The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-04-10

those who wish 10 Join after the list is
| closed will have either TO pay 81 coo or pur-
chase membership of some member VINO
wishes to dispose OF his share. and they
must agree upon their own terms, as the
! Exchange will not come in competition for
less than IL 900. 1t the cotton and grain
trade increase as We can reasonably expect
il will, then It will not be long before mem
| bership will be FULLY worth $1,000, because
no man will be able to do either cotton OF
grain business without joining our Ex-
change, and thereby have access - our
rooms. Further, It will be the policy OF the
Exchange, In case OF the death OF mem
Der, 10 re.purchase of the heirs his share AT
800, ifthey cannot dispose Of it al a higher
| figure elsewhere, as the widow or orphan OF
one OF our members shall never be left 10
suffer on account OF this investment. We
not only appeal to the merchants and prop
erty owners vi this city, but also TO those
OF the surrounding towns. Several towns
are connected by telephone with Dallas,
anu IT they are members of our Exchange,
they can ut all times ascertain the QUOTA
tions by simply asking our secretary. To
those merchants living in towns not con-
nected by telephone, they can either get
the quotations by wire or request our ste
rotary to mail them the quotations every
day; and can see no reason why the mer-
chants OF the surrounding country are not
as much interested IN the exls-
tence OF our ExChunge as We are here.
Standing now, AS II were, on the threshold
of an assured permanenCy aud perpetrity,
II would be ungrateiul TO omit our thanks
to those who have stood by this Exchange
at time when the question was 10 be or
not TO be.
While the Dallas press and many mem
beers have kindly stood by this Exchange,
still candor compels me tn say, and take
great pleasure IN doing so, that the most
conspicuous of all, and the one VIII. has
done more for this Exchange than all the
balance OF us put together, is Colonel
ftouts, of the Dallas HERALD. Often, when
obstacles seemed TO discourage the most de-
votet members, the Dallas HERALD by lis
encouraging words and practical deeds, has
Infused new life into our organization. Our
Influence abroad would nave been unimpor-
tant, but for the commercial columns OF the
HERALD; and AZ home, nothing has been
offered tor the advancement Of Dallas, where
tho HERALD has not shown the greatest in
terest IN It. In this, our new enterprise, of
building an Exchange, the proprietors and
employees OF the HERALD have taken seven
shares, and for this reason | say with all my
heart, thanks and success to the HERALD,
which means at the same time, success To
the city OF Dallas.
Mr. j, i. jenkins moved that the thanks
OF the Board be gratefully awarded the
HERALD for its efficient aud vigorous action
in The promotion of the grand object OF the
board from its initiation to its present Cul.
mlnation-success. Carried enthusiast
cally.
On motion of Mr.. Jules Schneider, com,
mittce OF seven on building were ap-
pointed
Colonel Clowney offered the following
resolution, Shch was unanimously adopted
Resolved, That as members Of the Met-
chants Exchange, we assess ourselves the
sum OF 500 each, to be paid in such install
ments as the directory may determine, for
the purpose OF raising funds sufficient to
erect building suitable for the use of the
Exchange.
Resolved, That the board of directors are
hereby authorized and instructed TO take
steps toward constructing a building, as
in the foregoing resolution.
Resolved, That we recommend that sec
ton of rule 10 be changed so as to read
as follows. "The initiation fee, after the
admission of 200 members, shall be 81 600
Upon this MIR. ID. Gosln arose and raised
the question as to whether members who
had already paid Il portion of their nitia.
ton fee could be excluded from member
ship, or their stock made valueess by
reason OF failure to comply with and pay
up subsequent assessments. He referred 10
Judge White as legal authority on that
subject, and the meeting called on Judge
White for his opinion.
The Judge responded and said that if the
original articles of agreement among the
stockholders forfeited their stock upon non
payment OF assessments, they would be
compelled to forfeit, hut ii there was no
such agreement, they had vested right.
and could claim their investment up TO its
per cent. value OF the stock, the bylaws
governing. OF course, he said, If at "A sub.
sequent meeting the stockholders voted
Tor resolution FORGETTING or impairing
his own stock he was bound by it.
The building was agreed upon. 1t will 20
up and on, nor can the HERALD see how the
fine spirit manifested on this interesting
occasion can be either suppressed or
thwarted, The very complimentary refer
ence by Mr.. Oppenheimer to the efforts of
the HERALD and one Of its proprietors in
the premises are acknowledged and appre-
ciated by those to whom they referred.
When the business was over n splendid
lunch was discussed and the end aud the
rounding up OF the Dallas outpouring was
changed into great metropolitan inpour-
ing, that made every person present know
that there was big town named Dallas.
The Exchange means business and the
work on the proposed building will begin
at once. Out of 200 shares $50 have already
been taken, and outside of the regular mum.
Der of shares twenty shares have been re.
served for merchants of the surrounding
towns, who may desire to subscribe.
The meeting was the most successful
one ofany enterprise ever inaugurated in
Dallas, and before tonight all the reoui-
site shares will have been taken This is
unquestionably tho greatest boom on such
short notice Dallas has experienced in her
whole history.