A SURVEY OF TYPICAL COOPERATIVE STORES. 25 
As has already been noted in the introductory section, the results 
summarized in Table X can not be considered conclusive. In the 
first place, the number of stores having accurate records is too small. 
Again, the great variety of method in keeping the records makes it 
impossible to classify the data accurately. Finally, although most of 
the 30 stores from which the best records were obtained are of^the 
general-merchandise type, the number of departments and the 
amount of business done in each varies greatly throughout the list. 
The rate of profit as well as the expense of handling varies for each 
kind of goods, such as groceries and provisions, dry goods, boots 
and shoes, drugs, hardware, and implements. Accurate comparison 
of operating expenses would necessitate separate sets of records for 
each of these different lines, but since expenses are not segregated, it 
follows that a comparison of operating expenses does not give an 
accurate index of the efficiency of the management. 
However, the table does indicate that it is possible to make a sav- 
ing through cooperative stores. It indicates also, to some extent, 
the conditions under which a saving is possible. There are two fac- 
tors entering into the determination of the net profit. The first is 
the percentage of gross profit made on sales and the second is the 
percentage which the expense bears to sales. The table indicates 
the relationship which must exist between these percentages if a 
saving is to be made which will justify the existence of a cooperative 
store. The careful manager should never delude himself by vague 
generalities, but must take into account every single factor in his 
business bearing on both the gross profit and the expense. Only 
by constant checking on both of these factors can he be certain of 
permanent success. 
Table XI. — Summary of preceding tables. 
Average number of members (43 stores) 228 
Total resources (46 stores) : $1,695,759.17 
Total liabilities (46 stores) $514,672.61 
Total paid-up capital (50 stores) $831,377.98 
Average resources (46 stores) __ $36,854.33 
Average liabilities (46 stores) $11,188.54 
Average paid-up capital (50 stores) $16, 627. 56 
Average net worth (46 stores)—— $25,675.79 
Average surplus, undivided profits, and unpaid dividends (46 
stores) $». 728. 12 
Average per cent membership trade (42 stores) per cent— 60 
Average per cent credit sales (36 stores) _ do • 50 
Average rate of interest paid on borrowed capital (37 stores) 
per cent 7 
Average per cent active members (37 stores) per cent— 80 
Average annual sales (45 stores) $87,781.91 
Average gross profit on sales (29 stores) per cent— 17.7 
