The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-05

whose supervision the new structure is beng
erected, is one that has been Of vast import
ance to the commercial prosperity OF fhuaos..
phla. Before its organization our mercnahts
| and business men, with hardly any regulated
scales o. i;yiees 10 govern their commercial ana
business transactions. and with the few then ex-
| istipo fallen into confusion and seemingly into
| inextrioable disorder, resorted to the poorer
means of competition, dishonorabte ana cor
ruptinR, 20 advance their pecuntary interests.
Before the institution OF this admirable and
Invaluable Association, the grain and flour
trade was in a state of continual agitation,
with rates and prices so suddenly fuctuating
as to produce serious IL not disastrous results
to many a business firm. And the finale of all
this rising and falling, and competition,
sudden failures and improbable specu-
lations. was to divert c0mfee. . is.s.sr60Fs4
into other channels, and enrich other cities
at the expense of Philadelphia. How could
this great evil be remedied, and commercial
prosperity be made again to return TO this
city This was the question which caused
the lnltiatOry steps to be taken for the insH-
tuition and incorporation of an association
that should have for its object the guardian
ship of the commerce of Philadelphia, insuring
to business men equal business opportu-
mites and protection.
meeting was called, and took place at the
residence of Henry Budd, Esq, in January of
1854, at which the following merchants were
pTesent:-Messrs. Samuel l.. Ward John
Wright, Samuel l.. Wilmer, George L. Buzby,
B. M. Bunker, James Stell, William James,
and Henry Budd.
Like all associations, this one had its period
OF infancy, and the usual limited number of
members Its Importance, however, gained
ground rapidly, as its influence extended, and
was felt throughout the business community.
The primary object of the Association has been
more than accomplished. 1t was intended that
the compensation of the breadstuffs merchant
should be rendered more adequate for the
labor time, and capital devoted to his bust
ness, and this was effected by judicious ar
rangement of charges, without unreasonable
exactions.
The advantages of this Association-tho Sc
which always result from combination of in
dividual effort and means-were felt, and
rapidly the Association gained adherents; for
by this combination of interests, petty
jealousies, and all those other attendant evils
following in its footsteps, were gradually ex-
tinguished, and trade was benefited in all its
phases-socially, morally, and pecuniarily,
and the Association attained a strength and
character for good that have been acknowledged
wherever its name and its works are known.
Nor, while carefully watching the progress
! of their union, did the members of the "Corn
Exchange forget their country in its peril,
| but, possessed with true patriotism, they
! speedily raised regiment-the noble 1lSth-
that fought so gallantly and won its many
| deserved laurels in contests of worldwide
| renown.
Growing steadily in numbers, and embodying
an aggregate capital that gave it at once sub
stantial basis, with a constantly increasing in
fuence and a power felt in all business circles,
the members Of this Association, after delibera-
ton, determined that an acquisition of addi-
tional strength and Importance could be had
by extending the borders of the Association
and drawing within it all classes of business
men. For this purpose, and by resolution OF
Court, the title of this Association was lately
changed from that Of "Corn Exchange" to
The Commercial Exchange Association.
Under this name it will combine within it
not only dealers in ''corn," as its first name
seemingly implied, but every other branch OF
commercial business known, thereby exer-
cising a great influence for good upon the
business prosperity of Philadelphia. With this
new field opened for work, and with the mag
nifcent building in course of construction for
its accommodation, this Association-to be
known hereafter as the Commercial Ex.
change"-marks new era in its career, and
will go onward to increasing prosperity and
influence, protecting the interests of the pub
lie at large, and contributing largely to the
welfare of its individual members.