The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-28


A FULL EXPRESSION or THE MEMBERS IN ~
sEMDLY-GRowING OPPOSITION TO NEW
BUILDING.
on the I'd inst the Board Of Managers made repors
10 members OF the Produce Exchange on tho qucs-
hon submitted to them by special COMMITTEES. 20
whom was referred the subject OF ascertanins the
feasibility Of erecting exchange for the accom-
mediation ofihe growing trade IN this city. Tho full
report appeared the time In these columns and The
President, in accordance with the bylaws which re-
CURED twcnty.onc days notice beng given, when
vote OF the members was required, had bull.
letin posted. calling tor . ballot on the
23d ns' decide in favor against tho project In
the meantime a great deal Of opposition developed
against The project OF building. and the 800
members wanted a voice 10 tho proceedings beyond
the routine OF depositing tickle: with "Yes OF
$40" printed thereon. A petition, signed by the
requisite scventy-nve members demanded OF Prcsi.
dent srrk the converting OF the members OF the
Produce Exchange any time be might select, and N
obedience 10 TINS dctum the taking OF tho ballot on
the Esd INST postponed indefinitely and meeting
OF the Exchange called for yesterday morning, al
eleven o'clock
A DISCUSSION.
The meeting held on tho ground floor. In front Of
the Presidents desk, ana largely attended. ~
the appolnt ted about 600 members present,
and the President, MI L. l. n. Stark raped Tor
order The call Tor the meeting was read aud tho pro.
siding officer added tue project OF holding this public
meeting where every member could express his opinon
freely had with the cordial approval OF the Board
OF Managers Mr.. Hazeitine presented tho following
resolution
the Managers IN submitting to tbs xchnngc the
@ ls Sss ana ,rssr with s p
posed tho sSroas fund Tor hat purpose ard
Y. Tor s syas The Proposed % ma no ess pro-
ooooo also the building shall be located
slow Wal street and that no additional power to ins,ssse
Aers and The Board Of Managers are respectfully requested
IL proceed with the proposed vote At cary any
Sir Hazetnc made a short speech in advocacy OF hts
resolution ana the erection OF q now building Nj
W. Il Preston said that u was conceded that more
en-, Exchange afforded we're needed Hc Thought
however, that the action OF the Board OF Managers
could not be approved without considering the qucs.
ton OF money Plans Tor altering tho present build
had been prepared by different architects showing
square feet. and nifty por cent Of working room
Tor members. Ne then condemned tho move
sn said wus roueh aou, by wMv 81
Members had bought seats Tor the sake OF MAKING
money Tor their children. Seats were now IN She
market Tor sale snd $3.50 was tho highest price that
could DO obtained. IN place OF So,0 and $1,000
number OF members had also withdrawn men from
the Exchange, and II was wrong TO suppose that
larger number OF mon would belong 10 tho Exchange.
He thought no debt should be incurred during such
times tho present, but That the dues should be de-
creased II the building could be put up without being
burden to .he members then he would not object;
but when the members were TO be taxed by heavy
burden Of 81, 900, 900 he certainly should.
Nr Hazeltine followed his speaker IN behalf OF tho
Managers whose action he defended He contondcd
that The present building was tho cause OF many deaths
on account OF the bad ventilation and foul air.
Mr. j. H. Herrick advocated new building, and
thought that such measure was highly necessary.
He objected any increase, however, OF ts assess
ments and also TO any patch work beng performed ON
the present building f proper building was put up,
giving large number OF offices for tho use Of mem
bers he thought tho new building would DO paying
Mr. II. J. Smith said the present Exchange Ike
our pcniten tiarics, small 10 hold tho inmates
tIaugnter) As our commerce was growing SO must
our facilities TO accommodate It.
Mr. Cole offered anne ndmcnt providing for q CON-
mttee OF three members To cooperate with the
Board OF Managers The purchase OF q site and tho
erection of a building.
Mr. Harrison opposed tho building PROJECT at present
and offered substitute for tho motion and amend
resolution providing that vote DO taken three
weeks from to-day. by ballot the question as origE
nally proposed by the Board OF Managers.
THIS adopted aud the meeting, which mad lasted
nearly two hours, adjourned.
IL Is thought by those wc informed on Change that
on q tho project will DO defeated By large
majority. as the majority Of the members are In no
MOOD this depressed time IN business to undertake
job involving the outlay OF 81 900 0o0. especially will
prove hard task 10 secure eligible sito Tor an cx
rha