The society begins the year with larger capital on hand and greater membership than last year. The membership, however, does not mean so much capital as last year, for the price of membership tickets has been reduced from one dollar and a half to one dollar. At the meeting last evening the secretary presented the following report:

1891-92. 1892-93.

Stock, $11,585.34 $12,531.20

Expenses and Commissions, 9,904.72 10,613.62

Business, 95,415.44 106,934.13

Members, 1299 1484

Total sales to date, $47,809.73

Last year's total sales to same date, 40,138.99

Members Nov. 13, 1892, 1417

Members Nov. 13, 1893, 1605

Professor Taussig and W. W. Cutler were re-elected president and secretary respectively.

The following amendments were made to the constitution:

"The society shall be governed by a board of directors, consisting of a president, secretary, and seven directors, chosen as follows: One from the faculty, one from the Law School, one from the Graduate School, one from the University at large, and three from the upper three college classes," and "Of the net profits accruing from the business of each year one third shall be added to the capital and the remainder shall be divided among members in proportion to their purchases. Sales of coal shall be counted as if made at the rate of 2 dollars perton." The method of dividing the yearly dividends necessitates a great amount of very intricate book-keeping which makes a call for a book-keeper, who is an additional expense to the society. It has peen proposed to obviate this difficulty by instituting the English system of giving checks for every purchase.

The president and secretary are elected at a public meeting held on the third Wednesday in November.

Those only can draw dividends who are members of the college proper, the Institution for the Collegiate Instruction of women, or the Episcopal Theological School.

Within the past few years the society has developed a considerable business with other colleges that are only too glad to make use of the advantages it offers.