Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-05-06
The New York Corn Exchange.

many years the receivers OF produce met upon
the sidewalk, at the corner of Broad and South
streets, during the early part OF each day Tor the
sale of cargoes, or whole invoices of produce A
canvas awning stretched from the corner bull
ding to posts set in the curb stone was the only
protection from the Storm, and here, year after
year. amid the rain and heats of summer, and
the colds and SHOWS of winter, more property
changed hands than upon any other spot, If we
except the Stock Exchange, in the whole city.
The building whose sidewalks were thus mono
polized was a tavern or drinking saloon, and the
proprietor reaped liberal harvest from the Gus
tom of those who were thus attracted to that
locality. Four or five years ago, several mer-
chants obtained from the Legislature OF this
State an act of incorporation, exceedingly liberal
in its provisions, under the title of "The New
York Corn Exchange"
One of the most important sections of the Act
gave to the Arbitration Committee, annually e.
lected by the subscribers to the Exchange, great
er equity powers than are possessed by any SIM
liar association in the country. All cases OF dis
agreement may be submitted to this committee
by the consent of both parties, and its decision
or award, no matter how important in its bear
ing or consequences, is final, there being no ap-
peal Under this provision, vast amount OF
litigation is saved to the mercantile community.
Every day the most important matters, which,
if submitted to the courts would involve thou
sands of dollars in COSTS and take years of time
before final adjudication could be obtained, are
here settled fora trifing fee,and generally with
out creating any vindictive feeling. A case OF
disagreement in the purchase or sale of cargo
of corn or wheat, or in any other mercantile
transaction, arises, and is referred to the Com
mittee, enough Of whom are always on the spot
during each session to constitute the court. Each
party tells his own story if there is any material
disagreement in regard to the facts, witnesses
are heard, and the Committee then consult to-
gether, and give their decision There is prob
ably more equity in the judgments thus pro-
nounced by these plain merchants according to
the dictates of common sense in their view OF
''wbat is right between man and man." than in
an equal number of decisions in any Court OF
Record in the world.
The Association, when organized, desired to
obtain possession of the corner building, against
whose walls some of them had leaned while en-
gagged in traffic. for so many years; but the lq-
uor dealer had long lease, and insisted on be-
ing "bought off" at an enormous price, which
the members Indignantly refused. They have
therefore taken two lots, each 25 feet front, on
either street, next to the corner, and have erect
ed on these four lots, as many stores, connecting
the lower floors together, without partition walls,
making large room in the shape of the letter
L., while the upper floors, supported by pillars,
are fitted up and let for offices. They have thus
surrounded the liquor shop, and when the lease
expires will take care that it be not renewed
The Stock of the Corporation was divided into
shares of $25 each, and was divided under the
act of incorporation among the subscribers, only
four shares being allowed to each. The rooms
are thrown open to any one who chooses to pay
an annual subscription of $15 ; and although in
tended at first for the accommodation OF dealers
in breadstuffs, has drawn together an addition,
the provision dealers, the shpowners, the dis
tillers and whiskey dealers, number OF Ez-
change brokers, and variety of other persons,
engaged in mercantile operations. The number
of subscribers is now about fifteen hundred, and
although the room is ventilated on both fronts,
and by a well hole near the centre angle, it is
uncomfortably crowded on warm day, and
there is on foot project for erecting building
of iron and glass, which shall furnish better ac-
commodations
We come next to treat of the method of trans
acting business at the place of concourse. The
doors are opened at ten o'clock in the morning,
but the crowd does not gather before eleven o.
clock, and the greatest press is about meridian,
after which the assembly decreases until before
one the room is again vacant For the accom-
mediation of the flour and grain trade seven long
tables are provided and placed in different parts
of the room nearest the light; three for grain on
the Broad Street front, and four for flour, on the
South Street side. These tables are of black
walnut beautifully finished, and the upper sur
face is divided in sections about two feet square
by little strips of moulding Each of these squares
covers deep drawer in the table, for the deposit
of samples, or whatever the occupant chooses to
place therein and for the use of these locations,
in addition to the annual subscription OF $l5, a
charge is made of $40 per annum. To avoid
favortism in assigning locations and all quarrels
in regard to precedence, the choice ofsquares on
the table, Gnvolving the use of the correspond
ing drawers) is sold by auction, the places at
the corners of the table generally bringing q
handsome premium.
Cargoes of grain are sold by sample which
is exhibited in G. little paper box, holding about
one quart. These samples are usually drawn
from the centre of the cargo by means of tin
cylinder like spear head fitted to the end of a
pole, and loosely connected with the wood by a
chain. The spear armed with this tin cup is
thrust down into the cargo; any attempt to with
draw it unlooses the metal from the wood, when
the cup is Immediately filled with the grain, and
is dragged out by means Of the chain. This gives
q fair sample of quality, and shows also if the
centre of the cargo is heated.
BY these little samples, lots Of grain varying
from 800 to 10000 bushels are sold, although
one sample more commonly represents single
"boat load" ranging from three to four hundred
bushels. Over these boxes buyers and sellers
chatter; when the sale is made, the seller de-
livers the sample to the buyer, with an order for
the cargo. The sample is handed over to the
measurer, who inspects the cargo, ascertainiDg
its quality and condition, and if these agree with
the sample it is delivered into lighters, or into
store, or into a ship for export, at the pleasure
of the purchaser, or according to the terms of a.
greement. The measurers are divided into two
voluntary associations, each having its President,
who superintends all operations, and is respon-
sible for the acts of his subordinates,
The samples of -four are also exhibited in nice
little paper boxes which are generally lined with
blue to give the -four an intenser whiteness.-
BUYERS take little from the box, hold it in the
palm of the left hand, pour in little water, and
mix miniature loaf, which is the best test of
the character and quality of the article. Con.
veniences are provided in marble basins and jets
of Croton for these nianipulations, and dough
balls" are in almost everybodys hands on that
side of the house.
The provision dealers have station peculiar
to themselves, where pork, beef, lard, ,bacon,&c.,
are sold in large quantities, the former two with
out any samples, the brand of the inspector in
whose yard the barrels or tierces are stored be-
ing sufficient proof of quality. Other produce
is sold in the same way, and great variety OF
operations are in progress at one and the same
time.
Most of the large orders are filled through
brokers, or experts, who are supposed to be bet
ter judges of quality than their principals, and