The diamond drill., 1919-02-01
STOCKHOLDERS MEETING.
crystal Falls Cooperative Society In
Annual Meeting.

tive Society was held last Saturday al
the store office and following are ex-
cerpts from the presidents, sec
retary's and managers reports:
Presidents Report "A most excit-
ing and strenuous year in the history
OF our concern has past away and we
meet again TO give account of what we
have accomplished during the year
1918. II is not a prosperous report
that We can render at this time, be-
cause the business has been under
such a strained condition. Orders
and regulations issued by the Food
Administration have been closely fol-
lowed, and on account OF this, Il has
been impossible to make any big
profit.
Regarding our outstanding capital
stock, l wish to say that we have al
ways been bothered at our meetings
with shares offered for sale. People
seem TO be ready to withdraw their
money as soon as they are in need OF
dollar, and this is due to the fact
that they can get the same amount OF
discount on their purchases whether
they have one or more shares in the
store. For that reason, there is al
ra "A 10 m In ha 1tn
therefore strongly recommend that we
change our Bylaws and hereafter
pay interest only on the capital in
vested, and also allow our shares TO
give us in value in proportion TO the
money that is left in the surplus
fund II we make this change, think
that we will not be troubled so much
with stockholders drawing out their
and we will also be able to
raise sufficient funds for erecting a
store building, which is badly needed,
and which will be a credit to our or
EAtidSNS lIOul ONNiCldis HcpoINs
The Board of Directors has held six |
business meetings since the last semi |
annual meeting on June 30, 1918. Al
hese meetings, the financial condition
IF the business has been thoroughly |
together with the manag-
u s report, which has always been |
and analyzed. There has |
llso been some other important bust
less acted upon at each meeting. AT
,ur meeting held on December 10th, II |
o the warehouse on the Northwestern
'ightofway AT the meeting held on
he 18th day of November, the manag
II was authorized to buy a new team
II horses. AT the meeting held on
December 9th, II was resolved TO rec
to the stockholders that the
ocal auditors be discontinued, ant
hat an expert auditor be hired at the
lose OF each year AT the meeting
leld on the 18th day of January. 1919
regular dividend OF per cent o
he capital invested was declared TO
'e paid on the 10Th day OF February
o all the stockholders on record at
he close of our books on Dec. 81
s1s."
Managers Report: I'VE announc-
d one year ago with some pride the |
act that we had made in 1917. the
argest sales In the history OF our
oncern We hardly dared TO hope
nat 1918 would show further growth
our sales. as many Of our customers
sft town and hundreds OF young
len left for training camps, which
ataraily decreased the consumption
home, especially In boarding houses.
Iowever. we have again broken our
wn records, as we have scored an
ther big gain In sales. which proves
le popularity OF cooperative stores.
is in the spirit of cooperation that
e have succeeded during the past
D. let us now continue in the same
brit to build up our organization
at the purpose we are striving for
laIl be realized in abundance for our
embers and all our patrons.
1T has been a hard task to make
e two ends meet during the past u
'ar. because the expenses Of doing 9
Isiness have been enormously high. ,
has been almost impossible to keep G
rvants az any price. and the govern y
ent regulations OF food prizes have L
mpelled Us to sell almost everything q
the line Of food products at sac D
ice value. Hence. Il has been a con- a.
ant worry about the outcome II Is r'
erefore. some relief TO find that we u
We not gone backwards. as we can 81