The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1883-03-22

FORMAL Opening ~ the Merchants fx-
change In Their New uuariors-An Epoch
IN Dallas Commercial uistory-rext Of
The Presidents Address--No Lack of oood
Cheer-soiid Facts and Pleasant Reading.
The Merchants Exchange, which was
in 1889, changed It's headquar-
Lers TO the ground floor In the Wadsworth
building, corner OF Elm and Austin streets.
II is a spacious hall, well ventilated, lighted
and boards giving time, freight and the
markets adorn the walls of one side of the
hall. 1t is convenient TO the business CEN
tire, and being on the first floor Is readily
accessible. A large number of the mem
bers OF the exchange, which already num-
bers 100 of our merchants and business
men, met yesterday morning, and after the
address of Mr.. A. 0penheimer,
the president of the exchange.
a sumptuous lunch was served
and cool, invigoratira drinks were dis
pensed. The exchange was started as an
adventure, and there we're those who pre-
dicted Its failure, but it has tlourished, to
use that time-honored expression, as a
"green bay tree, land to-day is not only a
giant in our commercial circles, but guide
to those sailing upon the great sea OF COM
merce. The remarks ofthe president, which
are plain and to the point, read as follows;
Its with pardonable feeling OF pride
that !, to-day, in common with all those
who know and are familiar with the
Pas1 history ss nceo of this until sA'haa Els
present moment, bid you one one and all
hearty welcome to these, our new quarters.
/ am aware that you did not come here to
listen to speech, neither am so vain as
to believe that could by any forensic eff
fort of mine hold your attention for any
length OF time, still l do hope and trust
that the facts which am about to present
to you will force you to the logical conclu'
sion that this exchange has by its past ac-
tions and influence demonstrated its use.
'fulness, and that it deserves the liberal
support of every business man in the city.
Before the exchange had been started the
grain trade in this city was in about the
same condition as you will find it to-day IN
many surrounding towns, nothing more,
rothing less. There was no reliance IN
prices, in rules to go by for either buyer or
the extreme. Had the exchange not been
established, or, to be more plain, had
it been inaugurated in, some
other city with nearly the same
advantages as Dallas, then this branch OF
our trade would be far from being what 1t
is to-day. The establishment OF our asso,,
citation here gave the people, farmers and
merchants of the surrounding towns and
country daily quotation, telling them at
what price their products would find
ready market here; telling and assuring
them that our prices are not fixed by ca
price, but by the law ofsupply and demand;
telling and assuring them further, that the
rules of our exchange are such, that even IL
so disposed, no one can take any ad vantage
over them, without mourning the risk OF pc
ing expelled from the exchange and thereby
running his reputation and business. WIN
such assurances on our part, Will you
doubt that grain came to Dallas which
otherwise would have sought other mar
kets. There are people in this city who
doubt not alone the Importance ofthe grain
trade, but also deny the increase in grain
receipts, arguing from the fact that less
wagons with grain are seen on the streets OF
Dallas than in previous years. They seem
to forget that farmer ii he live anywhere
near railroad station can
market his produce in car lots at less ex-
pense than to haul it in wagons as OF old
He saves time, money on freights, and
most of the time receives better price,
and what he thus gains adds to his avail
able funds to be spent for the necessaries or
luxuries of life. Whatever helps one
branch of the trade of a city does necessa-
rily help all other branches, and as yet, in
the absence OF manufacturing interest, the
grain and cotton branches are the principal
and fundamental parts of the trade of this
city, and those who doubt 1t let them pic
turs to themselves one-haf or three fourths
of the grain and cotton receipts to go to
Fort Worth, and what will your grocers,
dry goods, hardware merchants, and all
Others do? They would complain that the
vain and cotton buyers Of tl,s city DO not
80, etc. Tie facts are, tie staple products
of a country seek market where the high
est hrices can be obtained; the highest
prices prevail only where you have strong
and strong competition means
small, very, small margins, and how
can buyers and shippers safely afford
to handle grain and SETON with such small
margins, unless they are in constant COM
munication with the markets 81 the word.
This exchange has taken it upon Hsell 10
furnish these communications, and If as
sure you that the average number OF mes
sages received here from Liverpool, New
York, New Orleans, Chicago, st. Louis and
Galveston average about - daily, you
can readily see that 1t is an expensive task.
And / ask you, should this expense be not
also partially borne by che Brocers, dry
goods, hardware, saddlery and other mer
chants, for whom we bring customers here2
The merchants and farmers who come here
to get the proceeds of their cotton and
grain leave more net profits in the pockets
of the merchants of whom they purchase
their supplies, than with the cotton and
grain merchants who handle their produce,
and is it therefore asking too much that
they should all join our exchange and thus
enable us to build up the grain and cotton
business to its utmost possible proportions?
Our quotations are as essential to the
grocers as TO us, because " wheat declines
in Chicgo flour is not going to advance
here; and II bacon advances in st. Louis, II
will not lower in value here. Not
quite year ago we started with member
ship of IL, and have now about 40, but
there is no reason in the world why our
should not be doubled in
numbers. see that the Merchants Ex-
change, Of st. Louis, whose membership in
1862 was 675, and dropped during the next
year TO 6lS. has now 1865 actual members,
and about $500, 900 capital in the treasury.
The initiation fee which used TO be $50 has
now been raised 10 $500, and notice that
there is rule under consideration giving |
the heirs OF deceased members the privilege |
Of surrendering the membership certificate |
Of the deceased TO the exchange, and the
will pay 81, 500 for same. Is there
a better life insurance policy in existence2 |
True, we have not come 70 that stage Of
yet. but We have as good
chance as the st. LOUIS exchange had, and |
Il only Is left with us to say whether we
shall attain it. There is bound 10
be distributing and also manu-
point in north Texas
10 supply the country tributary 10 IL. /
Shall Dallas be that point2 IL is left with |
YOU. gentlemen. whether this city shall be |
Inc Kansas City Of the southwest, or
IL shall be like Leavenw worth. rely |
upon its natural advantages and let a Kan
sas City be built somewhere else. II IL Il
POUR wish and desire 10 60 ahead, then
sntrest you, everyone and all, 70 consider
yourself a special committee Of one 10 pro-
,ure q larger membership Of this exchange. /
can assure You that with your help this
exchange viii fulfill your fondest expecta-
ions and will, as a representative body Of
do honor 70 the city OF Dallas.
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