The San Francisco call., 1896-07-23
ALL READY FOR WORK.
New Officers of the Produce
Exchange Take
Hold.
Large Attendance at the Annual
Meeting and Much Interest
Manifested.

The officers elected to direct the affairs
of the Produce Exchange for the ensuing
year were properly installed at the annual
meeting held yesterday.
The committee appointed to draw up
resolutions of respect to the memory of
81. E. Truben bach, deceased, reported.
The new president, a. Gerberding, was
introduced by the retiring president, who
spoke in effect as follows:
Gentlemen: 1 would that the man chosen
at our last annual election were here to round
out his term OF office by submitting to you the
usual report. The demise OF our honored presi-
dent, w. a. Holcomb, not only deprived this
exchange of the counsel of an Intelligent
guiding mind, but caused each and every
member to feel the loss of generous friend.
But yesterday we tmourned the death of
Director Fl. Z. Trubenbach and this loss is
still fresh in our minds.
debtedness. the sum of $5970, leaving us still
owing $40 900, for which we have POSI- shares
OF Merchants Exchange Association stock out
OF q total of2431 issued.
| would also call your attention 10 the fat
tering increase in the amount received for
inspection fees. This was owing principally to
the inspection OF whole cargoes of wheat
shipped TO Australia and South Africa, and
must congratulate the trade upon once more
entering these markets, which have been
| closed fo ms since 1890 In This connection 7
| cannot too highly commend the management
| OF our inspection department, which has made
|
| tage of our memb bers in all foreign commercial
| centers.
The value of your seats in this exchange has
/ gradually declined considerably ow the in
trinsc value OF a one-two-hundredths interest
of onr holdings OF Merchants Exchange stock
/ This is naturally to be deplored and on the
surface would seem TO be an obstacle easily
! overcome. But little thought must convince
US all that the price of our seats like the price
OF everything else, is subject to that old law of
supply and demand. We have issued 200 GER
| tificates.
Now, if business conditions were such that
in this community there were 210 men de-
/ sirous OF transactlng business on the floor of
/ this exchange, seats would probably be worth
| from $500 10 $4,000, and any question OF in
| trinsic value in connection with Merchants
Exchange stock would be lost sight of, AS
matters stand TODAY, 1t is evident there are
| not 200 merchants over-anxious to avail
| themselves of the benefits OF mberehip, and
in consequence seats so begging. Many plans
| to have the exchange buy and retire a given
number OF seats have been suggested, but up
| to date the attorneys for the board have been
unable to find law under which the ex-
| change as such can legally do so.
In common with the grain trade throughout
| the world our business for the past year has
been unsatisfactory, but an improvement can
| be expected when we fairly begin to move the
! bountiful crops now being harvested. The
most serious obstacle to a general revival of
business has been and still is the uncertainty
of our National financial system, but honesty
and integrity must ultimately prevail. These
United States will keep in touch with the en-
lightened commercial nations OF the world,
and that question once settled confidence will
be restored and prosperity follow as an ineyi-
table result
In conclusion desire to thank my fellow
directors for their courtesy and assistance
during our term of Office, ana cannot too
highly commend your secretary and cashier
for their efficient services Respectfully sub
mitted