1 27. OFZ Glass (window) factories________________- 1 29,198 re ee 2 4, 858 Naha ge G2 AS SS OC a 5 2. 143 346 eer OCtories 1 54, 391 i Co wee 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 1] society; the other reported a loss of $10,148. 2 Loss. ®° 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 have some trouble in disposing of their goods. One of these socjeties 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. Chéck 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 audit their books regularly, one has an occasional audit by a professional auditor and the other by a committee of members.WORKERS’ PRODUCTIVE SOCIETIES 33 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: TABLE 19.—EXPENSES OF OPERATION OF THREE WORKERS’ PRODUCTIVE SOCIE- TIES FOR 1925 —V0—=—=$0909BDBM ee” Per cent ! spent for each item, by— Item of expense ree = es Shingle Veneer Laundry sail itil NE IRS 5 55s ok ete 8.0 64.7 | 46. 8 es aol 28. 4 39. 6 RE oe 8 ee 3.6 Fi | 2.9 ec | 2.0 ae ee dient, light, and power.......... eet a a SE ep ee 4.9 at 2.0 eee Ee a . 28 2 (2) I EIR = ee 1.8 1.8 2.8 Ee eee 5 4 aA oe Sn ae ee ee 42h eS 2. 4 Be ieee ee z (2) (2) (2) NE ee ee ee ee Oe ee ee <5 Ie ee 1.6 bya Re aha Se eee Sees 3 a 6 on e 98. 5 98. 6 97. 7 Ree eS Eb 1.4 2.3 | | 1 Based on sales. * 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 $2,627,834.31, 1925 R 7 u CEMBE gy’ PRODUCTIVE ASSOCIATIONS AS OF DE 7 VIDUAL WORKEI ‘ INDI F OF cS AND LIABILITIES TS TABLE 20.—ASSE abilities € — oF |, a8 | gg im |} wm = % << COOPERATIVE MOVEMENT IN THE UNITED STATES rite nok I1nAOS Ln S i iIk ISA IFRS 33 —4 1 tk 100 ICON 2 US et we SS o8 oO tI iN 1198 2e wot Mm INN ma Git 1 Ss oe ’ — ' ' ' 8 1 i ge = © : i< a = i oo ir as tik 1c Sem ~ ' ~ tow oa, © 1 i ibm Na oO ' 1 4 5 ' i = 1 ’ i 1 Oy yA; | gq aN renx AUD =: in 1 1D I SD sess | 1a raaed anos | * ‘er SES a,-cs oO 1 WD 6D 69 D eA = 8 = ' ATA aoe & e i > nao \ © Paws ee oa ay 35 os oe eS TN aaa | 2os | fae } pat Os | ees | nes fe ee — - 2-8 | ano 1} 1S 8 te 4 tk a oS eto tis - Se eee ete S pooh etal oO Of iss a ~~ a.’ ae es = <4. 8 s Pas Loss Miscel- yneous ] able : Bills and accounts receiv t Buildings “cy | maoymAnonnnn | Oo 35 MODOMNSSODNM !1 A ep SPSSSRYSSSSS!O& > See eae elm een oh = ae Sqr rOGSrMOMNIwE eS 6 aS IDM HAN WAND | Oo oor 2 mort Oo me ais 2 eee ee gt Hew ACAaNS g qj td CoO SH Py © ~O < o8s BEN MON BM | aq8 S ai siis ne 5 | ea, min Oss = A om SCAMQMOMMD Oe D 4, SSSSRAHDSASHS 2° SSR SGARANWO Qed eR a Son ae SDD AT G19 09 12 CH 69 sao BDH MHANOOMN Sao = RAR RARE OS a Se Se Worst ee 1 ' ! ' ! ' ' ' ' 1 ' ' ' ' ' ' ' ‘ ' 1 ' i 2 hd oe te lo tet ' ' ' ' ' ‘ ' 1 ' t ' S ‘ ' ' ' t ' ' 1 ' ' ' iz 1 ' ' ' 1 ' ' ' ' ' ' ot ea eats ' t ' ' ‘ ' ' ' ‘ ' ' se Stee oD ‘ ‘ ' ' ' 1 ' ' ' ' ' — ‘ ' ' ' ' ' ‘ ‘ ' ' ' 8 ‘eb £4 4 ete ' ' ‘ ‘ ' ' ' ' ' ' t RD (Skt A ' i ' ‘ 1 ' ' 1 ' ' 1 ' ' Bz ' ' ' ' ' ' ' tt 1ONMOMODAN AOCbFnnnre mn 33 17, 8 150, 441 362, 527 ¢ | Doraleso seedWORKERS’ PRODUCTIVE SOCIETIES 36 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 biils 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 in 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. TABLE 21.-RELATION OF FIXED ASSETS, ACCOUNTS PAYABLE AND RECEIVABLE, AND SALES TO CAPITAL IN 11 WORKERS’ PRODUCTIVE SOCIETIES Relation of— Booiat 4 4 Ratio of sales ociety : Sarita LA wie Accounts and in 1925 F ee poemaens mites Feces to capital 2 ‘tal? hea able to capital to capital 2 capital 2 Per cent Per cent Per cent ONO gf Se ee 30.8 32.1 78.5 3.5 STEIN Oe Eee 10.8 ~o 25.9 1.5 STUY De G2) eee eee oe eee eee ree eee 45.8 13.3 37.6 1.2 aan 1) ee Se 92.5 23.4 8.5 5.2 eI O D2 105. 9 108. 1 12.9 5.5 BIN ING ee a ay 61.3 5.5 14.7 2.3 Seen Oe Oe ee 29. 4 24.1 9.9 14.9 pemPayeINOrl | et eee rie ks 52. 4 16.8 16.6 3.8 SUIS ede ie 105.3 26.6 5.9 2.0 Samet INO AOS oe tsi ees Pi ere Silko Lie ee 57.4 1.3 40 ya | eal elo Al 5 ene fs et, 8 ed BO ese ee 30. 4 1.1 Buildings, land, and equipment. ? 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. 8. 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. 3. 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 policy of cooperative societies to sell only pure goods and as far as possible only goods produced under favorable working conditions. Yor this reason ‘“‘union-label” goods are in demand by cooperative societies, since the label is a guaranty of production under fair wage and 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, ete—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. 5. Cash sales to avoid 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, 36 sini i i st it aii ci aCONSUMERS’ SOCIETIES 37 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 scrutinized 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 OF 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 Per cent General merchandise: 1s =F Sees ee 324 67. 6 (GEQCChIGS: pe ar Hae ahi ape 2 49 10. 2 Pecer Scr AG menin (os 8 i 2 38 7.9 Grpcente Sipries: ll 2-3 Rei ietCOTIOe il Cre ee ee eee 9 1.9 ebOtal: forp diese Ft AAS ee Se es 431 0. 0 Werclesnic- sociation ==) = 22 ee eee 3 56 Remeere Ie Sintons. 10 2.1 et iecnr ee ea ee se ee ee 9 1.9 Pomrrrelpiod 82 Sstr aisle & oo Fe) KR Se) 2 4 Peeps RUROR = > ie se ese ee 12 2. 5 PPOste vaste 50 he ee = fog ee 5 $20) Meni ys cocietios = ere 2 J4 Meerctancong socicties. = = 5 10 Grane totales 2s ses pes Ssrsiget es $522 AO 100. 0 The societies, listed above as dealing in “other commodities” include 2 organizations handling coal only, 1 art supplies, 1 dry goods and38 COOPERATIVE MOVEMENT IN THE UNITED STATES furniture, 1 men’s clothing, and 4 miscellaneous articles. The ‘‘mis- cellaneous”’ societies include 1 milk-distributing society, | 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, ete. 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 organization, 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 buying-clubs 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.CONSUILIERS’ SOCIETIES 39 A total of 534 establishments is operated by 456 societies and 447 of these societies give emplc yment to 3,409 full-time and 49 part- time workers. GEOGRAPHICAL DISTRIBUTION Table 22 shows the geographical distribution of the 479 societies making returns. TABLE 22.—GEOGRAPHICAL Se a SOCIETIES FURNISHING REPORTS LSS Other isrdite! State General | retail houses ‘wee 5 Other stores store | and res- illing | Bakeries | types of | Total societies | taurants | Stations Societies uesetr eat oe 72 EIT L322 2he Se eee ee ee ee eee 1 earWiohes =o te Ss DS sees | se at ey ae shew eee aoe b 2S ere 2 IIS eo | Soe eas | a oe ee ae eee fee are pee 2 2) DLS SS eee 3 8 ol ii | ae ee ee ee 5 Serine ee roe Deak ee a ne ee ree eee ‘ LL ae em G3 [sas ee oe ee ee pe eee 1 7 oT SRS a eee 2 Ss | ie eee ee 3 Re 16 8 Of ee 1 28 rere S35 2 2 ss 28s. 2) fs oe ere Spe ee 4 een eee 13 Ose Ses Dre a ee 19 MES Sree ee 25 Bl oes a ee eee eee 27 mERICNE Ne ee 2 oe eet Af tS et ee ee eee 2 Pe os 1 5: eeeereehs on js ee eee ee 6 Merssaennsetts. 22 8 Ft 9 17 ese tee Gap es 32 Remieemi eile ee 17 8 Oo Se a ee eee 31 EMEC AU 99 9 3 Soho 2 ae Ce 1 120 ESS a ee 2 eileen (Ses ee ee ee 4 RRC D5 Bod Se Eee yess Spee Bon ar ees ieee 2 Beene ae 21 Bo eee bef ee 1 25 SLI SHT Os fs 228 b es Se [Snes ee ee es eee 2 CISC 2 Be ee ee Fee 6 RE OP Rea eee 1 6 2 pee 2 1 12 Reiner nrOln a. = 1 eee Se ee ee ee ee eee 1 BNP anole 2s Se te 13 PE pee SS ee a ee eee 14 eee Fe 10 6: ee ea eee 16 RMR re 3 Bo eee Ss es ees ee ee 4 nih gr Fae Te ee ee ee 1 | 2 Berets Vlvaniige == 9 A eo a oe Pea eee | 14 feos Island._- 2 Bape eee ee ee 3 poet Dakota Se 10 9 fo oo a es eee 12 BPI SS sae ee De see ee eS ee eee 2 a eg an a ee ee ee ee ee 1 YET le ee a Se ee oe eee ee 1 Bee Ot ON co 16 oe SS ee Pe ea 3 22 Mmest Virginia 2-2 5 desc e Be ee ee 6 ee aconsiie: 2 Fe ee 30 3 22f ao ee [oe eee 3 38 MAU Ores eee ef De a eee ee 1 a ee ee 324 107 | 17 10 | 9 12 | 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,” 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 Bets Fes 3 6 i 33 opis Soa) ng eg eRe 1 nee Boma Ariel eer A VCO sn nk eng 13 8 ren Oe Ce oe ee 22 3 noe 1 Vente 235 27 ere tee 2) Veare 130 10 RaMeCAEG ANG OVOrs ot Sete et aie 22 ge ue ee er SoS ee 423 48 * In the 1920 study (see Bul. 313) the average was 4 years and 11 months.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 6 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. TABLE 23.—YEAR OF ESTABLISHMENT OF CONSUMER®Y’ SOCIETIES, BY TYPE OF SOCIETY Sl PRONE WOR RHE ROWNOWNORD Store societies Nonstore societies Grand total Year or period Boarding! Gasoline | p41 N P Gen- | houses | ~ «7; Baker- Num- er ead Other | Total | . 14 res- ue ies | Other} Total ber | aaae taurants | >" SS 2 1 ae terete es ee | 3 0. FORI-ANOS 3 ed 23 2 | Diets eee la | Se 2 ; ISSR B00... == Baloo eae Bere ee ee ee 3 S 2801-1805. = = 6 2 | Gaje ees en | | ee eee 8 fe 1896-1900__...__.- 3 3 ee ig ee ee ee ae ee 6 Ie 1901-10052. = 5 34 Saf ee re foes 1 9 e 1906-1910..._...___ 29 | 6 Shoes oS bo oe 1 1 36 i Tiesto ewe 65 | 10 | 75 | Se ee 2 6 81 17. MiGs. ee 19 | zt 26 | P fe ee fe 2 28 6. FS = 22 | 13 | 35 | Sq se te ae 4 39 8. a ee Sm 12 | 43 | fy Be: 4 47| 10. ee faa 10 | 57 | ee ee 1|- 68 =e 10 ie 51 19 | 70 | Ae ee 2 4 10 80 TZ I 25 8 | RBs Soeee eae Fe desl oe ee 1 34 z cb Seige rea eres 6 | 1 | eee | 9S 1 3 10 >) ese. 5 | 3 | 1 ee ae 8 L ar 4 | 2 | 6 1 | i | 1 % 13 2. Gis ss ae Soe 1 | jose 2 jbo eee [ee 1 2 é | | | | Total__..-.| 323 | 103 | 426 15 8 | 9 9 41} 467 | 100. 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 See aggregated 139,301, distributed by States as shown in able 24,CONSUMERS’ SOCIETIES 4] TABLE 24.-MEMBERSHIP OF ALL TYPES OF CONSUMERS’ SOCIETIES REPORTING IN 1925 hes? | ee Num- ; Cte ber 0 ber of pee mem- || vee mem- State mem- bers || bers bers es ee ee Eas | BetagaiiA = 62-2 150 || Massachusetts - --._____- 21, 676 Orecon=. 3, 030 OE B00 | Michi sans ee 8, 873 || Pennsylvania -._________ 1, 498 gui 235.|| Minnesota. .—__._-=. =. 23, 889 || Rhode Island-___________ 264 SreORMItes= = = —— 25:22 ik 0; :040= 1 VEISSOni se 458 || South Dakota___________ 1, 166 BeOrid0e= <=. 222.522 160 || Montana. ___2 == .-=_ = 195 || ‘Tennessee_______... eee 46 Ponnecticut 2. 2... =. 55. 3,176} NODraSKaS fe = 5028 4{F 3k OSHS a 6 ee 857 Mere ke é New Hampshire_.-_-_-___- 285: 1 Virpinigs. = Fe. 215 Ses 5-2 |New Jerseys 22 Se 4,732 || Washington_______..-_-- 3, 551 rea ee = NGOWeY OFk 22 = ee ee 6, 577 || West Virginia___________ 1, 049 Powis 2-22 -- =. North Carolina-----____ 124} WuiscConsi= - 62 ees 8, 116 Remusas.<-5e-_ i. 5 || North Dakota______-____ 1400 Wyoming 2 == eo 540 Kentucky - (ORIG a eee 13, 494 |——_—_— Miaine. 2-22 .5_. OK lahoma occa) Ee 727 Total = 25 | 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. TABLE 25.—TOTAL AND AVERAGE MEMBERSHIP OF CONSUMERS’ COOPERATIVE SOCIETIES IN 1925 Membership Number of Type of society societies reporting Average per Total society Retail store societies dealing in— BEPIpEANOECHANCISO <5 310 55, 431 179 ETD COMCS 32 ea ee SS 47 11, 129 237 iroceres andsmeats 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. 8 For typical by-laws of a consumers’ society, see Appendix O, p. 104.CONSUMERS’ SOCIETIES 45 Src. 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. az 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 are 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-third 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. VOTING 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_-4 IE SOIT IN Bey Se ei TEENS es CM a ie =}46 Basis of voting: 1 man, 1 vote Vote by shares. _-----------------+-------- Gta 6 ee ee Se a Voting by proxy: Prohibited Allowed Motil Su Ae 8 2 Se A se Ee laxity, as compared with the The above data also suggest a growing : being 90.7 and 9.3 for the 1920 study, the percentages in that year basis of voting and ¢ : : cooperative in other respects, allows a single member to cas Since the 1920 report, 45 societies which have furnished practice in this matter, 22 proxies. data for both studies have reversed their e) proxies where they formerly prohibited them and 23 now allowing Number 275, 38 39.8 and 30.2 as to proxy voting. now requiring the vote to be cast In person.* VOLUME OF BUSINESS COOPERATIVE MOVEMENT IN THE UNITED STATES Per cent 87. 9 12.4 100. 0 One society, to cast 10 Table 28 shows, by States, the sales of the consumers’ societies 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 cons power of nearly $50,000,006 stores of Minnesota. PARA GS = es Ss ee AMR ee PRO SAS os a CORTINA e Bpiorgun. Connecticut. ----..-- serer ss — MEIGS oss ese ea BGR Se ee oS WS Sa eS ns eet oo OAUICRS 3c WEARING. 3 Massachusetts PGI DRT Minnesota Missouri umers’ societies covered represe ), more than one-fifth of which is in the nt a purchasing This State is far in the lead, only one other (Wisconsin) doing as much as one-tenth of the total business. Amount of business $72, 000 223, 037 121, 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 TABLE 28.-AMOUNT OF SALES OF CONSUMERS’ SOCIETIES IN 1 Per cent of total | | S on — rb nN ° ee eet or 6 hs 3 WON WAOMONHEARMDHRONERNRH aie 925, BY STATES Per oe Amount of State business cout New Jersey. 2225 = Se $1, 063, 221 21 New: VOLK oe ee 1, 650, 626 3.3 Norbi- Carolina 223 2 Ss. 2 3 60, 900 Zk N orth Dakotas ste aca es 1, 169, 252 2.4 ORIG Ss ae ee ee 1, 941, 472 3.9 Oklahoma: = 222s eee 820, 737 Ea OxrevOn: 2264e 5 Se eee 66, 942 ok Pennsylvania... 2s. ee 698, 620 1.4 Rhode island 3.3. Se 146, 000 3 Sout DakOln = ee 759, 198 L5 Wannessees:se = 2 ees 26, 331 at ITER AS ase ee eee eee 134, 112 <3 Vineness Se 95, 419 “2 Washing tone <<: crete ees 2, 547, 950 5 West-Virginia 449, 081 9 Wisconsin 3-44 v9 es sate 6, 653, 421 13.4 Wey OWING ee 81, 000 4 otal fs ee 49, 710, 788 100.0 SIX-YEAR TREND OF COOPERATIVE BUSINESS The societies covered in the present study were requested to report as to their sales for each year from 1920 to 1925. ‘Table 29 shows the information received on this point. Fewer reports were secured for ‘ Warne cites three societies which were forced to allow proxy voting in order to get a quorum at meetings. (Warne, C. E.: Press, 1926, p. 202.) The Cooperative Movement in Illinois. Chicago, University of ChicagoCONSUMERS’ 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. TABLE 29.—AMOUNT OF BUSINESS oo CONSUMERS’ SOCIETIES EACH YEAR, 1920 TO 1925 | 1920 1921 1922 jeeeee 2S = aE f societ | N ype of society | Num- | Num- Num- ber of | ae ber of To ber of a socie- | ; socie- : socie- : ties | business es business tes business Retail store societies handling— | | General merchandise____-_.._._.-.--.- | 204 $24,097,722 | 170 |$16, 116,338 | 195 | $16, 963, 009 Groceries Renee eo ok Seeh S 30 2, 363, 523 28 1, 777, 747 3 2, 040, 210 Groceries and meats_____..-_---_------ 26 | 2,495, 261 22 1, 885, 936 23 1, 969, 453 puuonls Supplies __---_-__-_. 22: _| 7} 1,079, 981 6 | 1, 588, 171 8 1, 679, 024 iacr commodities - 2222-2. 2 5 | 326, 621 4 319, 523 4 252, 993 _ oe SO | = 30, ae 108 _ 21, 687, 715 262 | 22, 904, 689 maolosale SOCIOUICS. = 2 see =. 22k 3 | Sad, 132 : 1, 824, 734 3 1, 641, 822 fereatine filling stations. --. =. 2. i 22) 2. i eee ee 1 ” 85, 407 peg eg SS 8 | cers : 507, 001 t 589, 906 Oe eee eS 6, 042 J 13, 990 1 13, 208 Boarding houses..2..___-- | 31 145, 051 5 135, 937 5 129, 040 BeEALT AIDS 8 3 | 112, 707 4 192, 034: 4 302, 546 Water supply societies rs 589 1 616 1 690 Renee AOOUIS © 2088 2 Pee | 3 | 309, 710 3 994, 682 3 1, 800, 559 | - Beran eonnes = stan ee FE | 292 | 34, 851, 773 253 | 25, 356, 709 287 27, 437, 867 1923 1924 1925 Type of society Num- Num- Num- ber of oe ber of A oe ber of oe ‘ business ges business wey business Retail store societies handling— : eneral merchandise. -_-2_2.--_ 2. 2: 213 |$18, 900, 862 283 |$24, 846, 996 322 | $29, 610, 246 OW SYED) ee 37 2, 378, 467 44 2, 844, 009 49 3, 487, 979 fmnceries and-imenats:.. =. 25 | 2,441, 901 29 3, 271, 620 36 4, 346, 690 Paconts: SUPPHOS:.. 22! 5) FF es. 11 2, 175, 842 11 2, 841, 017 11 2, 899, 626 Oipher- commodities. = se 4 324, 276 7 369, 165 8 401, 069 Ue 290 | 26, 221, 348 374 | 34, 172, 807 426 40, 745, 610 mutiniccnie SOCloticS.- =. 3 1, 974, 999 3 2, 206, 915 3 2, 459, 521 asoune tilling stations... 1 87, 454 4 "190, 734 9 742, 473 mR et Lee ee es 8 685, 172 8 752, 150 9 1, 189, 737 EARNS eee 1 15, 877 1 21, 063 2 37, 786 Rump OCH USS) 5 152, 660 6 137, 236 10 150, 853 BERMRPRAIS ee 7 elt Ee 4 448, 660 5 578, 777 5 679, 110 Meaer-cupply societies: =... 2 1, 246 2 1, 480 2 1, 559 Ree YT NTS 4k 3957-376 5 | 38,470, 439 5 3, 704, 139 Pemertnehaiale 4 | 318 | 32, 844, 792 408 | 41, 531, 601 471 | 49, 710, 788 _ 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. Tn 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- | ral ‘a a48 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. TABLE 30.-AMOUNT OF BUSINESS OF IDENTICAL CONSUMERS’ SOCIETIES EACH YEAR, 1920 TO 1925, BY STATES Amount of business | Socie- | ties re- |_ : State | porting} for all | i920 1921 1922 1923 1924 1925 years APWONSAS.- 3232 se | 1 $25, 004 $24, 755 $20, 231 $21, 422 Caitfiormis:. | s.—-<-s+ | 3 193, 160 226, 288 244, 391 283, 501 Coannecacus.2<4 Se 8.2 No. 102 s 5.0 Neg ee 5.9 NO203 3 oR No: dB ee 4. 5 ee eee 2.7 NOS 6425522222 ee 5.3 | No. 104. _- a8 LO Ci aes 6.0 NOs 6iae 1.6 | INO 105. 2 3.4 sah eee 3. 1 INO 00523 5.3 | No: 1062 2 5. 2 Digg fee 4.8 NO Gis = os ee 133 Nos 07 2 ee 2.0 TS ee 2.4 NOrG82 se = > 2.8 | Noo = 9, 4 DS Oe 20 ene rs a a7 Nos69s6 322 ae 10. 1 Nosl00s 5S = 2. 4 BG Uses ch ce 2.1 NO210: = 4.5 | NO: 110 : 4.3 MiGrat ae 1.0 INO: 7ios ee 127 No: Hh 4.0 ree ek 1.6 NOs sa 8.6 | No: tgs ee 9 Re 4 Noa ee 5.7 No th = 9. 4 _ oe 1.8 Ne 7h. 25 1.1 | Net 2.0 ets 5h 8 8.3 INO 70s ee 1.1 | NO. Hib -5 Jee 3.4 N6o7652 4 27 Noses 5. 3. 2 ae 3.5 Neg 2.8 | Neidlt 2. 8.4 eho 4.3 NG ti a ees 7-0 } Nosti§= 22 es 5.3 Die AOe ss ett 4.4 No 7022 5H Noe HO?) ee 1.8 Winders 1.8 No-n0.- 3.2 |I No.1 2 72 ? & Lea aisCOOPERATIVE MOVEMENT IN THE UNITED STATES 38.—_PER CENT OF NET GAIN MADE ON 1925 BUSINESS BY 316 CONSUMERS’ SOCIETIES—Continued Space aa SSS Sa pean Aa ap ie Per Per E ae oe ; ber and type cent of Number and type cent of | Number and type ent 0 St net of society net of society net profit profit profit | 1. 2a General stores—Contd. | || Grocery and meat | ; N 99 tem stores— Continued . 99 2 No. 200 2.0 NO. 223.2 oe 7.6 Q 7 No. 201 4.3 N63 Se 1.8 h No 202 4.5 No. 4-9. f No. 203 4.9 INO. ie ee aes 3.7 No. 204 =: Average 4.3 N 200 6. 4 j_———_—__—_— . AR 2.4 ; ; C wv O- 200 9.4 || Students’ stores: = oe s No.1: ce 6.9 No. 208 ~s No. 2... 1. 2 No. 209 1.0 No.3 } =11020 2 2 No. 210 2.0 No. 22 2 | 6. 1 : No “2 N66. 8.9 i No. 212 4.7 No. 6 : = } ING. £108 4.7 No. 7 ‘ = oes 4,2 ¢ Jo. 214 4.2 NG. 8. ee 6.8 "7 p F db. U ———— g 2 od Average. _..___-. 7.0 4 No. 21 i 1. 4 Ba = No. 218_._- ; .4 || Other commodities | Q N 919 5.9 stores: | 7 7 No a 2. ; Average 3 40] eS = ‘4 12 2 No.3 sie SE 3.9 ‘9 3.7 No. 4 ce nn { 2.9 9.0 NO. 6522 ba at - 95 | £7 4. 4 mt erage | 3.0 18 | 10.0 || Sven a ae ‘ > 28 tJ 2 xe ae Average, all stores_| 4.0 D § Jo. 6__ 3.4 |r : lz No. 7__. 4.3 W holesale societies: 2 8 No. 8 4.9 T | 2. 4 5 No. 9 4.2 eee | ‘ £ No. 10 : 15.3 Sy Coo ao sess : 3.4 NOt es 5.9 || A Ver ages ae] 9 1] No. 1 1.2 || = 7 6.0 No 2.3 || Gasoline stations: g 7.3 6.5 | No: tee 11.5 9 2. 4 9.5 INO. 222. = SS ae 14.5 160 9. 1 2.9 NG. 3-3 oe 16, 4 Lt 12. 6 1.5 |} No: 4252 ee La 6.5 13.0 || Nob. ae 1.4 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: a INTEREST ON 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 ease 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. Warne, 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. 638.) 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.® 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 214 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. PATRONAGE 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 a pene, Colston E.:; The Cooperative Movement in Illinois. Chicago, University of Chicago Press, » 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 Amount General merchandise ___ Zig : [ Sei cei $402, 391 Groceries-___ _ - 8 14 22, 952 Groceries and meats ork 94, 251 Students’ supplies_ : 10 160, 339 Other commodities_ 2 3, 793 Total 3 2 154 683, 726 Wholesale societies__ i ison Z 19, 048 Gasoline filling stations_ Si 10 5 44 826 Laundries Ss a ao eS 1 510 Rap USEA SERNA AS a a 1 4, 955 Water supply societies _ oa 1 400 Miscellaneous___ fe oe sae iE 326 Grand total___ ae ee a ee 11 165 753; 79e 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 all 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 "Not including i Society which paid a dividend in stock but did not state amount so paid, 1 which paid & 2/4 per cent dividend but did not state amount so paid, and 1 which gives a discount of 10 per cent at time of purchase on cash purchases. : 8N os suing ine 1 society which paid a1 per cent and 1 which paid a7 per cent dividend but did not state mount so paid. P Not including 1 society which allows a discount of 3 per cent on all bills paid every 30 days. : Not including 1 society which allows a discount of 2 cents a gallon on gasoline and 5 cents a gallon on oil. * Not including 7 societies which returned a dividend but did not state amount so returned.CONSUMERS’ SOCIETIES 59 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 and 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 sales 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. TABLE 39.-AVERAGE PATRONAGE DIVIDEND PER SOCIETY AND PER MEMBER AND RATE OF DIVIDEND ON SALES AND ON CAPITAL, BY TYPE OF SOCIETY, 1925 +s Re f divi- Average dividend— ate — of divi Type of society : Per a) Per society ate Sales Capital Retail store societies dealing in— . Sremeraimierchandise: (25 - ifkit i $3, 625 $17. 13 3.3 25.7 eR ae ee SE 1, 639 14. 71 2.2 30.9 Peeeinom tic mbaise = = 5, 544 18. 08 4.0 52.8 Miscellaneous commodities (including students’ mE ee a aes 13, 678 4, 85 5.4 () Oe 4, 440 10. 66 3.4 228.5 Memmi mcecfatigns 2 ge 8, 965 17. 55 9.4 90. 6 Rue KE SE eS 510 2.12 2.0 6.0 MIND as6 Sut ie Soe be 8D es |. et i? * At eer es ee ees = Re ee sense 3 4, 955 2. 24 1.2 13.9 Memomarnni socictios...5 fi Nit es 400 8.70 54.9 Lee g NMC et RE 326 12. 54 13, 1 5.0 eedetOta) = 60 ko ee ee 4, 568 10. 62 3.8 29.3 1 Impossible to compute, as half of the societies are nonstock associations. 3 One society only. 4 All types except those grouped under miscellaneous commodities,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. [ts 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 SHARE 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 charged 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. T'o obviate this difficulty, the cooperative association issues capital stock orCONSUMERS’ SOCIETIES 6] “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 removine the element of speculation. (3) Share capital receives a fixed rate of interest and does not participate in dividends. (4) Tt 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 by the cooperative law. The statement which follows gives an idea of the range of share capital values in the store societies: Share capital with par value of — peembet oe eee ee BEST ser ai ee 25 20. 8 ef GO di (BBS eS SS 1 zg SEOs eA 1 ee bs pf See See ee AG SS0 pines 2 = ea ee 1 .8 S205. 22 aes ee ee ae See os 4,2 S25 =. oS i 2 TASN | 1RSMSSSLSSSLLSSASLASCH ARM” INHAMOD IK ONO on DORE | INR GHOOSHAMNO SB SRE SLOSS 1MMHHSS iOS SNS oe Segre nt tos ee 00 TAS OO ONIN ONIDID 1M HOHE IBSARSSRVPSVan 1 B RASS 1 IP SSSI IEA atteh tee PLONE SSBRSSHS i o re j : wmoN a oO NN es wae SSN I OOO od ao 4 2 Ht 2 oe 1 1 ' ' ; fe : el i : 1 6 ‘ 19 O wid re —$$ SSABSESSES SESE SS SSSSRS BRE Sssosese ss oucessenencuseee © PHIM OHONAGHOSGAASSSSOSSESRSSSSILSSS SERS SSSSBASKSUSSSS SONGS IS GS IS SON SSeS Mes oS WS SoS OS Sted a teh chot ita Pete ° rm QD > = ris rir x] rH O ANAAN aeietieteer OD IR OG ey OP OES SOO | 3S Seeger : a ' 1 : . $ Ake Irt 1OOSHOD 1 100 i ; VR SNES GEL LOU SISO 4 TOs 1 ee ieee io It IA HO 160 1h ; 1D 1 Inst 10 tS 8 te et ee ees x ea aR es ee : IESE OOS HIS POS 109 1 ee es ict ‘ Ont 10 1 ‘ 1 i ; toler — Claes FS S84 f-0- Fee oo oe Sige ee ee ee Se a i i 3 \ \ ft eres fo Be ! 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(|G ee 5 9 : me ee Se a L NS 0 03 © ' 2) i io= i iN20 > i i os <= Ib ¢ Q7 CH ¢ C a | COS ON 1ON 1 1S 1 1ONO 1 1 1010 iD INDUS ees By 2 SH it o> 1H ts 1H 1 tm tt ie 10 i IM MNSIDHAS 7 Z & ee = eee ee CPt oo) 4 _ | - - re ! = = | 438 | Me ee oe ee gen ' ' fos ce eee + es = nm | i i t a a abn ! ' 1 ja) Hi hand wa a ! b _ 2 © ' Ss tas : ~ & s5o¢ ' ja) 2 1 r ie ~ x3 ' a a=) oe oe i a 35D 1 | SOS ' ~ j ©. eat VTROODNHDSDSDDMDAANNDS 1HNOSHORMDORMMOKROO 00 x CG ¢ ‘ » | 3a ASV RBSRSRADDS ISP SHFONRSRSWHD SRATSSSRSSIB 2 | R soko = ~ pate S200 08 DO. C2 IO RMOMBOWSR OOM SK” COVE NRPTHROOS a © Bog Sra StoteS ' Sioa feds loses ate Mca foe Ate SoS one eee ie % | 38 Se a a Se ee ey OM EI Oring ocd a ae : 2 =O. ‘ a i <4 san ! eS | Aso i — | me © ' — a a ' a — | ee I~ SD MODDOMONMONDNMONDS for) QO q < HB Sip | PASH IGSASHORFHSBSOHSBSRSBASSA SERA BLS ISVS 4 SLlOR IH SOD OAGE WMI AMDNMNONSMHRBANDSDSOSHMSHONWEROOE 4 sa2a8 eR RR lee 8s oe en aw Bo co one tea a Sa a a > 4 qe TEP CHhDWMNSOMBWAWDOCOONR RY Aas Ness eare Sos efod fas = ra at Qe AANA aie Set He a ee Ne eee — | Srna ‘ ; } 2ZOow Zi se < | - | SoM OoOOCOds SHNOANHAARMMMHNACO 1CiS oe 5 >) © LR | ass Sy MOaBaSaAnRS coco cor’ TS INDMHMHOHNOMOMrUORSD C | = NOD Os DRANK OMHMSORAGTH IOVS a S Gist > = RDDKOSOO YOCKOMBSIOSSSAHS IND SO ONS MMS NOS a A748 | garde Nao nT Sood 1 AAAS SS avo Q Me ke . 1 75 | aa | = co ‘CONSUMERS’ SOCIETIES SHIH eSH 10D 19H OS 1a co SM 'ISStassr (AS iRGS 1S ' iSeSesten! ' H1 SMNCHOO ioe OOS OE! ' CS ShHMA ; : 1 to ee ee east = ! - auc 1 . 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' tet : 1 the A oS HS S65 , ES err ees ~ = . s YF Bs a ee i OD OF 1 Ta te NES ah. pd 1 ee ey ' Q ¢ ~~ | Paes : 1 IN 11 aes EI Cob tr ' ee i i ; Pa : es = : 4 ea 1 1 a (sh lt 3 ey 3 rot ee >i ' ; act 1 1 ey cate err Pay ce i oY Poe ' 1 bar ' ! et te sts ea ee 14H it Peas Ps ' ' ef ' 1 te ry ters ar pee) Pest i4 i ; ct 1 ' igi ! EEN8 4 At cde: a i et tt rect ae ee 1 A Ves te ba raeay ve See A EE mae ty 1 1s ee hee St 1 pl a et of ish = poe 1 ' ie bot rtm Qo 1 16 1D 16 4 So Seeds Gy: 4s 1 ' 1 : AQoito 0 1 Pony ; : ' << Cr ' as 1OS io : i : 1. (= tS. 4 4 ' = ees << e Sar * oo ' es * a ee be eI | 1S cise ae a ha ete ; ata bet etek ot st t 1 ew oe tek 1 1 eel 1 i 1 Pot eS Behe sat ro ' ' Ae Sere a ! 1 5-56 ' 1 1 cl Ne Pehl De 4 1 ' . sae 1 1 Pat i ' ' t ! ' 1 fe t ' 1 beg ed ' ' 1 1 ' 335 Poe t 1 ' ' 1 1 ' ' a ©o SP nonornrowos : IPN 2nOMO 2 mo 2S '1OSOnTWOnNS 1 INS 10 HOD CO 4 S 't#RMOMSR 1 Hs SARS oS eS + i ee ' ' ~ tI a Ne O ie HOnHHA Pt OH IN Sed 1 mo 1 ' ! re ' ' ' ' 1 ee 1 ' iy 1 1 i ' ' eRe 1 ' ! 1d ooo ms—OoOOoOosteoo BAS ASS SSSaSSEC S o MOONHMHEMNSSOSODA o SST MTA oS SS Sa af etes wT mo N NAN 3 Tevet 1 (oa 1 Sg eat PL bo ee 1 t t too Me a a Se AO OR BE Op. aot OO keeeete [AG COM SNe Nt Nate aS ' DO ie Deas rit Ans 007 neOeN Ge tues mice hk tone ae Ont 1G a | ' ' ~ aA “Se ~ A ~ NAN Blea nae eae a Vo rtiteh want tepeg tee ounes ' ' ! ' ' ' i im ' ' ' ' ' ' ' ' ' ' rele A ' eae i etek beer e ct eat ' ! 1 ! ' ! ! ! ! ! ' ' ' ! 1 ' ' ! ' ' ' t ! 1 I ‘ 1 1 t ' 1 1 ' ' ' eS mnie oat 1 oe et eet ee rotate wear oe VS PRR state AOD aR nates tt Set OOo naucen ne ey eee eee CQ Se Neal oh ee OD. 0 The cht 1) ESE 8 at Oc 0.2, ee POD) eee ae On el sia ote hel ra: ar Ree Gel ieee Sree ay Srey es eee Ue Cnc eg ae Bene Fae ee ee es ee eee ae eee eee Spe a iat era PO Sead ae ae alc A ee ECR a aE eee oe: gael wen A re ey ' Some Re A EN” Nh + Ss oe ey tk ee S27 gpene ' 1 t ' ' ' ' ' ' ' ' ! ' ‘ ' 1 1 t ' ! ' ' ' ' ' ' Le cae ah a0 a 1 Eat eat Loran ee I I eee ' paeee erie) 1 Tet 2h oh of 1 ' eat 1 \ vi ee DOOR | 1eeit SOO tf tEtoO 1 NM + 100 1 1 a 21 1 ' ! ' ' ' ' ' t ! ' ' 1 1 t ' ' ' ' ! YTRANOAQH©CON BAVRBOPOISE Oo #O uw od OD N SO eS alot Ree eS 10 oD wD rH 0910 | reOS3o PDH DOOM SS RSSSSSSS SVS SALE SSahesneges AMOOHAMADS SOMDSOWOHORRWBHOOMDH SAGPISSOS Goo wc a MINT TAs eH orid s NO rm mr mon 20x ¢ NES SLE OKA NMA AOIRODOBMONAD 1919 N09 1919 O10 PRRSRISRISSSLASH LS RAK LSE CRAIBAURSOws COD R A BOAEASMAGHSS NANMNDOSEAA WANMIDMH COONBNHON BPONCoAHOoOnRY S09 COE art CA eA = Va oat xv a ws aed fsa wd os a tone ae N 181, 578 ' ! i i ' ' ' ' ' ' ! ' ' ' ' t ! : Mi tt 44 i ' ' 1 t ' ' 1 1 ' 1 ' ' ' ! t ' 1 ae oy fT 1 1 ee eg ses ere i 1 ' ' ’ 1 ee. 3 ' ' i ' ! ' Se Cad ' ' ' SBOE NAGASE ASA mS mI ported. repo 4 No 468 Contint 1925 3l, MBER LIABILITIES AND I RETAIL STORE SOCIETIES COOPERATIVE MOVEMENT IN Miscel- laneous ] |—__—____— | “2 © sa > Ms 5 : pSin é Hoss >A a Paso enARD a4 ao rOOnAnd aq A. DHA ONAO ans ANSAUWA Qos Ss me Sos NN oD C AS a Oe ka THE UNITED OTHER SOCIETIES 57 1, 0! ) ¢ 0 STATES 905, 792 2 e» oOo OD mI OD Sd J 31, 000 313 4, 61 55, 4 Sue aA aaa o0 OND Zr ON Crakt wos mor HH 2, 929, 244 Grand total.|...-.------.| Nonstock as: sociation. 2CONSUMERS’ SOCIETIES 69 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 really 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. TABLE 43.—RELATION OF FIXED ASSETS, ACCOUNTS AND BILLS PAYABLE, AND ACCOUNTS RECEIVABLE, TO CAPITAL, AND PROPORTION OF SALES TO MERCHANDISE AND TO CAPITAL, DECEMBER 31, 1925 RETAIL STORE SOCIETIES SS ee Relation of— Turnover | | Relation of— Turnover Ac- * | Ac ; counts C= : counts; Ac- er Fixed pad counts eae Bede | od = counts ee —_ ‘ assets } ills | receiv- = 0 Nesqe assets bills | receiv-} 3. 0 — to or ey able . eae | Perey to cap- ee. able — sales : ital able | to cap- ; One ee ital? | able | tocap-| 7 0 (per | tocap-| ital? a. cap- | (per | tocap-| ital? a cap- cent) ital 2 (per 3 ital 2 cent) ital 2 (per eid ital 2 (per | cent) (per | cent) : cent) | cent) eo 2 O §O | Oe @ | @ |] @ | @ | © 156. 8 61.4 21.9 7.9 8.1 | 2.5 2.2 82.5 58. 2 55. 4 5.9 3.1 || 36 3.3 1.6 pA = 24,7 1.9 .7 || 36__ 15.7 17.8 19.3 52.3 17.0 4.3 5.0 | 11.0 5,2 34, 4 2.9 22.7 5.9 2.4 || & 11.4 6.6 22. 8 10.9 40.0 3.5 1.5 | 19. 1 8.7 Ree 03 oe 7.8] 119] 26. 2 4.1 8.2 | 25.5 | 40.7 4,2 3.8 | 10.8 13.7 109. 5 103. 6 139. 1 Fit 21.9 5.5 6.5 49.4 32.6 29.9 Toe 3.7 | 3.7 2.7 23.3 66. 5 91.9 13; 7. 12.3 | 8.2 5. 1 37.1 24.5 27.0 5.6 3.9 7.0 5.7 6.3 See 207. 2.0 4.1 5.5 3.9 7.9) |e 00. 2:1 19.9 3.2 3.7 6.3 9.0 25.8 | 139.6 20.9 4,7 9,7 10.7 - I B8=\_ 30; 2° | 224, 2°12 12. 6 4.7 8.9 2.4 60,7 |= -23, 5 TE 7,5 4.4 3.4 a4 45.5 67.8 13. 2 1.8 2.1 5.8 4, z OeSe le 3048: |e ety 10. 8 16.6 | 5.5 2.7 8.3 15.3 29.7 5.2 3.9 | iad re 32.5 | 107.1 | 86.1 3.8 3:8 | = +e 48.0 88.6 48.7 5.1 5.5 | ° 34 82.83 |2 *22.0-|= 248.8 eT 4.8 | = - 13.7 7.6: | 108.6: |> 216, 2 4.0 =. ae 53. 0 96. 4 68. 1 3.7 3.9 | 3 1 99 10.5 8.7 4.9 REZ 3.1 | Ss a 52. 7 Oe eat 4.2 3.4 | 3 re G8 |= -20-7-15 14-7 5.1 8.2 | Ss 14.2 56. 0 28.4 3.8 4.3 | 31 : 6 9.1 2.5 26.6 3. 7 2.2 | 30 26 44.1 4.9 4.4| 11.0 6.5 | - =a 40.5 |= 68.8 | 21.0]. 16.2 23.5 au zs 14.8 3:5 “8 Ne 15.4 7.5 | 6.3 } 5. 2 Sh are and Joan capital, surplus, and reserve. S 1 Buildings, land, and equipment.70 COOPERATIVE MOVEMENT IN THE UNITED STATES TABLE 43.—RELATION OF FIXED ASSETS, ACCOUNTS AND BILLS PAYABLE, AND ACCOUNTS RECEIVABLE, TO CAPITAL, AND PROPORTION OF SALES TO MERCHANDISE AND TO CAPITAL, DECEMBER 831, 1925—Continued RETAIL STORE SOCIETIES—Continued 20 9 BO BD CO BD CORD OOO WANOHAURMWHNONDN COR WRWWOOH WOW NWAINOMWHOWH END ROMRUAMMONMOP NRA { Relation of— Turnover Relation of— Turnover | | Nl Ac- | | | Ac- | ee counts} Ac- | patio | ae Ac- | pati Fixed sai counts of | Fatio | Fixed | and | counts as Ratio Caniaty | assets ills | receiv- Ee of | aantote | assets | bills | receiv-| 5, of , na” to cap-| pay- able — sales |} an to cap-| pay- | able ae sales Pe 3s ital able | to cap- Mar- | to Bite ital | able | to cap- " to (per | tocap-| ital chan | cap- (per | to cap- | ital ee cap- cent) ital (per diso ital cent) ital (per | ° as ital (per | cent) ; | (per | cent) | @S cent) | | cent) At 2) 3 4) (5) (1) (2) (3) | (5) | | Ge. c4s 11.1 34.9 | 1.9 2. 2.8 | 23. 9 6.32 19.322 3.4 2. “Oe SRF Tit 7.4 4.9 2.8 || 15 59.3] 17.6] 148] 3.8 1. ee 52. 2 5.8 | 30.7 5.7 1.8 3 79. 1 79.9] 24.8] 3.6 3. PS ed 51.2 28, 2 17.4 4.7 3.1 |] 13 26, Gta se M.6 1. 3:4 % Cen 14.1 36. 2 18.9 11.9 ie | deck 9.2 1.5 eras 4.2 2. Rica. se 43.8] 65.3 | 57.9 SS Gee 8 eee 58.5] 19.5| 21.9] 65.3 3. or 15.5) 124] 23.5 Sai. 27 nei 67.9| 55.1| 76.7] 6.9 7. ct Wh 1 We] 268 4.6 6.2 |} 137__-c2. 8.9 13] 21.8 3.3 2. se A 25.5 2.7 6 1 198... 35 58.1] 18.0| 10.6 3.2 1, > 57.5 7.7| 28.6 4.0 3.5 || 139.-___- 35. 9 $41. ks 2.5 2. in os 38.3 22. 2 23. 9 3.2 2.0: 1) 140-2 64. 9 98. 4 47.3 | 14.4 8. ee 7.9 17.3 9.5 3.6 oO eh 15.5 105. 1 32.7 6.5 1E Wl cak okie 30. 9 17.5 3.9 2.8 PRs 54.7 41.9 34,4 | 6.5 5. 80.7525 6.7 52.6 9.6 1.8 wou t4s 6.3 8.4 Zio | do 4, 8] 27. 1 63.0 | 24.6 3.5 re a ee ee 26. 0 Lid 46.3 | °=10;% 4, 82 4.0 23. 1 26.3 3.1 Os ee 10.1 82,7 23. 8 3.8 5. ae 17.8| 148] 11.3 3.5 1.6 || 146.---_- 72.0| 74.0| 19.% 9.1 4, 84 10.4 | 43.0 3.1 2.4 3:28 147... 3 52.4| 69.7] 31.2] 123 10. Bite ete 3 12.6 6.6 8.6 2.3 1.5 4) Me 82.5 83.6 | 46.1 12.2 & is 29.3 58] 33.3 3.8 2.5 || 149.____- AZ § EST preg 73 1, Sladen. 41.6| 60.1| 11.6 3.1 29 i 180...._. 113.8 8.3| 20.0] 26.1 5 Mat et PRS bacce cy 14.7 3.2 2.2 || 151_...__| 687.4 | 221.2| 122 8.7 7. 89 38.0} 42.0 5.9| 3.8 3.7: 162 81.0 | 127.5| 87.6 7.3 9. 55.5 | 42.0] 27.1 6.0 $3 1esek: 3+ | 56.0] 220] 286| 226 6. 45.8 8.9 9.6 8.0 LSP | 88.5] 168.7| 115.4] 10.3 7. 983 / 93.7] 486 5.2 5.4 || 155_._-_- | 19.3] 422] 226| 17.9 1. 41.7] 31.8] 27.1 3.4 2.0 || 156_---_- 44.5) 102.9 | 43.0| 36. 61.5 | 381.9} 120 4.5 $1 0-167 > ee eee | 30.6] 31.6 16. $3.4] 255] 333| 31 £78 et b IR eee | 484] 14.5 8. 14.1] 73.8] 41.5 3.6 5.4 || 159_-___- . 3 - 7.0| 17.1 1, 41.6 | 55.4] 25.7 8.3 6.9 || 160.-___- Pp 187.4 ( (2221) 06.7 2 wee 3. BS) MS) =7.8 by v4 7 8.6 |] 168. —__ 818.9 feces ek 9.5 3, 69.4 | 17.6) 281) 15.2 5.4 || 162__-_ ae ee -=-|' 33.7... a oe Ge | 35.1 7.2 3.8 || 163_____- 13.8 | 165.0: 72.4 boa 20, 13] 124] 77.2 6.1 6.2 || 164._____ 6.21 23h Ss Ea 5.5 5. sition: IZED Ol Ei 244 4.2 || 165_____- 30.4] 27] 541) 85 4, 588) 45.5] 707} 5.9 3.6 || 166..___- 79.2] 36.6] 49.7] 189] 6 40.3} 320] 105| 61 2.0 || 167_--__- 149.3 | 165.7| 456] 86| 9 49.6) 512] 1.9] 109 7:6 || 168... 19.9] 91.6} 1163] 286] 12, 146] 227| 175] 43 2.8 |] 169.--__” 126.6] 164) 52] 46] 3 640] 711] 63.9) 36 a: ft Ya 107.8 | 51.5 | 27.8| 287] & 2 shee eS 323 17a o>. 58.5 | 66.5} 49.0| 19.0 8, 38.4 6.1} 34.8 |... nL lcenie dt f Be 193.2) |: A495 | 19.8] 41.3 7. 28) 7) 184 at 8.8 || 173.-2-2- Tag ees (87.8 12 ae 6. 53.0| 52.0] 193} 48 4.3 || 174.2077 53.6 | 49.31 223 | 411 8 4.9/ 448] m0] 3 TB S7.8 | MER gee 27.7 | a 6.8 3.6} 207) 29 2.2 1 176.22” 89.9 | 273.7 | 2342! 147] 19 32.5 |---| 81{ 31 uh PEG 65.6} 185] 87.5] 325| 18 5.) i] 18.9 5.4 3:9 || 178... 66.7 | 16.9 | 283 | 49.9) 16.3} 81.9) 501) 86 9.4 179 ase 66.4! 67.1] 50.1] 211! & 9D. OTe nf, AR Til oad? Of 188... 3 56.4 | 116. 6.7 84. 4 54.0 49.4) 6.7 ae | ia 196. 2 106.3 oe 39 i 8 ohQ) 2) 49.7) 1.0) 0.0 || 188) 228 |) ea |e o84 |e 18] 13 39.0 16.2} 7.0 || 188-732 | 683] 506] 496] 103 8. eee teeets aaa 22) 4.6 || 184. | 39.5] 821] 403] 17.4 7. GOR) M5) a3) 24 2.3 || 185___-7_ | 61.3 5.1 re 4.5 4, ahi. oe he oe 3.1 | 2.0 || 186_____- 3.7 | 144.9°| 61.2 4.7 9. me 9.3 -° 6.3 5.9 | tBps 41.4 | 242.5 21-3 4.6 29. eel leeks 0 10.9 Ab age of 123, 1 6.4 |= 13.6 6.6 2. 23.9) 214) 122 a6) 471. | 61.8 1.8 3.911 4a4 2, gE [cad |e Bt-5 9.4 | 5.3 } 190: ( 1B2, 471 163.3:| @226;9 9.6 7. 7.7 | 538.1) 34.5 7.9 Say | ORs |= 28.2 7.0 | 22D. 6 eet 4 17.0] 31.5] 309] 5.9] 401] 1927--~| 5 ¥Hes> 7. om a | | 59] | Be os ae 155.1 | 108.6 5.4 7.CONSUMERS’ SOCIETIES 71 TABLE 48.—RELATION OF FIXED ASSETS, ACCOUNTS AND BILLS PAYABLE, ANI ACCOUNTS RECEIVABLE, TO CAPITAL, AND PROPORTION OF BALES TO MERCHANDISE AND TO CAPITAL, DECEMBER 31, 1925—Continued ; OTHER SOCIETIES Relation of— Turnover Relation of— Turnover atts A | Sd | | F Ac- . | counts| Ac- ee Fixed oe counts pane Ratio | Fixed | and | counts nae | Ratio : assets uls | recelv- ; GE te | assets | bills | receiv- oO Societ sa Society |; s CelV datas “110m ae tocap-| pay- | able _ sales | —— tocap-| pay- | able | Sales | sales ; ital able | to cap-| ior to 5,||-s gas ital able | tocap-| _%° £6 (per |tocap-| ital | onon. | cap- | (per. | to cap-| ital | 1.1 cap cent) ital (per disc ital | cent) ital | (per | chan- | - ital (per cent) = ' (per cent) | dise cent) | cent) | | | @) (2) (8) (4) (5) 4 (1) (2) | S)e- eG) S08) grees iS ee | | ao eee eee 12.71 85| 139} 19.0 8.5 || 199.____- 149.0} 503] 152] 59 8.4 Pee eo. 225. 9 34. 8 9.5 35.4 4:45 2002-2 52. 5 1.6) 26.5 14.0 | 5.1 OU - 53. 108. 7 9.3 Seat. 52. 4 Gat: | AUk ooo 60. 9 54.1 48.9 | 17.8 4,7 mn -C St 293. 5 £25: Bos 8.8 4,2 || 202___2-.| 122.21 386 | 6.7 10.4 4.0 BoGocs-te S722. 22.2 28. 6 6.3 $288) 208342385 21.8 |iscsan.d 9 es ae 5.0 - Be Fe ——— 7.6 So 1.8 || 204_____. [06 Of aan | eet 3.9 } u } } 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 z Bt eTiz COOPERATIVE MOVEMENT IN THE 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 and 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 have been able to report, for both years, that they do not owe a cent.CONSUMERS’ SOCIETIES 73 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. StS 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 sells 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 Per cent Societies granting credit-..--------------+------- 322 83. 6 Societies doing cash business only --------------- 63 16. 4 Mba i 3 i FIG A eae ee ee 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 eranted—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 TABLE 44.—-NUMBER OF SOCIETIES CLASSIFIED BY LIMIT ON AMOUNT OF CREDIT ee AND PERIOD FOR WHICH GRANTED LIMITATION OF AMOUNT | | | | Pe i ‘ | Num- | Num- || a } | oe Ee | b || Sis ie ks er Oo Limitation — Limitation a i Limitation | socie- ties | ties | ties a es eS ee ee eee eee i. Flat amount: | Flat amount—Contd. || ‘Reasonable’? amount___| 6 $5 1 | Re 2 Very smail amount 8 1 $1,000 1 || ‘Limited’? amount ____- 8 4 ON | | Se ee ee eee 1 Varying amounts_______ 46 pedi ke ai 9 || Per cent of member’s | “Safe” amounts. <2 | 2 $30-$50__..__- 1 share capital: || Unlimited amount_____- 31 540-300... 2 Md hg se AE 6 ai Sorcery ee J $50 15 Ot cus. iat. Fee 4 Needs of member 1 OAS rede cers cg ce oi I 662 2 Member’s worth____ z 11 er 1 i tll Not réported..... 124 $100 8 80_ 2 —_—— $150 l OP bn ee 1 ‘Total >.73. 3. ee 322 $25-$250 1 HOG tt Ske AEE 16 LIMITATION OF PERIOD bee cy CE ee AR Re 2 T Te is Ses 2 OO Gans st ee atts 3 || Varying period_-________- 8 eS ares Sa, ht -S- QO ANGNGS os. eens oa 1 || Several months_-._____- 1 15 days or more._________ Ae INOUE ci st 1 || Unlimited period_-______- 7 Nab WBS eo pci 5 at tt OG months < fist 2 | Between orders---_.-._.-- 1 RR ae en op. f i—12 monues. iY SHmMMCE 2. oe ee | | caldhelde o) Fee oe eee Bere B iP months! 533. £StS 4°)“ Reason ble”* 22. Se 3 S000 davies 25 se os, B Eo 6nd.of years 3. 2 ‘ Li Not reported... 5s | 155 Pe ee cia Mt 4) DUES DErs0G. 62. 2 I — GOO aays $s ba. 3 ks 1 |; Very short period_______- 2 I 1 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 ofayear. 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 & 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 peoeeeary to extend credit far beyond our wishes, in order to hold our organization ogether,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 oe as to the operating efficiency of cooperative stores in general. The figures do, however, show a general trend and are therefore presente st 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 st atements, in still other combinations. As far as possib le, however, the cls assi- fication of the Harvard Bureau of Business Research w as use ad. 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 fora particular item. This does not necessarily mean that no expense was incurred, but may mean ths 1t the expenses were so listed as to make it impos- sible to segregate that particular item. In cases where the “mis- cellaneous”’ item is rel: atively 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. § c e iETIES NSES IN 1925 OF 79 CONSUMER®D’ SOCII XPE 7 u TABLE 45.—OPERATING E ONSUMERS’ SOCIETIES ® | Rep — g E = ONY aD he : 1 > WD I1MDMi~e 5 aes SASS IN IMESARSISRAT Soo S i S + SMO °F i i ' 1 bw eo re ay CAN Baa 3 : . ' OS S ae eo Sy. 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Kotte tet ye oe S| eB Spaonieg ae) 2g 8. ‘ ° ‘ . e € af | Lett tr | eee 9m oe a! peste cs Pee eek Pcp cies ote S| pea et ot ew eer teal eee oe 3! % F's Lt ites taPsr0 9 do, , 00 80 ret Pat ro 1 ON Fe Ps a Fee oqgtaqgd ; ° me BS ees .s tt by is ' Dea Dene O 2 aa +> mi ct 1 t ty bee ti ae hoe TS SoaUTUU a} na pege We aS ieee 1, thet sSgongg5 eo! 1,2 BiG it, (1H :Bigs | esassss , 2 it as £2 tp Co tir Si ag! Sadaqdaq —- S$ oe ee ae se ro tet re ee ey oe & od 5 et Re tet ot et ad bt ht ed tt oo on MNO HID BORD ABMS weonae 5 me PORN SRE ger eer egrer | ea > g 2 oS 3 es a 3 "eo | Oar et = 8 oS o re a » . oo em eee80 COOPERATIVE MOVEMENT IN THE UNITED STATES 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. Taste 46,—AVERAGE OPERATING EXPENSES OF CONSUMERS’ COOPERATIVE SOCIE- [ES IN 1925 Per cent of net sales expended for each item by— } citi esncbcaiaiatiapaaacoand s ace i | Item | es 5 = Milk- Grocery | Grocery Coal ees | distribu- trata | Sik INORG oe goods stores Sena yards ! Store te| tion see ee | societies ! j } | | | E ae 7.76 8. 92 11.84} 11.98 13. 33 | 17. 39 25 le 16 4 oat eee 27 58 BG4t at es (41 See 8. 02 9.18 12 12. 42 13. 57 3h - —— ee ee: ———— 1 72 91 | P06 Fite svete | 3. 28 92 62 1. 29 19 2. 10 1.10 . 46 76 37 1. 08 74 ) 1. 02 74 =i 06 cies pet a Ve ‘ 14 36 64 | 46 39 | 27 87 1. 07 13. 82 14, 23 Per cent of net sales expended for each item by— Gasoline aie | Water- Light filling | Bakeries | Sees | supply and | stations | ants | societies! power societies} expense (except ! 1 society only. * 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 oper ating expenses avera ged only 11.9, and the common expense was only 10.3. In order to determi ine whether these expenses were characteristic simply of the societies which ieepeued to report for 1925 or whether the general level of expenses ol cooper ative stores has risen, the expense accounts of 11 societies which supplied information as to expenses in both years were ana- lyzed, with the results shown in Table 47.CONSUMERS’ SOCIETIES Sl TasrE 47.-COMPARISON OF OPERATING EXPENSES I ~ SOCIETIES FOR 1920 AND 1925, FOR 11 — | Operating expenses Per cent of total | Per cent of total (in per cent of sales) | expended for labor} @XPended for Society | other items ee ge 1920 1925 | 1920 1925 1920 1925 General stores: | WG, 6-------- = soe e nee | 12. OL 16, 82 53.3 63.0 46.7 NO. 5. === --2---- 2-2-2 1.30} 84} 483] 719] Biz] one No. 13-------------------------------- eee 82 15. 59 63. 2 51.5 36. 8 48. 5 No. 15_-------.----------------------- [= 9.88 11. 30 58. 5 54.2 41.5 45,8 No, 43 _---------.--------------------- 9. 33 15. 42 63. 4 43.3 36.6 56.7 No. 44__-------.---------------------. 6. 69 13. 91 76.1 52.4 23.9 47.6 G - are eee ae pe | = 2 2 a 52.8 50. 4 47.2 49.6 Meets INOGOD aoe 52 se eek ee 10.5 18. 6 67. 30. 7 < ies Groceries and meats: | ne Or 33.0 30. : ive eireoes eee. 22 FS eee 12. 44 12, 28 59.5 56. 7 40. 5 48 ING. 66 - wm -n--<-~----- 220-0 -20rreneres | os| 2 | 985] 528 s = Coal: No. 68....---.-.------------------.- | 15. 53 19. 29 66.3 62. 1 33.7 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 ‘Total expense Less-than $25,000 2222 = = 10. 70 27. 00 $25,000 and under $50,000_____________- di ace 18. 79 soU,000 arid wder $75,000. = = 7. 64 13. 46 $75,000 and under $100,000____________- 7. 96 14. 63 $100,000 and under $200,000___.____.-_-- 8 64 15. 03 $200,000. and. over-=<2. 23; tat ess Sew 12. 50 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.” TABLE 48.—COMPARISON OF LABOR AND TOTAL OPERATING COSTS AND RATE OF STOCK TURN IN COOPERATIVE AND PRIVATE STORES ———— | Average rate of stock turn__...----------- _? Harvard University. Bureau of Business Research. Grocery Stores in 1924. Cambridge, 1925. | Cooperative stores | Private stores Per cent | | Per cent — | 1990-..|2 21998. ef = 1 5400 | 1924 | of | increase | | | increase | = 4 : | Q7 | 9 84. 7 NC | 7,4 | 10.2| 378] 5.9 10.9 | 84.7 otal operating cost........--------------- | 11.9 | 15.3 | 23.6] 14.6] 18. 0 Bes 23.8 Bulletin No. 52: Operating Expenses in Retail82 COOPERATIVE MOVEMENT IN THE UNITED STATES It is seen that as regards both labor and total oper ating 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, hx ir costs having increased, in the pr ivate stores, nearly 85 per cent during the period under review. In the private stores, howbyer, t 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 am nittee of members or by a professional accountant. The results of EC) I this question are shown in Table 48, the corresponding data for 1920 being given for purposes of comparis son. TABLE 49.—AUDITING PRACTICE OF CONSUMERS’ COOPERATIVE SOCIETIES 1925 | 1920 | Item ang ee ea 2. |. = ann Number Per cent | Per cent a3 ae | ph ie “ | | Regular audit by— | 2 Nae Be ee ge tS 143 | 37.0 46, 3 cee ie HO aie ee ee ee 161 | 41.6 34.9 Diet tun dtcitnn gt dint feo 3) -satt 37 | 9.6 11.0 SER TG EEN, eg ee ee Se 9 | De OL nce ba Ee eee ee En ots 5 be ees Ot 350 90. 4 92,2 Occasional audit by— Cor it 12 ak Ls Mapors qOduu ne te Eee aah i ge tS? 5 1.3 9 es NN er A 8 See | 20 52 5.6 Ree RIA RDO ct Me Soe ee ewe tee Si RS 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 having the audit made by a qualified accountant; this is now true of slightly more than half of the societies repor ting, The proportion of those having no audit whatever shows a slight improvement. INSPECTION OF BOOKS BY MEMBERS More in order to determine the degree of dei ocracy prevailing than as a factor in its business methods, “the t bureau : asked each society whether its books are open to the inspection of the mem ers, and if so, under what conditions. The answers received to this question are shown below. Number of Books open to ins Rape: societies On request ______ et eG Se Sree DG During business hours. Se tet oe ee F By apEointnesl If good reason for request_ 8 Except credit accounts in 1 oaeCONSUMERS’ SOCIETIES CO Co Books open to inspection—Continued. On consent of— "pee Board of directors. 30 i320t of go teed 2 Wianingers ai san; AEE Tak pies ae 2 in presencerofss:} yi \1te% Tie ga ay en eee : Presidént. i 241.225. . 2 sata oe gee 1 Officer. 3220s sah aes Fe 1 If for good of ‘sotiety =: 4250) Be Se ee 1 At place Of biisineéss[ 201.7511 2u1 Pa ies 5 At meetings of board or of members._..____.________. 4 Books not.oper to, inspection. iis... 4, 02. soe 35 Dotele: Sard! Ss estas: abd ol selene ae ee 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.'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 peeeorcers (Khe Specified officers or persons: ? Mama Ceti spk ke So oe pee DE AS ES eee 51 Dlanager and ‘treasurer. >. a. eee teks 6 Prrensurer. 20S 2 Se te ee 8 Secretary, manager, and treasurer________--------- 22 3 Diveptors:.ce ine 5 eee Spl ispese, Sa 1 ecponils required ..:4. 425555.) pa eee ee Spear sg 85 sbOUA ae Stes ee, ee : soe Fee ee Bee 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. One such organization states: 4 Northern States Cooperative League. Yearbook, 1925. Minneapolis, Minn., 1925, p. 106. 8 Of the 204 societies which furnished financial statements, those of only 21 showed a separate fund a 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 THE 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 vatherings of members and others, etc. The society quoted has ken a step which, as far as the bureau knows, has not been under- ken by any other society in this country. Two persons give their te ts 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. 8. 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.*® 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, 6 TT Yo ‘ative Pvrami j - a ; r; r 16 The Cooperative Pyramid Builder, Superior, Wis., November, 1926.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 thestandard in the industry. All employees, including those in the office, are 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 eareer 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, and 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 overhond 20 and poor management, soon involved the wholesale in difficultiesP [4 a 86 COOPERATIVE MOVEMENT IN THE 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, Ill.), 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-called ‘“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 the 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 mo retail branches. Another organization not included in the above is the Farmer- Labor Exchange (Chicago) whose purpose is to facilitate direct trad- ing between farmer-producers and the workers either as producers orCONSUMERS’ SOCTETTES 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: (a) 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. (b) 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.A fe 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- eress; 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 Llinois, 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 Ohio 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 tee ching 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 accessCONSUMERS’ 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.he eat $e Pita ee WAL Gates 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 moderate- priced 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, m the truly cooperative society, on the basis of patronage (i. e. the amount of the monthly payment) and not on stock held. 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 (withm a radius of seven or eight blocks), 9 in New York City, and 1 m Wisconsin. 90HOUSING 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 OF 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 oTassy 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.! 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 building. 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 @roups, one of workers of various nationalities and the other of Jewish people entirely, are undertaking housing activities on @ 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 OF 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 after 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 !' This housing project was described in detail in the December, 1922, issue of the bureau’s Monthly Labor Review, pp. 155-158.Wh eau) = 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 amount 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 18 societies for which data on this point were secured aggregated $827,850, or about $612 per member. 2 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 obtainé@ 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. I'hey 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 im 1926 and by doing so to reduce the monthly payment $8 on eachHOUSING SOcCI ETIES 93 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: : TaBLE 50.-SOURCES OF FUNDS OF CERTAIN COOPERATIVE HOUSING SOCIETIES pala | Amount of— NAdi- ald-in Society and location Total cost share [Sos a of building ¢ : | capital First | Second | Third | Mortgage | mortgage | mortgage | Other loans | | | aces Brooklyn: | ee ok $42, 000 (1) $18,000; (2) | oe eee Mie Snes 99, 000 $16, 000 0, O00: esos ee a ele 3 $33, 000 ete 23, 000 5, 000 8, 500 $9, O00: fee Se eee toes Gets epee. cas osl tt 16, 000 3, 000 7, 000 3, 600 $2; 200 [Eos ea Be fae 8 oes 201, 500 35, 000 865000. ase ees [oa eee 4 80, 000 ee 67, 000 25, 000 27, 500 10 : BemeyOne Clb yori a. | Sb a Se oS ee ae ee eee ae Be Ss ee oe 162, 500 68, 000 72, 000 10,000: Eco eee NOspens este Biz 75, 000 41, 640 5 25, 360 (8) Oe eer BUG eer Seg 152, 000 30, 000 7 122, 000 (Qo) shee se eae 1 Not reported. 5 Includes second and third mortgages also. 2 Paid. 6 Included in amount of first mortgage. 3 Friendly loans. 7 Includes second mortgage also. 4 Promissory notes of members and friends. 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 the size of 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 little 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—_794 COOPERATIVE MOVEMENT IN THE UNITED STATES same amount, regardless of the location of the apartments, which were drawn by lot. This system was given up, however, and at present the more desirably placed and arranged dwellings cost more. In 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. TABLE 51.——AVERAGE MONTHLY PAYMENTS ON COOPERATIVE APARTMENTS OF 3,4, AND 5 ROOMS [Interest on principal already paid not included] Average monthly payment on Average monthly payment on ae cooperative apartments of— Pee ee cooperative apartments of— Society and See and location ota eer oe ee ee ocation et ee 3 rooms 4 rooms 5rooms | 3 rooms 4 rooms 5 rooms : ied esh anche i fe Brooklyn: | Brooklyn— IND. Po: $24. 00 $32. 00 $40. 00) Con. INO: Bence 20. 70 27. 60} 34. 50]| 0; 8 aL at oe ea eee eer ‘“ dou a NO, S.-4ca 12. 00 16. 00 20. 00} INOS oS casa fae eae 2.00-43. 5 Nord... 23 24. 00 32. 00 40. 00 No. 18--- $35. 00} $46. 00 59. 00 NO. 6s... 15. 00 20. 00) 25. 00]| No. 19--- 1G 0 ee 32. 50 No. 7__---|! 24.00-39. 00)! 32.00-52. 00}! 40.00-65. 00) NOSE. 2 38. 00) 50. 00 55. 00 NOD 6. Ssh clatiecsisc Ax | 25,00) sss ee 5 NO nti late eet oo ee ee 1 4400-54. 00 No. 9_ ~~ _-|! 24.00-27. 00)! 32.00-36. 00}! 40.00-45. 00}) New York: NOAA: 21.00 28. 00) 35. 00) a pose Br ere a 1 30.00-35. 00 ee a xk pe i et a en \| INO; 22. 33. 00) J 55. 00 INOS IB Ao 5 46. 50|! 58.88-62. 00]__.._-.__---- | No. 3_-~--|! 45.00-54. 00)! 60.00—72. 00}! 75.00-90. 00 No. 13 ___-|! 21.00-27. 00)! 28. 00-36.00)! 35.00—45. 00); No. 4__--|! 36.00-39. 00)! 48.00-52. 00}! 60.00-65. 00 ING: Se fee 35. 00 45. 00)| NO; oO 45.00 60. 00 75.00 Mo.15.2:- 32. 00 44. 00 64. 00} No. 6---- 39. 00) 52.00 65.00 | | | 1 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 @ 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.HOUSING SOCIETIES 95 lease which he may pass on to his heirs. Should he desire to give u his membership his stock must first be offered to the society and i 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.” 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 OF 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: TABLE 52.—COST OF PROPERTY CONTROLLED BY COOPERATIVE HOUSING SOCIETIES Number of Number of es ; Location of society societies families oe ee reporting housed . , REIS 92S ee - 22 534 1 $2, 176, 000 MAMIE RCCL Re ee 29 21,166 2 1, 422, 600 Re 5S ei PS ase 1 105 504, 000 eee oe Re Sa ee ee ee 32 2 1, 805 2 4, 102, 600 ] 1 21 societies. ; z Spe oe : 2 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. 3 Report of housing committee to third cooperative congress, Chicago, Oct, 26-28, 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 in 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. 96FAILURES IN COOPERATION 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 high 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 loss 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 found 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 hot in debt. A third successful association composed of 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 ‘ase 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 feit 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 well- established, 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;FAILURES IN COOPERATION 99 Due to members: eae Insufficient capital.____-___. 80 Lack of patronage and SUPPOPtin ut ods po, bet eee 17 Lack‘of cooperative spirit; ¢.) 7 Loss of interest ik ce eee ee 10 Factional disputes: 2-17 13 UGS6 SGC ag 13 Undue interference in management.______..__.. 2 Totals New Rochelle Credit Union, 730 Main Street. NOW. SOP oes See 5 Alliance Credit Union, 79 East One hundred and sixteenth Street. Does eS ee Amalgamated Clothing Workers Credit Union, 22 East Fifteenth Street. DIG 3 ee American Commercial Credit Union, 113 Lenox Avenue. ee American Express Credit Union, 65 Broadway. Does ee American Mutual Credit Union, 300 Water Street. DoS Amsterdam Credit Union, 151 Clinton Street. Os ee Bronx Credit Union, 878 Prospect Avenue. ie Central Credit Union, 140-142 Second Avenue. ee Chelsea Credit Union, 82 East Fourth Street. 20 ee ee Climax Credit Union, Bronx Castle Hall, One hun- dred and forty-ninth Street and Walton Avenue. De se ee Columbia Credit Union, 90-92 Columbia Street. Doss ee ee Consumers’ Cooperative Credit Union, 12 Park Avenue. ee oe ee Co-operative Credit Union, 53-57 Delancey Street. EDO oe ate ae Cosmopolitan Credit Union, 238 East Sixth Street. ee ee East New York Commercial Credit Union, 809 Sutter Avenue. SS Kast Side Credit Union, 101 Essex Street. oie Fe ae te Economy Credit Union, 758 East One hundred and fifty-eighth Street. $iG = iaas Sa ys et = Emissarius Credit Union, 600 Lexington Avenue. 2 ee ee een Equitable Credit Union, 393 Seventh Avenue. Pi, ie es Equity Credit Union, 80-82 Clinton Street. PGs See nee Employees Credit Union, 641 Washington treet. BNO sie SE Seca: Firnat Credit Union, 383 Madison Avenue. IOs ts eS a 2 es Franklin Credit Union, 151 Clinton Street. BIO Se a Friendship Credit Union, Martinique Mansion, Beck and One hundred and fifty-sixth Streets. 6 ee Gibralter Credit Union, 253 Lenox Avenue. 3 eer ee eset ee ee Globe Credit Union, 621 Broadway. P05 2 a3 Grocers’ Credit Union, 1673 Lexington Avenue. 416 5 Fee H. and K. Credit Union, 82 Clinton Street. os eS ea Harlem Credit Union, 143 East One hundred and third Street. ee Hesdues Workers Credit Union, 210 East Fifth street. eae ee ee ee ee Heights Credit Union, 1042 St. Nicholas Avenue. eS ee oe ee Homler Credit Union, 175 East Broadway. Be ee Inwood Credit Union, 196 Sherman Avenue. | oe I age ae Jewish Workers Alliance Credit Union, 228 East - Broadway. 0 ee Keystone Merchants’ Credit Union, 1581 Wash- ington Avenue.DIRECTORY—CREDIT AND BANKING SOCIETIES 129 Butiisvees. deat Jee Kni i ‘ a : Re Credit Union, 205 Kast Fifty-sixth O------------------ enox Credit Union, 119 Aven Do-.---------------- Liberal Credit Union, 57 St. Moke Fw ~ ------------------ fe Credit Union, 56 Irving Place. : af = 2-22-25 ---------- “street Credit Union, 222 East Fourteenth Beaches snack ee anufacturers’ Credit Union ; $0.26 i Melrose Credit Union, 722 tees Shek oe ‘ nion, pect Avenue. ieee oo eect oe Metals Credit Union, 120 Broadway. Do__---------------- Municipal Credit Union, Room 1727, Municipal 3 oS . O_----------------- utual Credit Union, 1822 Madison Av Be sostd Jl a Mutual Investment Credit Union, 253 theeciee Peed. ik sae New York County Credit Union, 100 Essex Street. BO soi Fe 3 New York Life Employees’ Credit Union, 346 Broadway. ee — Employees Credit Union (Inc.), 95 Maiden ne. Mee Sl sien A ase Nowo Radomsker Society, 43 East Broadwa Ms se Ocean Credit Union, 15 Whitehall Street. s BS ee ee Port Morris Credit Union, 416 East One hundred and thirty-eighth Street. Re as Professional and Business Men’s Credit Union, 174 Second Avenue. Progressive Credit Union, 370 East One hundred and forty-ninth Street. | eee eae ee Prosperity Fund Credit Union, 34 Nassau Street We ee eee Provident Credit Union, 346 Fourth Avenue. BO Gee ee Public Credit Union, 250 Delancey Street. ss Reliable Credit Union, 106 Forsythe Street. ile ee) 2 ak Relief Credit Union, 402 Grand Street. Wee $s Ge Security Credit Union, 207 Second Street. OMe i A Service Credit Union, 83 Forsythe Street. ee SS as Sixth Avenue Credit Union, 348 Sixth Avenue. eee ee Stuyvesant Credit Union, 185 East Third Street. Be 2 i Sig Tinton Credit Union, 648 Prospect Avenue. a The United Credit Union, 1739 Madison Avenue. | ee ee eee Unity Credit Union, 727 Trinity Avenue. eee Washington Credit Union, 1284 Washington Avenue. Ce The Welfare Credit Union, 142 Second Avenue. ee ere West Side Credit Union, 347 West Thirty-fifth Street. Oe 2 West Side Tailors’ Credit Union, 128 West Ninety- fifth Street. eee Workmen’s Circle Credit Union, 1540 Seabury Place, Bronx. Os Yorkville Credit Union, 1572 Second Avenue. Saratoga Springs.________- Postal Employees Loan Fund Association, Post Office. Bere Valley. 2 22a Spring Valley Credit Union, Box 137. Me 000 Jv? 0 Troy Hebrew Credit Union, 87 First Street. Memeridge iis $3 Centerville Station Co-operative Credit Union. North Carolina bee Hle 201 oss 8 ge Asheville Saving and Loan Association. Ble sees is cosa Southern Saving and Loan Association, c/o C. A. Kluttz. emer is Bahama Credit Union. Soe 0 ees Brasstown Savings and Loan Association. Charlotte, Route No. 1____ Carmel Credit Union, c/o W. H. Pharr. Se Charlotte Business Women’s Credit Union. China Grove, Route No. 3._. Piedmont Credit Union. Cleveland Cleveland Credit Union. oe Mage Fs Durham Saving and Loan Association, Box 575. Durham, Route No. 3__-__- Lowe’s Grove Credit Union, c/o E. P. Saunders130 APPENDIX E Durham, Route No. 6_-_--- Mineral Springs Saving and Loan Association, c/o J. 2s Hicks, Elizabeth City... ssi... Eastern Columbus Credit Union, c/o J. W. Mitchell, 415 South Martin Street. Gold Hilos. See toys 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. Middlesexis7. 224201 A. White Oak Credit Union, c/o J. C. Hocutt. INGER NSS ee ee a Warren Saving and Loan Association, c/o C. E. Wilson. Raleigh, Route No. 6.___-- Jeffery Credit Union, c/o C. B. King. Raleigipsss A. oii Secs Raleigh Postal Credit Union, Post Office. Raleigh, Route No. 2___--- Springfield Credit Union, c/o L. B. Broadie. Rougemont 97. eS ae Rougemont Credit Union, c/o J. H. Anderson. TOR DOUG HS 2 Fo Warren Grove Saving and Loan Association, ¢/o I. T. Stinfield. seGbie fi 2 os Bore Iai Central Credit Union. SOU ONG ss ee Farmers Credit Union, c/o E. H. Smith. Stovalstss7t i suk EE Stovall Savings and Loan Association, c/o E. A. Jackson. Wethione:: S00) Jet Ee Valdese Credit Union, c/o A. Grill. Wendell, Route No. 1___-_- Shop Girls’ Credit Union, c/o G. H. Williams. Oklahoma Oklahoma, Citys. oo d Oklahoma City Postal Employees Credit Union. hee, Geer eS ee Tulsa Postal Employees’ Credit Union, Post Office. Rhode Island Central Halls 22 ee Central Falls Credit Union, 693 Broad Street. Manville-s02i2 25335 355 Manville Credit Union, 50 Spring Street. INGWDOEG 2 2 S82 The Peoples Credit Union of Newport, R. I., 166a Thames Street Auditorium Building. Pawtucket: = 58S) ooh Novelty Park Credit Union. Provyidenee 2s 2255237 3 Se yaa Workers’ Credit Union, 234 Washington street. South Carolina oeriettete 5.6 7 SiS. ac The Charleston Postal Co-operative Credit Union, Post Office Building. Progmetird cs 6225 rel 3i St. Helena Cooperative Credit Union, St. Helena Island. Tennessee Chattanooga: so. /- bask a Chattanooga Federal Employees Credit Union. Knoxvyilles = ee Day and Night Credit Union Bank. DOf 2 se Pe ee Knoxville Federal Employees Credit Union. Memphisasts 2292 2 ee. Memphis Postal Employees Credit Union. Nashydlless sie 5 Geri sese Nashville Post Office Credit Union. Texas Dallas == 3 2 ee Se Postal Employees Loan Fund Association. Bort Worth: i cso2ch feo Post Office Employees Savings and Loan Associa- tion. Ban Antonie... Peoples Co-operative Credit Union, 1406 Monterey Street. Virginia Re 8 ee Danville Postal Credit Union, Post Office. Lyneibies: ce isk ce Lynchburg Postal Credit Union, Post Office. Norkelinnss. = 38 i hae Norfolk Postal Credit Union (Inc.),DIRECTORY—WORKER®S’ PRODUCTIVE SOCIETIES 131 Re WP oe Credit Union of Petersburg MMHONG 5. wh peek ie Postal Credit Union (Ine.), Post Office aG®... i iGi~»ock-svelen Roanoke Postal Credit Union. Washington i ee Seattle Postal Employees Credit Union, Post Office Brea Farmers’ Co-operative Store. Bravilton® 3 ee Brazilton Farmers’ Union Co-operative Association. Prewster®: — 5 ey Farmers’ Cooperative Association. Buckline 32. ae Bucklin Cooperative Exchange. Burlington] =" See = Farmers Supply Co. Burns. 2 Se The Burns’ Farmers Cooperative Union. Rurrton: 322 Farmers’ Co-operative Store. Bushono = 2 oe Farmers’ Union Mercantile Co. Carbondale... 43a Farmers’ Union Store. Reet 2 Castleton Cooperative Equity Exchange. Cawker City: -<-. a, Farmers Union Co-operative Association. Cedar. Blufisie 35 ik Cedar Bluffs Cooperative Equity Exchange. Conary Port *: 5 ys The Cedar Point Farmers Cooperative Union. Cader Valen: - icici ks Cedar Vale Cooperative Co. eee The Co-operative Mercantile Co. CyAe Farmers Union Cooperative Supply Co. fermente. <3 Chase County Farmers Co-operative Union. eG ee Farmers’ Union Store. Cloverdale (P. O., Grenola). Cloverdale Cooperative Association. Coffeyville... aguas, Coffeyville Cooperative Association. ee Thomas County Cooperative Association. 3 Marketing activities also.DIRECTORY—CONSUMERS’ SOCIETIES 139 ote o = --------------- pacers Union Store. O1W1CN-~ ---------~------- armers Union C : : 34 ES cinco hk -aaiaaecctd Farmers ocean ca Business Association. Conway Springs---------- Farmers Cooperative Association Coolidge----------------- Farmers Union Cooperative Mercantile Co Corbin. ------------------ Sumner County Farmers Union Cooperative Asso- : clation. ME ot eee The Farmers Co-operative Business Association BNO do cc ph ok anh Farmers’ Cooperative Business Association ; Delphos_----------------- Farmers Union Co-operative Association. _ Denison St ee ee Farmers Union Cooperative Business Association Dennis_--~--------------- ee County Farmers Union Cooperative Asso- ciation. Dent Spur (P. O., Great Dent Spur Cooperative Equity Exchange Bend). ; WighvOn. 2 _ salt se i ie Farmers Cooperative Mercantile Association. MOUranCOs $0 Farmers Union Mercantile Association. Bee te ee Farmers Union Co-operative Association. BBPCOC = ti reimen ko site Farmers Equity Association. : BAD -.--seaedav st aius The Farmers Union Mercantile Co. Mee ee Duquoin Farmers Union Co-operative Business Association. RG ES oh sis 3h
    =s5-2 > = McDonald Equity Mercantile Exchange. Mehouth==- 3-2 The Farmers Co-operative Exchange. Me PhersOns == es McPherson County Alliance Exchange Co. Menlo 2* 2s) 32 SiS Menlo Farmers Union Cooperative Association NWiachigan Valley_— .--_.._ = Farmers Union Business Association. Milberger (P. O. Russell, Farmers Union Store. Route No. 4). EGR ee a Geary County Farmers Union. Miltonvalle® 28s Saar iis The Miltonvale Farmers Co-operative Mercantile Association. Minneapolis: -2 22. 22 22S 2 Farmers Union Cooperative Association. Minneola.... .. 2 Se Minneola Cooperative Exchange. IMEISS OT = 2 es ee The Cooperative Equity Exchange. DEOUOG i sder es SF 23 P52 Modoc Cooperative Association. Moline: 2ivssises 97 Moline Grange. Montesuing 2202221 22 oes Montezuma Equity Exchange Mercantile Asso- ciation. Miorsanvilles — ec gos Cooperative (Inc.), 1057 Washington treet. DGssec2 3 ae United Co-operative Society of Norwood, 47 Savin Avenue. Syinee i re be Plymouth Co-operative Association (Inc.), corner Bradford and Sandwich Streets. Ge soe oe = ee Societa Co-operativa Cristoforo Colombo (Inc.). Quineya 5. sevice tes United Co-operative Society of Quincy. aPaINOre<= aries Eee Workers Co-operative Union. SOMES Polish Cooperative Commercial Store, Box 272. Meprianaei 2 2 Jewish Workers Cooperative Bakery (Inc.), 101 Franklin Street. Wiesel 23:52 55k a: Mundale Farmers Cooperative Exchange. Wanehendon.. 2. So Co-operativa Italiana (Inc.). yy ODURNs =. ee oe Middlesex Cooperative Co. Worcester: eS United Co-operative Society, 138 Belmont Street. DOs eee i Ss Workmen’s Circle Cooperative Bakery, 106 Water Street. Michigan PNM oe Se Amasa Cooperative Society. BanvOroces 22522 See T 3 Bangor Cooperative Association. Battie: Creck. = 2 Alliance Mercantile Co., 48 Aldrich Street. ee Battle Creek Co-Operative Society, 22 South Madi- son Street. pempemer 5 -2o 5252. Ss Bessemer Cooperative Store. Qe er Rientola Cooperative Boarding House, Box H. BGG We Soto Brown City Cooperative Co. Bruce Crossing. — =_ —_ £5. Settlers’ Co-operative Trading Co. ate Tamarack Co-operative Association. Carsonville== = 2s Carsonville Cooperative Co. a eS Caspian Corporation. Smash ys Se SS Se Cass City Co-operative Mercantile Co. Rigen = IS Farmers’ Cooperative Store Co. Covington 2 2 Covington Cooperative Society. 2s 62 ae ee Crystal Falls Co-operative Society. dO Ss = Se Finnish and Swedish Mercantile Association. Deerton= = = = See eer as Deerton Cooperative Association. Pietra a es SC a Fe Cooperative Toivo Co. iDuneind:= 2 = ses ieee Durand Co-operative Association. BibenzJ unetion= =< = Eben Farmers Co-operative Store Co. Hpeankiy ois Fe Railway Employees Cooperative Association. dQ =e Ss ee Scandia Oe Docaiive Association. (Gain Goa 2 se ae Farmers’ Cooperative Association. Reims eG Grand Rapids Cooperative Store, 1318 Maud Avenue. Grane -Ramds.._... = New Era Association. an oe ka sh Farmers Co-operative Trading Co. 1B Ye ee ee Finnish Cooperative Boarding House. Herman = Sree Fe Farmers Co-operative Association. POuIa NG E Holland Cooperative Association. Tron Mountain] = 2-22. = The Iron Mountain Mercantile Co. (Ltd.) Ironwood === Se Elanto Cooperative Club, 4384 East Pine Street. ge ae se National Co-operative Co., 345 East Ayer Street. Peeing Finnish Cooperative Boarding House. 962 es Ishpeming Consumers’ Co-operative Association, 213 Pearl Street. Sapesone = 62S Se Co-operative Society of Railway Brotherhoods, 115-117 Cooper Street. JOuGh Wood i Drummond Co-operative Club. ace ind on = Lake Lindon Cooperative Association. Patni Italian Cooperative Store. Siege Levering Co-operative Co. 3 Marketing activities also.DIRECTORY—CONSUMERS’ SOCIETIES 145 Marquette Se a pet Finnish Cooperative Boarding House. a ee ee Railway Employees Co-operative Association of Marquette, Mich., 207-209 South Front Street. Wo ekee ees Workers Co-operative Society, 231 Washington Street. Me Mass Co-operative Co. Montgomery - - - ---------- Montgomery Cooperative Association. Bee Tri-State Cooperative Association. Merch. = lees Morenci Cooperative Association. ROMPRES fi = = eee Finnish Cooperative Society, West Superior Street. Mpacee ee Voimala Boarding House, Clark Street. Bley Dell =e = ee Newberry Co-operative Association. New Hudson__--<~.-.-_-- Wixon Cooperative Association. ee eee ee Farmers’ Co-operative Store Co. Beeb Branch - ~.-20 22 North Branch Cooperative Co. BG eS ee ee Walton Township Co-operative Co. Ret ee Onsted Cooperative Association. O08O se Owosso Cooperative Association, 207 South Wash- ington Street. Peet 2 Palmer Co-operative Association. Park City (P. O., Republic). Finnish Cooperative Store of Park City. eee SS se Farmers Co-operative Trading Co. ent iG Republic Finnish Co-operative Store. OCS oe Rock Co-operative Co. eer Rudyard Cooperative Co. PRUNE seach ae eee Saline Cooperative Co. pault Ste. Marie_=- === =~ Finnish Co-operative Boarding House, 416 Hast Portage Avenue. DOs ae ee Soo Co-operative Mercantile Association, 536 Ashmun Street. eh es Scotts Co-operative Association. DOUG daven= ss = South Haven Co-operative Stores. sbecurnsel == =e ee Tecumseh Cooperative Association. BOLO le = ee Toivola Cooperative Consumers’ Association. (No store; buying club only). Pronary...- 2 {22222 22 Frenary Farmers Co-Operative Store. Wyaketcld: 8 ee Finnish Cooperative Boarding House. DG Se =e _________. Finnish Cooperative Trading Co. DOS ee Peoples Cooperative Co. Minnesota PASE lepine ogee ee Bay Lake Fruit Growers Association. Aiport peas. 2 tee Freeborn County Cooperative Oil Co. PALWeMOnG 2 == = Ee Farmers’ Cooperative Store Co. Pre vOte ee Se Northern Farmers Cooperative Society. DOs ee ee Sturgeon Alango Cooperative Co. mieten. = 5s Appleton Cooperative Co. Argyle, Route No. 1__----- Farmers Co-operative Association. erat ot oS Union Mercantile Co. sey ee es es Farmers Equity Association. i RT OTH == es Aurora Co-operative Mercantile Association. Barnum = === Barnum Farmers’ Cooperative Co. Pemrade.... ---4-5 =.= Belgrade Co-operative Store Co. 23m Ma Biwabik Co-operative Mercantile Association. esi petry = _ Farmers Mercantile Co. Memeards = oe Bongards Co-operative Co. | = ey 6 ee Balsam Farmers’ Co-operative Association. (No store; buying club only.) ep ee Kunto Clubhouse. Brainerd. Brainerd Co-operative Mercantile Co. i Scandinavian Co-operative Mercantile Co., 1301 Woodward Street. ae Breckenridge- _.---------- Breckenridge Co-operative Association, 508 Ne- braska Avenue,146 APPENDIX E BribsCh: 2c Slt eres Farmers Store Association. Broowkgtene 2 avs aes Brookston Farmers Co-operative Trading Co. Bireoten sass balers Hi Se Farmers’ Co-operative Mercantile Co. Gee 2 fES- Ce Sabah 2 Grove Lake Co-operative Co. SSO ees Farmers Co-operative Co. of Canton. Slnsholi: 22s. 22552 ee Balkan Farmers Co-operative Association. Clarkfield =. dt Sack t uae Consumers’ Cooperative Oil Co. iog0et so aie Cloquet Co-operative Society, Avenue F and Fourteenth Street. WO FE Ss: Toivola Co. 1106 Avenue F. ‘ UREN erst el See Cokato Farmers Mercantile Association. O05. . 62a aclinieac A « Cook Co-operative Association. Cottonwood. =. sues Cottonwood Cooperative Oil Co. CTOnIwell == 2) eee Farmers Co-operative Co. PPRORS008 So os dee Crookston Co-operative Mercantile Co., 113 South Main Street. Sib SS oo. cases Crosby Workers Co-operative Association. DaWIONS ee Sie see Dawson Cooperative Mercantile Co. Oe ee Dawson Cooperative Oil Co. Duluth CW est) = 2— ses insee The Rentola Co., 4 North FMifty-ninth Avenue. Pe ee doit 35 eka. Toverila Co., 108 East First Street. On eae Fai are Union Consumers’ Co-operative Society, 1911 West Superior Street. Pandee se Dundee Co-operative Co. Wastelake@. 2. So Farmers Co-operative Trading Co. lbow make. = = 2 2 Elbow Lake Co-operative Co. MORE = fost pegs rt) Elmore Cooperative Mercantile Co. BT Vie ee Ely Co-operative Association. Bivysiqhe sees 58 laliacssa Greenland Farmers Equity Exchange. Rina Pass es Embarrass Farmers Co-operative Mercantile Asso- ciation. Himmons= 22. = eae 25 it State Line Farmers’ Cooperative Co. dy chet = => ria pes 3 Tarmo Trading Association, 426 Monroe Street. Heir fase test A rsitine Fairfax Cooperative Association. Hil sn ee le Finland Co-operative Co. WlOOdWOOd = 34428 ie tenes Floodwood Co-operative Association. Gary, Route No. 4_______- Sundahl Mercantile Co. Gaye es ee Feo The Waukon Mercantile Co. Georgevilleso2 3. Co-operative Farmers Co. Ree: es a Farmers Co-operative Trading Co. Gullpetts == se So Hutter Farmers Cooperative Association. A ge eee International Work People’s Co-operative Associa- tion. GOWan == es Sati oie Gowan Co-operative Association. rand: Raplds= 2 = 2 Gani Grand Rapids Cooperative Co. Grey Hagletii2: 33 2 gee The Co-operative Store. Grove City_.__. 3 3-s2iece Consumers’ Co-operative Mercantile Co. Guy ge as Grygla Co-operative Co. Hanskas = 2 Seen Hanska-Linden Store Co. EIA VNGLe Se Farmers Cooperative Oil Association. Tdazel Run. = = eae Jertson Mercantile Co. Hendersoneisce22 5) t-cnnest Henderson Mercantile Co. Henning <2 = 3) Aina Henning Farmers Supply Co. dernane = = 2 ee ae Herman Farmers Store Co. Hibbing. 2 is eek oi ace Consumers’ Cooperative Co. (Inc.), 916 Third Ave- nue North, and 2325 First Avenue South. Oe ee ee Finnish Cooperative Boarding House. . Mills. odes esijessss Farmers Mercantile Co. Honan 2S i Farmers’ Cooperative Mercantile Co. ophing === = Hopkins Co-operative Association. Howard Lake. > ai tse. 5. Howard Lake Cooperative Mercantile Co. International Falls________ Walo Co-operative Association, Box 742. | Bo) tae te eee eee Cherry Farmers’ Co-operative Association. Isanti, Route No. 2_ _.___- Union Mercantile Co. REG SOM = ee ee Peoples’ Cooperative Oil Co. 3 Marketing activities also.DIRECTORY—CONSUMERS’ SOCIETIES 147 Jeffers...------------....- Jeffers Co-operative Co. Kandiyobi__---___________ Kandiyohi Cooperative Mercantile Co. Kellogg ---------------__- Kellogg Co-operative Store Co. ee Kenneth Farmers Store Co. Mere iOVON. - -inli is 5 Farmers’ Exchange. Kettle River__--_________ Farmers’ Co-operative Mercantile Association. Knapp (P. 0. Cokato, Knapp Co-operative Mercantile Co. Route No. 8). Cl ee ci Jackson County Cooperative Co. CT VOT tk 5 ens Farmers Co-operative Co. Banesboro..-- 22222. Lanesboro Co-operative Mercantile Co. eee? Lawler Farmers’ Cooperative Mercantile Asso- ciation. dandstrom.....- 2... 22.4 Chisago County Cooperative Co. ENC. tii een BA at Litchfield Oil Co. Mee SWAN. 2. Farmers’ Co-operative Society. fee PTA sn eel big Long Prairie Cooperative Co. Meee COWO. 0 22 ee Skelton Farmers Co-operative Association. eS et et Marcell Cooperative Association. eee Marshall Co-operative Oil Co. MMe ee ee Martin Cooperative Oil Co. MeeeWAN 5 as Matawan Farmers Cooperative Mercantile Co. Mea Farmers Co-operative Sampo. Mee Mentor Co-operative Co. BeeeApOlis Economy Fuel Co. Cooperative, North Side. OP Franklin Co-operative Creamery Association, 2108 Washington Avenue North. Pie ee Idrott Cooperative Society. Minneapolis (federation) ___ eee Cooperative Oil Co., 3300 Hennepin venue. Prioneapelis. 4g Modern Book Store. Minneapolis (federation)... Northern States Cooperative League, 2108 Wash- ington Avenue North. Minneapolis (organization Northwestern Cooperative League, 912-913 Lum- body). ber Exchange. Minnesota Lake____.._____ Minnceate Lake Farmers Co-operative Mercantile oO. Mecse Lake sg Farmers Cooperative Produce Association. RA Elanto Co., Store Department. mer bondon New London Farmers Store Co. mew Richland... New Richland Farmers’ Cooperative Co. Bem vork Mills... Heinola Farmers’ Co-operative Mercantile Asso- ciation. ee New York Mills Cooperative Co. ee Peoples Voice Publishing Co. ee eee Odessa Cooperative Oil Association. a Orr Farmers Co-operative Trading Co. ewe Pioneer Store Co-operative Co. ee Central Cooperative Oil Association. Palisade Cooperative Association. ieee Pennock Cooperative Store. Ue Perham Co-operative Co. Sep eg catia Sie She Farmers Co-operative Mercantile Co. Pitt Co-operative Co. Me Preston Cooperative Mercantile Co. ES Se eee eee eee Farmers Co-operative Co. Randolph Co-operative Co. ce eee Beaver Farmers Co-operative Association. Redwood Falls....________ Scenic City Co-operative Oil Co. eee Rose Creek Cooperative Co. _ Rothsay Cooperative Association. Seed Heart Sacred Heart Co-operative Mercantile Co. St. Clair Farmers’ Cooperative Store. ‘ Nelson & Albin Co-operative Mercantile Associa-~ tion. § Marketing activities also.148 APPENDIX E Sie JaMes= os oo Sa Sveadahl Cooperative Mercantile Association. ieee a ee Sax Farmers’ Cooperative Stock Co. piiitn & Scandia Mercantile Co. ENGR eS Sebeka Co-operative Co. Sutiiw lake 222 Farmers’ Co-operative Co. (of Max). Stare kates eee Farmers Mercantile Co. merit ee ee Stewart Co-operative Store (Inc.). we Storden Cooperative Co. pies ee Svea Co-operative Mercantile Co. Thief River Valls...< --~_=- Peoples Co-operative Store Co. (Inc.). SOM a eS Fairbanks Cooperative Association. (No _ store; buying club only.) 1G ee ee Finnish Supply Co. a ee Toivola Co-operative Mercantile Co. ee Sera es Scandinavian Co-operative Mercantile Co., corner Third and Cedar Streets. a The Workers & Farmers’ Co-operative Co. Mpa ee SOEs ee Farmers Co-operative Co. Witginiae 62 = ee Finnish Cooperative Boarding House. 1 eo eS Italian Work People’s Trading Co. Ge Se ee Virginia Work People’s Trading Co. Wanamingo = 22 = oS Farmers Cooperative Mercantile Co. NVOILOSGe ee Warroad Co-operative Co. Waccc dee eee Waseca Cooperative Association. Waverly 2= =e Farmers’ Union Store Association. Wea Witla Wawina Co-operative Society. Werdahl= == 2 ee ees Wegdahl Farmers Co-operative Association. ee ee Wells Farmers Mercantile Co. MMP Se Se oe Westbrook Co-operative Co. Westolry Farmers Mercantile Co. WA CRON 22 ee Wheaton Farmers’ Co-operative Mercantile Co. Naat ee Willmar Co-operative Mercantile Co. Wino Mie e a Windom Co-operative Co. Menu ge Winona Co-operative Association, 903 West Fifth Street. Wreht == es ES Farmers Co-operative Co. Young America = -22 <= Young America Co-operative Store Co. LADS SSS Dee ae ee Zim Farmers’ Mercantile Association. Alot Oul ee ee Zumbrota Co-operative Mercantile Co. Mississippi PNY a ee Amory Co-operative Store. Missouri Band]... =] Farmers’ Union Cooperative Association. OSS = eee Farmers Union Mercantile Co. BOs WOR d= == ee Farmers Store. Bowling Greens 5 Farmers’ Equity Exchange. pene Farmers’ Union Cooperative Co. Brookfield see pete League of Brookfield, 120 South Main treet. ne ee Farmers’ Union Store. te University Cooperative Store. Rem Farmers’ Produce Co. Peo Se Se Farmers’ Union Store. Parmneran= 22 ee Farmers Golden Rule Store. Witenes Miller County Co-operative Association, 102 South Maple Street. Saeee) Farmers Mercantile Co. a SS Do. Panon. | Farmers Store. Si ee Farmers Mercantile Co. Hopkins pee a gs eee Farmers Union Store. ’ Marketing activities also,DIRECTORY—CONSUMERS’ SOCIETIES 149 BeeeOl. se. 2 ee Farmers Store. Jerico Springs ------------ Farmers’ Union Store Association. Kansas City (wholesale)_..._ Farmers Union Jobbing Assoviation, 643 Board of 2 Trade Building. Kidder a ee Farmers Store. MeOH. oc. eee French Cooperative Store, Franklin Street. Dee ee ee Miners Co-operative Store, U. M. W. A. Building Local 171. : re ee Farmers’ Exchange. mock Springs © =o Farmers Mercantile Co. peels Hits Farmers Supply Store. a See Farmers’ Exchange. Beenirose Farmers Union Store. moscow Mills ~ 222 os 27a Moscow Co-operative Society. mrount Moriah 2225-2 The Farmers’ Exchange. meeiieton. 2 2 Farmers Mercantile & Trade Co. BrOWOUTE = 8 ee Cooperative Mercantile Co. Bees. ee Farmers’ Cooperative Co. mewersville_ ee Farmers Exchange No. 210. Beuiceton: 2: a Farmers Union Store of Mercer County. me Gialr. 2 Piss ee Farmers Co-operative Association No. 17. oe ee ee Farmers Store. pene. ts Do. ES ee Farmers Exchange. mikeston. . =! i ercee. 2 Farmers Dry Goods & Clothing Co. preGte es Farmers Union Mercantile Co. mereka 2 Farmers Store. meancish 2S Farmers Co-operative Supply Co. prenton 9. fo Si7 S72 27s ae Cooperative Mercantile Co., 811 Main treet. WANIGSOT == 2 Farmers Co-operative Co. Montana BAKE? = abiioaed. saci Fallon County Cooperative Mercantile Association. BearzOreek = Peoples Co-operative Society. Canis = Camas Co-operative Co. Gascades2 ==. == = aitars Cascade Co-operative Association. GConradin. gn jo cei gz iiss Equity Cooperative Association. Rorvallise= = 2 eee Equity Co-operative Association. ren OR 26 re ie hes Equity Supply Co. Da ana ee ee Farmers Co-operative Association. Denton. 2. = - = Sosste ae Equity Cooperative Association. Raine bile Se Sees 2 ee Do. WiORen CG] os Ss Florence Co-operative Co. Geraldine. 2siisiso os ois Geraldine Co-operative Association. DRE Equity Cooperative Association. GoldeBiutte- = 32 Gold Butte Co-operative Association. ere Ges ee ee Greycliff Cooperative Store. Peiens. | to i cise ee Farmers’ Society of Equity. seahepell* 2. 2 = acitipcee Equity Supply Co. Rivingston 225655254 sce Union Cooperative Store. DG. 2 si ie Yellowstone Cooperative Association. Miles: City..33 sive Scie Equity Rochdale Cooperative Co. Minaplaica 4 512i Ge Weach Workers Co-operative Co., 227 Alder Street. Mronarchoe = eS Monarch Cooperative Store. Prentywo0Gs.: jiccen 4k aia Farmers’ Cooperative Store. Reereey 2 et Roundup Co-operative Association. meeeivOsd 8 sed Equity Cooperative Association. SS eee Saco Co-operative Association. Bay i oeh st se Cooperative Store. Bavare Butte... =.....--. Square Butte Cooperative Mercantile Co. BeegoneViie. 5. jc et ti Farmers Co-operative Association. MAG Pale. os i3ig on si Se Windham Cooperative Store. Mra ee Wisdom Cooperative Store. _ Me Project Co-operative Association. 3 Marketing activities also.PRICY. 28 ees cee ee ee es ATT DHNOC = a ees PACH Ghee tere PEGRINSON] = 22 2 oe HpATChOlbs see Belerade= = 222 2428 as OO hs se ee eas BiGOMMME VON. = se Broken: BOW=c. - =e ae Diuites = mee 2 5 So Campbell 2 es ss Comino) se 5 ee Serene Wty Cloniideas a ee eee Glenn Witele = 2 eo Golence = ee ODIs! ee WoOncondes a: Sige iTie. ayit Crab Orchard: = <2 = 2 ie Cre wiOlde ese Ss Creichtons 2.22. eee ss Crete 2. ie ees bide ee Hiddywille == sau ate cer. UWiOUGIN = 2 She ee Haire se TS (ames se qullenton=-< eet Muni eee APPENDIX E Nebraska Farmers’ Union Cooperative Association, Do. Farmers’ Farmers’ Farmers’ Farmers’ Farmers’ Union Cooperative Co. Equity Exchange. Union Cooperative Association. Union Cooperative Association. Union Mercantile Co. Farmers’ Union Store. Farmers’ Union Cooperative Association, Farmers Union Business Association. Farmers’ Cooperative Union. Farmers’ Cooperative Co. Bloomington Equity Exchange. Cooperative Co. Farmers Union Co-operative Association. Farmers Union Cooperative Association. Do. Farmers’ Union Co-operative Supply Co. Farmers Exchange. Cadams Farmers Union Association. Farmers Mercantile Co. Cambridge Co-operative Oil Co. Farmers Union Mercantile Co. Farmers’ Union Cooperative Association. Chapman Cooperative Mercantile Association. Farmers Union Co. The Union Store. Farmers’ Union Co-operative Exchange. Farmers’ Union Cooperative Mercantile Co. Farmers’ Union Cooperative Association. oO. Crawford Cooperative Co. Farmers’ Cooperative Association. Farmers’ Union Cooperative Association of Crete. Culbertson Equity Exchange. Farmers’ Union Co-operative Association. Farmers Mercantile Co. Farmers Union Co-operative Store. Farmers’ Union Cooperative Association of Dor- chester. Farmers’ Union Cooperative Association. Do. Farmers’ Cooperative Co. Elwood Equity Exchange. Farmers’ Union Cooperative Association. Farmers’ Cooperative Association. Farmers’ Union Cooperative Association. Farmers’ Union Cooperative Supply Co. Farmers’ Union Cooperative Association. People’s Co-operative Store, 505-515 North Broad Street. Farmers’ Union Cooperative Association. Farmers’ Cooperative Store. Farmers’ Cooperative Store. People’s Cooperative Supply Co. Farmers’ Union Cooperative Association. Farmers Mercantile Co. Farmers’ Union Cooperative Association. Farmers’ Union Cooperative Association of Graf. Grant Equity Exchange. Farmers Cooperative Co. 3 Marketing activities also.DIRECTORY—CONSUMERS’ SOCIETIES 151 Gresham - --------------- Farmers’ Union Cooperative Association. feerte SOCK. 2. oo ee Farmers’ Union Cooperative Co. Hardy -_.----------__-__- Farmers’ Union Mercantile Association. Harrison ._------=-+__-__- Equity Cooperative Association of Harrison. Bercington... 2 fo Farmers Union Exchange. mereel0ck --2U Se Peoples Co-Operative Co. epee os fe ee Hayland Farmers’ Union Co. Sey oprige. =. tae Farmers Union Co-operative Association. Meron © PS ee a Farmers Union Cooperative Association. EMRUOY = S00 oo ee Farmers’ Union Cooperative Co. eee S'S Sot ee Farmers Union Mercantile Co. MEMERCURL. <2 Farmers’ Union Cooperative Association. POUTOOk = 2 ee Farmers Union Co-Operative Store. fee. ee Farmers’ Cooperative Co. of Homer. BOS IANS 222 23 Ee ee Farmers’ Union Cooperative Association. fe... ee ee Do. ea ae Do. Me eee Do. HOUNSON: 2 2 Ae The Johnson Farmers’ Union Co-operative Associa- tion. ee 5 SIO ee Farmers’ Union Cooperative Association. Meee. 2 ee Keene Store. BMG YSCONG. <<) 5 ee Farmers Co-Operative Association. Bea Dall 2) Gi 9 ee Farmers’ Union Cooperative Association. Onn) (P. O., Lanham, Farmers’ Union Cooperative Co. ans.). meeeerOn. 2 2 Se Lexington Grange Cooperative Association. Mn COM Farmers’ Union Cooperative Association. modge Polel ec ee Farmers Union Cooperative Grain & Stock Asso- ; ciation. mone Pine. 2 Soe: 2 Long Pine Farmers Co-Operative Co. Mee S Farmers’ Union Mercantile Co. Loup City See Se Farmers’ Union Cooperative Association. Be Lyons Cooperative Store. Madison 22222 4229-4 Soe Farmers’ Union Cooperative Association. PVlstya GOOG < ste Maywood Equity Exchange. WMeCook ®RST Red Willow Equity Exchange. McCool Junction_______-_- Farmers’ Union Cooperative Association. IMentp igs 2 2-2 ea Do. Willard —- Sesiise ets S73 Cooperative Mercantile Co. Mitchell: = 2262 Farmers’ Union Association. Naponeé< 22 Si 2Gs re Naponee Equity Exchange. Nie lig b= = steer aries te S Farmers Union Cooperative Association. Newman Grove_____----- Do. ee eS People’s Cooperative Store. INI ODTATA = oe Se Hee Farmers Union Cooperative Association. RNR oe Farmers Union Association. Norfolk... 2 Bit ete Farmers Union Cooperative Association. Wake 2 SUiies es Aes Do. Meme So hn Do. Omaha (wholesale) -——----- Farmers’ Union State Exchange, Eleventh and Jones Streets. we Me Workmen’s Co-operative Mercantile Association, 1732 South Thirteenth Street. Me Farmers’ Union Cooperative Co. ee Farmers Grain & Supply Co. : ESS a acess aoe aera se Orleans Equity Cooperative Association. SS ee eee peer. Farmers Union Cooperative Association. eee ee Overton Grange Association. ge Farmers Union Store. ee Parks Equity Exchange. ge Oe ge Farmers’ Union Cooperative Association. Seeren City. Farmers’ Union Cooperative Store. Ee i oy koe Farmers’ Cooperative Association. oS A ee Farmers Cooperative Mercantile Co. 3 Marketing activities also.152 APPENDIX E Pape. a St. Joe Co-operative Cash Mercantile Co. Pickr eles =o ee Pickrell Farmers Mercantile Co. PGCE ee i Farmers’ Union Cooperative Association. Pintee Center... Farmers Union Co-operative Co. Bivis0uth. Soe ee Farmers Mercantile Co. Pole ee ee Farmers’ Union Cooperative Association. Pere = eee Farmers’ Union Cooperative Co. Pe INO Farmers Co-Operative Exchange of Raeville. BaAneG eo ne Farmers’ Union Cooperative Association. Rescue-__----- eae a ie Farmers’ Cooperative Co. Pore ONY ee Farmers’ Union Cooperative Association. Rosalie: === ees ee Farmers Union Co-operative Co. i oe 8 sae Farmers’ Cooperative Association. Rosemont. - - ---_- See ee Farmers’ Union Cooperative Association. Shickley...---.........-.- Shickley Co-operative Society. per Ae se Farmers’ Union Cooperative Association. popeeicli ries So —so _--- Farmers’ Union. Rprneieie 222 Farmers Co-operative Grain Co. Springview - - --- ----.----- Farmers Union Mercantile Co. Sramvenss.—. —. pape cen Farmers Union Co-Operative Association. PO OTIT as 5 Farmers’ Union Cooperative Association. BLockville. SSS Farmers’ Cooperative Association. iO ss Farmers Co-operative Co. Swede Home (P. O., Stroms- Farmers’ Union Co-operative Association. burg) .8 pO SO ee Table Rock Cooperative Co. SRS os ee Farmers’ Cooperative Store Co. OR REA, Sg Farmers’ Union Store. NG as ee Farmers’ Union Cooperative Association. eee Trenton Equity Exchange. Sep DUM 6 ss Nebraska Farmers’ Union Association. ees a a Farmers Cooperative Store. PAA e Ss ss Farmers’ Union Cooperative Association. oy ee Farmers Union Mercantile Co. eG ee Farmers Union Co-operative Association. SECT NRG. 5a Venango Equity Exchange. iGEM DCs es es Farmers’ Cooperative Association. ee COONG | eae Es Farmers Union Co-operative Exchange. Mapas Wallace Equity Exchange. Oe Farmers’ Union Cooperative Association. MS 2 ee Do. Beery a 5 Farmers’ Union Cooperative Mercantile Co. Oe Farmers’ Union Cooperative Association. WV VOT see Do. Weeping Water. 2 = Do. a ss Farmers Union Co. ee Cond = Farmers Union Exchange. MASARINO 2 8 ee Wilsonville Co-operative Mercantile Co. MP Farmers’ Union Cooperative Association. ONDA as Do. a rs Farmers Union Exchange. New Hampshire Darna ee Durham Cooperative Co. Hast Wakefield. __--— = Wakefield Farmers Union. PGI Milford Cooperative Society, South Street. Nashta=s Polish Co-operative Co., 9 School Street. Poremout. = Co-operative del Popola, 214 Market Street. New Jersey perpentiel d 22s fase North Jersey Co-operative Society (Inc.), 114 South Washington Avenue. Ciiien — 2 ee Italian-American Family Association, 262 Parker Avenue. 8 Marketing activities also.DIRECTORY—-CONSUMERS’ SOCIETIES 153 Gloucester City. _..-.--.-- Gloucester City Co-Operative Co. (Inc.), 844 Cumberland Street. Newark... --2-22----2. 20. N - Cooperative League (Inc.), 194 Prince Do------------------ Ukraine Cooperative Society, Beacon Street and Springfield Avenue. Do_----------------- White Eagle Store, 509 Market Street. epersOn: 221i) seer Co-operative Butcher Shop, 127 River Street. PS ee Italian Union Co-operative, 276 Straight Street. DOLLS? Sere ee Purity Co-operative Association, 12 Tyler Street. Bemceton._ -... nate ee The Princeton University Store (Inc.). Beesoville. 220s. ele Sayreville Consumers’ Cooperative Association. PpelbONs = ee oe Fellowship Cooperative Association. DOS Fe Sa Shas Sie New Jersey Cooperative Mercantile Association nG.): mons Clty sees ee Cooperativa Italiana Moderna, 470 Summit Avenue. Dis 2 Serie ies eso Italian Workmen Co-operative, 345-347 West Street. New Mexico levis. Sor ob ee Plains Buying & Selling Association. MIS Se ee Gallup Co-operative Store. New York Petits 29 so st Polish meat & Grocery Cooperative Store, 215 State Street. merpoklyn 2 5 es Co-operative Bakery of Brownsville & E. N. Y., 543 Osborn Street. W022 se Co-operative Educational Institute, 400 Stone Avenue. joe ed wees ie rears ete Education Co-operative Buying Society, 131 Living- ston Street. Doss sai Fe Finnish Cooperative Restaurant, corner of Fortieth Street and Highth Avenue. DOR is eS Finnish Co-operative Trading Association (Inc.), 4301 Eighth Avenue. Doe Lithuanian Cooperative Publishing Society (Inc.), 445 Grand Street. WG: Ae. Beet aoe Ridge Cooperative Association (Inc.), 913 Fifty- second Street. Douiht sk Reeves Sunray Co-operative Garage (Inc.), 3817 Eighth Avenue. Colonie === = =. Cooperative Public Market (Inc.). Popennagen 2 is Copenhagen Cooperative Co. (Inc.). Crogmaass wees ici. S Croghan Grange Exchange Cooperative Associa- tion. ecreat Port Jervis Cooperative Association. Porto warn 8... So ees Adirondack Farmers’ Cooperative Exchange (Inc.). Germantown == Germantown Co-operative Association (Inc.). MetGnas © os The Co-operative Store, Brookwood Labor College. Seeonedt.. <--> = Kennedy Cooperative Corporation (Inc.). morionksen. = Farmers Co-operative Co. bittle-Walle == 2 Grangers Mercantile Association. Livingston Manor-_-------- Livingston Manor Cooperative Grange Exchange (Inc.). Beat Mallory Co-operative Association. Mechanicsville____-------- Champlain Cooperative Society, 927 East Street, Flag Island. , Pe Ss Mechanieville Cooperative Wholesale & Retail Association (Inc.), 304 Park Avenue. Metievilie =. = ee Middleville a Exchange. Mountain ale. ——=- ..---- Co-operative Store. ine OF = City Hall P. O. Cooperative Society, City Hall Sta- tion. ae Consumers’ Cooperative Services, 54 Irving Place.154 APPENDIX E New York (educational fed- Co-operative League of the United States of Amer- eration). ica (Inc.), 167 West Twelfth Street. New York (educational)... Eastern States Cooperative League, 167 West Twelfth Street. New. Mork. qsnce 5 Jsce2 Economic Co-operative Circle, 2401 Southern Boulevard. IG] = eee ae Girls Community Shop, 94 MacDougall Street. DGsssis set Tet aes Hudson Guild Cooperative Store (Inc.), 443 West Twenty-eighth Street. DOs tit) Si cisions Industrial Arts Co-operative Service Association (Ine.), 1256 Amsterdam Avenue. Desi ies Seis a People’s Cooperative Society (Inc.), 175 East Broadway. Destress aya ne “'T’””? Cooperative Association (Inc.), 5 West Sixty- fifth Street. WO. Ae Oe oh Workers’ Unity Association, 135 Lexington Avenue. DOLPaOGES . Bg sg. Workingmen’s Cooperative Publishing Association, 112 Fourth Avenue. inela wines 25 eee Lombardi Cooperative Association (Inc.). IPlGssIness sc ae ee Plessis Farmers Co-operative Association. Roessenkil se Poestenkill Co-operative Association. OChester. 2 =e a Working People’s Consumers’ League, 588 Genesee Street. Oc a Rose Cooperative Association. CHENCCUAGY= a Workers’ Consumers’ League, 13 Nawood Avenue. NeneCA CAstlCk= 25 =e Castle Cooperative (Inc.). Beuth Palisburg. ci 20 22 South Fallsburg Farmers Co-operative Exchange. palate Vey Ss Spring Valley Co-operative Association. piaaispure = Seb eo1s 3 Farmers Co-operative Association. ice Purity Cooperative Bakery Association (Inc.), 918 McBride Street. EERO yo a Troy Supplies Co-operative Association. Uitiess ss tate Sis or erie Utica Co-operative Society (Inc.), 914 Court Street. Woodhaven: 0 Jae Woodhaven Polish American Corporation, 4018 Beaufort Avenue. Weoblridue 80skh Agios s Woodridge Farmers’ Cooperative Bakery. North Carolina Ashevilte # =i ii) seg bee Railroad Employees Co-operative Store. Pion Spee eS Elon Cooperative Store. Piidlenite <5. 6 oo eh Growers Cooperative Purchasing Association. IEAM OMe See ee People’s Store. Monroe. 2525. es dads Cooperative Mercantile Co. Slay. = = i Rockingham Cooperative Co. Stony Lomtssiseass Ae Stony Point Cooperative Purchasing Association. Valdesere = se Valdese Co-operative Store Co. North Dakota Alexhnderiia] pery st Co-operative Store. AVI Og Pe are Ayr Farmers’ Cooperative Co. Raikere 225 2 ee ee Baker Co-operative Store Co. Barneys Ss eee ese Barney Cooperative Mercantile Association. Bering: Sees 2 er it eis Berlin Cooperative Store. Bismarck. 5 Farmers’ Cooperative Union, Box 215. Blaisdell 2 = aaa Blaisdell Cooperative Co. Bottmesuss .2. sisisan = Bottineau Co-operative Store Co. Brampton: 22 = Farmers’ Cooperative Store. Caran ston Sikes A ess Co-operative Store. Cleveland: ssi37 des7 3: Cleveland Cooperative Mercantile Co. Cooperstown sake sees Co-operative Store. SiS People’s Meat Market. Courtney 3.2 cise clus Co-operative Store,DIRECTORY—CONSUMERS’ SOCIETIES 155 DAWSONii=: SY i Lcmcioes ozs Dawson Farmers’ Co-operative Stor BUNsCY . 2 225s eae Dazey Cooperative gehewepe ex — er pete. Clleiil. iis Fee Dore Cooperative Mercantile Co. eeny CON ee Drayton Co-Operative Co. Benntedge.. oo 5s. uae S80 Kastedge Farmers Store. Panera. 652 een: Emerado Cooperative Store. Bee OOS. 25256 ase Forbes Co-operative Mercantile Co. BMCOONIA. 2. 2 2 oo ae Fredonia Co-operative Mercantile Co. Beeckie.... 0. Geb eeeks Gackle Co-operative Store Co. Meet. 23 ss ee Galchutt Co-operative Mercantile Co. Meee! 2 aioe Gardner Co-operative Co. moiden Valley... 2 vis 2 Golden Valley Mercantile Co. ME os re Gorham Cooperative Mercantile Co. Grand Porks....cwo0i. 2213 Grand Forks Co-Operative Association, 125-127 ; South Third Street. MUNOCE i i Hunter Co-operative Mercantile Co. PalMestOwn._-— a? Dee Railroad Co-Operative Store. TESS ae ee ee eee eres Kenmare Farmers Co-operative Store. BepetOrd 2 2 oo ee Lansford Co-Operative Co. Bancoin Valley: . 02.2... Lincoln Cooperative Co. pees... 2 Medina Cooperative Society. mmrettigan 25 Michigan Cooperative Store. mero. 6G Sid Si Milnor Cooperative Mercantile Co. ME Co-operative Store Co. INOMOG@s oe et fib slopes Farmers’ Co-operative Publishing Co. Beebe SG St Co-operative Store. Me PES Farmers’ Cooperative Society. iBorblaind £22 €6 tai foul. We! Portland Co-operative Mercantile Co. mowers sake: ot Farmers Co-Operative Store. aye SIS S09 GF STE RTD Farmers Co-operative Store. RGedete 2c 8 Reeder Cooperative Co. EQESUIN O22 oe Rhame Equity Co-Operative Mercantile Co. Se ee eek Eidsvold Equity Club. BuerwoeG 2. Gi Sherwood Cooperative Store. meverieal 5.25... 22 ei Silverleaf Cooperative Society. em Tolley Cooperative Store Co. munie Lake. .-2/ Sula 2st Co-operative Cash Mercantile Co. Walley City =< 2 Peoples Co-operative Trading Co. Wanerlook = =~. AN Bis Finnish Cooperative Club. Wildrose. = 4280s Sees Wildrose Co-operative Store. Waktene sot. cht Aeon ONS Wilton Co-operative Association. WV Oe eo et Farmers Cooperative Store. Ohio Pe Adena Miners’ Supply Co. NStAUe ss Sis .B10sG OY Co-operative Milk Line, Oak Street. Betta es ee The Finnish Co-operative Co., 103 Oak Street. PO he a kd The Aultman Co-operative Co. Bar bertonsse 2 2s ae Co-operative Store, 131 West Creedmore Avenue. Bellefontaine: 2! = 2) The Bellefontaine Co-operative Supply Co., 113- 115 North Main Street. BeUeVuC = 2 ee Bellevue Cooperative Society. | DIidgepony. =. ee Bridgeport Cooperative Association. Ome ee Slovenian Cooperative Store. ; Doe se eS Wheeling Creek Co-operative Association. Sanfield: = =e {6 The Citizens’ Cooperative Co. Rena crn ina ies University of Cincinnati Cooperative Store. Mean 2 Cleveland Cooperative Co., 2412-2416 Scoville Avenue. NS Cleveland Cooperative Coal Co., 308 Euclid Avenue Building. HO ee The Cooperators Co., 1195 East Seventy-first Street. Dos ss Se Bee oe The Slovenian Labor Co-Operative Co. (Inc.), 667 East One hundred and fifty-second Street Lf The Workingmen’s Co-operative Co., 3726 East One hundred and thirty-first Street,156 APPENDIX E Cobia Gs se oe ee The Ohio State University Co-operative Supply Co., Hayes Hall, State University. Grestline:= 25 == kere The Crestline Co-Operative Co., 134-136 East Main Street. TG GCA 8 Se The Peoples General Store Co. Penton 6 eee Dennison & Uhrichsville Co-operative Co., 23 West Grant Street. Deshler ®. =. See Deshler Farmers Elevator Co. DN GRV Ale og a 5 ee The New Co-operative Association Co. Wilmore s.. = Farmers’ Cooperative Society. Hairponits=- 22 Midway Co-operative Association. fairport-H arbor =e North Star Co-operative Store Co. Wlishing== 32 2 Cooperative Store. Brederiektowiis sé - exis Fredericktown Co-operative Grocery. EmOne se Galion Equity Exchange Co. Glouster<- =. 5323 22 Se Glouster Co-operative Store. Grel tons .25 The Farmers Grain & Seed Co. Hollister: =—— 2:35 a Cooperative Store. JACKSOUS = = SS The Jackson Co-operative Co. pansies = ce ee Lansing Co-operative. LO Wel lsce= 2 es The Lowell Co-operative Co. Niinersville= = = The Peoples Cooperative Co. NPR eg The Murray City Co-operative Store Co. Nehs = The Co-Operative Store Co. INOW Fike ee ee Federated Cooperative Society, 444 East Main Street. Neyclexngion= = = The Farmers Co-Operative Store Co. New Straitsville__________ New Straitsville Co-operative Co. VG sg ie oe Orrville Co-operative Co., 142 West Market treet. Sram ys es The Ohio Valley Co-Operative Co., corner of Maine and Court Streets. I) 0 ee People’s Cooperative Store. Port-Clinton= = = = Port Clinton Cooperative Co. Rociktord =] ~ = Rockford Equity Exchange Co. meckyvidges 2 ie Ottawa County Cooperative Co. SCOti ee see The Equity Mercantile Co. SVTHCUS@ 22 5 ee The Syracuse Co-Operative Store Co. PST ere Tiro Equity Exchange. Vane Werte: 2 = The Van Wert Cooperative Co. Washingtonville._________- Washingtonville Co-operative Society. Mi GURIS. oo a ee The Wellsville Co-operative Store Co., 1323 Main Street. Oklahoma a ee Farmers Union Exchange. Bartiesviliesc = = oe People’s Co-operative Store, 112 East Second treet. Stes a es Farmers Union Exchange. AC ie Farmers & Laborers Co-operative Association. Cherokee. =e es Farmers’ Federation. Ceevenie Se Farmers Cooperative Association. Cente ee Farmers Union Exchange. Serer ee Custer City Farmers Association. = Farmers Union Exchange. NDUKG a ee Farmers Cooperative Association. ea Farmers Union Exchange. HOUGON se Ss ee Forgan Equity. perros so a Garlington Cooperative Store. Penvencr 2 Farmers Store. Holdenyille | 22 3 5a i Farmers Union Exchange. Issbclaa ee Farmers Co-operative Association. elas se oe Farmers’ Union Trading Association. Lexington. = Farmers Union Co-operative Exchange. Noatetins == == Se a Farmers Exchange. 8 Marketing activities also.DIRECTORY—-CONSUMERS’ SOCIETIES 157 Mooreland *__-_______.___. Farmers Co-operative Trading Co ek po A clones Papel Co. Se Seo SS oe armers - il ~ eta en owes 5 ce Cocpsitee Lee ply Co. ONY fo eeu eS ‘armers Uni Ee iy : Perkins eke ew lee ing Sate ee Paeman eee operative Exchange. Perry.-----------~-------- Farmers Union Trading Co eae w----------------- - armers Exchange. ; ayTe-------~----~---~____ armers Co-operati i | Sieks meminole *__ sl eas Farmers ao van Rien a Shattuck Hee Sess oe = = Shattuck Co-operative Associati 4 ps e Stillwater_----.-.---_____ Farmers Union Co-operative is eee cs Farmers Union Co-operative Rectan Supply See rt ae ee ee ee Farmers’ Cooperative Association Be, “a BOM Sle oe Texhoma Equity Exchange Bee. 6 Farmers & Labor Union Exchange Os eg Farmers Union. : Willowbar ger ap ee Pe er Willowbar Cooperative Mercantile Co. (Inc.). Oregon Astoria_----.------...... Consumers Co-operative Association, 274 Com- mercial Street. an GOnN es oe es Cooperative Store. peavercreek 2). b coi Beavercreek Cooperative Co, prowievilie. ull Set Calapooia Co-operative Exchange (Inc.). Revels. Co a gt os Cooperative Managers Association. BN ei se O. A. C. Co-operative Association. ere ee Smithfield Cooperative Exchange, Bro. cis Cooperative Store. WOE i eS Farmers Union Cooperative Warehouse Co. SOY ee Calapooia Cooperative Exchange (Inc.). meet RAVER. oe eS Grange Cooperative Store. Peoniangdon 2s ee Huntingdon Cooperative Co. au 5 i ihe ce The Lebanon Farmers’ Cooperative Exchange. Milwaukie ________ Sete Wichita Co-operative Water Association. MANOS Fo os ee Beaver Creek Cooperative Co. Oregon City, Route No. 5_.. Rosemont Community Club. Oran oa Barnes Road Co-operative Water Users’ Associa- tion, Barnes Road. BO re ee Reed College Co-operative Store, Reed College. Peeve. 8 Je Grangers Cooperative Association. Migktegdl-cs: os" 2 yas oe hee Polk County Farmers’ Cooperative Co. PUOGIO9 se oe ei oe Azalea Cooperative Broccoli Association. ee Ales os ies The Dalles Cooperative Association. Pennsylvania PNA oo i eae Arcadia Cooperative Association. ee Se A haa Southern Wayne Cooperative Association. ee at The Avella Co-operative Association. MeUWOOU. 5S a Cooperative Store. DE Berlin Co-operative Association. te Blain Cooperative Association. PAIRS V EG. ae Blairsville Co-operative Association, 5 W. Market Street. meeivitie so A Brookville Cooperative Association. — “ Cherry Valley. _-_-__- oe Cherry Valley Real Estate & Retail Co-operative Association, Box 23. AG Cooperative Store. : ies ee i ot 7 Coaldale United Workers’ Cooperative Store. Peremiqnon 2 fe Conemaugh Cooperative Association. Be eg 5 SS Cresson Co-operative Association. 5 Marketing activities also. 28464°—27 11158 APPENDIX E Defiance......__...------ Broad Top Co-operative Association. Siete sv ekg osc ee Derry Wholesale & Retail Cooperative Association. East Brady_.........-.... East Brady Cooperative Store. Emigsville_....._....------ Manchester Grange Cooperative Association, fiipOrluins es ee Consumers’ Association, East Allegheny Avenue and Third Street. Hreciands 2522 __... Union Co-Operative Association, 341 Center Street. Germansville..._....._..... Lehigh Exchange. Gracsilave 22 ee __....-_ Grassflat Cooperative Association. Houtzdale, Route No. t__._ Atlantic Cooperative Association. Huntingdon__......._..... Union Cooperative Society. Imperial. _.......-------- Imperial Co-operative Association. Johnsonburg_........-.--- Polish Co-Operative Association. Kaylor...___.----....----- Kaylor Grange Supply Co. Lancaster--_-_- _____. Red Rose Cooperative Association, 38 Broad Street. Lanse____._.-----------. Lanse Cooperative Association. ehightons 2 ee so Lehighton Co-operative Association, 342 North First Street. Lewistown.........---.-- Standard Cooperative Association, 39 Valley Street. London Grove___..------- London Grove Cooperative Association (Inc.). Maplewood____.--------- Maplewood Farmers Cooperative Club. Winns = Bee B sige ene Lt Mars Cooperative Co. (Inc.). Weadville se Meadville Cooperative Association. Mirdiwalys $e Midway Co-operative Association. Willetall soo eee Clinton County Cooperative Association. WHE Villagee ee: sie oe Mill Village Cooperative Association. Wonesson: © =o sees Osuusruckala Oma, Finnish Co-operative Society. Wonongahelaese -os2e2s = People’s Store. WOT aE = fee 5 eer es Morann Cooperative Association. Newmanstown.—__.=-2--_- Newmanstown Cooperative Association. Philadelphiass-s222" 2255 Cooperative Store for Pennsylvania Railroad Employees, Seventeenth and Filbert Streets. Pe es 6 BY Kensington Workmen’s Cooperative Association, 2331 East Cumberland Street. Pittsburgh= 2 — so. ates Lithuanian Biruta Corporation, 104 West Carson Street. DOU ee es eee ee Lithuanian Provision Co-Operative Association, 1326 Reesdale Street. Brtgstone a = Me ee Pittston Co-Operative Association, 70 North Main Street. ead Inge sees a) ers Aree Keystone Co-operative Association, 105 North Sixth Street. Does set ae ee Reading Publishing Co-Operative Association, Reed and Walnut Streets. Red. lion. = <2 Sata eae Red Lion Farmers Cooperative Association. AC RCL UO We ee Saegertown Cooperative Association. Shenandoah Globe Cooperative Society, 208 Centre Street. DOs Polish Cooperative Store, Main and Oak Streets. South Works: 222 hee Fork Cooperative Association. Syncwwile 22 See ee Sykesville Co-operative Association. POOL 32 3 eee Telford Cooperative Association. Temple, Route No. 1___--- Rosedale Cooperative Association. EOWer Olbys = oo aes Williams Valley Cooperative Association. pir ashe he eee Farmers Cooperative Association. Wnion City 22 se Union City Cooperative Association. West Chester 22s Pomona Exchange No. 3. Wert. Reading. 2 ee West Reading Co-operative Association, 211-213 South Third Avenue. Wilkes-batre= 3 Ukrainian Cooperative Society, 817 Washington Street. : Williamstown. 222 2-6 Williamstown Co-Operative Association, Market Street. Womeledort. = ss Womelsdorf Co-Operative Association. ane ee Farmers Cooperative Co.DIRECTORY—CONSUMERS’ SOCIETIES 159 Rhode Island PIB rrisVille on yo ioe Harrisville Co-operative Association. POSCONE 2 a ve United Co-operative Association, Saylor : : venue. ‘ Providence (Olneyville Sta-~ American Co-operative Association, 1755 West- tion). _ Iainster Street. Saylesville______- ae Se . Saylesville Cooperative Association, 1218 Smith- field Avenue. South Carolina BOVOVING. oe . The Cooperative Mercantile Co. Columbia______._........ Clemson Community Store, Clemson College. Florence. _.._..........._ B. of L. E. Co-operative Association. Greenville__.__....._...... Railroad Men’s Cooperative Society. POUPONes fos ie People’s Cooperative Association, Watts Mill. South Dakota POG So os es Farmers Co-operative Store of Albee. Bonesteel__-__............ Farmers Union Mercantile Co. Die 6 os ee Equity Cash Exchange. PaAlistOUS 20 Farmers’ Union Cooperative Store. MOVER So. Farmers Co-operative Store of Canova. Spaniel ce Chester Cooperative Mercantile Co. orcny ood *2 ee Cottonwood Rochdale Co. Stes are 220 Cresbard Co-Operative Store Co. Peg oo ce ave Farmers’ Union Co-Operative Mercantile oO. Peles ao a Delmont Co-operative Mercantile Co. PA ce us Lk Dimock Rochdale Co. omnes eo te ae Doland Co-operative Co. Mlorence =o 2 Florence Cooperative Store. WTeGCriCk= <4 2 Frederick Co-operative Mercantile Co. Fruitdale...._............ Fruitdale Co-operative Mercantile Co. (ay valles = ge es Farmers’ Union Store. GTOLOM= 2 Farmers Co-operative Co., 111-117 Water Street.164 APPENDIX E Wausau. -_._._ soe ee Co-operative Society, 1506-1508 Sixth Street. Wausaukee______2_....... Wausaukee Cooperative Association. Wentworth___________.... Wentworth Farmers’ Co-operative Association, Withee_____.._._....._.. Withee Cooperative Co. Wittenberg.____........._._ Wittenberg Co-operative Co. Woodruff. ____.__........ Woodruff Grange. Wyoming Pe aI Beulah Rochdale Co. ere ae eee Sampo Co-operative Store Co. ; eG es Farmers’ & Consumers’ Cooperative Co., 39-51 East Brundage Street. WON Sn See e oS eee Equity Cooperative Association. HOUSING SOCIETIES New York BPOOMIV NS oS 517 Forty-ninth Street Club (Ine:), 517 Forty-ninth Street. BGs ok ae ee 682 Lexington Avenue Co-operative Tenants, 682 Lexington Avenue. PG ae os ee Baltic Home Association (Ine.), 4113 Seventh Avenue. Pee ety eee 8 Ae. Bay View Association, 671 Forty-seventh Street. Piet te a Berkshire Court (Inc.), Seventh Avenue and Fortieth Street. Ss Ss 8 Broadview Association, 4313 Ninth Avenue. PU ee ee Corner View Association (Inc.), 4401-4407 Fourth Avenue. PIS ea Fe Finnish Home Building Association “ Alku”’ (Ine.), 816-826 Forty-third Street. RO See et Florence Homes Association (Inc.), 546 Fortieth Street. As ee Hillside Association, 566 Forty-fourth Street. DDO ase ee oe Hilltop View Association, 4404 Sixth Avenue. GS a Linden Heights Association, 702 Forty-fifth Street. Oe ee ee: ne Hill Home Association, 759 Forty-second treet. LD wae a a a Parkslope Association, 570 Forty-fourth Street. SOS iss ei Fe Pleasant View Association, 574 Forty-fourth Street. BS oe a bas Riverview Co-operative Association, Forty-first Street and Seventh Avenue. Se See Sun Garden Home Association, 655 Forty-first Street. BGS ho oe ei ae gay Sunset Court Association, 4002-4006 Seventh Avenue. Ne ee Sunset Home Association, Forty-first Street and Seventh Avenue. PROS Se eG Sunset View Association, 605 Forty-first Street. Pe ae Topview Association, 807 Forty-fourth Street. Gs ee ee oe Homes Association (Inc.), 672 Forty-sixth treet. Rew Vor iso ook sc, 105 and 117 East One hundred and second Street Co- operative (Inc.), 105 and 117 East One hundred and second Street. DG eso 82 65 East One hundred and fifth Street Cooperative (Inc.), 65 East One hundred and fifth Street ’ $66 5 167 West One hundred and thirty-sixth Street Co- operative Corporation, 167 West One hundred and thirty-sixth Street. DS go Sg 314 West One hundred and twenty-seventh Street Cooperative Realty Co. (Inc.), 314 West One hundred and twenty-seventh Street. Dore ea oem eae Beekman Hill Cooperative Association (Inec.), 343- 349 Hast Fiftieth Street.DIRECTORY—HOUSING SOCIETIES 165 New. ¥ Of Rigen ose Consumerized Homes, Co-operative (Inc.), 1884 Belmont Avenue. DO. 2cees ee eee -- Consumers’ Co-operative Housing Association, 66 Barrow Street. Dose Pie oases Greenwich House Cooperative Apartments (Inc.), 26 and 28 Jones Street. Dog. So ieee Labor Home Building Corporation, e¢/o Inter- national Ladies’ Garment Workers’ Union, 3 West Sixteenth Street. Desa Rational Workmen’s Co-operative Society, 1815 Madison Avenue. DOES aa ed Stockbridge Apartments, 608 West One hundred ‘ and thirty-eighth Street. DO ee Suoja, 1 West One hundred and twenty-seventh Street. Ope cy eee Gee United Workers Co-operative Association (Inc.), 1 Union Square. DOSS ead ce Varma Co-operative Homes (Inc), 2056 Fifth Avenue. Doss2 Se eee Workmen’s Mutual Aim Association (Inc.), 1786 Lexington Avenue. DO 35 2S eee Yiddische Co-operative Heim Geselschaft, 406 East One hundred and forty-ninth Street. Wisconsin MUN AuKGGs oo Geka ace Garden Homes Co., City Hall.iLIST 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. No. 284. Index numbers of wholesale prices in the United States and foreign countries. [1921.] No. 415. Wholesale prices, 1890 to 1925. Retail Prices and Cost of Living. *No. 121. Sugar prices, from refiner to consumer. [1913.] *No. 130. Wheat and flour prices, from farmer to consumer. [1913.] *No. 164. Butter prices, from producer to consumer. [1914.] No. 170. Foreign food prices as affected by the war. [1915.] No. 357. Cost of living in the United States. [1924.] No. 369. The use of cost-of-living figures in wage adjustments. [1925.] No. 418. Retail prices, 1890 to 1925. Wages and Hours of Labor. *No. 146. Wages and regularity of employment and standardization of piece rates in the dress and waist industry of New York City. [1914.] *No. 147. Wages and regularity of employment in the cloak, suit, and skirt industry. [1914.] No. 161. Wages and hours of labor in the clothing and cigar industries, 1911 to 1913. No. 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. No. 204. Street-railway employment in the United States. [1917.] No. 225. Wages and hours of labor in the lumber, millwork, and furniture industries, 1915. No. 265. Industrial survey in selected industries in the United States, 1919. No. 297. Wages and hours of labor in the petroleum industry, 1920. No. 348. Wages and hours of labor in the automobile industry, 1922. No. 356. Productivity costs in the common-brick industry. [1924.] No. 358. Wages and hours of labor in the automobile-tire industry, 1923. No. 360. Time and labor costs in manufacturing 100 pairs of shoes. [1924.] No. 365. Wages and hours of labor in the paper and pulp industry, 1923. No. 371. Wages and hours of labor in the cotton-goods manufacturing, 1924. No. 374. Wages and hours of labor in the boot and shoe industry, 1907 to 1924. No. 376. Wages an hours of labor in the hosiery and underwear industry, 1907 to 1924. No. 377. Wages and hours of labor in woolen and worsted goods manufacturing, 1924. No. 381. Wages and hours of labor in the iron and steel industry, 1907 to 1924. No. 394. Wages and hours of labor in metalliferous mines, 1924. No. 407. Labor cost of production and wages and hours in the paper box-board industry, 1925. No. 412. Wages, hours, and productivity in the pottery industry, 1925. No. 413. Wages and hours of labor in the lumber industry in the United States, 1925. No. 416. Hours and earnings in anthracite and bituminous coal mining, 1922 and 1924. No. 421. Wages and hours of labor in the slaughtering and meat-packing industry, 1925. No. 422. Wages and hours of labor in foundries and machine shops, 1925. No. 431. Union scale of wages and hours of labor, May 15, 1926. No. 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.] No. 172. Unemployment in New York City, 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.] No. 196. Proceedings of the Employment Managers’ Conference held at Minneapolis, Minn., Jan- uary, 1916. *No, 202. Proceedings of the conference of Employment Managers’ Association, Boston, Mass., held May 10, 1916. (1]Employment No. 206. No. 247. No. 310. No. 409. Proceedings No. 192. No. 220. No. 311. No. 387. No. 3565. No. 400. No. 414. No. 116. *No. 117. *No. 118. *No. 119. SING. d22: No. 160. *No. 167. *No. 175. *No. 176. *No. 180. *No. 182. No. 198. No. 215. *No. 217. No. 223. No. 253. Workmen’s I *No. 101. *No. 102. *No. 103. No. 107. *No. 155. No. 212. No. 248. No. 301. No. 312. No. 379. No. 423. *No. 210. No. 248. No. 264. SINOF2 TS: No. 281. a No. 304. No. 333. No. 359. No. 385. No. 395. No. 406. No. 482. and Unemployment—Continued. The British system of labor exchanges. [1916.] *No. 227. Proceedings of the Employment Managers’ Conference, Philadelphia, Pa., April 2 and 3. 1917. No. 235. Employment system of the Lake Carriers’ Association. [1918.] *No. 241. Public employment offices in the United States. [1918.] Proceedings of Employment Managers’ Conference, Rochester, N. Y., May 9-11, 1918. Industrial unemployment: A statistical study of its extent and causes. [1922.j Unemployment in Columbus, Ohio, 1921 to 1925. of Annual Meetings of International Association of Public Employment Services. First, Chicago, December 19 and 20, 1913; Second, Indianapolis, September 24 and 25, 1914; Third, Detroit, July 1 and 2, 1915. © Fourth, Buffalo, N. Y., July 20 and 21, 1916. Ninth, Buffalo, N. Y., September 7-9, 1921. Tenth, Washington, D. C., September 11-13, 1922. Eleventh, Toronto, Canada, September 4-7, 1923. Twelfth, Chicago, Ill., May 19-23, 1924. Thirteenth, Rochester, N. Y., September 15-17, 1925. Women and Children in Industry. Hours, earnings, and duration of employment of wage-earning women in selected industries in the District of Columbia. [1913.] Prohibition of night work of young persons. [1913.] Ten-hour maximum working-day for women and young persons. [1913.] Working hours of women in the pea canneries of Wisconsin. [1913.] Employment of women in power laundries in Milwaukee. [1913.] Hours, earnings, and conditions of labor of women in Indiana mercantile establishments and garment factories. [1914.] Minimum wage legislation in the United States and foreign countries. [1915.] Summary of the report on condition of woman and child wage earners in the United States, [1915.] Effect of minimum-wage determinations in Oregon. [1915.] The boot and shoe industry in Massachusetts as a vocation for women. [1915.] Unemployment among women in department and other retail stores of Boston, Mass. [1916.} Dressmaking as a trade for women in Massachusetts. [1916.] Industrial experience of trade-school girls in Massachusetts. [1917.] Effect of workmen’s compensation laws in diminishing the necessity of industrial employ- ment of women and children. [1918.] Employment of women and juveniles in Great Britain during the war. {1917.] Women in lead industries. [1919.] nsurance and Compensation (including laws relating thereto). Care of tuberculous wage earners in Germany. [1912.] British National Insurance act, 1911. Sickness and accident insurance law of Switzerland. [1912.] Law relating to insurance of salaried employees in Germany. [1913.] Compensation for accidents to employees of the United States. [1914.] 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. Workmen’s compensation legislation in the United States and foreign countries, 1917 and 1918. Comparison of workmen’s compensation insurance and administration. [1922.] National health insurance in Great Britain, 1911 to 1920. Comparison of workmen’s compensation laws of the United States as of January 1, 1925. Workmen’s compensation legislation of the United States and Canada. [1926.] Proceedings of Annual Meetings of the International Association of Industrial Accident Boards and Commissions. Third, Columbus, Ohio, April 25-28, 1916. Fourth, Boston, Mass., August 21-25, 1917. Fifth, Madison, Wis., September 24-27, 1918. Sixth, Toronto, Canada, September 23-26, 1919. Seventh, San Francisco, Calif., September 20-24, 1920. Eighth, Chicago, Ill., September 19-23, 1921. Ninth, Baltimore, Md., October 9-13, 1922. Tenth, St. Paul, Minn., September 24-26, 1923. Eleventh, Halifax, Nova Scotia, August 26-28, 1924. Index to proceedings, 1914-1924. Twelfth, Salt Lake City, Utah, August 17-20, 1925. Thirteenth, Hartford, Conn., September 14-17, 1926. [11]Industrial Accidents and Hygiene. *No. 104. No. 120. *No. 127. *No. 141. *No. 157. *No. 165. *No. 179. No. 188. *No. 201. = *No. 207. *No. 209. No. 219. No. 221. No. 23 *No. 231. No. 234. *No. 236. No. 249. = OoOF © Z ° oo oo © No. 427. No. 428. ee poisoning in potteries, tile works, and porcelain enameled sanitary ware factories. 1912.] Hygiene in the painters’ trade. [1913.] Dangers to workers from dust and fumes, and methods of protection. [1913.] Lead poisoning in the smelting and refining of lead. [1914.] Industrial accident statistics. [1915.] Lead poisoning in the manufacture of storage batteries. [1914.] Industrial poisons used in the rubber industry. [1915.] Report of British departmental committee on the danger in the use of lead in the painting of buildings. [1916.] Report of committee on statistics and compensation-insurance cost of the International Association of Industrial Accident Boards and Commissions. |1916.] Causes of death by occupation. ({1917.] Hygiene of the printing trades. [1917.] Industrial poisons used or produced in the manufacture of explosives. [1917.] Hours, fatigue, and health in British munition factories. [1917.] Industrial efficiency and fatigue in British munition factories. [1917.] Mortality from respiratory diseases in dusty trades (inorganic dusts). [1918.] Safety movement in the iron and steel industry, 1907 to 1917. Effect of the air hammer on the hands of stonecutters. [1918.] Industrial health and efficiency. Final report of British Health of Munition Workers Com- mittee. [1919.] . Preventable death in the cotton-manufacturing industry. [1919.] . Accidents and accident prevention in machine building. [1919.] . Anthrax as an occupational disease. [1920.] . Standardization of industrial accident statistics. [1920.] . Industrial poisoning in the making of coal-tar dyes and dye intermediates. [1921.] . Carbon monoxide poisoning. [1921.] . The problem of dust phthisis in the granite-stone industry. [1922.] . Causes and prevention of accidents in the iron and steel industry, 1916 to 1919. . Occupational hazards and diagnostic signs: A guide to impairments to be looked for in hazardous occupations. [1922.] . Statistics of industrial accidents in the United States. [1923.] . Survey of hygienic conditions in the printing trades. [1925.] . Phosphorus necrosis in the manufacture of fireworks and the preparation of phosphorus. [1926.] . Record of industrial accidents in the United States to 1925. . Deaths from lead poisoning. [1926.] Health survey in the printing trades, 1922 to 1925. 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. *No. 133. *No. 139. No. 144. No. 145. No. 255. Z ° ew o on bo No. 419. Conciliation and arbitration in the building trades of Greater New York. [1913.] Report of the industrial council of the British Board of Trade in its inquiry into industrial agreements. [1913.] i Michigan copper district strike. [1914.] Industrial court of the cloak, suit, and skirt industry of New York City. [1914.] Conciliation, arbitration, and sanitation in the dress and waist industry of New York City [1914.] . Collective bargaining in the anthracite coal industry. [1916.] . Collective agreements in the men’s clothing industry. [1916.] . Operation of the industrial disputes investigation act of Canada. [1918.] Joint industrial councils in Great Britain. [1919.] _ History of the Shipbuilding Labor Adjustment Board, 1917 to 1919. No. 287. _ Use of Federal power in settlement of railway labor disputes. [1922.] No. 341. No. 402. National War Labor Board: History of its formation, activities, ete. [1921.] Trade agreement in the silk-ribbon industry of New York City. [1923.] Collective bargaining by actors. [1926.] . Trade agreements, 1925, [111]Labor Laws of the United States (including decisions of courts relating to labor). No. 211. 229. 285. 321. 322. 343. 370. 408. 417. 434. No. No. No. No. No. No. No. No. No. Labor laws and their administration in the Pacific States. [1917.] Wage-payment legislation in the United States. [1917.] Minimum-wage legislation in the United States. [1921.] Labor laws that have been declared unconstitutional. [1922.] Kansas Court of Industrial Relations. [1923.] Laws providing for bureaus of labor statistics, ete. [1923.] Labor laws of the United States, with decisions of courts relating thereto. [1925.] Labor laws relating to payment of wages. [1926.] Decisions of courts and opinions affecting labor, 1925. 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. Short-unit courses for wage earners, and a factory school experiment. [1915.] *No. 162. Vocational education survey of Richmond, Va. [1915.] No. 199. Vocational education survey of Minneapolis, Minn. [1916.] No. 271. Adult working-class education in Great Britain and the United States. [1920.] Safety Codes. 331. 336. No. No. No. No. No. No. No. No. No. No. No. No. No. Code of lighting factories, mills, and other work places. Safety code for the protection of industrial workers in foundries. 338. Safety code for the use, care, and protection of abrasive wheels. 350. Specifications of laboratory tests for approval of electric headlighting devices for’ motor] vehicles. 351. Safety code for the construction, care, and use of ladders. 364. Safety code for the mechanical power-transmission apparatus. 375. Safety code for laundry machinery and operation. 378. Safety code for woodworking plants. 382. Code of lighting school buildings. 410. Safety code for paper and pulp mills. 430. Safety code for power presses and foot and hand presses. 433. Safety code for prevention of dust explosions. 436. Safety code for the use, care, and protection of abrasive wheels. Industrial Relations and Labor Conditions. No. No. No. No. No. No. No. No. é Zl. 340. 349. 361. . 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.] 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.) bituminous-coal field. [1924.] Welfare work. *No. No. *No. Cooperation. No. 318. No. 314. Housing. *No. 158. No. 2638. No. 295. No. 424. 123. 222. 250. Employers’ welfare work. [1913.] Welfare work in British munitions factories. [1917.] Welfare work for employees in industrial establishments in the United States. [1919.] Consumers’ cooperative societies in the United States in 1920. Cooperative credit societies in America and in foreign countries. [1922.] Government aid to home owning and housing of working people in foreign countries. [1914.] 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. No. 266. No. 307. *No. 323. No. 352. No. 389. No. 411. No. 429. Seventh, Seattle, Wash., July 12-15, 1920. Eighth, New Orleans, La., May 2-6, 1921. Ninth, Harrisburg, Pa., May 22-26, 1922. Tenth, Richmond, Va., May 1-4, 1923. Eleventh, Chicago, Ill., May 19-23, 1924. Twelfth, Salt Lake City, Utah, August 13-15, 1925. Thirteenth, Columbus, Ohio, June 7-10, 1926. [rv]Miscellaneous Series. *No. 174. Subject index of the publications of the United States Bureau of Labor Statistics up to May 1, 1915. No. 208. Profit sharing in the United States. [1916.] No. 242. Food situation in central Europe, 1917. No. 254. International labor legislation and the society of nations. {1919.] No. 268. Historical survey of international action affecting labor. {1920.] No. 282. Mutual relief associations among Government employees in Washington, D. C. [1921.] No. 299. Personnel research agencies. A guide to organized research in employment management, industrial relations, training, and working conditions. {1921.] - No. 319. The Bureau of Labor Statistics: Its history, activities, and organization. a No. 326. Methods of procuring and computing statistical information of the Bureau of Labor Statistics. No. 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.] No. 398. Growth of legal-aid work in the United States. [1926.] No. 401. Family allowances in foreign countries. [1926.] No. 420. Handbook of American trade-unions. [1926.] ADDITIONAL COPIES OF THIS PUBLICATION MAY BE PROCURED FROM THE SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D. C. AT 25 CENTS PER COPY A [v]PLEASE RETURN TO ALDERMAN LIBRARY ——— ae DUE DUE 3/84