A SURVEY OF TYPICAL COOPERATIVE STORES. 31 
II. Stores having paid dividends irregularly out of profits (3) : 
18. Paid dividends 1903, 1904, 1905 ; surplus, $33,000. 
19. Organized 1912. Auditor in 1914 advised not paying dividends be- 
cause of large amount of subscribed capital unpaid, although profit 
was made. 
20. Organized 1876. Originally paid dividends, but not since 1912. 
III. Stores paying trade discount instead of dividends (3) : 
21. Organized 1912. Discount of 5 per cent if account is paid in full 
within 30 days. 
22. Organized 1911. Discount of 5 per cent if account is paid in full 
within 30 days. 
23. Discount of 5 per cent to members if account is paid in full within 
30 clays. 
IT. Stores having paid dividends out of capital (7) : 
24. Organized 1913. Paid 5 per cent in 1915 out of capital. Report shows 
that in reality there was a deficit. 
25. Organized 1910* Only one dividend has been paid, in 1911. Deficit, 
$1,200, in 1914. 
26. Organized 1913. Paid first year only. Suffered from overexpansion, 
but is now in fair way to succeed. 
27. Organized 1912. Dividends paid first two years out of capital ; deficit, 
$5,000. 
28. Organized 1912. Paid 6 per cent first year only ; present deficit, $5,000. 
29. Organized 1903. Paid several large dividends out of capital ; now in 
hands of receiver. 
80. Organized 1903. Paid dividends regularly 1906 to 1912 out of capi- 
tal. Failed to take into consideration bad debts and depreciation, 
with resultant false showing. " One of the great mistakes of the 
store." Surplus, $800. 
V. Stores paying only stock dividends (3) ; 
31. Organized 1876. Average 70 to 10 per cent annually on stock. 
32. Average for last five years, is 10 per cent to members. None to non- 
members. Now a regular stock company, but said to retain " the 
' cooperative spirit." 
83. Organized 1889. Now a regular stock company. Had failed to make 
profit only one year. Stock now worth 500 per cent, because the 
profits of five years were allowed to remain in the business. 
Twenty yearly dividends on stock only have been paid, ranging 
from 6 to 50 per cent. 
VI. Stores having paid no dividends (14) : , 
34. Organized 1913. No dividends paid " on account of disloyalty of 
members." 
35. Organized 1910. No dividends have been paid. In 1914 had a $4,000 
deficit. 
36. Organized 1910. Neither interest nor dividends have been paid ; plan- 
ning to reorganize as stock company. 
37. Organized 1912. On verge of bankruptcy. 
38. Organized 1914. Hopes to pay 6 per cent to members and 3 per cent 
to nonmembers ; very conservative management. 
39. Organized 1912. No dividends paid, " due to excessive credit." Ex- 
pect to pay one in the near future ; 6 per cent interest paid on 
capital. 
