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ficers of the exchange.” “The right of 
recall is reserved by each district.” “All 
officers holding positions of trust are 
bonded.” “An annual open meeting is 
held by the trustees, at which all inter- 
ested growers are privileged to be pres- 
ent and receive a general report of the 
business.” 
Provisions are sometimes made ‘“Where- 
by upon questions of sufficient importance 
the voting strength of the trustees is pro- 
portionate to the relative shipping ton- 
nage of their respective districts.” 
The principal functions of such an ex- 
change are “The distribution and market- 
ing of fruits, and the gathering and dis- 
semination of market information.” 
The City Market 
The Market is a place where traders 
or producers are awaiting buyers, in 
shops, stalls, booths, open spaces, or oth- 
er convenient places for the accommoda- 
tion of the general public. The idea is 
to bring the producer and the consumer 
as nearly together as possible. 
Originally, the producer brought his 
goods, rented space, or a stall, and sold 
to the pruchaser direct. The purchaser, 
in turn, bought at the market-place and 
carried the goods purchased to his home. 
In ancient times slaves did most of 
the buying in the market-place. In later 
times the system of the delivery of goods 
has caused the managers of markets to 
provide for the delivery of the articles 
purchased to the homes of the pur- 
chasers; but in turn, the use of the auto- 
mobile has made it possible for persons 
on pleasure trips to stop at the market 
on the way home and purchase such 
things as they choose, delivering them 
without the added expense of the mar- 
ket delivery. 
The manager of the market now often 
acts as selling agent, receiving the prod- 
ucts on consignment, selling them at the 
prevailing market price, and returning to 
the producer the amount received, less 
a commission and the cost of delivery to 
the purchasers. 
In most of the large cities of the 
United States and in Europe there are 
one or more market places. In some of 
ENCYCLOPEDIA OF PRACTICAL HORTICULTURE 
the cities of Europe a huge collection of 
shops with various co-operative stores 
may be seen as an evolution of the old 
market system. The market has gen- 
erally been considered the trading place 
of the poor and middle classes where 
they could purchase at less price than in 
the ordinary mercantile establishments, 
and where they could eliminate the cost 
of delivery by delivering the goods them- 
selves. At the same time, the producer 
is supposed to get more for his goods in 
this way than by the ordinary methods 
of sale. 
Stock Companies 
Local organizations are often formed in 
which the organization is financed by 
the sale of stock. Sometimes this stock 
is owned wholly by the fruit growers, 
sometimes partly by the growers, and at 
other times mostly by bankers, merchants 
and others who believe the stock a good 
investment, or who desire to help the in- 
dustry as an asset to the town. Some of 
these organizations have been very suc- 
cessful from the stockholders’ view- 
point, in that good dividends have been 
returned to the holder of stock. Some 
of them have also been of benefit to the 
grower as well as the stockholder. 
In this kind of organization there seems 
to be, inevitably, a conflict of interest 
between the stockholder and the grow- 
er. The grower naturally desires to 
make as much out of his fruit as pos- 
Sible. But if he makes large profits it 
often happens that the stockholder makes 
small profits. It mostly depends upon 
the management and purposes of the or- 
ganization. If the dominant purpose is 
to make money for the growers, then it 
cannot at the same time conserve the 
interests of the stockholders. If the 
dominant purpose is to make money for 
the stockholders, then it must in the na- 
ture of things buy the fruit for a small 
price and sell at a higher price, and this 
would not sufficiently conserve the in- 
terest of the growers. In other words, 
the growers and the stockholders are on 
opposite sides of the market problem. 
This is true if the stockholder and the 
grower are one and the same; for then 
