The San Francisco call., 1896-04-05
thew did for a nnmber Of wears and +ho,r

they did for number of years and their
place was always crowded with business
men, most OF whom, however, it is said,
paid no dues. They always had the news
shortly after Sweeney &, Baugh, although
they made little effort to get it. 1t is true
they were at small expense and the owner
of the building put the rent very low SO as
to keep them there and make the neigh
borhood lively. But in spite of all advan-
tages the Wills IL Cover Exchange died a
natural death about 1860, and Sweeney e.
Baugh had things their own way. But it
was this that caused their ruin.
During the years of the war. when ship
ping was at a low ebb, the news obtained
was not of SO much Importance to mer-
chants as to the general public, and the
subscribers did not pay much attention to
the way the institution was run. But
when peace was declared again and ship
ping became lively the men who sup
ported the exchange became dissatisfied
at certain arrangement" that Sweeney
e. Baugh were said to have made. Hav-
ing things all to themselves they could do
as they pleased with certain bits of infor-
nation. They generally knew to whom
it would be the most valuable and sold it
for all they could get, often to the great
disadvantage of their other patrons.
They also refused to improve their service
in any way, as the patrons thought the in
crease of business demanded.
In the latter part of 1865 matters reached
a climax when a number of merchants
banded together and started the fund for
the present Merchants Exchange on Cali
fornia street. The most active workers in
the enterprise were: William G. Ralston,
r. ]. meath, Joseph A. Coolidge, Thomas
H. Selby and Alvinza Hayward. The
present building was put up in 1866 and
then the real rivalry Of the exchanges
commenced. Business methods had be-
come such that it was not matter of
simply getting the news, but it was a
matter of getting 1t first.
The new exchange fitted up house for
boatmen at Meiggs wharf, and sent to
New York for Bob Martin, a then famous
marine reporter. They employed an army
of men and put semaphores on all the
hills around San Francisco. A man with
several fast horses was stationed as far
away as Pigeon Point. From that posi-
ton he could see vessel when it was
nearly days journey from San Fran
cisco. If the weather was clear he used a
semaphore to signal a man on Mission
hills, who in turn signaled to a man on
Telegraph Hill in the City. From that
position it was sent to man in the tower
OF the Merchants Exchange, who in turn
sent the news 10 the crowd in the hall
below. In those days the principal thing
to look out for was steamers, and as soon
as word came that one was in sight
crowds focked to North Beach. If the
weather was not clear. the man at Pigeon
Point would ride to San Francisco as fast
as possible, changing horses as often as
necessary.
This vigorous fight of the new exchange
was felt by Sweeney & Baugh at once and
they made an effort to fight back, but not
having kept up with the times they could
devise no plan of their own. To offset
the Merchants Exchange they sent to New
York for marine reporter named Bob
Silby, who had been an old rival of Bob
Martin in the past.
Billy Ellison, the first boatman en-
ployed by Sweeney & Baugh In 1851, was
still with them and put all of his energies
into the fight. Billy is still alive, although
not as strong as he was forty years ago.
He is living out at the Old Peoples Home,
Pierce and Pine streets, and is always in a
mood to talk of the days when he pulled
Whitehall. 'The Wells IL Cover Ex-
change didn't give me much trouble" he
said when speaking of the matter, "but
the Merchants Exchange made us hus-
tie. Bob Martin and | always went out to-
gether every morning and we were always