Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1936-03-05
OIL CONCERN
SHOWS GAIN
More Than $24, 600 Increase
in Volume Over 1884
is Shown.
Annual Meeting is Held
Saturday in the Askov
D. B. S. Hall.

Approximately 200 people ate lunch
and attended part of the annual all
day session of the Pine Coop Oil AS
sociation Saturday held in the Askov
d. B. S. hall. but only a part of this
number remained for the rather
lengthy meeting which was required
to dispose of all business brought to
attention The meeting was opened
by the chairman at 1890 a. m. with
the secretary being called upon to
read the last annual meeting min
utes and the minutes of each board
meeting during 1885.
In review of the years business.
it was found that the association had
increased its business nearly $4,000
over the previous year. Total sales
for the past year were S5S,903.71 with
a net profit of $7,091.11 as compared
to 34,352.S4 and net profit of
s4.4O5.O4 in 1884. However. a divi-
dend was declared from the 1884 bus
mess but this time the dividend was
left to the board to declare. if and
when it sees fit. This action was due
to expenses connected with the open
ing of a new filling station at Fin
layson, a bulk station at Hinck-
ley and an increase in accounts
receivable Comparative statistics
show that the net profit of the asso-
citation, or in other words, that which
has been saved its patrons in gasO-
line and other automotive products
since 1929 total s26,S79.19. This fig
ure was spoken of in favorable terms
at the meeting especially when it was
seen that it has been accomplished
within a period of but seven years.
The total amount of business done by
the association up to January 1, 1886
was S2OS.S47.45.
Amendments Voted On.
When the question of amending the
bylaws of the association came to
the attention of the meeting it was
met with varying expressions and sue
cess. Some weeks before, circular
letter was sent to all of the paid up
patrons in regard to amending the
bylaws with the request that they
vote yes or mo- to the PROPOSE
lions offered. When these were pro-
posed to the meeting on the first one,
in regard to the time of the annual
meeting held on the last Saturday of
January each year, the change of
time was voted. This would strike
out the clause lone o'clock" and leave
the time open
The next one in regard to the assO-
citation dealing in the products of, or
supplies for non-members to an
amount greater in volume than such
which is handled by it for members,
the meeting voted Eyes" for the
change.
But when it came to adding the
section to article two, as to voting
membership being restricted to pro-
ducers of agricultural commodities,
the meeting voted mo-" with no votes
being recorded in favor of such
change. Therefore non-agricultural
producers still retain their voting
franchise.
Much discussion pro and con on the
conduct of the business was INDUCED
in and a clear report was given by
Walter jacobson of the Northern Co
operative League as to the financial
statement compiled by his auditors.
Mr.. Jacobson commented on the total
profits of the association as being saw
ings to the local patrons and stated
that such an association has helped
to keep the price of petroleum pro-
ducts to low level. In other words
in this state where there are several
coOperativeS, the margin of spread is
80 per cent, whereas in Colorado
where there are only a few cocpera-
tives the margin is 81 per cent.
He suggested that no cash dividend
should be declared at the present
time inasmuch as there are too many
accounts receivable and too much
debt on new equipment. This is to be
worked out later by the board of di-
rectors.
Other Business.
Among the other items of business
transacted was the adoption of a mo-
tion that no cash dividends be paid
to members until they had at least
two paid up $40 shares in the asso-
citation.
1t was left to the board to set the
secretarytreasurer' salary as it sees
fit. But the sentiment of the meet
ing was that the $500 a year, which
has been paid to that office, is in
sufficient for the amount of business
being done by the association. One
hundred dollars was voted to be set
aside for educational purposes.
Cooperative Builder Editor Speaks.
Joseph Gilbert, editor of Midland
Cooperator, was the speaker of the
days session and in launching his
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