73-J: 



THE FRUIT IXDUSTKY or XEW YORK STATE 



They also agree to ship all fruit up to the grade under the label of the 

 Exchange, and fruit not up to grade without the label. 



ARTICLE VII 



Fruit sold through the Exchange f. o. b. shipping point or on track shall 

 pay to the Exchange a commission of three per cent of the gross price. In 

 such cases the Exchange stands behind such sales ?nd guarantees the price 

 to the grower. The members reserve the right to negotiate private sales on 

 which no commission shall be due the Exchange. 



ARTICLE VIII 



At the end of each fiscal year, after all the expenses of the Exchange shall 

 have been paid, the Executive Committee shall from any surplus remaining 

 declare a dividend not exceeding five per cent on the par value of shares 

 issued. The entire balance of such surplus shall be distributed among the 

 members who have shipped fruit through the Exchange during such year in 

 proportion to the value of their respective shipments. 



As Milton is the most centrally located of our loading stations, 

 the office is situated there. In. May we were incorporated and 



FIG. ISO. OFFICE OF HUDSON RIVER FRUIT EXCHANGE 



ready for business. Our first problem was to secure a manager 

 to run the office, which, by the way, is the most important part of 

 the organization. We knew of no one suitable, since one of the 



