THE NEW CENTURY DAWNS AUSPICIOUSLY 467 



stock was increased to $20,000 in February, 1907, 

 and in July, 1908, was increased to $30,000. By the 

 time of the annual meeting in November, 1910, all 

 capital stock had been sold, and there were many 

 other breeders desirous of becoming members. The 

 capital stock was, therefore, increased to $100,000, 

 consisting of 10,000 shares of $10 each. 



The growth of the association was extremely 

 rapid, the membership having increased to almost 

 2,900 separate breeders, between December, 1902, 

 and Nov. 28, 1910. In February, 1911, the McLaugh- 

 lin interests, previously referred to, were absorbed 

 by the Percheron Society of America, and this 

 brought about an increase of approximately 100 

 members. The rapid expansion of Percheron inter- 

 ests, and the very considerable increase in number 

 of breeders actually owning Percheron mares and 

 engaged in the production of Percheron horses, led 

 to an extraordinary increase in membership, ex- 

 celled by but one association in America. 



On Nov. 28, 1910, there were 3,000 shares of stock 

 outstanding in the hands of approximately 2,900 

 members. At the close of the fiscal year, Oct. 31, 

 1916, less than six years later, there were 8,330 shares 

 of outstanding stock of the Percheron Society of 

 America in the hands of more than 8,000 members. 

 This membership was scattered over the entire 

 United States and Canada, although Illinois, Iowa, 

 Ohio and Kansas, pioneers in Percheron breeding, 

 still held more than one- third of the total member- 

 ship. 



