The Mount Holly news., 1919-12-16
PRODUCE COMPANY HAS Sue
CESSFUL YEAR.

: The reports presented at the annu:
meeting of stockholders of the Bu'
lington County Supply and Produc
Company, held at the court house O
Saturday, showed that 1919 was tn
most prosperous year in the histor
OF the organization. A dividend @
seven per cent. had been declared,
: good balance remains in the treasury
. and the value of the stock has NOR
than doubled
Horace Roberts was chosen to pre-
side over the meeting.
The annual report of the manager
j. Aquila Jones, stated that since tn,
1913 meeting, the business has beer
broadened to quite a large extent, es
peclally In the line of implements an,
machinery. On January 21, 1919, tn,
company bought the farmers suppl,
business of Charles A. King, exclusive
of tractors, and on April 1st it tool
over his tractor line also.
On account of the difficulty in max.
ing contracts with machinery manu-.
facturers, due to the cooperative
character of the organization here, as
indicated by its title, a meeting of the
stockholders was held on March Is
last, and the name changed from the
burlington County Farmers Exchange
to the Burlington County Supply and
Produce Company. After that change
was made no difficulty was encounter
ed in making contracts.
The total merchandise sales during
the year, Mr.. Jones reported, amount
ed to $362, ,364.50. In addition there
was sold farm produce amounting to
S22l ,441.61. The net profit was $685.
248.28. After deducting a seven per
cent. dividend there was a surplus in
the treasury of $32, ,649.34, less the re-
serve set aside for income tax.
The present book value of the stock
is 1924. The par value is SIS.
Mr.. Jones stated that the concern
has broad field for business; thus
far only the surface of the field has
been scratched. If the stockholders
will give all their business to this
company there will be a big increase.
The concern has a fine service station
for making all kinds of repairs, and it
sells every variety of needs of the
farmer. 1t is the barometer of prices
IN this county; all other firms are re-
quired to meet the lower level of
prices fixed by this company, which
has been of great benefit to all our
farmers.
to 2O,28O.
The election of directors resulted in
the old board being continued without
opposition, as follows: Edward E. Lo-
gan, Joseph S. Evans, Wilson ].
Haines, Henry H. Albertson, Albert
Haines, Pearson Taylor, Andrew J.
Jordan, Jesse E. Cramer, Howard L.
Emmons, j. Hansell Lippincott, Har-
vey Roberts, Aaron H. Burtis, How
ard W. Haines, J. Aquila Jones, A. En-
gle Conrow.
A resolution was offered providing
that after the annual profits have been
determined the directors may set
aside an amont to be divided propor-
tionately among the customers of the
company. This plan, it was argued.
would greatly increase business by at
tracing more customers and larger
purchases. The system is in vogue
in some similar organizations through
out the country.
An amendment to une resolution
was adopted, requiring that ten per
vent. dividend to stockholders be de-
clared before the profit sharing plan
be put int execution. In view of the
small capitalization, it was felt that
the dividend would not have much eff
feet on the sharing amount. For a
number of years the stockholders re-
ceived no dividend, and they are enti-
tied to financial consideration.
AS the stock now has a value of
1924 per share, resolution was
passed requiring that no stock shall
be issued to new purchasers for less
than $40 per share.