The New York herald., 1877-03-03
A NEW PRODUCE EXCHANGE.

REPORT OF THE SPECIAL COMMITTEE ON THE
sUBJEcr-LocArroN AND EsrIMATEs-A VOTE
TO BE TAKEN ON FRIDAY.
Grain other dealers ransacting business on the
Produce Exchange ha long since found that the ac-
commodatons in the building Pearl street were oy
no means sufficient, and at meeting OF the Board OF
Managers yesterday the report OF tho special commit
tee to whom tho subject OF buildings new Exchange
was referred was given. IL states that the present
quarters are entirely too limited, the ventilation the
worst known, which aione ought TO induce MEMBERS
they value their lives and health, to favor the erec
tiou OF and better constructed building, free
from the radical and vital defects that inherent IN
the present structure.
Tho advantages new building onrors, according to
tho report, arc:-1 Ample accommodation for all
Glasses Of business on the same loor. 2 good hall
for general meetings of tho Exchange suitable rooms
for the Board OF Managers, for Arbitration Court
and for tho general trado committees; commodious
reading room, with well appointed commercial
library, and ante-rooms for tho reception OF Visitors
for conducting correspondence, and for making APP
pointments during and alter Change hours D. The
assurance for all these departments OF abundant leh
good air. and tho best appliances for heating and VEN
tilaton that skill and science can furnish l. All tho
arrangements that experience suggest for render
ing the Produce Exchange tho commercial ccntrc OF
the metropolis, ana so OF tho whole country.
plot OF ground covering so much space as would
De required LOT our purposes, say inc committee,
would enable us, besides providing amply for own
wants, TO arrange for having, under one roo BANKS
insurance companies. exchange offices. shipDrokers,
expresses, railroad and freight agencies, post oicc
facilities, warchonsemcn, ghtcrmen. elevator pro-
prieors safe deposit company, and whatever else is
needed Tor conducting and expcd'ting business The
ronts arising from these would go tar toward paying
the interest on the inv vestment.
The building should be erected In the neighbor-
hood OF Wall street. and the expenses proposed TO be
incurred are estimated by the committee as folows
For site $500 900; to erect building $500 OO0 total
{ n may nj m n n n q
ing present Exchange, $1,000 issue bonds, TO run
ten years at six per cent interest," 100000 The dis
ship thus estimated :-Expcnses of carrying on
present Exchange, S60 O00 less taxes insurance and
ing, say O00 add for taxes and insurance. $50 ooo
interest on bonds, s3oooo; total. $ll0, 900.
Income, 2, 500 members, At $50 each, $i25 GOO:
rent OF Offices, $50 000 rent from stands, &C, $40 600
total, sl65,000 TO credit OF SINKING fund, $4,000
Credit rst hvo years. $o75, 900; add for
ing OF interest, Sl6500; total $2ol, 800 Credit next
five years from rent at $4,000 year. $780, 900;
come from MEMBERS stands and saving OF interest at
s2s, 600 net, $4o 900; total, ss4oooo grand total,
and balance in treasury, $131, 500.
Tho committee conclude as iollows:-
from the fact that within five member
ship has at an annual average cost q" ess than 30 an
tered this building a. aggregate expense Of $500 oo
Sonds Of g. or including these Of At east 10000
ssrsSssss: si ossshis. shown rom
stance that certificates are worth today fully twenty per
Signcd-E. Il. LIv ERMORE, s. 4. SAWYER, B. w.
FLOYD, JOHN ID. MA1RS GUSTAV SCHWAB.
In with this report the following rcsolu-
tion has been adopted by tho Board OF Managers and
posted on the bulletin board:-
Resolved That the question of taking
Exchange building be submitted u by lot Of
tho members of the New York Produce Exchange the
23d day Of March, 1877 follows the Board Managers
OF the Produce Exchange shall be authorized and
cred to take such at their dcreon they
decm hest TO so and thereon suit
able building having enerces and accommodations
the increased needs OF the Exchange For this
purpose they further dispose the
ises occupied by the kxchange to appropriate
plus funds, and to issue bonds exceed
$5OO.UOO.
Resolved That in accordance with section - Of the
laws. twenty days notice of such be given.
Signed by the Board OF Managers.
A vote by ballot will be taken Friday, March o.
1871 at which the above question will be submitted
Tho polls will be open from eleven A. n. until three
p NJ