The Portland daily press., 1877-03-31
PORTLAND's CONDITION.
Fourteenth Annual Meeting of the Mar
chants Exchange.-Histery Of the Ex-
change.-Remarks of Business Men.

o'clock at the rooms on Exchange street. M.
N. hich, the President of the Board of Trade
called the meeting to order and while waiting
ior the arrival of some members read the fol
lowing sketch of the Exchange:
Gentlemen-Having met together for the
purposeOf taking counsel to promote the busi-
ness interests of our City on this, the 14th an.
nlversary of the Merchants Exchange, it may
not be out OF place to briefly revert to the past
| history OF so Important an auxiliary as the Elk
change has been to the business interests Of
Portland
The first meeting, to make preliminary ar.
engagements for the present organization was
held at the residence of the late Hon. Jedediat
Jewett, in the winter of 1863 and GA the goth
OF March, 1868, subscription book was open.
ed. On the Both OF the same month a room
was opened in the building formerly occupying
the present site, and for many years previous
known as Patterns auction and commiss on
house, with comfortable Board of Trade room
in the rear.
Mr.. Jewetf, who was chairman of commit
tee on the formation aud opening of the Ex-
change, conceived the idea of having no news
papers on file, but that all the news should be
| placed on large blackboard occupying a high
place against the wall, and that the room
should be open to the public for one hour per
day, from eleven to twelve o'clock, when the
| audience should be "rung ont" by a Chinese
| gong or large bell, and the room be thereafter
thought, would be the most effectual for insur-
| ing prompt and full attendance of business
men every day, thereby facilitating the sale aud
exchange of all kinds of commodities, for
| which sample tables had been prepared. But
the irregularity of the dispatches concerning
| military movements, and the fluctuations of the
gold market soon compelled the abandonment
OF this programme, and the room was kept
| open not only all day, but was often crowded
| on Sunday by eager and anxious throngs DUR
L most AF
Mr.. Jewett.s plan of excluding newspapers
was gradually encroached upon, first by ad-
hitting stand for file of each of the Price
Currents IN the leading cities, and then gradu-
ally other newspapers were suggested by the
subscribers.
The new Exchange was very successfully
dedicated, with membership of 200 subscrib-
ers, and the increase of its members was so
great that it was soon found necessary to re
move the Board of Trade room from this to
the hoor above The first telegram placed
upon the bulletin of the new Exchange read as
follows:
"New York, IL Is a. m. Gold opened at
156.'
Other dispatches followed in rapid success
sion, and great enthusiasm was manifested
throughout the day. The accessions for the
next two weeks carried the membership up to
40. and its increase thereafter was steady
roll
In the great fire of 1866 the building was
swept away, ard all the property of the Ex-
change destroyed except its records But in the
course OF month quarters were engaged of the
late Mr.. ID. L. Chase, at No 2 Long Wharf,
and a temporary room furnished in rather a
rustic manner But what these quarters lacked
IN style and finish, was fully compensated by
the extraordinary facilities afforded for fishing.
March II, 1867, the Exchange was removed
from Long Wharf to the second story of the
new building on the eastern side of Exchange,
corner OF Fore street. There were then $40
members. This room afforded very neat and
comfortable quarters for the Exchange, and the
BOARD OF Trade was accommodated IN the adj
Joining room. January 49, 1867, the Exchange
completed the circuit by returning to these
rooms with 319 members
1t might be Interesting to revert to some of
the liberal subscriptions of money made 10
these rooms during the war. Those for the re-
lief of East Tennessee, for the camp hospitals,
TOR the sanitary commission, on account of the
great tire at Wiscasset, for the Bohemian Suf-
ferers, and for the relief of Savannah, aggre-
gated more than thirty thousand dollars in
cash, within i've years, for charitable purposes
alone.
An act to incorporate the Merchants Ex-
charge was passed in 1867, with view of BUR
chasing the land and erecting an Exchange
building on the then vacant lot at the corner of
Exchange and Milk streets. for which $4,000
was actually subscribed, but the general depres-
slon OF business which Immediately set in at
that time, checked any further efforts by the
committee
The original list Of subscribers to the Mer
chants Exchange, which is exhibited at this
time, shows that nearly one half have passed
away; 90 prominent business men gone from
our daily walks within the last fifteen years.
Hon: George W. Woodman was elected chair
man of the meeting.
Mr.. G. Hersey presented resolution re-
questing Mr. M. N. Rich to resame the publ
cation of the Portland Price Current, weekly
paper.
Mr.. Ring, the Superintendent of the Ex-
change, presented his annual report, which was
accepted. 1t is as 1ollows
The Merchants Exchange numbers at the
present time 213 members against 226 the pre-
vious year, slight decrease in membership
Four members have died during the year James
freeman, Andrew Spring, Martin Gore and
Johu True.
The total amount collected from assessments
was $l697, and the collections the previous year
were $lS51, decrease of 1854 this year. The
usual number of papers have been kept on file
in the Exchange room. Our telegraphic re-
ports furnished by the Western Union Tele-
graph Company have been received promptly,
and have been unusually full. We are.under
obligations to Supt Bedlow of that line, for
furnlshipg us with many Geographic items of
interest which could not have been obtained
through the regular exchanges. Extra western
grain markets have been added to the tee-
Siuplio LCpOItS, duu We are HOW III O3lly r6-
ceipt of all the markets and other reports of in
terest
The following were elected managers for the
ensuing year: M. N. Rich, W. W. Thomas,
William Allen, Jr., a. f. Kurdish and Charles
W. Ford.
This closed The regular business of the meet
ng. The meeting of merchants which had
been called to talk over the business of Port
land was then called to order by Mr.. Wood
man, who made few remarks. He thought
that the Railroad Commission had spoken
rather too plainly in their report concerning our
municipal indebtedness. The effect of this
report has been bad outside of the city. Capt.
talists think that we are loaded down with
debt even worse than we are and refuse to
come here to do business Our taxes are not
to be increased. and our sinking funds will
wipe out all our debts. He did rot believe in
selling our railroads Railroads develop
country and bring it capital. Business depres-
sion and shrinkage of values have reached low
water mark, and business will come into the
city with the turn of the tide.
Mr.. 7. c. Hersey thought that Portland was
not the only city that was feeling the effect of
the general depression in business. Other
cities were in like circumstances During the
last year 200 railroads in this country failed to
pay the interest on their bonds so the Portland
& Ogdensburg and Portland & Rochester were
not alone in their misfortune He thought
more railroads had been built than could be
supported and their failure hit the iron interest
which in turn touched nearly every other in
terest. Portland should not give up her inter-
est in the railroads just as they are ready to
bear fruit. We have lived through similar
discouragements-that of the 81. Lawrence
road-and he believed we shall survive this.
He wanted to see first class funeral with
Gen. Croaker as the corpse.
Hon. Israel Washburn said he was not
merchant or manufacturer, but he was in
terested in the welfare of the city. We have
gone through great business depression, but
we have been really better off than other cities;
our trade has steadily increased because we
have stretched out our arms and conquered new
areas where our business pc ople were formerly
strangers. We are getting to new departure
when we are going ahead all over the world,