New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-04
TO SUCCEED A. E. ORR
M X. JEsUP LIKELY TO ZEE PREsIDgNr
OF THE CHAMBER OF COMMERCE.
RAISING THE FUYDs-THREE SITES
UNDER CONSIDERATION.


The 131st annual meeting Of the Chamber Of
Commerce will be held at noon to-day. Tha
most important business to be transacted Ia IN.
election of a successor In the presidency OF thu
Chamber to Alexander Z. Orr who has declined
a denomination. Morris X. Jesup has consented
to allow his name to be brought forward by
the Nominating Committee as a candidate for
the vacancy and undoubtedly he will be elected
to follow Mr. Orr. In conformity with the rule
that three ce-presidents must retire every
year. there will be an election also for the MI.
ing of these three offices. The three vice-presi-
dents who go out this year by rotation are d.
willis James, John A. Stewart and John ClaAin.
IT is likely that In their places will be chosen
J Edward Summons, William Z. Dodge and ex-
Governor Levi p. Morton.
1t is possible that In the course OF the meet.
ing some statement will be made regarding the
prospect of speedy beginning of the new
home of the Chamber. Mr.. Jesup has been one
Of the most energetic Of the promoters OF the
rev project and there IL little doubt that his
election as president Of the Chamber will mean
that no further time will be lost in the further
ance OF the plans Cor the new structure. The
DELAY that has occurred 80 far has not been
because OF any impeachment in the way Of raising
the Sf.5OOOOO necessary to defray the cost OF
the site and building. The sum Of $4,000 has
already been subscribed. and the balance would
be forthcoming in few days IL necessary; but
the wealthy members Of the Chamber are de-
sirous that a fair opportunity shall be given to
all members whose names are not yet down on
the list to become subscribers 10 the building
fund.
As an explanation Of thia attitude. II should
be understood that there is nothing philan-
thropic in this building fund. 1t Is based pure
" on business principles and Is safe invest
ment Of money. The subscriptions are not In
the form of gifts. but represent a purchase OF
bonds, guaranteed by lien upon the new build
ing and drawing interest at the rate Of per
cent. To pay this interest will require $4,000
a wear. but as the income OF the Chamber from
the annual slOO dues from 1.2J0 members
amounts to s125O0O. to say nothing OF the
irrespective income to be derived from tenants
In the new building. the bonds may be looked
unon as a really gilt-edged investment.
While there is some talk Of erecting an once
nile 10 he known as the Chamber OF Commercs
Building. the suggestion does not meet with
general favor The majority OF the members In
cline to the idea of building which shall be IN
keeping with the dignity and standing OF the
Chamber among the commercial institutions OF
this CITY, 1t is likely that style OF architecture
will be decided upon which will provide for the
quarters OF a large bank on the ground floor, the
upper part to be devoted to the offices ana COM
mittee- rooms of the Chamber, together with an
auditorium and banquetting hall 1t Is proposed
TO have the auditorium specially constructed
with a view OF properly displaying the collec-
ton of portraits. now in the possession OF the
Chamber. of men who have been prominently
identified with the growth and development OF
New-York. This collection of paintings, TO
which additions are constantly being MADE. Is
valued at several hundred thousand dollars:
From the revenue OF the Chamber and the rental
IL is thought that. apart from the payment OF
interest a sinking fund can be created which
will not only provide for the gradual retirement
OF the bonds but will have the erect or put
ting the security up to considerable premium.
The site of the building will be In the
centre OF the financial district. The COMMITTEES
in charge Of the selection has several sites ~
consideration, but the members refuse 10 IN
innate upon which their choice is likely 70 set
lie for the too obvious reason that such an
announcement might tend to some increaee "
ing placed upon the purchase price OF ,n
ground 1t Is the hope Of the executive mem
hers OF the Chamber to have their new hons
ready for occupancy in the latter part OF lso"