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 ment the entire five dollars does not have to be paid at once. If one dollar is paid in toward a share of preferred stock, the remainder may be accumulated through dividends, though on stock not fully paid up only half the declared rate is allowed. Preferred stock gives no voting privilege, but it receives a regular six per cent. interest each year out of the profits.

"The society soon outgrew its original quarters, which were in a basement near the heart of the business section, and it began to look around for a new location. This was chosen by actually comparing the size of the orders received from shareholders in different parts of the city, with the map of the city itself. About this time, Mr. J. P. Farnham, an expert accountant, who had been auditing the association books, became imbued with the cooperative idea and was made manager of the store. He believes that cooperative business solves the bulk of our high cost of living problem, and he has developed many good ideas. He has tried out the parcel-post plan of shipment and secured direct dealings with farmers. The