Coop Refunds Totalling $427,000 Will Be Distributed October 13th

Patronage refunds totaling $427,000 will be made to members of the Harvard Cooperative Society for purchases during 1958-59, Stanley F. Teele, president of the Society, announced yesterday in his annual report. Refunds will be available at the Coop on or after October 13.

"Sales of the Society continued to increase most satisfactorily," Teele noted. A rise from $5.8 million to $6.7 million for the year ending June 30, 1959 was recorded. Membership increased comparably during the same period as 3,000 new members brought the total to 36,699.

"Our increased net income is particularly welcome this year because our recent expansion of the Harvard Square store caused a substantial debt," Teele explained. "Additional capital is also needed in order to expand our inventories," he added.

For the year 1958-1959, the Society guaranteed refunds of at least ten per cent on cash purchases and eight per cent on charge purchases, and on May 27, the stockholders voted to pay refunds at the same rate for 1959-60.