482 CALIFORNIA FKUIT SOCIETIES. 



advanced to those requiring it, without charge for interest, as 

 none was paid. In other words, the Exchange did a free bank- 

 ing business, to the great advantage of its poorer stockholders, 

 and to the injury of none. The other point had reference to 

 the free information regarding markets, which was made pub- 

 lic by weekly bulletins and through the press, and benefited 

 members and non-members alike. The organization of the 

 bulletin system required a good deal of time, which, in con- 

 nection with the cost of publication and mailing, cost about 

 one-fifth of one per cent of the total output handled. This 

 expense was charged against the fruit handled, so that the 

 owners of that fruit paid for the information given, not only 

 to stockholders who sold outside the Exchange, but to the 

 general public. The owners of the fruit did not like this, but, 

 on the other hand, could not help themselves, since it was 

 believed that, if the information was withheld, ill-informed 

 growers would sell at less than market rates, and thus prevent 

 the sale of Exchange fruit except at similar rates, and all to 

 the advantage of speculators, since the real eastern market 

 price was fixed by law of demand and supply. It was a per- 

 plexing question, as the real cooperators disliked intensely to 

 have their money used for the benefit of those who would not 

 cooperate, and there was doubtless a tendency on the part of 

 many to reserve to themselves what they thought the advan- 

 tageous freedom of an outsider, and let those who would foot 

 this particular bill, since all got tlie benefit alike. 



The business of the Exchange for 1803 was closed with 

 great satisfaction to all concerned, and in 1894 there was a 

 general tendency to sell through the Exchange or the drying 

 associations. On the part of the latter, however, there was 

 increasing disposition to manage their own affairs without 

 reference to the Exchange. None of the associations this year 

 put their fruit unreservedly in the hands of the Exchange, 

 which was therefore left to such income as could be made from 

 commissions on fruit intrusted to it by individual stockholders. 

 These, however, supplied fruit in abundance, far exceeding tlie 

 storage capacity of the Excliange warehouse. Money was easy, 

 the credit of the Exchange was high, and there was no difficulty 



