The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-07
prpoRT IF BOARD OF DIRECTORS
MERCHANTS EXCHANGE.

To the Members Of the Merchants hAchanse
Gents-You are now convened in what may
Ia ooiled our first annual meeting. by lne
oonstitntion 1t is made our duty to present
renort of the work and progress OF the En-.
change in promoting the genera Interests ~ y,
thot mart of our commercial community ny
whom it was originated.
C,Ilad together in July, 1874, to devise 4
nlan for the permanent establishments VI ~
Exchange, the preliminary WORK was oon.
mitted to an Executive Commlltee' "no 70
norted their progress from time 10 1im. 81
~ ths h Of October, 1874, an election u
officers was held and perplanssn ,ta o' peasant
tion tffected by the election OF 'he pi1sen.
incum bens, who, uhoer Jul A"
to yacate their offices. .ooo
The Board of Officers taxing ac.ion d. 80
oroanized and adopted rules tor lts own CIV
eminent. that of the Exchange anu us non
hayship. Committees of arbitration anu az
No lie we're amounted, special committees "
prepare rules Tor the government VI 'no
IN Grain. flour and provisions were appoin.oa:'
and an earnest effort made 10 secure ~ -
formity and system in our tfansac'1ons ~
these important commodities. we nao nopoS
of the Incorporation OF the sugar ano 80
trade by their appropriate coAuni' T.aah
rnles. but in this effort we failed through
differences of opinion, the grain ana pro'ls'
ion committees were not able to aggree upon
the complex questions of interests oet"eeh
hnver and seller and their efforts 1alieo W
systematic those departments.
The Committee on Flour, however, sue
mitted their rules for that department, Whlch
we're accepted by the Board, and now consul
tute the rules for the guidance OF that 1raoe'
An elaborate system of receipts ana snip
ments OF all the leading articles emoraceu III
the Western and interior trade OF our clIy' LAS
been kept up, and can be Appealed 10 as
fuller and more perfect record 'ntn any noie
tofore kept, and, if continued, Will become
valuable source of information upon the ques-
r;ons of fluctuations, and new or changing
channels of trade to or from our city.
Our Telegraphic Signal Service, marine ana
steamboat reports railroad, newspaper ano
prices current department, were cafeiuiiy VI
ganized. and have been at your service, ana
are, we trust, fully appreciated.
Tn the organic ltlon it was to have been ex-
pected that errors would occur Inc Doara'
animated by zeal that seemed Jusnned py
the general in crest manifested IN the success
of our enterprise, entered upon the dulles OF
their office determined to make 1t a success
ful and permanent Exchange. The expendl-
ture necessary to make the institution vaiua-
BILE seemed easily within the capacity ana
accorded with the wishes Of the mercantile
community they represented. In,l his ytu r
board was mistaken, the income from all
sources not meeting our monthly expenses,
caused in great degree by the contracted
volume of business of our city, and failure
to respond to the support of the Exchange by
large portion of our merchants.
At a meeting of the members, held May O.
1875, a Committee on Retrenchment was
raised, who reported back to the board May
I . larC pnt.
tue board adopted, and at once proceeded to
execute
On the 2lst June, NJ. Samuel Mullen. the
yery efficient Secretary to whom the EX-
change is largely indebted for the organiza-
ton and system with which the service OF the
Exchange was carried on, resigned, and MIR.
Harry S. Marks was promoted to the position
of Acting Secretary.
By the contributions made by monthly sub
scrptions, the service of the Exchange and
| is usefulness was maintained through the
summer at a very moderate expenditure.
On the 17lh of August at meeting OF
members held to consider the plan for the
continuance of the Exchange for the ensuing
wear, it Was resolved to secure enough sub
| scribers at $50 per annum to meet the ex-
penses. This work was committed to spe-
cal committee, who, after canvass, recon-.
mended that they be authorized to solicit
subscriptions at S120 per annum, payable
quarterly in advance. After full considera-
ton of the probable effect this measure would
have in excluding irom its benefits many
merchants who could not afford the outlay for
the limited benefits received, it was deemed
best to give the committee the power. The
result of their efforts has been to secure
enough members to place the Exchange in a
safe financial position for the year ending
October l, 1876 as will appear by the Treasu-
rers report
Your Board of Directors regret the absence
/ of transactions on the floor OF the Exchange,
the want of rules governing transactions in
provision and grain, the neglect of daily
assembly of merchants for an hour to give
vitality 10 the Exchange and make its power
felt in the commerce of our city. But We
have the satisfaction to know that most of OH
merchants, banks and insurance companit s
feel an interest in our permanence, and are
willing to cooperate in securing the present
and increasing the future benefits OF the Ex-
change as an organIz ation that will yet. to a
| large degree, guide the Gestines OF our great
and Increasing inland commerce.
Thanking the members for the courtesy all
times shown them, your retiring d rectors
tender their hearty cooperation IL securing a
bright and useful future to the Merchants
Exchange of New Orleans.
On behalf of the Directors.
w. G. RAYMOND, President
| New Orleans, Dec. g. 1875.