COOPERATIVE SOCIETY SALES LARGE IN '19-20

The annual report of the Cooperative Society was issued to its stockholders yesterday. The report indicates a large increase in volume of business, in net profits and in membership for the year ending June 1st, 1920, as compared with the year preceding.

The total sales of merchandise at the Harvard and Technology stores during the fiscal year amounted to $874,111.48, as compared with total sales of $560,828.20 during the year preceding, an increase of $313,283.28. The increase in sales at the Harvard Square stores amounted to $257,638.46, and at the Technology Branch the increase was $65,800.08. There was a decrease of $3,853.55 in the business of the barber shop at the Institute of Technology and a further decrease of $6,301.71 due to the closing of the Canteen, which was maintained during 1918 for the use of men in the service.

This total of $874,111.48 represents the largest volume of business in the history of the society. Part of the increase is due, no doubt, to the higher range of prices everywhere current during the year which would show its effects in an enhanced volume of sales, measured in dollars, even if the actual turnover of merchandise, measured in units, had not increased. But even with adequate allowance for this factor the business of the Cooperative has grown considerably during the past fiscal year in practically all departments.

Gross Profits

The gross profits from sales during the year amounted to $179,689.88, and in addition there was received from membership fees, merchandise discounts and incidental sources of revenue the sum of $20,361.55, so that the total earnings of the society from all sources amounted to $200,051.43 for the year, as compared with $134,850.85 for the year preceding.

The expenses of business for the year amounted to $115,017.21, or about 13 percent of total sales. This, however, does not include any allowance for depreciation of real estate or for reserves against depreciation of merchandise. The Directors have voted to provide a reserve against a possible depreciation in the value of merchandise now on hand and also an adequate reserve to cover all overdue and doubtful accounts. These reserves, in addition to money set aside for an addition to the rebuilding fund, make a total of $44,898.55.

After these provisions are made there remains available for distribution in dividends or for addition to surplus the sum of $40,135.67, as compared with $19,200 in the year preceding.

Dividend Voted to Members

The Directors have voted, with the approval of the Stockholders, that a dividend of 10 percent on cash sales and of 8 percent on credit sales be paid on purchases made during the year by members of the society. It is estimated that the total amount to be disbursed in dividends, in accordance with this vote, will be about $39,000, which is more than double the amount paid in dividends a year ago.

New Officers for 1920-21

The following officers and directors have been nominated for the ensuing year:

Stockholders, Dean W. B. Donham '98, Dean H. A. Yeomans '00 and C. N. Greenough '98; president, W. B. Munro '99; vice president, Lincoln F. Schaub '06; treasurer, John L. Taylor; secretary, Walter Humphreys; directors, H. L. Blackwell '99, Henry S. Thompson '99, E. C. Storrow Jr. '19, E. R. Gay '19, T. S. Lamont '21, G. V. S. Smith '22, B. K. Little '23, and Henry Fay, H. S. Ford and Maurice G. Townend from the Institute of Technology.