St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-19
Total number of deeds So. .$1T, q
A MANEMOTH STOCK EXCHANGE.

ssufus Hatch Thinks Madison
Square Garden the Proper Site.
New YORK. Dec 1S.-Rufus Hatch, be-
ing questioned about the proposed new site
for the stock exchange, said:
What the exchange needs is a room with
10000 square feet and then as much more
property as would be sufficient to make a
thousand offices for the members. The crown
ing place of all would be Madison Square
garden. plot 200 by 376 feet in the very
thearte of ithe city. This would give an ex-
change room 200 feet square and enough re-
maihing space for 1000 Offices The members
ought to become their own landlords. They
would get their rent for less than one-half
what they pay to-day. All the property adj
jacent to the present stock exchange is IN the
hands OF few real estate owners who keep
the prices at an eXOrbitant figure, and exact
their pound of flesh every first day of May
By becoming their own landlords the men,
bers would have an income from rentals
which would make the stock exchange seats
worth $4,000 to a man if he never entered
the exchange to trade. The proprety of this
plan has been proved by the produce ex-
change method. Every office in the produce
exchange building is rented, and at a much
lower rate than is charged for rooms in the
old rookeries in the city. They ought to erect
building costing from 81 100000 to S., 0O0-
room large enough to accommodate the New
York petroleum and stock board as well, and
so re an excellent thing for both exchanges
The time will come when the New York stock
exchange will have to recognize this CONSOLE
dated board, Just as they were obliged to rec
ognize the open board of brokers after boy
cotting them for years. The Consolidated
last week traded in over one hundred thou
sand shares of stock in q single day. We
are a
NATION OF GAMBLERS.
Half to three-quarters of the business done
on the stock exchange comes from the West.
Suppose the wealthy business men of Chicago
and adjacent cities took it into their heads to
be dissatisfied with the conservative, illiberal
methods of trading as practiced in New York
and they established a stock exchange of
their own. The financierS of Chicago
could not control the millions of dollars
necessary for that purpose and for the pur-
pose of establishing banking facilities equal
to her business. English and Canadian banks
have already agencies established there to
meet the demands of the foreign trading in
grain and provisions. Chicago is now the
center for grain dealing. Most of the foreign
trading is done direct in Chicago. 1t is the
largest lumber and provision market in the
world. Suppose the Northwestern, st. Paul,
Rock Island. Northern Pacific, Union Pacific,
Illinois Central and dozen other large rail-
road corporations, whose business is all west
of Chicago, should establish their transfer
offices in Chicago instead of New York city,
where would New York and her stock eX-
change be then? 1t is of no use for New
York to say l am omnipotent. I cannot be
equaled, for if it were not for Chicago and
her twenty sister cities, New York would not
exist as it now stands. Boston and Philadel-
phia were large cities before Chicago was
heard Of ! went to Chicago when she had
SO. OOe inhabitants and only forty-two miles of
railroad west of the lakes, stray rail rum
ming to Elgin. Now there are twenty Chica-
Cos west of that place. Few people realize
that flour was shipped from st. Louis and
other points on the,,Mississippi to St. Paul and
Minneapolis as late as 1860. 1t behooves
New York to keep her financial supremacy
by thinking of the future when building in
the present.