The San Francisco call., 1904-07-22
BABCOCK TALKS
ABOUT EXCHANGE
Considers Topics at An
nual Meeting of Members
Assembled to Hear Report
SPEAKS OF WHEAT CROP
Points Out Strong Position
of San Francisco as Center
for Entire Pacific Coast

EEEElQEIl W llldln odDCOCk ICpSANCN
TO the members Of the Merchants Ex-
change yesterday at their annual meet
ing that the exchange is thriving
There is a shortage for the year OF
s24Oo, but this is due entirely to the
falling of in the wheat crop of last
year, and the consequent loss in the
business OF the grain inspection oe-
partment OF the exchange owing 10
the loss Of revenue, while the new
building for the exchange is In con-
struction, II will be necessary TO keep
the dues az IS q month. The building
would be completed in September but
for the delay caused by the founoa-
tions. President Babcock reported
that unless something that is not fore
seen happens the structure VIII be
ready TO occupy by the end OF the
year.
Certain interesting facts were report
ed BY President Ba-bcock about the new
exchange building. Nine floors have
been leased TO the Southern Pacific
Company. The top floor Will be occu-
pied BY the Board Of Fire Underwrit-
ers. excepting a few Offices that are re-
ouired for the use Of the exchange.
The ground floor is leased to bankers
and brokers The second, third and
fourth floors have been partly leased.
Among the tenants viii be the Mer-
chants Association and the Manufac-
turers' and Producers Association.
Thus the building viii become the
home, as originally planned for bodies
that are working for the advancement
Of the city and State. Thirty feet of
forty feet owned by the exchange on
Montgomery street have been sold To
the Security Savings Bank, which is
erecting a banking building on the site.
An entrance ten feet wide to the ex-
change building from Montgomery
street is in construction
ASKS MEMBERS To WORK.
President BabcOck appealed 10 the
mem bers Of the exchange TO work for
an increase Of membership TO double
the present limit. Within the hall Of
the exchange. he said, Will be posted
the telegraphic quotations Of the great
stock exchanges Of the world, the
prices Of all leading products in the
exchanges of the United States an Eu-
rope. and a complete file of all the
leading newspapers Of the world The
movements Of ali vessels trading TO or
from Pacific Coast points viii be re-
corded Another feature viii be views
of trans Atlantic lines.
Reviewing the work of the exchange
during the year President Babcock al
luded TO the changes that have been
made in the rules Of the grain trade.
Among the new provisions are require
ments for the registration Of ware
house receipts and regular inspection
~ lots Of grain as to condition and
presence in warehouse at q certain
date. The most important rule con-
fines the sale of futures 10 the floor
~ the exchange within certain hours.
This course has been adopted by all
the great exchanges in the United
States. and President Babcock said
that he believed il would y Ork we'll in
san Francisco. The Offices Of the ex-
change have been connected by tele-
phone with the life saving station. The
work Of the committees during the
past year came in for complimentary
mention.
Concerning the wheat situation in
California, President Babcock said:
THE WHEAT SITUATION.
Az q recent meeting OF the California State
Frsrd NJ Trade the principal subject OF discus
e-o1 vas California wheat and its merits in
states IN the past the prosperity Of Califor-
MA largely depended upon its wheat crop and
there is no reason why in the future II should
r-t BE- one OF its greatest resources When
country Ike France. where the land has been
cropped for centuries. can prohtably produce an
annual weld Or ten million tons. or a average
NJ thirty bushels Per acre. any say
that this great state of ours viii never again
raise one uilliou tons2 To-day our average
yield does not ex-e-5 chirteen bushels per acre.
A great deal can be done by the individual
efot of the farmer IN planting proper seed.
ssry fertilizers, We can increase our output,
and with profit. TOO. just as the Hawaiian Isl
snds doubled their yield OF sugar by the same
scientific measure. This is q matter Of such
vital importance 70 the state at large that Ger
ta.ny me Legislature should make liberal
appropriation for experimental purposes, as
suggested by the State Board OF Trade. To
rnis city II means much FOR II we have
wheat 70 export there VIII be practically few
ships seeking our port and our much vaunted
commerce viii sink into greater insignihcance
than the position which II occupies to-day as
4 l.
mercantile ports OF the world This IL hard
thelsss. '-''@' @''-''- '1' II IL ''D'' never
II was reported by President Bah
cock that the subject Of changes in
the shipping rules VIII soon be con-
sidered. The coming Of the Merchant
Marine Commission to San Francisco
in August was declared to be of i'm
portsnce. While wheat falls of in vol
une II was found to be a matter for
congratulation that the total value of
California products exported is in
creasing, the cause being diversified
farming. With cheap fu ! oil San
Francisco was found to have a good
outlook for becoming q great nanufac-
turing city. Concerning two topics of
interest, President Babcock said:
SHIPPING AND FINANCE.
u e a source OF pride 70 all Californisns that
the Pacific Mail Steamship Company our pio-
steamers 10 this coast IN 1913 should have
placed n commission between this port and
the Far East the four largest and finest steam
CTS which trade 70 the Orient from anv mart
~ me world II addition 70 their enormous
cargoes, these steamers carry in and out o.
ifis port several hundred saloon passengers
NneFe cnly a few years ago the number ranged
ifllh twenty 70 occasionally a hundred This
means that, with the great improvements being
mace p5 the transcOntinental railroads San
Francisco VII always occupy 70 the trsns-Ps-
cine passenger trade the position which New
YORK holds 70 the trans Atlantic, and which no
other loTt can Urest from her. Few sppre-
ciate what this immense transient travel means
% a city.
The position Of San Francisco a, IN. n,,-.,-
pal financial center Of the Pacific Coast IS e,-
emoihed by tue fact that her bank cleartnge
average 30 per cent more than the combined
ciesrings OF Los Angeles Portland Seattle
Tacoma SPOKANE and salt Lake Cftv The
rapid groWth of these thriving cities appears
70 be only OF the greatest benefit 10 San Frsn-
cisco.
Directors for the coming year were
elected as follows: William Rabcock
J.. ". Hopkins. Leon SIos... William n
Dutton. Juda Newman. r. p. Schwer-
in F. ". Van Sicklen. F. II. Wheelan