The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-04-18
THE GRAIN TRADE.
Adjourned Meeting Of the Chamber of
Commerce.

An adjourned meeting of the Chamber of Com.
merce, together with all merchants, bankers and
Others interested in the grain trade, was held last
evening in the large room of the Chamber Of
Commerce. Geo. A. Fosdick, Esq, president,
called the meeting to order at 7:l5 p. NJ, aud
stated. tina, In compliance with q resolution
passed at tie last meeting, he had appointed the
following geutlemen committee to draft resolu-
tions setting forth the views Of the merchants of
New Orleansip cansBtion with the grain move
ment recently taugurated In the West, viz:
Messrs. Slayb,ck chairman, Phillips, Tucker,
Pohlhaus and West.
Mr.. Slaybach, in offering the following resslu
tions, said that the committee felt some delicacy
and hoped, both that the meeting will give them
careful attention, and that any suggestions for
their improvement would be cheerfully received:
WHEREAS, The Mississippi river is the great
natural outlet for the grain OF the NORTHWEST, and
as the great grain producing districts are desirous
Of facilities for handling their surplus, and are
making earnest shorts to develop the bulk grain
trade Of the Mississippi river, and Wish our CO.
operation in making this the permanent route to
Eastern and European markets, and ss We deem 1t
of vast importance to all branches OF cur trade
ard commerce to encourage and sustain au busi'
ness coming to our port, whether for ssie OF for.
wsrding, and as the establishment Of this trade Is
invaluable to the merchants. bankers, under.
writers, ship-owners and real estate owners, as
well ss the city itself, and,
WHEREAS, While there are orders constantly
here for grain that will enable the producer to
realize prices fsvorably competing with other
markets, the fact that the grain does not come
here presents cause for profound thought and en-
erRetic action, and
WHEREAS, The causes which have heretofore
prevented the development OF this trade, have
been those incident TO q new business, and be-
lieving that regular and constant supplies of
grain will bring TO this port cheap and suitable
tonnage, and that this movement will have
achieved thorough and lasting success only
when there Is q sufficient stock OF grain here to
guarantee our ability at ell times to fill all orders
for purchase or shipment; therefore be IL
ResolUed, That we extend our cordial support
to all movements made to turn the grain trade 10
this direction, and that we fully appreciate the
earnest efforts now being made IN St. Louis and
the Northwest to establish this route for all time,
and that we are equally in earnest and that our
efforts will be constant and persistent until the
object Is accomplished.
Resolced, That On association be formed under
the laws Of this State called the Protective
Grain Association" with capital stock not ex-
ceediDg 5000, 900. with q board of directors, who
shall be elected BY the stockholders as soon as
$4,000 shall have been subscribed.
Resolred That the object of the association
shall be TO facilitate the grain trade and encourage
COMMANDMENTS, aI0 prOtcCt bulppcIs buu oHhois Va
grain against violent and sudden depressions IN
vslues and the funds Of the association shall be
ued in such manner as in the Judgment OF the
directors will best accomplish the desired object
The subscriptions to stock TO be called In as the
necessities of the association may require.
ResolUed. That when the prscticsbllity Of th's
route is fully established, the association shall be
dissolved and the funds returned to the stock
holders.
Resolred, That committee Of three be ap
pointed to prepare charter for the proposed as
sociation, and 70 Correspond with partie;
moving in this business in the West, and also two
committees OF three each TO solicit subscription
10 the stock by the citizens Of New Orleans.
fsisssds ---------''S 'S411s q =. sIAxEarx,
(Signed) JAMES TUCKER,
(Signed) JOSEPH WEST,
(Signed) WALKER M. PHILLIPS.
Mr.. Smith moved that the report be received
Carried.
The president then announced that the resolu
tions were before the meeting for adoption.
Mr.. Sturgis asked IL gentlemen subscribing
for the stock would become liable, In case o
the failure Of the company sfor more than their pr
fsta hare of sock owned by them.
Mr.Phillips said that st. Louis was only q loca
market; that.a large supply Of grain weuld over
burden thersmsrket and cause depression in th,
price ) that > company hac been started ther
with capital Of $500 900, so that when the suppl.
was over 1t could be. shipped hither. He hopet
that the people OF New Orleans would be in care
est, and subscribe the amount called for,; that q
the present time there twas an advantage of tel
cents per bushel in grain shipped from here owe
that shipped from an Eastern market; that Il
trade is sent here tonnage would be sure to come
Mr.. Summers, Of the Crescent City Bank, sait
that be was not q member of the chamber yet
as banker he was interested in this movement
and stated that law was passed last summe
legalizing loans made on warehouse receipts, ant
that the bank he represented would do al it coult
and would lend on such receiptsn the market wa
bad or depressed.
Mr.. Tucker was satisfied that the only thing TO
Us to do was to be in earnest. Show the people
Of the West that we could handle their grain snt
1t would be sure to come.
Mr.. Oglesby, in q feH remarks called the atten-
tion of the meeting to another feature in this
trade, Mr.. Highly had built an elevator at q cost o.
s24S O00 of which $l99 900 were his own private
fuEds. When he started this enterprise he was
led to believe that be would only be required tt
advance 100000, but that citizens would sub
scribe the balance but in consequence Of the
general depression OF business the subscription
! had not been filed and he had been compelled to
complete the work with his own private means
He thought there could be no better investment
of the funds collected than to purchase the Ele
vator Company stock and with the surplus pur.
chase grain; it would be something in tangible
thspe-something that could be seen. Here was
an elevator, the largest but one in America. Mr..
Highly was now in the West, working for the in
terest Of this community, and be hoped the msr-
chants here would help him.
Gen. Cyrus Busy said that no question Of SO
much importance had ever come to the attention
of the people Of this city. The people of st. Louis
are doing more for our benefit than we are doing
for ourselves. Nothing could or would be done
until fund is created. As this s q natural cotton
market. so, by sccumulating grain here. we could
make II natural grain market, and ships would
quickly come for it. What If the bar is an OBJ
stacle? There are plenty of ways to flank it, and
not by the Ship Island Canal at that. bat by
another one below the city, called the Mississippi
and Mexican Gulf Ship Canal, which would
only require to be cut the short distance
Of two and q half miles. The whole
Western trade would thus find its way
tbrough the city and not cotton and grain only.
New Orleans could then compete with the North.
West In furnishing pine lumber. etc., by drawing
her supplies direct from the piney in Mis-.
sissipPi. he hoped every one would 90 to work,