The Portland Daily Press

Portland's Condition.

Fourteenth Annual Meeting of the Merchants' Exchange.—History of the Exchange.—Remarks of Business Men.

The fourteenth annual meeting of the Merchants' Exchange was held yesterday at 10 o'clock at the rooms on Exchange street. M. N. Rich, the President of the Board of Trade called the meeting to order and while waiting for the arrival of some members read the following sketch of the Exchange:

Gentlemen—Having met together for the purpose of taking counsel to promote the business interests of our city on this, the 14th anniversary of the Merchants' Exchange, it may not be out of place to briefly revert to the past history of so important an auxiliary as the Exchange has been to the business interests of Portland.

The first meeting, to make preliminary arrangements for the present organization, was held at the residence of the late Hon. Jedediah Jewett, in the winter of 1863, and on the 20th of March, 1863, a subscription book was opened. On the 30th of the same month a room was opened in the building formerly occupying the present site, and for many years previous known as Patten's auction and commission house, with a comfortable Board of Trade room in the rear.

Mr. Jewett, who was chairman of committee on the formation and opening of the Exchange, conceived the idea of having no newspapers on file, but that all the news should be placed on a large black board occupying a high place against the wall, and that the room should be open to the public for one hour per day, from eleven to twelve o'clock, when the audience should be "rung out" by a Chinese gong or large bell, and the room be thereafter closed for the day. This plan, Mr. Jewett thought, would be the most effectual for insuring a prompt and full attendance of business men every day, thereby facilitating the daily exchange of "all kinds of commodities," for which ample tables had been prepared. But the irregularity of the despatches concerning military movements and the fluctuations of the gold market, soon compelled the abandonment of this programme, and the room was kept open not only all day, but was often crowded on Sunday by eager and anxious throngs during the most critical hours of the rebellion.

Mr. Jewett's plan of excluding newspapers was gradually encroached upon, first by adding a stand for a file of each of the Price Currents in the leading cities, and then gradually other newspapers were suggested by the subscribers.

The new Exchange was very successfully dedicated, with a membership of 200 subscribers, and the increase of its members was so great that it was soon found necessary to remove the Board of Trade room from this to the floor above. The first telegram placed upon the bulletin of the new Exchange read as follows: "New York, 11:15 a. m. Gold opened at 1.56." Other despatches followed in rapid succession, and great enthusiasm was manifested throughout the day. The accessions for the next two weeks carried the membership up to 270, and its increase thereafter was steady and rapid, till there were 400 names on the roll.

In the great fire of 1866 the building was swept away, and all the property of the Exchange destroyed except its records. But in the course of a month quarters were engaged of the late Mr. D. T. Chase, at No 2 Long Wharf, and a temporary room furnished in rather a rustic manner. But what these quarters lacked in style and finish, was fully compensated by the extraordinary facilities afforded for fishing. March 17, 1867, the Exchange was removed from Long Wharf to the second story of the new building on the eastern side of Exchange, corner of Fore street. There were then 310 members. This room afforded very neat and comfortable quarters for the Exchange, and the Board of Trade was accommodated in the adjoining room. January 22, 1867, the Exchange completed the circuit by returning to these rooms with 319 members.

It might be interesting to revert to some of the liberal subscriptions of money made in these rooms during the war. Those for the relief of East Tennessee, for the camp hospitals, for the sanitary commission, on account of the great fire at Wiscasset, for the "Bohemian Sufferers," and for the relief of Savannah, aggregated more than thirty thousand dollars in cash, within five years, for charitable purposes alone.

An act to incorporate the Merchants' Exchange was passed in 1867, with a view of purchasing the land and erecting an Exchange building on the then vacant lot at the corner of Exchange and Milk streets, for which $20,000 was actually subscribed, but the general depression of business which immediately set in at that time, checked any further efforts by the committee.

The original list of subscribers to the Merchants' Exchange, which is exhibited at this time, shows that nearly one half have passed away; 83 prominent business men gone from our daily walks within the last fifteen years.

Hon. George W. Woodman was elected chairman of the meeting.

Mr. T C. Hersey presented a resolution requesting Mr. M. N. Rich to resume the publication of the Portland Price Current, a weekly paper.

Mr. Ring, the Superintendent of the Exchange, presented his annual report, which was accepted. It is as follows:

The Merchants' Exchange numbers at the present time 213 members against 226 the previous year, a slight decrease in membership. Four members have died during the year, James Freeman, Andrew Spring, Martin Gore and John True.

The total amount collected from assessments was $1697, and the collections the previous year were $1851, a decrease of $154 this year. The usual number of papers have been kept on file in the Exchange room. Our telegraphic reports furnished by the Western Union Telegraph Company have been received promptly, and have been unusually full. We are under obligations to Supt. Bedlow of that line, for furnishing us with many telegraphic items of interest which could not have been obtained through the regular exchanges. Extra western grain markets have been added to the telegraphic reports, and we are now in daily receipt of all the markets and other reports of interest.

The following were elected managers for the ensuing year: M. N. Rich, W. W. Thomas, William Allen, Jr., H. F. Farbish and Charles W. Ford.

This closed the regular business of the meeting. The meeting of merchants which had been called to talk over the business of Portland was then called to order by Mr. Woodman, who made a few remarks. He thought that the Railroad Commission had spoken rather too plainly in their report concerning our municipal indebtedness. The effect of this report has been bad outside of the city. Capitalists think that we are loaded down with debt even worse than we are and refuse to come here to do business. Our taxes are not to be increased, and our sinking funds will wipe out all our debts. He did not believe in selling our railroads. Railroads develop a country and bring it capital. Business depression and shrinkage of values have reached low-water mark, and business will come into the city with the turn of the tide.

Mr. T. C. Hersey thought that Portland was not the only city that was feeling the effect of the general depression in business. Other cities were in like circumstances. During the last year 200 railroads in this country failed to pay the interest on their bonds, so the Portland & Ogdensburg and Portland & Rochester were not alone in their misfortune. He thought more railroads had been built than could be supported and their failure hit the iron interest which in turn touched nearly every other interest. Portland should not give up her interest in the railroads just as they are ready to bear fruit. We have lived through similar discouragements—that of the St. Lawrence road—and he believed we shall survive this. He wanted to see a first class funeral with Gen. Croaker as the corpse.

Hon. Israel Washburn said he was not a merchant or a manufacturer, but he was interested in the welfare of the city. We have gone through great business depression, but we have been really better off than other cities; our trade has steadily increased, because we have stretched out our arms and conquered new areas where our business people were formerly strangers. We are getting to a new departure when we are going ahead all over the world, instead of backward. The depression has been owing to over-production, and that to the facilities for over-production. The railroads and labor saving machinery have contributed to this result. While we were passing to the new state of things, we had to go through the depression we have experienced. Now we shall go steadily onward and all classes enjoy the profits. Recently there has been a great deal of building, especially in the suburbs which help support the city proper. In ten years we have really increased from 35,000 to 50,000 people. Instead of a debt of $4,000,000 and a population of 30,000, we have really the same debt with 50,000 people.

Mr. Charles E. Jose spoke at some length upon the present condition of the city. He thought that we should adapt ourselves to the circumstances, and not expect to live as we did during the war when money was plenty. He thought that we should all be better when $30,000 made a man wealthy, instead of $500,000 as it now is. Every one must have noticed the efforts of operatives to make a short cut to fortune by becoming business men, and thus crowding the mercantile ranks with incompetent men. He also thought railroads had only kept pace with other extravagances, and had absorbed capital that really couldn't be called capital. All things have had false values, and now the bubble has burst, and we must settle down and commence on firm footing.

Gen. S. J. Anderson thought that upon railroads and manufactures the whole life of all the people of Portland depended. We must rely upon the business they bring us from a back country to the sea for our development. The difficulties that the whole country has suffered from, Portland railroads have also encountered, but they are opening the way to future prosperity. The Burlington lumber market is far ahead of that of Montreal, and that will be open to Portland by next summer. There are 120 miles of the richest farming country in Vermont, not yet opened to trade, that it will depend upon the smartness of Portland merchants to get in competition with Boston. Then there is the new road between Oswego and Niagara Falls that will give a connection to the Portland & Ogdensburg at Ogdensburg. Within 130 miles of Portland, at Lisbon, Vt, is a mining interest that will be of immense value to Portland. This is the Gardiner Mountain, 12 miles long, that has five shafts in it. One old miner says that the whole mountain will show five per cent of copper ore. The Ogdensburg railroad will bring that ore here and Portland will furnish the miners' supplies. The Lake Superior mines yield only 2½ per cent. of ore, while these mines yield 5 per cent. The pulp mill within ten miles of Portland is doing a great business for Portland. The powder mills were dead until the Ogdensburg road was built. Towns on the line of the road, and cotton mills, have started up afresh, increased in population and do their business with Portland. If Portland people will keep on an economical basis, and show the energy of the past, there will be no cause to cry down our condition.