THE FARMER'S WAR AGAINST MONOPOLIES. 497 



faithful accordance with the principles upon which it 

 was founded. 



" At the last half-yearly meeting of the Association 

 in April, a proposal was brought forward to limit the 

 shareholding body to the present number. After a pro- 

 longed and animated discussion, it was resolved to 

 submit the proposal to the vote of the whole of the 

 shareholders, which was taken by ballot. Out of the 

 4200 shareholders only 1200 voted, but of those who 

 did vote there was a majority of 400 in favor of the 

 proposal, which was accordingly carried. Of course, 

 could the accumulated profits be divided, this limitation 

 of the number of shareholders would give the shares 

 a considerable value. Legal opinion, however, is en- 

 tirely against the possibility of thus disposing of any past 

 accumulations, which by the rules can only be spent in 

 reducing the prices of articles sold. It is expected that 

 those who have thus obtained a limitation of the share- 

 holding body, will now endeavor to carry such an 

 alteration in the rules as will allow future profits to.be 

 devoted to a Widow and Orphan Fund, or to some such 

 purpose. Any change in the constitution of the 

 Association, having for its object the benefit of the 

 Civil servants as distinguished from their friends the 

 subscribers, is viewed with much anxiety and disfavor 

 by most of the earlier members of the Society. 



"The number of subscribers is now limited to 

 15,000. While this number furnishes a clientele suf- 

 ficiently strong to enable wholesale houses to disregard 

 the retail traders, some check is placed upon the en- 

 largement of the business, and consequent increase in 

 the labor and responsibility of management. 



" The extraordinary rapidity with which the business 

 32 



