New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-03
THE PRODUCE EXCHANGE.
FROM TIE OLD TO THE NEW BUILDING.


completed the programme. Tho Executive Com
mittee il composed of the Board Of Managers and
ten other members of the Exchange, with Vice-Pres
ident ID. A. Lndley as chairman.
The following is an outline of the programme; On
MAY 2. from p. III. till midnight an evening dress
reception in the new building. On the following
morning the members will meet in the old bulldlhg
at $50 The farewell exercises will begin NJ II
o'clock with short address by President HerricK
After farewell ode by the Glee Club, the members
over forty-iive years Of are will assemble on the
lower floor and the Younger men will meet on the
floor above The procession Will then be formed by
Grand Marshal Calvin B. Lockwood and his as
sistants The Board of Managers will take the
right of the line. with the invited guests and tie
various committees next in order. The DIVISION Oh
the older members will come next, with that oil the
Younger members following. The line Of march
will be up Whtehall-st., around Bowling Green
and into the new building. After assembling IN the
large amphitheatre the Building Committee, through
Mayor Edison. its chairman. will formally present
the building to the Board of Managers and ii will
he accepted by President Ierrick. Then will
follow an Grafton by Chauncey VI. Dcpew. Alger-
non :. Sullivan will make a cOngratuiatorv All
dress TO he followed bg short addresses from repre-
sentatives Of other Exchanges The Glce club anil
band will he heard at intervals. An eEcnrs on
around the harbor will be given 20 the guests. to
start at $50 p. m
TRADING TSDFR Az AWNING.
The present organization of the Produce FIX
change dates back to 1886. when the lew persons
who had associated themselves into a little iner-
camille band, known a. " The Corn Exchange met
under an awning at Broad aud South SITS. and as
PLAYED their samples the window and doo.sills.
After suffering the p,tngs Of the storms for several
g ffafi
William b. Newman, David Bows and others and
n room was rented in building on the corner. IN"
membership grew and more space became necessary.
Other rooms were rentcl and the partitions re-
moved After time the membership became so
large that il was determined 10 purchase the prop
ertv occupied and erect q new building The owner
Of the corner binding would not sell It, 80 the
property on either side. in Broad and South sts''
was purchased and improved.
In 1856 some of the members became dissatisfied
with the location and size Of their building and be-
gan talking about putting up one larger where they
ight have greater couveueuccs. In the spring "i
1850 Sackett & Brlcaer who kent grocery store
where the old Exchange Binding now stands,
offered to sel. the property if company could be
formed to buy IT aud convert it into an Exchange.
for which IT was well adapted. as occupied an en-
tire block price was agreed npon, and Theodore
Perry and Others started 10 raise subscriptions and
after a sufficient surl was raised the subscribers
united and formed the Produce Exchange COM
pany The new building was completed on April
% 1861. The 700 merchants who belonged TO the
Corn Exchange now organized under the name ol
the New York Commercial Association, leased the
second loor aud took possession. They paid to the
Produce Exchange Company certain amount per
member and a. they had one vote each they elected
the oficcrsand managers and regulated everything
except the care of the building. The Produce Ia
change Company was a stock corporation and was
a divdcnd-paymg institution only. The Ncw-lork
Commercial Association Obtained 4 charter in 1852,
and at the end of the first year the membership
1,23S.
DECIDING TO HAVE BUILDING.
This condition Of affairs existed till 1870. when
few members determined to have building IN
which ali of the interests shOuld be centralized FOR
the purpose Of building mp the commerce of the
Port They met with great opposition from the
stockholders of the Produce Exchange Company,
but il was finally determined 10 give the plan
financial backing. resolution was offered to
assess each member 5000 and to Issue stock for
new building. or 10 purchase the buildins then oo-
cupird. At first The plan strongly opposed but
AT each meeting the opposition grew weaker and IN
1872 the resolution was adopted by majority of
tsirtv-sevcn. on the condition that the Produce
Exchange Company should cease tn exist, its build
ing Wa purchased for 92G5, 600. nearly 1900 mem
bers paving the assessment The Produce tx
change Company wound up ia affairs and divided
I5l per cent among its Shareholders and the New
York Commercial Association became the New
York Produce Exchange. The shares which then
cost the members $500 are to-day worth about
- 200.
Then the initiation Zee was raised TO $500 prior
70 which POO members joined; and on February !,
1879 when the mrmbe ship had increased to 2,-3l.
the initiation fee was fixed At 5000. ON May -
1874 President now Mayor Edison announced the
mem bership 10 be 800 and he surplus iuud
$40 s9G o.. Dur NJ that q tr an effort Was made
20 have the surplus fund distributed pro rata among
the members but \. L. Orr and several other far
seeing members defeated 10 by large vote, and IT
was decided "a keep the fund for rs OF glnal pur-
po~c-thc erection of a new building: On ApnI
the initiation lee increased - ~ O0D In 1870
the SNIP rs fund amounted to T}73Ond. and the
membership had grown 50 large that TIE building
wa found Ia be TOO small and 40 too great a DIS
tancc from the financial centre, and committee
was appointed TO select new STE Just before
this difficulty AROSE " it'll some OF the provision
men " no wanted 10 trade before and after the TX
change hours They hired a room at No. $50
Broad-st.. whe-e their business was conducted III
spite of the opposition oi the Board of Manager
while they continued their membership IN the tN-
change. At last a comprUul 10 was ELECTED, aud No.
as B1oad-st. was abandoned. The only other in
stance Of "a tendency toward secession is that Of
member who il now soliciting subscribers to an
Open Board Of Brokers, and this scheme il not
expected 70 succeed since the inability to secure the
necessary $50 names IS man Ifest>
TIE NEw HOME OF THE EXCHANGE.
The site Of the new building was secured four
wears ago and bylaw was passed limiting the mem
bership 70 ZOO at ~ 900 each The 2j2 Outstand-
ing certificates we're promptly taken. In Dccem-
ber 1ssO. the Exchange limited the membership TO
5000 and the additional certificates sold read
lily Mt $500. Al present the memberships are
quoted at $4,000 TO $1,000
The new building has been erected a plot
bounded by Broadway and Whitehall--t,
Beaver-st.. StOne-st and continuation of Newest
which has been made to interscct with Market
feld-st The part of MarketGeld-st. between this
intersection and Broadway, having been closed by
an act Of the Legislature, is covered by the build
inr rLa LiInan sinns N tia sirnctnrn 30Ila