The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-27

honor to submit hs following report OF the
financial ,nditi IN pf the Exchange during tba
twelye months ending October 81 1879
Referring to the ttnasurers report for mtnuta
details. tho reoeipts and expenditures have been
Hs follows
Exchange proper from all
sources .....; -. $4,000 o2 sss.5ot es
Supervision department .. 4s,92s 10 30 7ss ss
Levee inspection department llie0 81 1a.ssi oo
Total l..,,...,....s..., sloass1 "a sio2ooo 40
Increase Decrease.
Eaohange proper from all
snperylsion department. ..,...,, sl.4so On
Levee inspection department ...... 1900 ~
ExPEpDITuREs
This year. Last year.
"i dlvfdends pai paid out out u sa s47 ~ s,l7z7 "
Hnpet Vision department II. b2.233 % s647s p4
Levee inspection department 900 Ga 1o.g77 81
Total ..,,s..s...e-. se4 ss1 4s 800. .17e os
Exchange proper. exclusive
or divi tanda paid out t.s.,. ....... s17p %
Supervision department. ........ 4aag Of
Leveoinspeoton department 500 az s'oe %.s..... ~
,,,, This year. Last year.
payable ,..-.s s2GC4 90 s2c5s 90
1T will be observed that the exesss Of income
OF tho Exchange proper over actual working
scs94 I3dnrlng gtheeorrsspondingt twelve months
of a77 8, the exeeaH being accounted for By an
lncranHe In receipts nf s35O2 on md d dsereasn
In expenditures of 4lTp 30
Tho surplus rs per annual report of
1878 fafter deducting tho dividend
dseinred. payable in January. 1879.
TO which II wn add tns years. surplus
slO.bl6 10 nud stGO dues OF new MEM
hets. collscfinle, less Tho dividend
declared. payable in January 1879,
$4,000 .s.....t.>.,.. s312 10
There will be shown n total surplus Oo-
tober 81. 1879 ,.....,. .s12.4so ~
OF capital stock k..-.-.............s... $4,000 90
Milking n total over md above all oher
linblitss ~ .s45 100 81
or suy. with s3s sh.,ras outstanding. sis7 so mar
share. Should you decide to declare dividend
,his year tho valna Of the shares az above set
iorth. would q course DO lessened In proDor-
Your committee respectfully recommend that
tho entire surpIus be retained and placed to the
credit of y 'und for building or purchasing an
Exchange. Tho dlvl5ends herHtotore paid.
while. q trlillng N, m.nt to individual mem
eheh. nRgreghia mn important sum TO the Ex-
change LIS evident also that such disburse-
tho funds Of the lnsltut n arc designed under
lts chartst md cons'itution.
suitable building tbs exclusive property
give 1t u permanent location. subject only to
the wishes and osslros of tho membsrs. and do
facilities they now enjoy. 81
As will be soon by the estimates submitted be-
low. the snrplns fpr the current year is likely to
months and viewing Il from tho most eonser-
yative standpoint tho commtttee feel justified
In anticipating annual excess Of ut least
10000 to $4,000 for eome years TO come.
Tho Investment Of this money and of the cash
no, now on hand. over and above that needed for
would. they consider, be attended with less
risk and bring aurer returns than the system
Under tho provisIons of the charter the capt.
n atoGk OF the ,h, Exchange Is Axe xed at 500 ooo
Although more than five years have elapsed
since tho adoption of that instrument. but ssg
shnres have been issued. and OF these only one
share has boon subscribed for most of tho rest
having boon q practicai division Of surplus
funds among the members of the Eshange who
ton and yearly fees duo upon entrance.
Thus the amount to the credit OF capital ne
instead Of Individual subscriptions for thas
specfa account. tho combined net yearly saw
inRs Of the Exchange since ts inauguration I'm
1871
Tho system of giving stock In lieu Of initfn~
tion fees was changed In 1876 by an amendment
to tho charter tsee article 4, page 121. and the
issue since has besn confined to one share pur-
chased Of the Exchange by an incoming men,
Ofthe stock Issued. $50 shares represent nc
tive memberships. tho remaIn Ing 1o3 being held
chle fly by parties outside Of the Exchange, and
or otherwise tho, shhros Of msmbers admitted
since tho amendment. In short. the Issue fs
| about third moro than the immediate ac-
tuhl requirements OF tho Exchange and leaves
| n handsome margin Or new members. With
tho enhancement Of the intrinsic ynlue Of the
shares. II is probable that. unless prevented by
| Il further amendment to the charter the pur-
cheses from tho Ex hange at the present par
| value will soon lncrease. and that We may be-
| placed in tho position Of giving TO new msm-
hsrs. In exchange for 500 per share, stock
aRainst which we actually hold 33h Der cent
more In cash.
| It might be we for tho Exchange to reduce
he limit OF its stock Issue to $50 shares and to
restrict any fur.he issue from the present total
| OF 333 TO slnRle shares to new members, for the
sole purpose Of qualifying as such. This would
| tlou OF too large number In he hands OF nom
members. an important point, as all stock
| holders are entitled By law to vote upon anY
| question relating to changes In the charter.
Tho excess OF expenditures over receipts
| from supervision la rather less than was anti
cIpated. snd 1t leaves a balance at the close Of
| October from tho old surplus of 1880 SO, with
| outstanding bills to collect for that month
| amounting to 1894 81. Levee inspection has
| been Relf-sustaininR. notwithstanding the de-
crense in cotton recaip's com pared with 1877-7S,
| The following estimates Of receipts and ex-
Denditures are respectfully submitted. viz:
| EXCHANGE PROPER.
4 Receipts.
Annual dues for 1879 30, as per bills sent
cut November /. 1879. Observation-Disclosures. S28, 800
Estimated income from new members
| ETC. BUnU
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