The New York herald., 1878-11-23
PRODUCE EXCHANGE.
ADDRESS OF PRESIDENT EDISON BEFORE THE
COMMITTEE APPOINTED TO SELECT SITE FOR

ADDRESS OF PRESIDENT EDISON BEFORE THE
COMMITTEE APPOINTED TO SELECT SITE FOR
THE NEW BUILDING
The Board of Managers of the Produce Exchange
adopted . resolution the 18th of september
authorizing President Franklin Edison to appoint if
teen members. not members of the Board, an Ad-
vsory Committee to meet with that body for the pur
pose Of building Exchange the present being
deemed insufficient for the rapidly increasing bust.
nc-s. Tho following gentlemen were appointed
such committee: IL j. N. Stark, Chairman; David
Dows. William A. Cole, William II. Power, T..
X. Lvermore L. H. Ballantine. Edward Hinck-
en-. Samuel Colgate. John IL. Pool, Munroe
Crane, Frederick sherwood S. s. CARL, John
7. Townsend, Charles Spear. and Charles
Pratt. Yesterday the committee met with the Board
OF Managers. and informed by President Edison
that they were invited to consider with the Board
questions touching the present position of the Ex-
change its probable wants in tho future and to
assist the Board in increasing the usefulness and still
substantially insuring the prosperity the in
stituton.
President Edison continued as follows The Ex-
change Is free from debt OF every nature. We own
the building in which daily sessions are held. for
which we originally paid s265, 900. and upon which
have expended. from first to last. about S35 900
in improvements. aside from necessary repairs.
We have in the treasury fund of $i42,213,
not including the amount applicable to the
payment of the general expenses of the institution.
We have 2,i6S memberships outstanding. each men,
Der holding certificate OF membership. Tho or-
gina average cost of such membership is about $500
The assessment upon each member for the purpose Of
paying the expenses OF the institution during the
present year is SlS therefore the cost to each mem
bcr reckoning per interest upon the aver
auec M IN ur)pra pr
about eleven cents per day
TRADES REPRESENTED.
The principal branches ~ trade represented on one
pork. lard bacon, taow, oils, petroleum. naval
stores, hay, butter cheese. high vines alcohol oil
cake salt the carrying trade-occan and internal
foreign exchange and Insurance Here are gathered
daily from twelve hundred a. fifteen hundred mer-
chants and their clerks representing every important
point In the United States and dealing with every
port in the world that receives our produce.
SCARCITY ROOM.
For the accommodation OF the great thronu of busy
merchants we have merely two broad floors. We
have no room in the present building in which to
gather members for public meeting Of any kind.
nor any rooms wherein the Board OF Managers and
the various committees can hold their meet
ings. We have no proper accommodations
Tor the new telcgraphic facilities of which
we should naturally take advantage in the
course of our business. We have not u place
where can be properly arranged and preserved the
valuable statistical Information aud books of the in
stitntion, which we are rapidly accommodating, and
which II thus preserved aud arranged, would soon
place us in possession Of u valuable library.
HISTORY THE ExcHANuT.
We occupied the upper floor OF the present build
Ing IN April 1861, when the population of the United
nual exports cf all kinds iron, this port ror the
previous ive years had been little
than slO2.OO00OO, and the cost of transporting
wheat nom Chicago to New York. via lake