"Although the effects of the depression are evident, the Coop is not suffering as much as several of the large Boston department stores according to figures released by the Federal Reserve Bank," Mr. G. E. Cole, manager of the Harvard Cooperative Society said yesterday.

"Every department has experienced an appreciable decline in the volume of business and general conditions have made necessary drastic reductions in prices amounting to 40 and 50 per cent. Although it is difficult to estimate the purchasing power represented by one dollar in a store that carries such widely different commodities as furniture, books and personal articles, one and one-half times as much merchandise can be obtained now as in 1928.

"The store, however, is making profit enough" asserted the manager, "to be able to pay the same dividends that were declared last July, that is ten per cent on cash purchases and eight per cent on charge accounts. $89,000 was distributed among 9,238 members after the stockholder's meeting last October.

"The Coop attributes its stability in this period readjustment to the fact that the customers are almost entirely students and the luxury market is small. The wholesale market has suffered a more marked decline than the retail so that there is relatively no loss. The purchasing policy of the store makes it possible to undersell many of its competitors and still pay dividends, partially because a marked falling off in one department is compensated for by the others.

Since our organization is primarily for the students and in spite of the fact that a few townspeople are already members, we are not planning any extension to become a general department store for the people of Cambridge," Mr. Cole declared in finishing.