In the end of May we may expect another great increase in the sales, which, till that time, will probably be steady but not very large.

On examining the table, we find that the fluctuations in the rate of increase of membership depends almost entirely upon the needs felt by the men at the several seasons of the year.

During the months of March and April the increase was slow, owing primarily to the fact that the society had just opened business, and secondly to the slight demand at that time of the year for the goods in which the society professes to deal. In the latter part of May and in June the opening of the tennis season, and the low rates offered by the society in tennis goods, caused a rapid increase in the membership, which was well sustained till the end of the year by the facilities offered for the sale of second hand goods. No names were added during the summer, but at the beginning of the academic year a second large accession to the number took place, owing to the entrance of the freshmen and the demand for books and fall supplies, and later for coal, which the society at that time added to its lists.

During the eight days from Sept. 26th to Oct. 4th, 203 names were added, an average of more than 25 names a day. The largest number that joined on any one day was 78 - on the 2d of October.

Towards the middle of October the entrances fall off, and in the latter part of that month, and through the months of November, December, January and February almost cease, showing that all who intend to join have done so before the first of November.

It is seen, therefore, that the times and rates of joining are not determined by any artificial impulse. There are two periods of maximum increase - the one about the 1st of June, the other near the 1st of October, which depend directly on the wants felt by the men at those times, and which consequently cannot be hastened or retarded by any artificial means. On the other hand, they may be depended upon with a tolerable degree of certainty.

By the arrangement now in force the term of membership of many of the members - those, that is, who have joined for half a year only - expires on the 22d of this month. The membership of the society will thus suddenly be very greatly diminished.

It is not to be expected that those members will at once renew their connection with the society, as they will probably feel no immediate necessity for doing so, and sentiment has never had a large influence in the working of the society.

As the spring advances, however, the wants of the season will impel these and other members to join, and we may expect a gradual but steady increase till the end of the year.

In the fall again the accession will be large, and in the middle of next October, and not till then, will the society have regained its full membership.

It is reasonable to expect that the membership will then be somewhat larger than it is at present, owing to the increasing scope of the society and the wider recognition of its services, together with the decrease in the pressure required to make men join, which will inevitably take place, as the familiarity with the society and its workings becomes more general.

The total membership of the society from its foundation has numbered 713 persons, distributed through the various departments of the university in the following proportions:

TABLE OF DISTRIBUTION OF MEMBERS.

Faculty and board of instructors 14