CONSTITUTION OF THE EXCHANGES 91 



afford to pay twenty-five or fifty cents a box more than 

 the exchange was likely to command, and this much was 

 necessary before the member could be seduced away from 

 his association. Even yet, such a provision against deser- 

 tion is desirable, for when the market breaks badly, as it 

 is almost certain to do at some time in the year, and a few 

 cars are sold at little profit or at a loss some members are 

 easily panic stricken and might withdraw on the spur of 

 the moment were it not for the sobering effect of that im- 

 pending twenty-five or fifty cents a box. 



