The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-23
4 MERCHAN1S' EXCHANGE NEEDED.

A committee OF the Produce Exchange is
now engaged in selecting ate for Il now build
ing to accommodate the needs Of that impor-
| tant and growing institution. Our exports OF
produce have enormously increased during tho
last ten years and tho major part Of them is
| shipped from New York.
Thus. n 100000 pounds OF fresh and salt
beef. or three-quarters Of the entire export Of
| those articles from tho United States during
1873 were sent from this city. OF bacon and
hams tho shipments from New York reached
last year the vast aggregate Of 800 900
pounds, valued at $50 600 600 being three-flths
Of the entire trade. Tho total value Of the ex-
ports Of wheat and wheat -four from the United
States was 1922 100000. Of which New York
forwarded nearly SCI. 600 600. or So per cent
| or other grains exported, valued at t57 900 600
| this city sent t2i 600 900. or AZ per cent. OF
| all breadstufTs. therefore. our shipments ex-
ceeded 90 per cent. Tho cy's export Of Pc
| trocum for the year 1878 was 214.613,657 gal
Ions.
These figures give some idea Of tho astonish-
| ing amount Of business now transacted through
| the Produce Exchange. and show the need Of
| providing building Of capaclous size for car
| rying II on. The old structure ample for tho
| dimensions OF tho trade nj the time OF its eree-
ton. and largo enough for 1t until II attained
OF late years, il now altogether insufficient for
It's purposes. II Ia not only too small. but II is
also in bad sanitary condition. and has been
so reported by the Board Of Health. The crowds
who frequent II. at the busiest hours Of the day,
| or when the Exchange il actually in session,
sometimes exceed thousand people hurrying
| to and fro and the present building not only
| hampers them by It's narrow space. but also
damages their health with It's vitiated air.
| 1t is plain, therefore. that the time has come
| for putting up new Exchange which shall be
| large enough and airy enough to accommodate
the existing and constantly increasing volume
! OF business. and the swelling numbers OF those
| who transact II. A site in tho neighborhood OF
Broad and Beaver streets is recommended for
| the new structure. and II is a very good one for
| tho purpose. being central and in region
| around which the commercial business OF New
| York is likely to DO long transacted. But the
| question OF site il one which can easily be set
| ted and about which there will be little dispute
among the merchants using tho Exchange.
A more important matter for consideration
| now is the one which has been preached down
| town for the erection OF grand combined Ex-
| change. TO accomm odate the related branches
OF commorce-the Produce Exchange. the Cot
ton Exchange. the Maritime Association and
News Room. and the Shipowners' Association.
building for such concentration would greatly
facilitate the transaction of business. They
must all work substantially as one. and many
OF the members Of each arc members OF other
| Of the exchanges. All the produce for export
Is sold on the Produce Exchange for instance
and once II has been bought the business Of
freights comes in. which Is transacted through
the medium OF the Maritime Exchange. The
sales Of cotton take place on the Cotton Ex-
change, and those transactions must also be
completed, whore expectation is involved-and
the principal part is for shipment abroad-ai
the Maritime Exchange. More than two-thirds
OF the cotton crop goes TO foreign ports in spite
OF the growth Of our domestic cotton manuiac-
| turing interest
These three exchanges are now separated. the
principal one the Produce Exchange. being on
| Whitehall street. perhaps half mile from Ia,
others. while the Cotton Exchange and the Mar.
| thine Association are within n few doors of each
| other. the one in Hanover square. and the other
hard by in Beaver street. They ought to b,
brought together In one common building SC
that whatever might be the ference in theil
| organization and control, they would in com.
| bination form, AZ OF old. the grand New York
| Merchants Exchange. an exchange destined u
| become. at no distant time. the greatest com
| mercial engine In the world