The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-01-17

at the meeting of the Boards of Trade and
Merchants Exchange, yesterday forenoon, Mr.,
T. 9. Hersey's question as to whether the Mer-
chants Exchange should be discontinued was
brought up for discussion The meeting was
very interesting and larger one than is
usually held by the Boards. The president,
Hon. George P. Weseott, stated the object of
the meeting and called on Charles s. Fobes,
the treasurer, to give some information as to
the financial condition of the board and the
Exchange.
Mr.. Fobes said the deficiency of the Mer-
chants Exchange last year was $500. The ac-
counts of the Board of Trade and of the Mer-
chants Exchange have generally been made
up together but this year they were separated.
1t was found that the Board of Trade is self
sustaining and more too Rent for two rooms
was reokoned at $500 for the lower and $500
for the upper, and on this basis the board had
to pay $500 for the support of the Exchange,
Some years ago the Board placed 800 in the
bank which has now become $4,000, and if the
exchange is to be constant source of ex-
pense the total expenditure of this fund is
only a question of time. If the Board of Trade
could be relieved of the burden of the exchange
it would constantly be aiding to its sinking
fund against time of necessity.
Mr.. Wescott said that the thing wanted was
a larger membership
In answer to question by Mr.. Fobes, Mr..
M. N. Rich stated that the decrease in men,
bership is chiefly attributed to lack of public
spirit. 1t is harder now to get members than
it used to be. The board has been decreasing
and has been obliged to give up the publica-
tion of its reports, and to sever its connection
with the National Board of Trade The mem
bership of the board has diminished from AGO
to 161. In the Exchange, when anything inn
portant is bulletined, five hundred or more
people come in to read it, in the course OF a
day, but when asked to become members Of
the Exchange they refuse.
G. E. Jose objected to the connection of the
Merchants Exchange with the board of trade
No other board in the country, to his knowl-
edge, undertakes the responsibility of support
ing reading room. There is no difference of
opinion about maintaining the board of trade,
but in order for the board to have its highest
efficiency it must not be encountered with a
burden like the exchange. With the excep-
ton OF one or two years when business has
been brisk the reading room has been a con-
slant drag on the prosperity of the board.
Mr.. Hersey said that the reading room was
opened by the board, as matter of public inn
portance, because there was no one else to do
it, the war followed, and its success was
great the receipts exceeding the expenses. In
this way, for time, it was a source of revenue
to the board. When the war closed the ex-
change began to fall behind, and it has been
becoming more and more burdensome. A few
years since a committee, appointed by the
board, obtained sufficient subscriptions to put
the exchange on paying basis, but that adj
vantage has now been lost Mr.. Hersey moved
that unless subscriptions are received sufficient
to put the exchange on a paying basis before
April 1st it be closed. He was confident, how
ever, that the exchange would not be allowed
to go down.
Capt. G. FL. Chase exhibited a care issued bv
the Board of Trade of Boston, showing that no
one is admitted to the Exchange in that city,
unless he is a subscriber, or introduced BY
subscribers.
j. P. Baxter, Esq, said that the importance
of the board was admitted, but that the two
enterprises should not be dissociated He
thought the membership fee to the Board of
Trade might be raised to five dollars which it
formerly was By this means the amount
needed would be raised. He said it made no
difference through what form the money came
since it would come out of the Board OF Trade
in the end as it always had.
Hon. W. W. Thomas thought that, as COM
mercial city, Portland cannot afford to let the
Exchange be closed. At the present low rate
OF SUBSCRIPTION The reading room ought to be
amply sustained. He spoke of the increasing
number OF summer visitors, who would carry
away an unfavorable impression of the enter
prise of Portland if no reading room was to be
found in the city.
Here the discussion became general. It was
urged that the Board of Trade and the Mer-
chants Exchange ought not to have distinct
names. If the Board of Trade is to support
reading room let it be SO understood and call
the whole thing the Board of Trade. Many
people would readily pay the combined assess
ment of both institutions if it should all go
under the name of the Board of Trade. II
committee is appointed to raise the deficit of
the Exchange, what is to be done for succeed
ing years? Rather than get subscribers to the
reading room, solicit members of the Board
and let the Board take the responsibility of the
Exchange.
Others thought that it would be best to con-
tinue the management of the Exchange as it
had existed for the past eighteen or twenty
years. An efficient committee, it was claimed
could raise the amount of the debt in forty
eight hours.
1t was suggested that the doors of the Ex-
change ought to be closed vigorously to nom
subscribers.
Mr.. Hersey's motion, that unless sufficient
new subscribers be obtained before April 1st to
put the Exchange on a paying basis, the read
ing room be closed, was adopted.
A motion to instruct the Secretary of the
Board of Trade to renew its membership of
the National Board of Trade was laid on the
table.