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the Auditorium above, this space being formed by the sloping floor of the Auditorium. In this space, only six feet high, lighted by windows so small and few in numbers that on the brightest days the titles of books on the shelves can scarcely be read without artificial light, the Co-op. has lived and even flourished. These miserable quarters, absolutely unfit for a class room, but which are the best that an appreciative Board of Regents have been able to give, have been rendered habitable by improvements which have been built in from time to time at an aggregate cost to the Society of nearly $800.

A serious difficulty now confronts the Society. The floor of its store room is the ceiling of the Library, which ceiling has supporting beams designed to hold only the ceiling below and not the stock of books and stationery above. To avoid the possibility of the descent of the Co-op. with all its belongings into the Library below, great care is exercised in arranging its stock so as to get most of it near the pillars that support the ceiling of the Library.

The reports of the Society, published annually in the University Record and The Texan (the student paper) show that since the beginning of the Society in 1896, its total sales have amounted to $203,614.33, to Dec. 5, 1908. During the session of 1907-08 the total sales amounted to $33,101.58, and on these sales a gross profit of $5540.03 was made, an average profit of about 17 per cent. The salary item amounted to $2234.95, less than 7 per cent of total sales. The salary of the manager is 3 per cent of total sales; the other salaries are for student clerks, president, and treasurer. There were 406 members, to whom rebates amounting to $294.90 were paid, so that each member, on the average, got his dollar back and about 72 cents besides. Other expenses, such as taxes, insurance, license, depreciation, maintenance, and running a mail service to catch the night trains for the benefit of the University public, brought the net profits to $1931.04 for the year, and this sum was accordingly added to the permanent assets of the Society.

As stated above, the average gross profit is about 17 per cent on all sales. The profit on the books sold is less than this; on small express shipments there is frequently a loss. On the other hand, on sundries, such as pennants, jewelry, flags, fountain pens, etc.,

the profits are larger. Of this 17 per cent of gross profits, about 1 per cent goes back as rebates to the members, 9 per cent is spent for running expenses, 6 per cent goes as additions to assets. As far as comparisons have been made with other college co-operative stores, this showing is a good one. Thus the Harvard Co-op., which, being the largest, is a sort of standard, makes a gross profit of about 19 per cent, of which it returns 5 per cent in rebates to its members, leaving a net profit of about 14 per cent. Of this 14 per cent, 13 per cent goes for running expenses.

The 6 per cent added to assets is perhaps too large, and it is possible that the prices charged can yet be further reduced or else the rebates to members increased. It is of course desirable for the Co-op. to have ample assets so that the business can be run on a cash basis and all possible advantage taken of cash discounts of the dealers. The cramped quarters in which the Society has been forced to conduct its business have forced the management to look forward to the expenses involved in making a change. For this reason the amount proper to add to the assets is very difficult to determine.

In August the assets of the Society were as follows:

Stock as per inventory at cost..

Accounts receivable

Loans

Certificates of deposit..

Cash with treasurer.

Due from publishers

Total assets

Membership fees outstanding....

Net assets

These assets require a word or two of explanation.

.$ 7,510 53

891 28

1,632 50

3,000 00

192 12

26 12

.$13,252 55

27 00

.$13,225 55

Any stock inventory is unreliable, especially one that contains a lot of text-books, which die rapidly and when dead are very, very dead. Many books are returnable to the publishers, but many are not, and the loss from dead books is considerable, certainly 1 per cent of total sales. It is, in fact, a part of the duty of the

Co-op. to lose money on books, for it is a part of its duty in order to facilitate the work of the classes in the University, to have on hand a sufficient number of books. Classes vary so much in size that it is difficult to tell how many books to order, and the business is such that it could scarcely be run on a competitive basis, unless very large prices were charged. It is possible that at least a third of the stock now on hand will never be sold, though stock is charged off as soon as it is positively known that it is dead. Hence the inventory item in the assets is too large.

The accounts receivable are accounts due the Society by the University itself or by persons permanently employed by the University. It is practically a cash item. Very often, when buying in small quantities from foreign or other dealers who discount for cash, the University makes use of the Co-op. The Co-op. can pay cash for the goods before they arrive, which by State law the University cannot. When the goods arrive, they are turned over to the University by the Co-op. at cost. Goods are not sold on credit to students.

The loan item of $1632.50 is due to loans made to worthy enterprises of benefit to the University public. All of these loans are amply secured and are practically cash items.

It is hoped that the foregoing account of the University of Texas Cooperative Society will be interesting to those who are noticing the cooperative movement in Texas. It has been managed on business principles and has saved the students of the University some money. By employing students as clerks it has enabled many meritorious students to obtain an education. It has also been something of a convenience. It has from time to time aided the University Station of the postoffice, which is not very liberally supported by Uncle Sam. It has maintained branch stores in the Law and Engineering buildings for the convenience of the students in those departments of the University. It is now paying reasonable salaries to its employees, and has, on the whole, been successful. It occupies a very worthy place among the larger cooperative college book stores in the United States.

THE UNIVERSITY

The Work of the
Term

GENERAL NOTES

The term just past has not been devoid of interest. To begin with, there were a new President and a new Dean. True, neither was new to the University, but how they would deport themselves in their new positions was not clear. The success of the term's work is the best commentary on their administrative capacity. In the next place, the increase of the minimum of admis sion requirements from eight to eleven units came into effect first this fall. The result was just what was foreseen. Instead of being larger than the preceding year's class, as has been the case for several years, the Freshman class was somewhat smaller this year, in the College of Arts and in the Department of Engineering. A good many candidates for admission could not present the additional units, and many were even frightened away by the very thought of them. But there was another cause, too, for the decrease-hard times. This cause did not operate directly to any great extent, perhaps, but the stoppage of railroad extension and the lessened activity in all industrial lines threw so many engineers out of work that engineering did not look nearly so attractive as it had looked for several years. The Law Department, on the other hand, shows an increase. The fame of the new building probably had something to do with this, but the desire to anticipate the requirement of a year of college work for admission announced for the fall of 1909 undoubtedly had Whatever the cause, the Junior Class was the biggest ever known, over two hundred strong, far more than filling the seats provided for in the new Junior room.

more.

This brings up the next point of interest-the new Law Building. It was occupied, though still not fully furnished, with the opening of the term, the books, etc., of the Department having been transferred from the Main Building just at the close of vacation. The building proves convenient, if not perfect, and sufficiently spacious and handsome to inspire in its denizens a feeling of pride and solicitude for its protection. Besides the Law Department, the School of Public Speaking and the Men's Literary Societies have found a home in the new building, at least temporarily. The rooms in the Main Building thus vacated have been given two to Botany, one to Zoology, two to Physics, and a series of shifts has added a reading room to the Library, an office to the School of English, and a work-room to the Y. W. C. A. The Main Building is, of course, less crowded than before, and so more orderly and less noisy.

Registration week was as usual a trial to everybody. The system of registration worked better than before, but there is still room for improve

ment. The chief difficulty is that students have not carefully thought out their plans before going to the registration committees, and much time is lost in consequence. The worst congestion was in the Dean's office. Pretty much everybody seemed to want something of the Dean, and his precincts were jammed from early till late. He was driven to appointing a sort of sub-Dean, and then another, and another, till finally he had five!

The admission examinations this year were under the direction of Dr. Killis Campbell. Dr. Campbell has since been made chairman of the new standing committee on Admission Examinations. On his recommendation, the dates of the admission examinations have been set two days earlier, beginning on Monday instead of Wednesday, so as to enable the papers to be read and reports handed in before the last day of registration.

The class work of the term was rather better than before. The higher preparation of the Freshman class was a factor, and there was very little sickness. Moreover, a change in administration by which the oversight of the work of students in Engineering was definitely transferred from the Dean of Arts to the Dean of Engineering enabled closer attention to be given to the students of both Departments.

But even so, not every student was duly diligent, and the term grades showed that it was advisable for some fifty-odd students not to return to the University for the rest of the session.

After the second week the term was marked by unusually good order. At the beginning of this week a number of students broke up a Freshman meeting called and conducted by the Dean. Three of the leaders were suspended. They were all prominent and popular, and to secure their reinstatement several hundred of their friends and admirers undertook to take no part thereafter in rushes within the buildings, and in general to maintain due order and decorum there. The President in response to these representations restored the suspended students. The result justified his action. No term in years has been so free from troubles of any kind.

Of interruptions to the regular routine there were two in particular. The first was the excursion to Houston for the football game with A. & M. Nearly half the University went, and practically all A. & M. was there. Houston entertained royally, and the trip as a whole was much enjoyed. Only the scrimmage between the halves of the game marred the success of the day, and that after all was not a serious affair. In fact the end of the incident left the University and A. & M. better friends than before.

The second interruption was the Quarter-Centennial Celebration of the 25th and 26th of November. Of this, the most notable event of recent years in the history of this institution, an account appears elsewhere in this Record, and a special issue contains the addresses then delivered. Let it suffice here to say that there was a stirring of alumni love for Alma Mater as never before, to the mutual joy of mother and children, and let us hope their profit as well.

The following table will show the comparative enrollment for two years:

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