The New York herald., 1875-09-25
THE PRODUCE EXCHANGE.
DESCRIPTION OF THE BUnpNG-rHR WORK
DONE THERE-THE FEELING ABOUT THE CUR

RENCY
The Board of Managers OF the above body met yes
terday TO transact the ordinary routine business The
following names came up for election to membership
and they were elected members OF the organi-
zation;-G. e Boyer, @. A. Burt, James Carmichael,
Asa p Cassidy W. IL Donaldson, ]. Holzderber, f.
Johnson, T. w. Leonard John MeryIees Warren r.
Miles, VIM Pyott, Simon Uhlmann, A. Wendt
AS the fall season opens the Produce Exchange be-
gins to put a lively appearance A great num-
Der OF merchants have returned town after
spent by the seaside in the mountains at Of
the numerous watering places scattered throughout
The country They come back with renewed vgor
to the contest and the speculative in the mar
ket is thereby largely increased To an outsider who
enters the building from the Moore street or
WHITEHALL
entrance the busy part Of the day. about o'clock
the scene is bewidering and perplexing in
the extreme. 1t resembles the commoton
that takes place in an ants nest on the
invasion of destructive insect Men are
huryng from part of the building to another as if
attempting TO escape from unseen foe continually
pursuing them. Every now and then pausing and
shaking hands with neghbor, just the little ants
touch their antenn@ when they meet member will
ask OF another, What can you do about that p, or
"What do you think OF thatY" '"That'' seems to be
the chief topic Of on the noor At times
the noise and confusion fully equal those Of ordinary
days on the Stock Exchange They have recently
erected on the lower floor the Pearl street side
large iron ring around which the pork spectators con-
gregatc, and which the same purpose as the
fountain in the Gold Room The Office OF The Western
Union Telegraph Company occupies one corner OF this
side of the room and that Of the Atlantic and Pacific
the other. From here men bers can communicate di
recty with the dealers the ioor Of the Produce Ex
change in Chicago. Many
TRANSACTIONS
are thus daily accomplished by means of these direct
wires On both sides of each entrance small space is
rallied of for visitors and messengers tablet of
marble built into the west wall of the building is in
scribed with the of the first trustees in zool
when the Produce Exchange was in process OF con-
struction. Most of these gentlemen hare long since
closed their useful and honorable lives. On the oppo-
site side Of the from this abet are the provision
men and butter and cheese dealers The southeast
corner is reserved to dealers in petroleum and naval
stores Against this wall is suspended large brass
medallion of william NJ Evarts presented to the Ex-
change by Of his friends. Mr. Evars elected
an honorary member of the association for the ability
which he displayed in appearing before the Legislature
Of this State behalf of the claims Of commerce
against the Canal Funding bill-an affair which created
considerable excitement among the merchants of this
city years since The useful city directories
gazetteers, aliases and dictionaries kept small
but tasteful black walnut this side The Water
street side occupied by the pork and provision pack
ers hog dealers and provision buyers and spectators.
Opposite to them is the lard table, the only table
this floor. Around this collect
THE DEALERS
In lard soap, grease and OIL The table is used for
President, Superintendent, Cashier and clerks On
the wall, end of this desk, is full length
portrait OF Mr. Abram s. jewell, ex-President of the
Exchange, of The firm of Jewell Harrison Co. It Is
curious coincidence that the day of his election
the Presidency of The Produce Exchange his partner
Mr. Harrison, elected to the Office in the
Cotton Exchange. Two busts adorn either end Of the
Superinendent's desk. The the right that of
Mr N t. Hubbard, one OF the Oldest members of the
Exchange, called the Napoleon of the Provision
Trade " He died months since aged ninety years.
The other bust is that of Mr.. Banks also deceased
Opposite each the grand the
upper floor On side is box for letters, which is
empted every hour mail bag for Western letters
which is taken up the Post Office every day at
twenty five minutes to four p. NJ, in time for the
through mail. Two-thirds Of the upper floor is
cred with tables for the samples offered by the members
of their goods This floor is occupied by the grain and
-four merchants The -four tables run all along the
the west side Next TO these, Pearl street. the
corn, oats feed and barley tables. The highwnes
dealers do not sell by sample, and therefore have
table They collect around the northeast corner.
BULLETINS
OF the state OF the markets in Chicago and London the
marine news ana the amount OF grain IN store are
attached to the pillars and walls OF the building There
also two gold indicators, one for each floor,
and several Stock Exchange indicators. large
map OF the Erie, OswegO and Champain canals
drawn by assistant OF of the professors at
Princeton University, is hung the east side of the
building for the Of reference by the
chants in of any break the canal other
dent to boats coming down. The basement contains a
and umbrella and reading ROOM where many
Of the commercial papers from all parts of the world
kept file. There also preserved this floor
number of law books and other volumes the donation
OF Hon. E. C. Benedict, late State Senator, and
plete shipping list presented by Colgate & Co.
Standard committees annually elected by the
members Of the Exchange TO consider the following
ubecs:-Finance, rooms and fixtures, law, Floor Com
mittee, trade, information and statistics Arbitration
Committee and Complaint Committee. The latter is
changed every month"; so that each member OF the
board serves upon II in his turn. The trade COM
mittees are:-Grain Flour Inspection, Provision
Inspection, Lard, Naval Stores Distilled Spirits and
Petroleum. Special committees also appointed
occasion requires The amount of work done may be
gathered from the fact that during the past year there
have been 673 meetings of the different committees.
The decisions Arbitration Committee have the
force those of the New York State Supreme Court
The only penalty that can be inflicted according to the
rules of the institution for dshonorabe conduct among
its members is the posting of~their names the bull
letns and their expulsion from the floor Of the Ex-
change
The number of votes polled at the last election
1036 The total number of members is 469, and they
continually gaining strength in numbers In fact
the present building is not half large enough to meet
the actual wants of the Exchange AT No. 3S Pearl
they have already been obliged 10 hire
since the st of Mayone the first story for the Board
ofManagers the other the ground floor for the meetings
OF committees From the constant increase Of member
ships and other large surplus fund has been
created This fund is valued at 1915 76S A. partly
invested in United States bonds and partly in New
York city bonds In 1873 agitation raised by
OF the merchants for the purpose of having this sum
divided among the members A meeting was called
and the proposition voted down by very large
majority. They decided that the money should be
allowed to accumulate until an amount could be raised
sufficient to defray the expenses OF the erection of
building 1t for this purpose that the fund
originally created and toward this end the men,
bers steadily progressing. This determination is
well expressed in the closing words ofthe address of the
President, Franklin Edison, to the members on the oc-
cason of their annual dinner, May IA 1S74:-'When
we point to you Merchants Exchange worthy of
the commercial metropolis of our country worthy of
the age in which live; worthy of the constituency
we represent-viZ, the merchants of Amerca-then,
and not until then, will highest aim have been
compshed."
PRINCIPLES MEMBERS.
II alone the dull and precise routine of bus-
have distinguished themselves