New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-07
METAL EXCHANGE EXPANDS
STEPS TAKEN Fer THE ERECTION OF,
NEW BUILDING.
TIVE PROPERTY IN PEAHI~sT NEXT To THE
PRESENT STRUCTURE TO BE PURCHASED
AND LOFTY BUSINESS HOME


PRESENT STRUCTURE TO BE PURCHASED
AND a LOFTY BUSINESS HOME
I'd RE BUILT
An important meeting OF the New-york Metal
Exchange was held yesterday afternoon at the
Exchange building at John and Pearl sts The
meeting was largely attended. and il was de-
cded to erect a new Exchange building 1t
was also resolved to purchase additional land
IN Pearl-st. adjoining the present property of
the Exchange The new building will be one
~ the handsomest structures of its kind in the
city.
The meeting yesterday was enthusiastic and
uas presided over by John j. Williams of John
Dayol & Sons. president of the Exchange
There was not much discussion over the i'm
por,ant steps the Exchange proposes to take,
the majority Of its members being apparently
fully in accord as to the wisdom of the plans.
Al the conclusion Of the meeting President
Williams authorized the following statement:
Al full meeting OF the members of the New
ycrk Metal Exchange II was unanimously resolved
.ccept the proposition Of the Board Of Managers
No 30 Pearl-st.. for $4,000
PLANS FOR A NEW BUILDING
II was further resolved that the Board of Man.
smrs have prepared and present to the members
an or before March next plans for the erection
new office building on the Exchange IsS property
The lease OF the properly NO. 80 PearEst which
VII expire on May next by which time 1t is
nsied that plans will have been adopted and
rfound broken for the erection of the building.
Carl Mayer, secretary of the Exchange. was
seen by a reporter for The Tribune after the
meeting. Mr.. Mayer said that steps were taken
some time ago TO obtain the refusal of the prop
erty No 23O Pearl-st. This was done by. men,
Der OF the Exchange privately. as had it become
known that the Exchange wanted to acquire the
property much higher price would probably
have been asked for it. II said the Exchange
now owned Nos. 232 and 234 Pearl-st. and the
corner of John-st.. inclusive Of the alley running
from the latter thoroughfare. The present Ex-
change building. he said would be torn down
and a modern ten twelve story structure
erected on its site and on the land the Exchange
has resolved to purchase.
Mr. Mayer said the Exchange would derive
many benefits from the new building 1t would
not only be a source Of revenue through rents,
whereas the Exchange recei' IS nothing from
that source now. but it woulu also be the means
Of bringing many of the largest metal firms in
The city under one roof A number of firms had
already put in applications 70 whole floors in the
proposed new Exchange building. Mr. Mayer
said that by its improvement the value of the
present property Of the Exchange would be
largely Increased and that OF The surrounding
property would be enhanced He said furtner
that the Exchange could AFFORD 10 go ahead, Is
II was free from debt and had funds In bank
The property 1t already owns is Valueu at s'o'-
600
NO OPPOSITION TO THE PLAN.
II was rumored before yesterdays meeting
that there would be strong opposition from
sone members Of the Exchange to the proposed
,nnroyements 1t said that certain members
<ea a-ra-t there was-tu be a sq1eezingout process,
whereby weaker members would be driven out OF
the Exchange. The officers denied that anything
Of the kind was contemplated . n,
The Exchange which is the only Metal Ex-
change in the country. was Incorporated under the
laws of this state tweive years aeu me imtrinsc
val,,e Of membership shares is now about S4oo
each Their value il is said, is constantly IN
creasing. . ,,a M, ho
assessed for the erection of the new building. and
so he could not see how any one coulo De IroIen 'I
ont He thought that II there was any opposition
to the erection OF the ne" EHchdhse IL 0ai"e A
outside .
A member told the reporter that the final steps
toward the erection Of the ouildlns hau hot Eee
been taken. and that when they do come up Tor
settlement the rumored opposition may show II
selr He did not think it would avail much, how
ever as o large majority Of the members are GER
tainly in favor OF new Exchange oulohs'
OFFICERS OF THE EXCHANGE.
The present officers of the Exchange are 'ohn
] Williams president; Adolph Lewisohn' VICE
PRESIDENT; Morton B. Smith, treasurer ana Cari
Mayer, secretary. The Board Oh Managers eo"-
sists OF Edmund Hendricks. OF Hendricks bros''
William, II Davol of John Davol & Sons; Spencer
A. Jennings. Of Bruce & Cook; X M. thompson.
Of the oxford Copper Company; b. Hochschild OF
the American Metal Company. limited; George
Nissen. George II. Hull. of G. II. Hull & Co; j. II.
Iobdeu Of i II Lobdell & Co.; Charles 3 French.
Of c. s French e. Co.; w. II. Wells, OF foper'
Crooks & Co. Robert Gentle, L. Nachnann, ll- ien-
~ II Adams, Of II. II. Adams q Co., anu "eoi 90
" Frecker ,..o .ro
The members of the Arbitration Committee zee are
J. Mitchell Clark of Naylor e. Co. FREQ sI SteineI;
& French. r n Hazard and George " Tompkins