Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-01-15
F g. M. EXCHANGE.

The Annual Meeting interchangeable
Business of the Year was Large and
Profitable, but Dividends Were Minus
for the Reasons Herein Explained.
The annual meeting of the stockholders
of the Farmers IL Mechanics exchange
was held yesterday afternoon. The at
tendance was large, about 125 being pres
ent. The report of Manager E. w. Har-
low showed that total trade of the year was
$77,6l3.91, or about $4,000 more than
last year. The increase represents the
business done by the meat market, the
grocery trade being almost exactly the
same as in 1895. Expenses have been met,
but there is no money for dividends on the
stock. The store has usually paid a div-
dend of per cent on the stock and from
to 10 per cent on the members trade. The
business of the store has been conducted
carefully, and with rent for the store at
the rate paid before the removal to the
new block the profits would mean 10 per
cent dividend on the stock. This shows
that the grange building is an unprofta-
BILE venture for the exchange, judging from
the experience of the past years. Discus
sion of the situation occupied the larger
part of the afternoon.
$4,000. The interest on the investment,
the care of the building heating, insur-
ance, taxes, ETC., and $500 for repairs made
the total expense of the year over $4,000.
The rental of all that part of the building
not occupied by the exchange yields only
Sl343 yearly, and in order to make the ac-
counts balance the rental of the store must
be figured at nearly $4,000. The rental of
the store in the Leonard block was $3.50.
In other words the store is profitable, the
block is not and the profit of the store
goes to meeting the deficiency of the block.
A large part of the members of the ex-
change were not in favor of erecting the
building, but the grangers wished TO have
hall, and secured majority of the stock
holders to favor the erection of new
building.
During the 20 years of its existence the
Farmers " Mechanics exchange has paid
q per cent interest on its stock regularly,
and the dividends on the members trade
represent an aggregate of $43, 900. some
of the members supposed that the inter-
dends could be dropped this year and that
next year a dividend on the members
trade could be paid in case the profits were
more than enough to pay g per cent inter-
est on the stock for the coming year. The
discussion brought out the fact, however,
that it would be necessary to pay the dvi-
dend on the stock for 1896 as well as for
1857 before there could be a dividend on
the members trade. There has been some
talk of turning the building over to a syn
dictate, and charging the exchange a rent
commensurate with what it has for quar-
ters 1t is though that fair rental for
the store would be $1,000 year, and at
this figure dividends could probably be paid
on stock and on members trade.
The grange pays 500 rent for the hall,
but has the privilege of sub-leasing for
dances, suppers, entertainments, etc, and
the revenue from these sources reduced the
rent to almost nothing the past year.
The officers for the exchange the COM
ing year are: President, L. NJ. Howe; sec
rotary, Will B. Smith; directors, George
w. Pierce NJ. |. Reed, f. S. Morse C. r.
Lincoln, c. D. Whitman; auditors, S. B.
Emerson, 7. j. B. Cudworth, George Z.
Crowell.