New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-20
TVCOUE or THE WOOL EICHANdE.
THE OFFICERS COUNTING ON MORE THAN Si-''VOV
NET RETURN FROM THE BUILDING

r,,r orr,crps COUNTING ON MORE THAN slcaoo
NET RETURN FROM THE BUILDING
Nv Tho purchase of the large hreproof Wool En-
h.,,o Puilaing AT West Broadway and Beach-s''
che recently incorporated Wool Exchange OF 'His
city has acquired a permanent INVESTMENT - "
kind to secure the stockholders OF the hAo"""e1
against loss and provide for part OF the annual
div,dend on the stock. The sum OF $loo'V" was
Maid for the building $4,000 in cash from the sv''
noo of capital stock already paid ill., and Soe'"" .!
mortgage held by one of the large lie insurance
c,mpanies Of the city. The annual rentals oi the
buleing amount 10 over Sg2VoO, ana ai'el pd'''o
the interest on the mortgage taxes ana eAPeiIs''
incidental to the care of the building. the WOOL hN
change will have dividend each year from 'A'
income Of the building alone
The Wool Exchange. however. IS TO have other
sources OF income. Annual dues OF trading mem
bers amount 10 $1,000 a year. The rent OF auction
rooms for trade sales will amount TO Soov' or oe
each year The annual commissions from "ooi
auctions are expected to amount TO 10000 AT the
start the trading memberships in the ENchd"se
have been sold at 500 each but that low price was
made only for the first 200 memberships. The price
of a membership may 60 to 1900 SOON An ahhual
income OF nearly 100000 for the Exchange Is eN-
rected and the total expenses viii fall below Wv
COO a year The officers of the Exchange are count
ing on an annual net income OF more than NZs'cVo
The Wool Exchange. as planned, VIII assume no Ia
hinles OF any nature incident to general business
The wool auctions. as is the case in London and In
other public markets. will be on cash basis
The capital stock Of the Wool Exchange is $1,000
OD and consists of 10000 shares of common stock
II 300 a share There Is preferred stock. and
no stock is sold for less than It's face value. Wool
merchants and other men interested in the wool
trade have subscribed and paid for 700 shares OF
the stock and the $4,000 has been received by the
United States Trust Company Of New-York. the reg
isters OF the stock. The trust company has issued
certificates for the 100 shares. The remaining
900 shares of stock are subject TO Subscription
and the stock can be procured only upon applica-
tion 10 Charles II. Roberts, the treasurer, at the
Wool Exchange. The right Is reserved by the
Roa I'd of Directors to reject or reduce any appn-
cation for stock. All subscriptions for stock are
~ he paid 10 the United States Trust Company or
New-York when called for by the Board of Direc-
tors 49, ,,-,--- 49,, !,
clared their belief that the interests OF the Ex-
change will be promoted by having the remaining
shares of its stock sold to persons not directly IN
ferested in the wool business, for the reason that
more will thus be acquainted with the work
of the Exchange. and will aid In It's success. The
FIRST Board OF Directors of the Exchange consists
OF Mayor William l.. Strong, of New-York Charles
Fletcher of Providence. r. l.: Allan Macnaughtan.
of New-York: c. B. Mitchell. of New York Titus
Sheard OF Little Falls. y. Y: Albro j. Newton of
BROOKLYN " Y: James Macnaughtan. of New
York and Charles H. Roberts late cashier OF the
Empire State Bank.
The officers of the Exchange for the first year are:
President Allan Macnaughtan; vice-presdent,
Charles Fletcher. and treasurer and secretary.
Charles II. Roberts.