The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-01-11
ANNUAL MEETING OF THE CORN AND
FLOUR CflANGE-ELECTION OF DIREC-

The members of the Corn Exchange met yester-
day morning at their rooms on South street, below
Pratt street, for the purpose of receiving the an
nual report of President of the Board and also to
elect Boardof the Directors for the ensuing year.
Vice President Solomon Corner took the chair
and called the members to order, when John S.
Williams, Esq, President of the Board read the fol-
lowing report
GENTLEMEN-On the occasion of this annual meet
ing the Board of Directors report customary the pro-
ceedings of the past year. and the President will avail
himself of the opportunity to call your attention to some
subjects which he deems of great Importance to the grain
and flour trade of the city.
The condition of Association is prosperous There
are three hundred and sixty eight 1861 subscribers
on the list the report of the Treasurer that the
ceipts for the last s4 So the expenses
at par of S6,55319.
The experience of each succeeding year continues to
demonstrate the usefulness of institution While
benefits the seller by inducing healthy competition it
affords equal advantages to the buyer by displaying
once all the produce the market and by lessening la
Dor and economisng time in business
The Corn Exchange occupies prominent position
among the commercial institutions of the city
consciousness that it has all occasions responded
promptly to appeals to its charity its generosity and pub
lie spirit must be of qualification its members
The effects of the revuson of 1857 vet felt in the
commerce OF the world and although such terrible
ters those OF that year have recurred they
been olowedby paralysis in trade which still continues
local. has rendered the breadsuf trade of Baltimore dull
and unsatisfactory.
While the crop in the region which finds its most conve-
nient market here has been very deficient the
countries of Europe whose wants usually suppy have
been favored with bountiful harve.ts
The Board is well that the rooms used for the
transaction OF the business of the Association unfit for
the purpose owing to the of sufficient space light
and of ventilation In winter when the doors
the atmosphere IN space so confined and crowded be-
comes unit for respiration and the effect must be most
detrimental to health In summer the influence of the
impure water in the dock adjoining the building nearly
as Objectionable.
The charter requires the sane
ton of majority of the members of the Association to
the purchase or lease of property committee of the
Board in the month Of March last recommended the ac
ceptance of an offer made by Mr. Pratt to erect sta
and ood street. and to to us on lease of
ten years at about g, 500 per annum
At meeting of the subscribers this recommendation of
the Committee of the Board approved Another
general meeting was called for the 9th March, when
The result that SO ballots were cast for the
location 80 for the property of Mr. E. Pratt and 196 for
the rooms offered by Mr. Geo Kane Exchange place
rms latter offer was, however contingent subscrip
ton by the public of a sufficient to build a new
General Exchange, which could be obtained PROMPTLY
and we were therefore under the necessity of remaining
Tor a while longer at the rooms which occupy
there was alternative, other place could be obtained
ana hed up without considerable delay-t would require
year or more to arrange for and to erect a En-
change.
We may continue to hold the buildings which we now
occupy for two from July 1858, rent of 81
per annum under verbal agreement with the
owners. The action of the Association has been EN-.
barrassed by the course pursued by portion its
bers, who threatened to sccede if location elsewhere
than ut Bowl wharf was selected, and
they prefer the present site, with all its objections to any
other and had we given it up the first of july last
that they prepared to rent it and form separate
organization 1t is hoped that hereafter more liberal
spirit will prevail and that we will be able to aoree on
an eligible site and lease possess ability to erect
building on the most approved plan. Experience has
shown that for the purposes of Corn Exchange 4 de-
tached building open from floor to roof and covered with
glass is the best combining in greatest degree the
advantages of light and ventilation
he of
public officers is losing favor in all large cities and
probably will be abolished everywhere Inspection
IS desirable only when enhances the value of merchan
use ny an amount equal or greater than the fee 1t should
he voluntary and at the option of either buyer seller
and at the cost of the party requiring it. The inspection
OF flour is unsatisfactory The grade of superne
been allowed to fall too low-the buyer at home and
abroad place confidence it. The inspectors brands
are not indications of the values of flour
some of our extras worth dollar per barrel more
than others, and certain brands of superine will com
mand higher price than extras If the inspection
law were abolished competent flour brokers would
supply the place of inspectors much to the advantage of
the trade
OF the Legislature, acting under misconcepon mis-
of the way in which the grain business of
city OF Baltimore has been done have thought proper
TO recommend and pass law for the inspection measur
ing and weighing Of grain which has been found ncon
yenient expensive and unjust; and ind ed in some of
the most important particulars of its requirements
tirely impracticabe feel authorised in saying that
this law was passed under Misrepresentation when
its prominent avocates-the counsel of the Inspector
Generalin recent suit in the Superior Court of Bati-
of the which induced the enact
nent of the law, was incorrect in several statements
which he made in regard the mode of tausactng the
grain business of the city.
The eargoes of boats arriving at Baltimore with grain
generally consist of numerous lots of various kinds
Qualities frequently mixed throughout, or so situated
that none of them be correctly sampled here eNcept
me lots at the haches orsuch may he in bags deck
impossible for the inspectors to sample such
in the way required by law The history of a cargo of
corn subject to inspection and sold this Exchange will
oxempfy the working of the law 1t consisted of about
50Obushes composed of lots only three of which
could possibly have been by samples drawn
BY the inspectors at each hatch and in bags
deck After having received 1857 bushels of the corn
men was OF unsatisfactory quality, and having oppor
UNITY when the vessel was partially disShargsd of
discovered that it had been correctly represented by
the samples and declined to take any more though it
would have been greatly to his interest reject any
Of the Cargo had correponded with the samples
price of corn had advanced cts per bushe An appeal
should receive all the cargo become subject to the pen
lties of the law Hereupon the purchaser called
era respectable and experienced Dealers buyers and sell
ers OF gram who after careful examination of the cargo,
ecded that the samples by which it had been sold
manifestly The remainder of the
then resold and although the market had advanced
cts per bushel the rejected brought part
and part cts less than the original price, indicating that
It was to cts inferior to sample and furnishing incon
estbe proof of the correctness of the position of the
ouJ who rejected it, and of the negligence and ncom
potency of the inspectors and of the hardship and absurd
ty and I'M lstice of the law.
Although the buyer had again enter the market and
replace, at cost of 7OI72 cts such corn as he had
bought at 66(I67 cts at loss of 4(d hushel;
demand was made him with the sanction of the Inspect
Or General of cts bushe double the deficiency
and to this he would have been forced to submit
Or incur the expense and veXaton of suit but for the
honesty and good sense of the of the grain who
declined to prosecute and withdrew the demand Fortu
natey farmers by giving special written instructions
exempt their grain from tue operation of this
If this not the it would impose a burden on
them $4,000 to $50 900 year or divert large 0uant
ties of produce from Baltimore to other shipping ports
avoid this tax. Only about oneeghth the grain
under the inspection law, farmers being ntelli
osalt tha
with no benefit to be derived in return In fact they
aware that buyers will give preference to uninspeced
grain, and higher price for it rather than bcome
liable to the inconvenience injustice as occurred
in the case that has been related.
The inspection fees excessive. Competent persons
can be employed at the cost of oneeighth of per
bushel to keep the tale of grain that all
ponds with the samples and to weigh in the usual
The inspectors fees are one cent per bushe on
wheat and the only real service that has been performed
is to weigh one bushel in sixty.
The subjects to which your attention has been called,
though OF great importance to the grain and -four trade
are unmportant in comparison with another question.
aude to the policy and management of the Baltimore
and ONO Railroad On this depends, not only the pros
perty OF our branch of business but in fact the fate of
the city. The true and permanent welfare of the Road
and of the State identical with that of the city which
requires the securing and adoption of road and
the shortest most speedy cheapest
the great producing regions of the West, and policy
which will not discriminate against her in tariff arrange
ments deprive her of any the advantages of her
geographical position. She might unreasonable
in her favor by corporation of which She
is large stockhoder and creditor and which was nst
tuted principally for her benefit.
Had the road been controlled by the enemies and rivals
of baltimore, with view expressly to her disadvantage
its policy could scarcely have been injurious than
that of the few past years In refusing form the
nection with the Hooking Valley Road Company, the
terms proposed whereby the distance between Baltimore
and Cincinnati would have been shortened actually fifty
miles and equivalent to hundred miles in time
and expense of transportation in view of the ia
vorable country, easier grades and curves
great damage has been done to BALTIMORE and Philade
pha and New York, her rivals for the Western trade,
nave been benefited in equal decree In order
prove the route and shorten the distance by about thirty
miles, between the Hudson River Boston, 900
being spent by the people of New England the Troy
and Greenfield Railroad and the Hoosiac Tunnel Wede-
cline to form connection, when offered to with road
which would shorten our distance actually y-one miles
and practically hundred miles, and this has done
rather than interrupt the relations existing with
Central Ohio road But all the advantages be derived
from this connection be had fair and equal terms
in fact almost any terms that the Baltimore and Ohio
road may choose to dictate She need yield other and
better connections to conciiate the Ohio Central pay
than her just proportonate share the through
freight
Merchandise has been carried through Baltimore to
Philadelphia, New York and Boston and from those
cities through Baltimore to the West at rates cheaper
than were charged on the when from Balti-
more or delivered here In this deprived of the
advantage OF our greater proximity to the West and the
Baltimore and Ohio Railroad becomes the instrument of
depriving the city of her trade instead of attracting it,
The trade in Cumberland coal which hoped to
joy has been nearly lost the city road by mis-
Up to 1885, coal brought from Cum
berand to Baltimore in large quantities with prospect
of continual increase at the of 81 %
which price it afforded of the largest and profit
able items of freight Unwisely, the raised so
cts per ton This regarded by the miners
of injustice and although they preferred tie Baltimore
market at fair rate of freight they induced by the
offer of cheaper transportation make their arrange
ments to abandon the railroad and Baltimore and seek
the Alexandria market by way of the canal Accordingly
they advanced the repair the canal which had
become nearly unnaygase, and have built large
bers of boats and made arrangements for the tanspora
ton of great quantities of coal to Alexandria. Thus
again has Baltimore been injured and rival benefited
in a m ftprn nf fba nnSt ita1i