Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-09-29
WOOL ExuAsGE TO DE cLOsEDs
Report That Directors Have Deciaea
to Suspend business.
(New York Herald. 2Sth)

Information reached the Herald last
night that the Wool Exchange would TO-
day suspend operations. II is stated tnat
this action was decided upon az meet
ing of the leading directors, held yester.
day afternoon, and that notice wouid
be issued to-day, making public the de-
cision. Depression I'm the wool trade
il was said, would be given by the dlrec-
tors az the cause OF the cessation Oh pus'-
ness.
The Wool Exchange was established
about a year and a half ago, with capi-
tai OF 100000 chiefly through the EFFORTS
of James Macnaughton, president OK tht
Tradesmen's National Bank. A handsoms
ten-story building was erected at tho
northeast corner OF west broadway and
Beach street. The bridegroom or the
exchange is on the ground -four and the
seventh and eighth floors are taken up by
offices The Tradesmen's National Bank
occupies part OF the ground foor, ana
at the top OF the building IL the Wool
Club. Wool dealers and brokers and other
business firms occupy offices In the build
ing.
OBJECT OF THE EXCHANGE.
The object of the exchange was TO pro-
vide q cooperative association OF WOOL
growers, wOol-dealers, woollen manufsc-
turers, general merchants and forwards
ers, bankers. brokers. and others inter-
ested I'm the industry OF producing o.
manufacturing wool. The exchange was
to bring the manufacturer and the grower
together on terms OF equality and fras
ternity and mutual profit.
Auction sales have been held twice
month for the benefit Of members having
wool which they desired to put up for
competitive bidding. The idea was 10
provide a "quick and reliable method for
the distribution OF surplus wool"
In recent prospectus the officers are
given as follows: Allan Macnaughton,
president; Charles Fletcher vice-presi-
dent: A. w. Lghtburn. secretary. Allan
"a l.
dent of the Tradesmen's Bank. Another
brother, William, Is president OF the New
York Wool Warehouse Company. officially
designated by the Exchange to handle
stocks coming to this market.
This prospectus names as governors
| former Mayor William l.. strong, Allan
Macnaughton, James Macnaughton; and
| Cornelius u. Mitchell. OF New York;
! Charles Fletcher, Providence X: l.;
| Thomas Dolan, Philadelphia, Titus
sheard Little Falls. y. Y, and William
! q. Conrad, Great Falls, Mont
| WHAT WOOL MEN SAY
| None of these gentlemen could be seen
| last night. George l.. Stockwen. wool
| commission merchant. when seen at his
| home I'm Brooklyn, said: II was one OF
| the charter members OF the Wool FIX
! change 1 have not heard OF any de-
| cision TO suspend operations and cam
! not conceive how such action could be
| taken without my knowing It," ''it"t
Joseph r. Kesseler. dealer In wool,
said that he was not a member Of tho
exchange. though his name appears In q
published list.
wool men never took much interest
In the scheme" he said. THE auction
sale idea was not "a success. Such sales
are held In London, but that rs because
the wool comes 10 that market from far
off colonies In large lots. To Americans
an auction inevitably suggests the sale
OF stock that could not be disposed OF by
ordinary commercial methods. Though
the sales were fairly we'll attended. tho
prices seemed TO depress rather than slim
ulate the market. Though / do not know
that the exchange will suspend, such an
outcome would not. cause much surprise
In the wool trade"
Another dealer pointed out that Bos-
ton, by natural development, had become
the wool centre OF the country. and tina.
the New York Wool Exchange had under
taken heavy contract in trying TO con-
centrate the trade 10 this city.
The Wool Exchange, as d corporation, 1
was told last night. was I'm good financial
shape, with no outstanding debts. The
building has been a good real estate in
Yestment.