The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-03-20
THE EXCHANGE.

softnai Opening Of ire mefchAhis ~
change In Their New Quarters-an Epoch
In Dallas Commercial fistory-reNt OF
the Presidents Address-No Lack of Good
Chser-solid Facts aud Pleasant Reading.
The Merchants Exchange, which was |
established in 1852, changed its headqual-
tiers to the ground floor in the Wadsworth |
building, corner OF Elm and Austin streets.
IL Is spacious hall, well ventilated, lighted |
and boards giving time, freight and the |
markets adorn the walls of one side OF the
hall. Ii 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 mum
bers 100 Of our merchants and business
men, met yesterday morning, aud alter the
address of Mr.. A. 0penheimer,
the president OF the exchange
sumptuous lunch was served
and cool, invigorating drinks were dis
pensed. The exchange was started as an
adventure, and there we're those who pre-
dicted It's failure, but IL has tlourished, TO
use that time-honored expression, rs
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 rem&ks oithe president, which
are plain and ihe point, read AS follows;
II is with u p&,donsble feeling OF pride
that |, to-day, in common with all those
who know and are familiar with the
past history OF this exchange,
from its inception until this
present moment, bid you one one and oil n
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 ef-
fort of mine hold your attention for any
length Al time, still | 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'
tons and influence demonstrated its use
| iulness and that II 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 wlll find II to-day in
many surrounding towns, nothing more,
nothing less. There was no reliance IN
prices, in rules to 90 by for either buyer or
seller, In fact every thing was print i've III
| the extreme. Had the exchange not been
established, or, to be more plan, had
1t been inaugurateG in some
other city with nearly the same
| advantages as Dallas, then this branch of
our trade would be- far from being what it
is to-day. The establishment of our asso-
cation here gave the people, farmers aud
merchants of the surrounding towns and
country daily quotation, telling them ut
what price their products would lind u
ready market here; telling and assuring
| them that our prices are not fixed by ca
price, but by the law oisupply and demand;
telling and assuring them further, that the
rules of our exchange are SUCH that even II
30 disposed, no one can take any nd vantage
over them, without mourning the risk OF be-
ing expelled from the exchange ana thereby
running his reputation aud business. With
such assurances on our part, VIII 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 il he live anywhere
near u railroad station can
market his produce in car lots ut less eX.
pense than 10 haul 1t III wagons as of old
He saves time, money on ireights and
most OF the time receives a better price
and what he thus gains adds to his avail
able funds to be spent for the necessaries OF
Injuries of life. Whatever helps one
branch of the trade OF u city does necessa
rily help all other branches, aud ms yet IN
the absence OF manufacturing interest, the
grain and cotton branches ara the principa
and fundamental parts Of the trade of thi.
city, and those who doubt IL let them pic
ture to themselves one-half or three-fourth,
OF the grain and cotton receipts to 20 t
J Fort Worth, and what will your grocers
dry goods, hardware merchants, and al
others dof They would complain that Ia,
grain and cotton buyers of this city do no
amount to anything, drving trade away
, etc, etc. The facts are, the staple product
of II country seek market where tho high
est prices can be obtained the highes
prices prevail only whore you have siron,
competition, and strong competition mean
small, very small margins, and how
can buyers aud shippers safely aflnr,
to handle grain and cotton with such small
margins, uo!9Ss they are IN constant com
municaton with the markets OF the world
, This exchange has taken II upon itself Il
furnish these communications, and il AZ
y sure you that the average number OF mes
u Sages received here from Liverpool, Ney
). York, New Orleans, Chicago, ST. Louis nm,
, Galveston average about ------- daily, yo,
u can rendily soc that it is an expensive tns,
l. Aud usK you, should this expense be no
l.. also partially borne by the srocers, dr.
"a goods, hardware, saddlery and other mel
~ chants, for whom We bring customers here
: The merchants and farmers who come her
70 to get tho proceeds of their cotton an
n grain leave more net profits in the uocket
" Of the merchants of whom they purcha!
~ their supplies, Than with the cotton an
n grain merchants who handle their produc
and is IL therefore asking too much tn,
they should all join our exchange and tn,
enable us to build up the grain and cote
business to its utmost possible proportion
a. Our quotations are us essential u n
M grocers us to us, because il wheat dechn
- in Chicgo flour is not going to adyan
~ here; and II bacon advances in st. Louis,
id certainly will not lower in value here. n
At quite year ago We started with membt
M ship of 10, and have now about 40, b
~ here is no reason In the world why o
Up membership should not be doubled
n, numbers | see that the Merchants r
~ change, of st. Louis, whose membership
90 1862 was 67S, and dropped during the ne
in year to SIS. has now 3, Sos actual member
n. and about 800 900 capital in tho treasur
% The initiation fee which used to be $50 n
ne now been raised to 81, 500 and notice th
or there is rule under consideration giyi,
cd the heirs ot deceased members the priyile
mi of surrendering the membership ceruiicn
d. of the deceased to the exchange, and h
kc exchange will pay $500 for same. Is the
no u better llto insurance policy i'll eNistenC
RS True, we have not come to that stage
mt prosperity yet, but we have as good
,d chance as the st. LOUIS exchange had, nj
mn IL only is lett with MS to say whether \
he shall attain 1t, There Is bound
d. be u distributing and also man
M featuring point in north Tex
n to supply the country tributary 10
ar Shall Dallas be that pointp Ii is left wi
rs you, gentlemen, whether this city shall
To- the Kansas City of the southwest,
q. whether II shalt be like leavcn worth, ~
.ls upon its natural advantages and let u Ka
sas City be built somewhere else. II it
your wish and desire to 30 ahead, taen
en,rest you, everyone and all, to consid
~, yourself, q special committee Of one to pr
Nv cure u larger membership OF this eSchang
~ | can assure you that with your help iii
re- exchange will fulfill your ioudest erpco,
RI tons AND will, asa representative body
,.n "a a "a th., ,,t "a. n-it