The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1922-01-26
Stockholders Of Princeton Co-opera-
tive Company Consider Prop
.ositions Brought Up.
FINANCIAL STATEMENTS
Show That the Three Concerns EN-
bodied in the Association Are
in Thriving Condition.

-
read the minutes of the last annual
meeting of the general merchandise
department, which were approved.
President Tincher stated that while
this department was in a sound finan-
cial condition, it was necessary for
stockholders to guarantee payment Of
debt to wholesale firm he named
or place the store on cash basis.
These were the conditions set forth by
the wholesale house in letter read by
Mr.. Tincher, and they were made to
insure the house against loss, the firm
admitting that the Princeton concern
was among the most solid, financially,
of it's many creditors. -. ,..rG =. .
Manager Erickson here stated that
every account on the books was abso-
lutely good. ~. 49,. 1s..a r.sa.z
A good deal of discussion followed
as to whether the stockholders should
guarantee the amount due the whole
sale house or whether the store should
be placed on a cash basis.
It was moved by Gus Berg that the
store be placed on a strictly cash basis.
The motion was lost. e I.
Louis Normandin said be believed 80
days. credit should be given as other
stores in town will give this amount.
of time at cash prices. ' -.-.E II
| It was ultimately decided, on mo-
ton, to place the store on a 30-day
basis and to discontinue credit when
bills are not paid at that time. ia
/ President Tincher stated that the de-
cision conflicted with the demand of
the wholesale house at issue.
George Townsend declared that the
stockholders should back up the direc-.
tors. by furnishing guarantee and
Louis Rust added that the meeting
seemed to lack the spirit of co-opera-
tion. $50 b.
Mr.. Marks conceded and said it was
not right that the board of directors
should. stand good for debts incurred.
President Tincher-How MANY are
there in the house VINO are willing to
sign guarantee for the debt named?
Elmer Erickson then circulated
paper for signatures to the PROPOSE
ton.
Secretary Marpe thereupon read the
financial statement of the three con-
Germs involved, general merchandise.
hardware and livestock shipping.
1t appearing that sum of money!
had been turned into the hardware de-
partment by the shipping association.
Louis Normandin said that this money
should have been divided pro rata
among the shippers the hard,
ware department. should support itself.
F. c. Van Someren declared that this
suggestion would mean the getting
away from cooperation.
Louis Normandin asked VIII " stock
was not shipped to the Minnesota Gen.
trail Cooperative Shipping association.
claiming that better results were OBJ
tanned.
Fred Eggert stated that he had OBJ
tanned better results by shipping to
independent concerns and considerable
discussion, pro and con, followed.
County Agent Hammargren then
gave some valuable advice as to the
shipping of livestock. He suggested
that shipments be not split-one part
to one commission firm and the other
part to another. He said that it did
not pay and advised that stock be
billed to the Minnesota Central Co.
operative Shipping association to OBJ
tain the best results. He refuted the
statement of Fred Eggert that the
shipping Of stock to independent con-
Germs was the most satisfactory. Think
twice, advised Mr.. Hammargren, be-
fore shipping through some other firm
than your own farmers organization.
The county agents remarks were an
plauded.
A dividend of 6 per cent was de-
clared, to be paid on or about April /.
Three directors were elected for the
year 1922, viz, Gus Berg, Henry
Marpe and Dave Wetter. .z~E
Mr.. Hammargren stated carload
of picric acid would arrive in April or
May and that the people of Sherburne,
1santi or other tributary counties
would be given an opportunity to 20
in with Mile Laos county and obtain
supply.
Louis Normandin said that the
Princeton community scale had paid
well but that many who subscribed for
stock failed to pay up. He said he
hoped they would do so without delay
and asked those presclt who owned no
stock to subscribe and those who held
stock to acquire more. He also urged
stockholders to patronize the scale
their scaleand thus enter into the
general scheme Of cooperation.
The Meeting than nd nT1vro ~ e