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Midland Cooperator
Minneapolis, Hennepin County, Minnesota
What is this article about?
Burlington Consumers Cooperative's annual meeting on Dec. 11 approved boosting capital stock to $250,000 and a new credit policy. Reported record sales of $506,686 and net savings of $25,482. William Warren replaced by Arthur Bauman on board; John Voelkering and Howard Pack reelected. A. J. Smaby discussed co-op growth.
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Members of the Burlington Consumers Cooperative voted at their annual meeting Dec. 11 to boost the authorized capital stock to $250,000. A new credit policy also was approved providing for a maximum of 30 days credit and a 1% per month penalty on all accounts over 60 days.
Sales for the year total a record $506,686, a gain of $57,000 over last year, and net savings were at a new high of $25,482.
William Warren, president since the co-op started in 1937, was replaced on the board by Arthur Bauman. Mr. Warren has been in poor health.
John Voelkering and Howard Pack were reelected. Darwin Bremer is manager.
A. J. Smaby, Midland's general manager, told the audience of 300 that their wholesale capital has been increased by over $3,000,000 in the past two and one-half years. He warned against a tendency to split consumer and producer co-ops apart. Both, he said, have the same interests at heart.
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Domestic News Details
Primary Location
Burlington
Event Date
Dec. 11
Key Persons
Outcome
authorized capital stock boosted to $250,000; new credit policy approved (30 days max credit, 1% monthly penalty over 60 days); record sales $506,686 (gain of $57,000); net savings $25,482; william warren replaced by arthur bauman on board due to poor health; john voelkering and howard pack reelected.
Event Details
Members voted at annual meeting to increase capital and approve credit policy. Reported record sales and savings. Board changes: Warren replaced by Bauman; Voelkering and Pack reelected; Bremer manager. Smaby spoke on wholesale capital increase and unity of co-ops to audience of 300.