THE P P: R C I I B R 0 N REVIEW 
49 
EXCESS OF INCOME OVER EXPENSE— 
Carried to Accumulated Revenue Account.. $ 6,058.02 
Excess of Expense over Income for Year end- 
ing Oct. 31, 1919 $ 3,4.34.28 
ACCUMULATED REVENUE ACCOUNT 
BALANCE November 1, 1919 $10,426.61 
CREDIT : 
Difference between Par Value and Cost oi Bonds ma- 
tured and collected during the year. 
Par Value Cost 
Great Northern Ry $ 4.000.00 $ 3.915.0U 
General Electric Co 4,000.00 4,070.00 
Chicago & Western Ind. Ry. 4,000.00 3,945.00 
.$12,000.00 $11,930.00 70.00 
Excess of Income over Expenses for Year ended 
October 31, 1920 6,958.02 
BALANCE October 31, 1920 $17,454.63 
THE PERCHERON SOCIETY OF AMERICA 
SCHEDULE OF ACCOUNTS PAYABLE 
October 31, 1920 
E. W. Stephens Publishing Co $1,328.70 
Geo. J. Lewis 118.02 
The Bobbins Co 6-40 
Chicago Telephone Co 10.30 
Drovers' Journal 25.50 
Pantagraph P. & L. Co 67.46 
Lincoln Warehouse 31.50 
Brockelby's Express 3.00 
Robt. F. Hildebrand 5.90 
The Franklin Co 15.75 
U. S. Yards & Transit Co 40.70 
Total $1,653.23 
If there is no objection, I will not read it as a whole, but 
I do wish to call your attention to a few of the details of tliat 
report. We have on liand $19,640.92 in cash in the banks. 
We have investments of a total par value of $112,750, which 
cost us $111,443.58. This consists of Liberty Bonds of a par 
value of .$64,450, which cost us $62,976.58 ; "other bonds of a 
par value of $36,000. which cost us $36,089. and first mortgages, 
secured by real estate of a par value of $12,300, which cost us 
$12,378.00. 
I would like also to call your attention to the statement of 
income and expenses. The income in 1919 was $58,387.76; the 
income in 1920 was $72,799.01: the expenses in 1919 were 
$61,822,04; and the expenses in 1920 were $65,840,99. 
In 1919 we had a deficit of $3,434,28 on the year's operations. 
In 1920 we have an excess of income over expenses of $6,958,02. 
The operations for the year sliow a profit of $6,958.02. Our 
total accumulated revenue, which ordinarily would be called 
"Surplus," is $17,454,63, Respectfully submitted. 
Vice President Burdick: You liave heard the reading of the 
report of the finance Committee, what is your pleasure? 
Mr. Boyd: I move the approval of the report. 
Mr. Ross: I second the motion. 
Vice President Burdick: It has been moved and seconded that 
the report as read by the Treasurer be approved. All in favor 
say "Aye"; contrary, "No." Motion is carried. The report is 
adopted. 
Vice President Burdick: Now the report of the Proxy 
Committee. 
Mr. Vauglian: Mr. Cliairman, the Proxy Committee liereby 
reports that it lias made a count and that tlie number of proxies 
for the Annual Meeting of 1920, is as follows: 
Donald R. Acklin, 30; Dan Augstin, 5; W. H. Butler, 1; 
A. P. Coon. 1; W. S. Corsa, 4: Wm. Danforth, 1 : .J. L. DeLancey, 
1; Wayne Dinsmore, 4; Geo. Dix, 1; W. S. Dunham, 11; Geo. L. 
Francis, 1 ; Frank B. Graham, 3 ; H. H. Havner, 48 ; R. W. Hoyt, 
1; H, .J, McLaughlin, 1; James B, McLaughlin. 2: A, P, Nave, 1; 
W. H, Pew, 1; Otho H, Pollock, 5: Proxy Committee, 2,040; 
A, L. Robison, 1; J. 0. Singmaster, 1; H, W, Vauglian, 48; 
Clarence Wilson, 1. 
Vice President Burdick: Gentlemen, you have heard the 
reading of the report of tlie Proxy Committee. Are there any 
corrections? If not, what shall we do with it? 
Mr. Danforth: I move tlic re[)ort of tlic Proxy Committee 
bo accepted. 
Mr, Augstin: I second that motion. 
Vice President Burdick: It has lieen regularly moved and 
seconded the report of the Proxy Committee l)e adopted. All 
in favor of that motion will please say "Aye"; contrary say 
"No," ]\Iotioii is carried and tlie report will be adopted. 
Vice President Burdick: Now, the next order of business 
will be the election of officers. The first in order will be the 
directors. The Secretary will please read the names of the 
retiring directors. 
Secretary McFarland: The names of the retiring directors 
are E. B. Vvhite, H. J. McLaughlin, and W. H. Butler. 
Mr. Dunham: Mr. Chairman, are they for the full three- 
year terms? 
Vice President Burdick: ^I'liey are all to be elected for a 
term of three years. 
Mr. Boyd: I wish to nominate Mr. H. .J. McLaughlin of 
Nebraska for re-election. 
Mr. Hurd: I wish to nominate Mr. E. B, White, 
Mr, Dix: I nominate Mr, W. H, Butler, 
Mr, Graham: I second all the nominations. 
Vice President Burdick: Are there any further nomina- 
tions? 
Mr, Augstin: I move the nominations be closed. 
Vice President Burdick : Is there a second ? 
Mr, Colegrove: I second the motion that the nominations 
be closed. 
Vice President Burdick: It has been moved and seconded 
the nominations be closed. All in favor say "Aye"; contrary, 
"No." Motion prevails. 
Mr. Ross: I move the Secretary be instructed to cast the 
unanimous vote of this Society for the three members who 
have been nominated. 
Mr. Graham: I second that motion. 
Vice President Burdick: That motion can be entertained 
with just a slight correction;' namely, that the rules be sus- 
])ended and that the Secretary be requested to cast the unani- 
mous ballot. I appreciate the fact that rules never participate 
in any great degree in tlie affairs of the Percheron Society, but 
I think that ought to be put in. 
Mr. Ross: I accept the modification. 
Mr. Graham: I also accept the modified form. 
Vice President Burdick: It has been moved and seconded 
tliat the rules be suspended and that the Secretary be instructed 
to cast the unanimous ballot of the Society in favor of the 
election of the three members whose nominations have been 
received to fill the three-year term of director. All in favor of 
that motion signify by a rising vote. The motion is carried 
unanimously, and the Secretary is instructed to east the ballot 
for the three names mentioned, Mr. McLaughlin, Mr. White, 
and Mr. Butler. Accordingly I declare the members whose 
names have been mentioned elected to the office of director of 
this Society for another tliree-year period. 
Vice President Burdick: Is there any unfinished business? 
I want to make it perfectly clear to tliose members of the 
Percheron Society who happen to be present in person that we 
invite your free, open, discussion of any matter pertaining to 
the Percheron Society that has been within our charge either 
in the way of business, or policy, of the Percheron Society, We 
will deem it a favor to get an expression from you now. This 
is about the only cliance we have. We get it from a very small 
proportion of the memliersliip of this Society, whicii is very 
large, and you must necessarily be interested because you are 
here, and I do not want you to feel for one minute that there is 
any director on your board that takes any other attitude except 
that he is a servant of the stockholders of this Society, We 
are bound to make mistakes, but those mistakes are honest, and 
they can be discussed. There is a chance for us to remedy those 
mistakes. We invite a free and open discussion from any member 
who is here. 
Mr. J. B. McLaughlin: I am very glad to hear you make 
the assertion that you would like to have a free and open 
discussion, and to hear any criticism on the operations of the 
Percheron Society. I wish to say that I have been in the 
Percheron business almost as long as any man in the room. 
I have noticed for a number of years that the number of members 
who come to our annual meetings, have gradually decreased. 
This may be due to a certain extent to the fact that the 
horse business is possibly not quite as profitable as it has been 
ill the past. This is due to a certain extent to the fact that we 
