New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-14
NEW ORLEANS TUESDAY NOVEMBER H. 1871 ga@ @Sa
OPENING OF THE COTTON EXCHANGE

OPENING OF THE COTTON EXCHANGE
The New Location lnausuFated.
About nine months since . party Of en-
terprising gentlemen in the cotton trade O
this city, or connected with it, in liberia
spirit conceived and carried out the idea o.
IN exchange formed upon similar basi,
with institutions of ike character and
4 object in New York and Liverpool, where
news, views and prices Of cotton, as well
- quotations Of money, foreign ard do
mestic exchange and breadstuffs might be
interchanged and made matter of refer.
ence and record. The failure Of mer.
chants exchange on the Chicago basis, az
well ~ many other projects Of like char
acter, possessed no Encouragement. Active
and cooperative measures were set at work,
list Of subscribers WAS obtained. build
ing rented. plan formed, and tho Cotton
Exchange first went into operation corner
Of Gravier and Carondelet streets. The use
OF such corporation was at once felt, but
when in full operation it was then
appreciated, and it was soon deter
mined to find out another location, enlarge
the scope and fix upon thorough system Of
obtaining and conveying information to all
quarters Of the commercial world. Rooms
in tho substantial structure on Gravier, be-
tween Carondelet and Baronne streets, were
settled upon, and what begun in an expert
ment developed into fact.
In the new Exchange, Q system of tele-
graphic communication was begun, giving
hourly reports Of markets from all points,
and operators were in attendance at all
hours to transmit or receive the proper mes
sages. One of these instruments was of the
new pattern, where tho messages were
spelled out in Saxon before the eye, 80 that
he who stod by could read.
The ceremony of opening Was then in tact
but the consummation-the GROWING stRoks
which should perfect the mechanism, launch
the boat, and set its machinery to work in
the ss0eairsetiaa that other great Nostha1-
and Western cities have been following for
years.
The management decided the opening
should consist Of as much rejoicing ~ could
be obtained between the hours of twelve
and three O'Clock, on Monday, the thir-
teenfh Of November, 1871. ,-,r1 1870
The invited guests found themselves in q
largo room upon the lower floor of the build
ing, rising toward the clouds four stories.
and finging its afternoon shadow from street
to street. Handsomely designed, the hall
lighted by large windows, with arched tops,
reaching from floor to ceiling, with splendid
plate glass front doors set in carved wal
nut frame, and the ordinary business rail-
ings dividing of secretaries. reporters and
operators at their desks. The first impress
sion was one of solidity, united with adapta-
bility. An imposing rostrum, constructed
Of the handsomest walnut. rose At the end
opposite the entrance, and bulletin boards |
that swung in carved frames appropriately |
formed - back ground. while the con. |
spicuOus board, on which were tabulated 1
all the intelligence of cotton for months.
stood conspicuOusly in full view Of the inn
Mense congregation that, representing the
strength and means of the
metropolis Of the South, had gathered
from all parts of the city by noon time.
As matter of custom, all such events
and cOmmencements must be inaugurated
by . lunch. compromise on the English
Inner by which ali things commercial and
political are begun and ended. The spa ce
EFT beside the apparatus of the corporation
vas filed with long tables, upon which
liquors and solids stood ready a. holo-
aust.
The e, ceremonies were opened BY the presi.
lent, Mr.. Summers. His succinct and we'll
delivered history Of the Cotton Exchange.
with allusiOns to our own com
nerce and future prospects, was met during
cs progress with hearty appreciation. as
much tribute to the high character of the
Pokesman as to the weight of the express
ions rendered or the popularity Of the I
Among others who followed this break.
:yrus Buseey, Thomas A. Adams, H. T.
lester, MarshallJ. Smith. and ]. B. Patter- ,
On, all of whose utterances were properly
ouched in . pratical strain, and, In short.
meant business"
During the discussion of the lunch, toasts {
the bar. the cotton trade, and tho press {
ere warmly given and heartily met.
lessrs. Dinnies and Burwell responding to
le press. When the wine began to dow
nd tongues to loosen, the scene became one /
great animation, but before closing of =
nsfnees all remains of the feast were
cared away, and nothing was heard but
le silent click Of the telegraph or the con-
DreanOn OF commercial men on matters of | r
nsiness.
The Excha1ge now numbers two hun.
ed and fifty members, and embraces the t
ajority of cotton factors, brokers and mer. l
'ants in the city, besides others from the 8
'OfessiOn of finance. I
In setting this new enterprise upon more u
'during basis New Orleans has added one g
o-e point to the argument going to show ::
e city of the valley outlet is not to be II
Orn of her power and prominence by her
eat commercial rivals; for where We can a
It surmOunt we may at least emulate.
AMUSEM RNTS. o