The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-16

Stock Exchange about halfpast three in ths AFTER.
noon. where he and they 60 to, or come from. o.
now ,ney Iye when absent. one can no moro tell thaa
we can tell where swallows aud MARITIME 20 OF
whence they come, and how they exist when absent
nom these latitudes. Nor do people who do bust
ness IN WAL street care whether man lives in the
moon or comes from the bowels Of the EARTH cats
snais Tor breakfast fails to est NJ all, that his
note is always duly honored and paid up, interest
ana all (be the latter shave of greater or lcss
amounD with never failing punctualty, before the
clock hammer Of Trinity Church strikes the cminous
! hour of 3 p. NJ.
We neither know our friends age, parentage
birth, business property, any personal matter APP
pertaining to him. Yet we talk together daily
We often find him standing alone, Mt a corner, cool
quiet and contemplatise, when clerks and Others are
seen running to and fro, in great hurry, wit small
books and bits Of paper in their hands. giving occa-
sionai Chances AT the dial face ot Trinity Church
clock.
As our friend Is never busy. never excited. never
in hurry, and always ready to converse, we gene
rally draw his opinion regarding any new develope-
ment OF affairs. When occasionally We have mot
him in the nook Of brokers' Office. he has spun
Wall street yarns for many of which have deeply
interested us. Some of these we shall. hereafter
take occasion to give to the public. As our posted
and experienced friend in period of his life held
subordinate judicial appointment, somewhat on a
par with that of "a justice Of the Peace and quo
rum we shall take the liberty Of calling him
Judge"
We yesterday met the Judge at the corner Of
Merchants's Exchange, remarked that iis splendid
granite columns in front gave il an imposing APP
| poarance.
"Pocr property replied the Judge: 'the erection
OF that building was great mistake 1t stands
more rs 4 monument Of the credit system Of 1896,
which exploded with its completion, than as great
work of utility II was planned. contracted for and
| built by a scale Of prices fixed by the imitation of
| 30. The explosion overlook it. and mortgage on
il in favor foreign capitalists became necessary in
order TO obtain money to pay off debts contracted
IN building il. II cost near two millions. The
mortgage remains unpaid and unless some COM
promise can be effected between the foreign bond
holders and the American stockholders it must be
sold under the hammer. The Hon. James G.. King. a
member OF Congress from the Bergen BistSct in New
Jersey, is the agent ofthe bondhs 90 Mr.. } G.
Pearson i III II ms sort OF rent AkifH21d manager
OF the building. Some of the stotAkakldors have
grnmbed at the amount of rent received about
$4,000 per year, but they are mistaken. Pearson
gets about all the building can be made to bring.
The offices arc not desirable. They are considered
too dark and damp, caused by the immense thick
ness Of the walls. The convcnienees Of the whole
building was sacrificed for the sake Of the front and
for the rotunda. better and more profitable ed-
flee could now be erected for half the money.
could never understand why the heavy orders Of
Grecan architecture, used for temples should be
employed in modern times for houses of every day
business. Each column h front of the Exchange
cost from $4,000 to 5000 What use are theyl They
support mass Of stone above them, and consume a
deal OF valuable room, and for what! Merely to be
looked at II ever another Exchange is built ii should
be composed of iron and glass which would be much
cheaper equally fire proof and durable, aud cost
vast deal less money than if made OF the Grecian
fashion Of granite or marble. II would give more
light. more room. and in every respect be bet
ter adapted to business purposes The best
thing for the stockholders to do would he 10
sell it out TO the United States government
Tor mint or custom house, and unite with
the merchants in building another Exchange all
Of iron and glass. The public buildings of the
city arc all toe small for its present and increasing
population. The Custom House and Post Office are
too small. The City Hall has ceased to be central.
and larger building would suit the corporation
much better
= But" said We, .'will the Exchange be sold p
Doubtful, replied the Judge. 1t has been adj
yertised several occasions before, but the sale
deferred. understand that the new Board of Trus-
tees have proposed to the foreign bond holders to
give new bonds for their claims payable twenty
years hence. and to bear interest ut the rate Of six
per cent per annum The trustees suppose their
terms will be acceded to, as the interest Of money
il 50 low in England. To secure the interest. the
rents. Sc. are to be pledged for the same "Will
the bond holders accede to the proposition ;" . 1t
will depend upon circumstances. ii the building is
sold. it will likely be purchased by Mr.. King for
them. and probably terms that may afford them
better interest than that afforded by the bonds
j is matter Of regret that the only place for hold
ing an exchange by merchants is under the
thumbs Of foreign capitalists