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The
Letterbox
Dear Editor:
Your article in regard to the
action recently taken by the
board of directors of the ARRC
was read with interest. It was no
surprise to the writer that this
action was taken, in view of the
fact that the Co-op is in much
I the same position that it was a
j few years ago, when the same
thing was tried and then died
I “a-borning.”
As long as the Co-op is being
j badly mismanaged, and it ap
[ pears that it is going to fold,
| nothing is done by the ARRC to
j protect the government or the
J members of the Co-op. As Mr.
I Davis’ spokesman said in a recent
article in the Anchorage News,
“they are willing to just let it
die.” Evidently before he re
turned to wasnmgton ne aecia
ed to help kill it, since he didn’t
like cooperatives anyway, ac
cording to his statements and
actions. However, Mr. Davis may
learn that even government bu
reaucrats can’t kill an organiza
tion that was set up by the gov
ernment and then turned over
to the people for whom it was
formed—especially when that
organization is incorporated un
der the territorial laws.
Yes, it is true that the Co-op
borrowed $292,000 from the Farm
Security Administration to get
started. It was borrowed on terms
of 3 per cent interest and 30
years to pay. Those who remem
ber the conditions which existed
at the time this lodn was made
probably are wondering how we
ever got this far, for the ARRC
board certainly didn’t have any
plans or hopes of making it go.
After a complete audit of their
books in the summer of 1939, the
powers that be in Washington
told them to turn the Co-op over
to the members and let them
run it.
That board informed the new
board of directors of the Co-op
it would be necessary to subsi
dize the Co-op for some time.
They made arrangements to do
this, but not one cent of this
money was ever taken or needed
by the Co-op after the organiza
tion was turned over to the mem
bers for their management.
During the last eight years the
Co-op has repaid the loan to the
extent of over $59,000 and has
paid all of its bills, too. The
members have accumulated an
interest of over $167,000 and sev
eral large cash dividends have
been paid to members. The C$<-op
is all paid up to date with the
FHA and there is no reasoi to
think that it can’t continue to
do so. Even Mr. Peters admits
that the Co-op is financially
sound, but it finds its member
ship relations bad, he says . . .
In the Valley Settler, Mr.
Peters didn’t know just what the
FHA would be asked to use to
proceed with the foreclosure, but
by the time the other paper got
around to him, he had decided
that the whole book should be
thrown at the Co-op.
Mr. Peters stated that the Co
op had not made financial state
ments required by the govern
ment. This clause states that re
ports are required from time to
time, but no definite time has
ever been set, as far as'we know.
We are working on the reports
that have been requested. They
soon will be available for the
nrst nan oi iy48. An audit report
was given to the government
some time ago, and it is well
aware of our financial standing.
Mr. Peters certainly must know
that no amendments have been
adopted to the by-laws of the
Co-op that in any way change
the eligibility or admission of
members or participation in the
management or benefits as set
forth in the charter. The only
amendment that would have
radically changed the policies of
the Co-op in this manner was
one requiring that no one be al
lowed to vote in the Association
unless he had produced and sold
at least $1,000 worth of products
to the Association in the pre
vious year. This was voted down
by the membership. . . .
The Co-op may be inefficient
and mismanaged, but it is your
fault if it is. You can change it
at any time you desire. You can
also examine the books of the
Co-op and find out what is done
with your money. Remember that
there is a vital difference be
tween a true cooperative and an
organization which has its board
of directors selected by the poli
ticians in Washington and whom
you can’t remove, regardless of
the way in which they do their
job. Think it over.
Yours sincerely,
CARL R. RASMUSSEN
(Editor’s note: Portions of
Mr. Rasmussen’s letter have
been omitted. The complete
letter is on file in the Valley
Frontiersman office, should
anyone desire to read it in
its entirety. The omitted por
tions do not in any way
change the meaning.
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