Members are required to obey all laws aud regulations 

 of the Exchange. To quote By-Laws : 



"The Executive Committee shall have power to suspend 

 from the Exchange any member who does not comply with 

 all the laws, usuages and regulations now in force, or which 

 may be hereafter adopted by the Exchange or its Executive 

 Committee. ' ' 



As to territory, we are taking members from New York 

 to Albany, although the heart of the Exchange is centered 

 about half way between on the west bank of the river in a 

 district 20 miles long by 5 miles wide. Long distance mem- 

 bers cannot obtain as yet quite the service those nearer the 

 home office receive. When the Erchange grows into a larger 

 territory, branch offices will of course be opened. 



Speaking of the many advantages the Exchange has to 

 o^'er its members: One of the most important is the daily 

 market report. For instance, a grower shipping fruit to- 

 night will be informed tomorrow at 9 A. M. just what his 

 goods sold for. If the market is overloaded, the manager 

 advises where to ship, thus saving the grower from sacrific- 

 ing his fruit. In fact, every morning a member can tele- 

 plioiie the office and get quotations from all the principal 

 cities. 



The telephone report also saves the Commission house 

 from sending wires to each individual grower by telephoning 

 each man 's report to the central office. 



To really give you the Incomes and Outcomes of our 

 Exchange it will be necessary for me to give the work of 

 each year. 



In 1912, we started with about fifty members; just a 

 bunch of men, hardly two with the same idea. Also, it was 

 a very poor season, both in prices and crops. I believe to 

 this day if that first August and September the manager had 

 not run in a few cars of 37 cent oats when we had been pay- 

 ing 50 and 52 cents, the Exchange would now be a thing of 

 the past. But that started the buying and gradually all 

 sorts of merchandise were added to our list. Expenses were 



