HF 296 .876 * — — . • ’ •• ' • ,v , _ tJ * / / c L _ _ ORGANIZATION AND. Opening Exercises OF THE BOSTON PRODUCE EXCHANGE, SATURDAY, SEPT. 22, 1877. ALSO, REPORT OF THE EXCHANGE UP TO DECEMBER 31 , 1878. R. H. CHAMBERLAIN, Secretary. ROOMS, - ROTUNDA FANEUIL HALL MARKET. 1879. PRINTING DEPARTMENT, DEER ISLAND, BOSTON HARBOR, HF 256 •BF6 msrafl COLLEGE Ilia MAS® :• :■• i s; v> 5. JAN 10 m 513733 OFFICERS OF THE BOSTON PRODUCE EXCHANGE FOR THE YEAR 1879. President, GEORGE W. FISKE. Vice President, ewen r. McPherson, Secretary, RICHARD H. CHAMBERLAIN. Treasurer, JOHN P. HILTON. Directors' ; CHAS. E. MORRISON, JAMES M. UPTON. CHANDLER WRIGHT, EDWARD D. CHAPIN, CHARLE LUKE W. FOWLE, GREENLIEF W. SIMPSON, ALBERT H. FARNUM, DANIEL F. CAYERLY, II. NORTH. 4 STANDING CO MMITTEES FOR TIIE YEAR 1879. Committee on Booms , DANIEL F. CAYERLY, EDWARD D. CHAPIN, JAMES M. UPTON. Committee on Finance , CHANDLER WRIGHT, LUKE W. FOWLE, GREENLIEF W. SIMPSON. Committee on Complaints , A. B. BUTTERFIELD, DAVID ELLIS, RUBEN P. BENTON, W. W. NOYES, JOSEPH McINTIRE. Committee on Arbitration , W. R. BOYNTON. FREEMAN J. DOE, HENRY FARNUM. Committee on Trade , FRED. CROSBY, H. G. SEAVERNS, W. F. ROBINSON, MORRIS B. BOYNTON, JOSEPH W. TUTTLE. A. D. S. BELL, CIIAS. A. RAND, Committee on Information and Statistics , L. A. BELKNAP, STEARNS R. ELLIS. GEORGE E. MITCHELL, WM. F. POOL, E. E. BALDWIN, # * Committee on Brices , AMOS KEYES, ROSCOE T. GREEN, C. H. STONE. Committee on Transportation , ISAAC WATTS, RUBEN P. BENTON, S. P. HIBBARD, GARDNER B. CHAPIN, IRA CHAPIN, C. H. ROBINSON, N. E. HOLLIS. 5 OFFICERS OF THE BOSTON PRODUCE EXCHANGE FOR THE YEAR 1877. President, FREEMAN J. DOE. Vice President, SALMON P. HIBBARD. Secretary, JOHN M. CALL. Treasurer, JOHN P. HILTON. Directors* ; DAVID ELLIS, MORRIS B. BOYNTON, GARDNER IL CIIAPIN, BENJ. HINCKLEY, RUBEN P. BENTON, CHARLES H. STONE, GREENLIEF W. SIMPSON, ALBERT D. S. BELL, CHARLES E. MORRISON. 6 STANDING COMMITTEES FOR. THE YEAR 1877. Committee on Booms, MORRIS B. BOYNTON, RUBEN P. BENTON, GARDNER B. CHAPIN. Committee on Finance , DAVID ELLIS, SALMON P. HIBBARD, GREENLIEF W. SIMPSON. EDWIN STEVENS, G. W. EISKE, Committee on Complaints, D. E. BUTTERFIELD, R. S. EDWARDS, GEO. E. MITCHELL. Committee on Arbitration, LUCIUS SLADE, GARDNER MURPHY, JOHN FAXON. J. LAMSON, S. C. MILLER, Committee on Trade, E. A. LORD, J. M. UPTON, H. G. SEAVERNS. R. B. FOSTER, JOHN UTLEY, Committee on Information and Statistics, ISAAC WATTS, P. F. STURGES, O. W. MEAD. A. D. HIBBARD, F. E. SULLIVAN, AMOS KEYES, C. E. LOCKE, Committee on Prices, J. W. RANDALL, B. P. HODSDON, W. W. NOYES. 7 OFFICERS OF THE BOSTON PRODUCE EXCHANGE FOR THE YEAR 1878. President, AUSTIN BELKNAP. Vice President, SALMON P. HIBBARD. Secretary, RICHARD H. CHAMBERLAIN. Treasurer, JOHN P. HILTON. Directors; JAMES W. ROBERTS, CIIAS. E. MORRISON, CHAS. H. STONE, E. D. CHAPIN, ALBERT II. FARNUM, G. W. SIMPSON, AMOS KEYES, CHAS. H. NORTH, BENJ. HINCKLEY, CYRUS DUPEE. 8 STANDING COMMITTEES FOR THE YEAR 1878. Committee on Booms , C. E. MORRISON, G. W. SIMPSON, CYRUS DUPEE. Committee on Finance, J. W. ROBERTS, C. E. MORRISON, C. H. STONE. Committee on Complaints , A. B. BUTTERFIELD, DAVID ELLIS, W. W. NOYES, GEO. V. FLETCHER, PETER S. ROBERTS, JOSEPH McINTlRE, R. P. BENTON. Committee on Arbitration , A. D. S. BELL, CHANDLER WRIGHT, HENRY FARNUM, W. L. SOUTHARD, FREEMAN J. DOE, W. R. BOYNTON. Committee on Trade, JAMES M. UPTON, H. G. SEAVERNS, W. F. ROBINSON, MORRIS B. BOYNTON, JOSEPH W. TUTTLE. Committee on Information and Statistics, LYMAN A. BELKNAP, S. W. F. POOL, A. GEO. E. MITCHELL, L. 11 . ELLIS, IX HIBBARD, E. PEIRCE. Committee on Prices , GARDNER B. CHAPIN, J. W. RANDALL, GEO. L FISHER, J. W. STONE, AMOS KEYES, L. V. NILES, P. F. STURGES, I). F. CAVERLY. Committee on Transportation, ISAAC WATTS, e. r. McPherson, GEO. E. MITCHELL. O. W. MEAD, J. M. CALL, EXERCISES AT THE OPENING OF THE Boston Produce Exchange, in the Exchange Rooms, Rotunda of Faneuil Hall Market, Saturday, September 22, 1877. Prayer was offered by Rev. Dr. Lorimer; after which President Doe spoke as follows : Address of President Freeman J. Doe. Gentlemen,—We are assembled here to-day that we may in a pub¬ lic manner open and dedicate this spacious and beautiful hall lor the use of the Boston Produce Exchange, and formally inaugurate the ac¬ tive operations of this association, which has been formed, as stated in the act of incorporation, for the purpose of promoting and increasing the facilities for trade in produce in the City of Boston and its vicinity. The produce business has now reached such proportions as to make it one of the most prominent branches of trade in our city. For the year 1876, it amounted, in the aggregate, to nearly eighty millions of dollars; and now that indications are everywhere pointing towards a general revival of business, it is evident that the produce interest of Boston is to assume larger proportions in the aggregate than ever be¬ fore, and that it is necessary for the trade—if we propose to keep up with the times—to secure every facility for the transaction of its busi¬ ness that can possibly be obtained. The Produce Exchange proposes to furnish these Facilities. It offers to the trade the use of this spacious hall with the necessary rooms adjoining, the same to remain open during business hours. The 10 location is in the very centre of the produce business, and of course most desirable. For the flour and grain interest the light of this hall is not equalled by that of any other in our city, and we would call their special attention to this fact. Arrangements have been made whereby the Exchange will be able to furnish ample daily reports from the principal home and foreign mar¬ kets, giving full quotations for flour, grain, provisions, butter, cheese, fruit, and other articles of produce whenever necessary. The receipts of produce arriving on this market will be collected daily and reported on the bulletin of the Exchange the same day as early as possible—various newspapers required by the trade will here be found on file—in short the Produce Exchange will endeavor to meet fully the wants of the produce interest of Boston. The City of Boston was represented by His Honor, Fred¬ erick O. Prince, Mayor. Address of Mayor Prince. I am greatly obliged to the members of the Produce Exchange for their kind invitation to be present on this occasion, and it gives me great pleasure to do so. No citizen should be indifferent to what concerns the prosperity of Boston, and such associations are most valuable for the pro¬ motion of trade and commerce. Eor this reason they have been formed in all cities of importance, for the benefit of agricultural, commercial, finan¬ cial, manufacturing and mechanical operations. At this time they are most important institutions, since the active competition of our neighbors for the extension of mercantile relations for¬ ces us to the exertion of all our powers to retain our share of the business of the country. I am not of those who believe that our city will lose its commercial importance; that its trade will waste away; that its wealth will decline; that grass will grow in its deserted streets and wharves, and that its population will diminish. I do not belong to the ignoble army of croakers. Boston has always had a proud position among her sister cities. And what has given her this position? Not mines of coal and iron and other valuable minerals, not rich agricultural land, for as we all know, na¬ ture has given us only granite and ice. But the intelligence, industry, en¬ terprise, energy and pluck of her citizens, these Puritan virtues have estab¬ lished amongst us manufactures of everything needed for the various wants of man, and carried the sails of commerce to every portion of the globe, so that we are known everywhere as a thrifty, prosperous and wealthy community. 11 To-day the wealth of Boston is larger than that of any American city of the same population, and its credit in the financial markets of the world stands second to none. Boston will maintain in the f uture its rank as a commercial city , not¬ withstanding the great efforts of the Atlantic cities to get the trans-Atlan¬ tic trade, and that of the West and the South. We have just as much tal¬ ent, just as much energy and just as much public spirit now as hitherto. We have still our Lawrences, and Appletons, and Shaws, and Sturgeses, and the other merchant princes who have done so much for Boston. The breed still survives, and will again come to the front. We need only to arouse ourselves. We must not permit supineness or inactivity. It has been said that the price of liberty is eternal vigilance, so the price of com¬ mercial prosperity is constant watchfulness and constant effort. Nothing is fixed and stable in this world; things are ever fluctuating; if we would continue to be what we are, we must work, work, without ceasing. The financial affairs of the country just now are in an abnormal con¬ dition, resulting from the terrible civil war in which we have been engaged, but they are adjusting themselves, and depend upon it, business every¬ where will soon revive. The tide has already turned, and many branches of trade show increased activity. Whatever, then, advances commercial improvement, should be fostered, and as I have said, associations like this Exchange are most salutary and beneficial in their results and productive of great good. They aid largely in the success of the particular branches of business to which they relate. Your Exchange will help both yourselves and the public. It will bring you together. It will make you acquainted with each other. It will cre¬ ate mutual good will and mutual good understanding. It will establish an esprit de corps productive of the happiest results. It will assure honora¬ ble conduct between the members, and check any disposition to unfair dealing by the exposure which will come upon complaint to the associa¬ tion. It will advance the interests of dealers in produce by fixing and reg¬ ulating prices, and these advantages to the members must result in benefit to consumers and the public generally. The produce business of the country is becoming enormous. It is not now, as hitherto, confined for the most part to our own people. We are becoming large exporters of the merchandise known under the general name of Produce. Our butter and cheese and beef and pork and flour and fish and other provisions are sent everywhere abroad. The trade grows daily, and it will be found to be our mission, not only to teach the world what governmental, educational and pliilan- tliropical institutions should be, but to feed it while we are giving these lessons. A short time ago when wandering in the streets of London and Paris, I was struck by the quantity of Yankee notions I saw displayed in the shops—canned goods of every kind, preserved meats, fruits and vegetables, even the American grape, otherwise called Bourbon whis- 12 key, and other like necessaries were there domesticated,—and I have often noticed, especially in Paris, that the old world was beginning to appreciate the baked beans of the new. It was a pleasant sight and made me feel that civilization was indeed advancing, and that republi¬ can institutions were yet possible in Europe. Gentlemen, I congratulate you on the auspicious commencement of this enterprise. I trust the Produce Exchange will long prosper and accomplish the happy results you anticipate. You have excellent quar¬ ters here, and every accommodation that you need, and I am sure that the good Avishes of the whole community are with you. The Press was represented by Mr. Curtis Guild, of the Boston Commercial Bulletin, who made the following address : Mr. President and Gentlemen; There may be very little poetry in potatoes, romance in butter, or beauty in beans, but that the}’’, and the whole family of vegetables, and those products of the earth that come under the general designation of produce, occupy an important position in contributing to the wealth of the country, is certainly beyond question, and a solid fact in which there is more truth than poetry. The magnitude and importance of this trade, twin brother to the provision trade, can hardly be imagined by those who have not exam¬ ined its statistics and noted the patience and skill by which it has been worked up to its present flourishing position in Boston. It should also be a source of congratulation among business men and our citizens as it doubtless is, that tlie’re is that esprit de corps in the trade, that prompts its members not to be satisfied to plod along at leisure, but to form a bond of union as it were, whereby the interests of the whole may be forwarded, and consequently those of each individual advanced. Hence I take it, do we And you enterprising gentlemen uniting in the opening of this elegant exchange for the interchange of views and ex¬ periences, the more expeditious transaction of business and a unity of purpose among the trade upon important questions that affect it? I might remark as a member of the Board of Trade, I have hoped that we could have a building spacious enough to give us a Produce Exchange, Shoe and Leather Exchange, Brokers’ Board, Corn Exchange, Lumber Exchange and Cloth Hall, all under one roof, their areas converging to a common centre, a great hall like this for a general exchange;—but the spirit of to-day seems to be in favor of a division of the Branches of busi¬ ness, each to its own special headquarters. 13 But this movement of yours, these elegant accommodations, this sub¬ stantial company, all indicate that commercial spirit, that industry and care of business, which characterize New England and that there is united effort to elevate, advance and improve it. I need hardly repeat what ap¬ pears to be generally known of the occupants of this market and its imme¬ diate vicinity; that their dealings in the good things of life seem to have made them among the best men of the time, genuine and hearty in expres¬ sion, and prompt and liberal in generosity. I presume this is hardly the time or place for dry statistics, but mere¬ ly for congratulations and good wishes at your house warming. As a mem¬ ber of the press I shall consider it my duty and it will be my pleasure to make use of every opportunity possible to advance the interests of the trade as far as I am able in the columns of the journal under my management, and here let me say that the press of this city, a city which already has power¬ ful and vigorous rivals in every branch of its commerce, the press, which is so faithful a sentinel in this respect, should allow no envidious slur upon our commerce by the journals of other cities to pass unnoticed; no incorrect statement to remain unchallenged; spare no effort to constantly present to the commercial world our advantages in the strongest possible light, and avoid magnifying the advantages of other cities to the detriment of our own. The New York Press are thoroughly posted in this direction, and support her business men and their legitimate enterprises under all cir¬ cumstances ; indeed, the praise of her goods and the presenting of her ad¬ vantages has been reduced to such a science that the papers of other cities frequently receive, publish, and pay for it, in their special telegraphic de¬ spatches under the disguise of news. It is a proverb familiar to every American, that in union there is strength, and there can be no doubt that while this exchange will tend to bring this important branch of trade in closer communion, it will also facilitate the distribution of produce and thereby tend to advance the interests of agriculture. Gentlemen, the substantial and healthful manner in which the Bos¬ ton Produce Exchange has been commenced makes its success a fore¬ gone conclusion, and I in common with our distinguished friends upon the platform, rejoice in the establishmeut of another organization that shall tend to favorably advance the commercial and material interests of our beloved city. The President said; We are in receipt of many com¬ munications, congratulating us on this occasion, both by letter and telegraph, and I will now ask the Secretary to read some of them to you. 14 Mr. J. M. Call, the Secretary, thereupon read com¬ munications from Mr. John A. Scudder, President of the Merchants’ Exchange of St. Louis; from Mr. William A. Cole, President of the Produce Exchange of New York; from the President of the Produce Exchange of Chicago ; from Mr. Chas. Kay, President of the Milwaukee Cham¬ ber of Commerce; from Wm. J. Patterson, Secretary of the Commercial Exchange Association of Montreal, and others. The President then introduced Alderman Lucius Slade. Address of Alderman Slade. Mr. President and Fellow Citizens; This matter of an Exchange has been discussed for three or four years past, but I myself, for one, was rather backward in taking hold of it, for the reason, perhaps, that I could see no chance of getting a place for the organization to rest. I could see no place where I thought we could establish ourselves that would be any credit to the organization, or that we should have a show of success in. Still, I had a feeling, as all other produce men have had, that something of this kind ought to be done to keep pace with the business of the country and with other cities. The people of a city make the city, and through the energy of the people, the city becomes great, and strong, and respected. Buildings do not make business either altogether; still localities have something to do with it. But everything depends upon the energy of the people that are in a city, as to the growth and prosperity of the place. Last year I think, or one or two years since, this Produce Exchange, by its exertions, got a charter, and the next thing was to get a place. Being as it is called, one of the City Fathers, elected last winter, I knew of this opening, or « this prospect of an opening, as the Mechanics Association had given up this hall—they had entirely out-grown it—and the Plow Company that was established here was undecided whether to remain or go from it, so that it left this hall for the city to make the best use of possible. I was appealed to by the President and Directors of the Association to see if something could not be done to establish this Exchange in this hall. I thought myself that it was feasible and, knowing that the city has always done all in its power whenever any of the people have asked for what seems to be good, I believed that the city would second the motion to make this property available for this purpose. I brought the matter before my associates on the Committee and, through them, be- 15 fore tlie City Government, and I will say that in every motion that we have made the City has seconded us. They have come forward not reluctantly but willingly, and have fitted up this hall, and also the t rooms adjoining as you have seen, and propose to let the occupants have it at a nominal price, believing that the object is a laudable one, and one that ought to be encouraged, Therefore, you see how we are now situated. I believe it is the best hall, and the best arrangement for an Exchange that can be found in any city of this Union. I have never seen anything that I believe quite compares with it. Here we have the whole of this market hall through, from one end to the other, that can be had at any time, if it should be needed, for offices. There are now about a dozen offices as you will see that seem to be large, airy, aud very pleasant, that are to be let at a reasonable price. I trust that this Exchange will be a success. I have no doubt of it whatever, and these remarks that I make in regard to the City’s willing¬ ness, not only willingness but anxiety, to do all that can be done to en¬ courage this enterprise, I make that you may know about what the in¬ tention, or the willingness of the city is; that is that as this Exchange shall grow and need more room, it will be furnished at any time when it is so needed. Mr. President, I had no particular, set remarks to make here, and will leave this matter where it is. Hon. H. K. Slayton, of Manchester, N. H., was then presented, and spoke as follows ; Mr. President and Gentlemen of the Boston Produce Exchange,—It has been my fortune to handle produce, more or less, for the past thir¬ ty years, and I have been known in a business way to many of you for a long time. I congratulate you upon the formation of this commercial body. Your possibilities are great,—not only for the benefit of your¬ selves, but more largely for the benefit of the farmers of our country. You are the merchants of one of the chief seaboard cities, and you are to be the factors between the farmers of this country and the dense populations of the old world. Many of us have seen our exports of cheese arising from a few millions of pounds in 1850 to over 100,000,000 pounds per year. You may deem it your duty to gather from the produce merchants of Europe all facts and statistics regarding the cost of food in their country and be able to state to the farmers of the United States that farms of 100 acres in Western Europe cost on an average $15,000 each, while ours average about $3500, so that on all products of light weight 16 to the cost, such as butter, cheese, pork, larcl and bacon, we have a population of 200,000,000 of people in Western Europe which we can sup¬ ply at a lower price than their farmers can produce them. It is my belief that we can market in Europe 400,000,000 lbs. yearly of cheese at a fair profit to our farmers. We are also, I trust, all gratified that we now have in our President and Cabinet eminent statesmen, who will pay more attention to the material and business interests of the people than they will to who shall be their successors in office. Secretary Evarts, on his re¬ cent visit to New England, assured me that they intended to try to ad¬ minister the affairs of this government on sound business principles with¬ out any regard to who should be their successors. With gold as our only legal tender the future prosperity of our country is assured, and in the prosperity of our people an immense business, both domestic and foreign, awaits you, which I hope will en¬ sure your success individually and that of your association. The Vice-President Mr. Salmon P. Hibbard was then called upon. Address or Mr. Hibbard. Mr. President and Gentlemen; The Produce Exchange, an organization which we meet to formal¬ ly open to its members to day is an institution, the need of which has long been felt in our city. Not only do we expect that it will aid us in the developing of our business, but that it will generally benefit our city in the results it hopes to achieve. The rapid increase of the pro¬ duce business in this country and its present magnitude is but partial¬ ly known. And when we speak of the produce business we mean the products of the farm, for specific convenience subdivided into the Flour and Grain business, the Butter, Cheese, and Egg business, the Provision business, the Fruit business, and Vegetable business, and we ought to add the Grocery business. These interests are all one; we all get our merchandise from the same source—the Farm, and are interested in sell¬ ing the same class of trade; hence we ought all to be united in one Exchange. It may be said that in years past, with the exception of the Flour and Grain business, we have conducted our business successfully without any united effort, and in a measure we have, but we have done it too long. In former years the limited supply of farm produce has found a local demand in the large cities and towns of our country. But times have changed. Corporations similar in character to Exchanges have pushed railroads not only into the rich and productive interior, but clear across our great country, encouraging immigration, and develop- 17 ing its resources, until we find our regular and increasing receipts far exceeding our demands for home consumption. The Divine Architect of this country planned for no waste of room or material, and that same Providence that ordered the fragments to be gathered up, after miraculously feeding the five thousand with the five loaves and two fishes, is not so bountiful a giver as to desire to see His gifts wasted; he has only made us an Egypt, a storehouse, that our brethern in other lands may come and buy from us in their time of need. Natural re¬ sources have made this country not only the granary of Europe, as it is often called, but the Commissary Department of Supplies for the whole world. And in no way can the handling of all this vast product be accomplished successfully but by united efforts in obtaining the best, the cheapest, and quickest means of transportation, and procuring the latest and fullest market reports from all parts of the world. Our domestic trade as well as export business requires of us the fullest information at all times. The production and export of cheese in this country has attained immense proportions. Erom the American cheese factory we get a quickly cured and a healthy as well as a high¬ ly nutritious article of food, and all the result of united effort on the part of the farmers that labor might be saved and a uniform and de¬ sirable article manufactured. To-day the milk product of the American farmer is manufactured into butter and cheese, and offered for sale in the markets of Europe in less time than it could have been offered in our own market twenty years ago. I have made no effort to get the statistics covering the manufacture and export of cheese, but it is simply immense, amounting to over 500,000 pounds per week for many weeks in succession, at a valuation of over $500,000 per week. The manufact¬ ure and home demand as well as export of butter are largely on the increase, and the dairy products of our country are second to but few, if any, of its great resources. We are sometimes alarmed at the im¬ mense productions of our country, forgetting that the Provider of all these bounties has a place for them, for no sooner do prices touch a reasonably low point than a foreign demand takes them. Nothing can better illustrate this than our fruit crop one year ago. The crop was large, and certainly seemed larger than any possible demand could be, so that a large Avaste seemed inevitable. Prices are. low and Europe steps in and takes $2,500,000 worth of our fruit, an increase of over 400 per cent, over any previous year. Included in this were 12,000,000 pounds of dried apples, equal to 60,000 barrels, or 60 car loads. The Provision trade of this city, at one time, ten years ago, stood second to none in the country. Perhaps it has lost its place in the front ranks, for Avant of just such an organization as this, and by acting alone and independently, Avithout the‘facilities that such institutions as these offer to their patrons. The Grain and Elour Trade has through its former organization, the Corn Exchange, and latterly the Commercial Exchange developed a 4 18 creditable export trade, as well as largely increased the facilities cf trans¬ portation, and brought large benefits to the local or domestic interests of that particular branch, and, to a certain extent to the other branches of the Produce business. Our local business is large and must yearly increase, and we need all the facilities for its advancement we can obtain, and in no better way can it be done than by united efforts, not only, in one or two directions but along the whole line. Other institutions similar to this have done grand things, and achieved wonderful success, in the improved advantages that we now enjoy in direct and cheap transportation from the interior, and by encouraging exports under so many disadvantages, and they are entitled to great credit, and now we ought to make greater efforts to add to this successful beginning by uniting the interests of the Produce business, in all its departments, under one organization. Ours is a peculiar trade, we stand so very near the producer and the consumer, that our profits are justly and necessarily small, besides requiring the strictest attention and most rigid economy in its management. There is no line of trade in the city that stands better, the credit of the Produce trade is good, and close attention and careful management has brought its reward. When the great financial crisis came upon our country like a whirl-wind, and business depression followed for a sueession of years, demoralizing busi¬ ness enterprises, as well as embarrassing almost every branch of industry and bankrupting many of our largest and wealthiest firms, the Produce trade hardly wavered under it. It has felt the depression severely and margins have been reduced to almost a cypher, yet the failures have been few and hardly noticeable. In closing permit me to say that I hope all engaged in the different de¬ partments of this trade will avail themselves of the opportunities offered by the Boston Produce Exchange. The President said he had great pleasure in introducing one of the pioneers in the Produce business, a gentleman who had been connected with it for the last fifty years—Mr. J. Harmon Curtis. Remarks of Mr. J. II. Curtis. Mr. President and Centlemen;—When I received your invitation to be present here I supposed I had the privilege of sitting still, and really to call up an old fogy of more than three score years and ten is absurd. But when I look round on this assembly here I feel proud of it. I see it looks like business, it means business, and it shows us there is a revival of business coming. We have gone through a terrible or- 19 deal the last two or three years, but I am one of those who would stand by the guns as long as there is a shot in the locker. What has made Boston, and is going to make her what she ought to be? It is her ster¬ ling integrity. No city in the Union can boast of a liner or more hon¬ orable class of men than the merchants of Boston. With the merchants of Boston 1 rank the produce dealers, down to we poor fellows in Fan- euil Hall Market. I remember a brother of mine going into Western New York in 1842 to pick up a few car loads of apples. At that time two or three car loads of Baldwin apples was all that could be found in the great State of New York. Last year one county alone gave us two million barrels. I came here, Mr. President, with nothing prepared, and then I am an old fogy, and for these reasons I will ask to be excused. Mr. H. J. Nazro, President of the Boston Commercial Exchange, was then introduced, Address of Mr. H. J. Nazro. Mr. President aud Gentlemen of the Produce Exchange; It gives me great pleasure as a fellow merchant, to extend to you my congratulations on the successful formation of this association, and to congratulate you that you feel that its future prospects warrant you in establishing yourselves in such beautiful and commodious quar¬ ters. I trust your success is but the precursor of a great future, and what has thus far been well done, may be amplified and extended, as time and opportunity offer. I had hoped, Mr. President, that you might have joined with our Exchange and that we together might have used the room now occupied by the “Commercial Exchange” for their sales-room, and thus have given a helping hand towards the support of the Board of Trade, an associ¬ ation that ought to have I think, the warmest and the heartiest support of every Boston merchant. But as you have concluded to try a lone hand, I trust you may be able to make all of the points aimed for, and that your efforts may be crowned with nothing but good fortune. Associations of this kind, Mr. President, conducted on those prin¬ ciples which will probably be your guide, are productive of great good in every community where established, being very elevating in their nature. A free interchange of thought and action between merchant and merchant, serves to raise the standard of their ideas, serves to pro¬ mote harmony and good feeling, serves to give a more enlarged and liberal scope to operations, and serves to create a more just conception of 20 mercantile honor. Believing, as I sincerely clo, in the ideas just stated, I can but say success in its fullest measure to the “Boston Produce Exchange.” And now Mr. President with our Produce Ex¬ change fairly under way, with our “Commercial Exchange,” with our Shoe and Leather Exchange, and with our Board of Trade, including members of these and other Exchanges, why can we not all unite, and by putting our shoulders to the wheel, give the exporting, as well as the domestic buisiness of this city, an impetus which in due time will again render Boston one of the foremost cities, as an exporting port, and regain for it what it may have lost as a distributing centre ? Let us do unitedly all that in our power lies, not only towards establishing cheap transportation to and from the west for this port, but to and from the great manufacturing centres, giving our mechanics and operatives cheap food, whereby they can be instrumental in their turn in giving us cheap goods. With these points secured, and with cheap ter¬ minal facilities, we will be able to offer full freights for foreign markets, and gradually attract to our wharves a mercantile marine of which we would be justly proud. It is Mr. President, with great pleasure I see that so much that goes towards making up our export at the present time, is supplied by those who are associated with you in this Exchange, that they are doing so much to bring the steamships to our wharves, that they are helping so largely in demonstrating the fact that Boston can support several lines ) instead of giving poor encouragement to only one. Let us continue to give the old countries of our good things. Let each branch supply its part, and give of its excess, so that in due season our exports to Great Britain shall largely exceed our imports, and cause the tide of time to roll back to us, that flow of gold which has ever since the settlement of this country moved towards the opposite shore. Whenever, Sir, I endeavor to contemplate the future of this great country, and think of its vast mineral wealth not yet unearthed, of its capabilities of soil not yet disturbed by the plough, of all of its oppor¬ tunities not yet made available, of its illimitable, mechanical, and inven¬ tive genius, of its vast lakes and rivers, and of the indomitable energy of its inhabitants, to develope and utilize all, I am lost in wonder, and my imagination is too limited to grasp the immensity of the subject or to reach conclusions in any way satisfactory to me. But I can and do wflsh that in that great future, as in the past, Boston shall play no mean part in the stage of business life, that the honor she has thus far so gloriously sustained as being one of the foremost cities of the land shall cling to her, and that her march of progres shall in no wise be kept back or dimmed for the want of exertion and foresight of the business men of our day. And let us see to it Mr. President, that those we have in our train¬ ing, those who look to us for an example, those who at no distant day, are to be the Boston merchants, have ideas of energy thrift, and mer- 21 \ cantile honor instilled in them, which will fit them at the proper time, to perpetuate the good name and character which has thus far been the pride and aim of our high-toned merchants. In closing let me again wish a long and a prosperous career to the Boston Produce Exchauge. Mr. George D. Baldwin, a representative of the Pro¬ vision trade, was then called upon. Remarks of Mr. George D. Baldwin. Mr. President, and Gentlemen of this Association; I cannot say that I thank you for calling on me to make a speech, for it is something I never made in my life, but I am happy to con¬ gratulate this Association upon this room, and upon the prospects it has of success. An Exchange is necessary in every trade ; if there are not enough in one trade, let two or three come together. As I have been called upon as representing the provision trade I will only say that that business is increasing and has become an im¬ mense business. We have no idea of its growth and magnitude until we carefully examine the statistics of the trade. Gentlemen, I wish that I could make a speech, but it is not my prov¬ ince ; therefore, I thank you for this privilege of standing up before you, and thank you for all your attention. The President next introduced Alderman O’Brien. Remarks of Alderman Hugh O’Brien. Mr. President and Gentlemen of the Produce Exchange; I feel I can address you all as gentlemen of the Produce Exchauge, because if you are not all producers j r ou are all consumers. I can hardly add much to what has been so well said by His Honor the Mayor and the other distinguished gentlemen who have addressed you. In the establish¬ ment of such an exchauge would ordinarily require years of patient labor, but when I look around this magnificent hall; when I read the long list of enterprising produce firms who have already entered the movement, when I see your blackboards placing you in communication with every lead¬ ing produce market in the world, I feel, Mr. President, that your suc¬ cess is assured. 22 Unlike my friend Slade I was not fortunate enough to commence my career in the butter trade, but, doing business in the neighborhood of Faneuil Hall Market for a long series of years, I have been an eye-wit¬ ness of the rapid growth and prosperity, of the produce trade of this city. You already occupy North Market Street, South Market Street, Blackstoue Street, Commercial Street, North Street, Merchants Row, Chatham Row, Chatham Street, and you have already invaded the money bags of State Street, and taken possession of a part of that locality. I agree with Alderman Slade that there is nothing in a building, but I be¬ lieve that a building has had something to do with this business, and in this respect I have no doubt the Alderman will make an exception. The establishment of Faneuil Hall Market here fifty years ago made this spot the centre of the produce trade of New England, and here it will remain. No human agency in the city of Boston can drive it from this locality. It is destined, Mr. President, to go down to the water line, and every building and every unoccupied space between here and the water line must be taken possession of by the produce trade. I hope, Mr. President, that your Produce Exchange; with these brief remarks, will go on and prosper. The President then said; Gentlemen, there is a name associated with this building that has long been honored by the citizens of Boston ; I have the pleasure of presenting the Honorable Josiah Quincy, of Boston. Address of Hon. Josiah Quincy. Mr. President; It was only last evening that I received the intimation of your presi¬ dent that I should be called upon to say a few words. But I have really nothing to offer except my hearty congratulations that this conspicuous part of Faneuil Hall Market is at length to be dedicated to the purpose for which it was designed—that of concentrating in one convenient place the great provision business of New England. The importance of such concentration is well understood by the dealers in all commodities. Those who supply the wants of the community with leather, with shoes, with flour or with wool, realize the advantage of accumulating their business about one spot, where the consumer knows he shall find it, and where he may choose from the richest variety that the market affords. Espec¬ ially is this desirable in the provision business, already established as one of the great interests of Boston aud the nation, and which is every day enlarging its proportions. 23 Let me especially congratulate you that this hall is opened at a time when we are emerging—slowly and surely emerging—from the period of depression which has been so long upon us. I have seen several of these periods of stagnation in my day, and I have seen the ends of them. As they passed off a flood of life and vigor swelled all the veins of our industries with healthy activity. And this I shall see again if my life is spared for a brief period. In the meantime what are the questions of the hour, which challenge the attention of the statesman and the merchant? Mr. David A. Wells puts this question in a late North American Review, and gives us this answer: “To And out new avenues of trade, or to enlarge those already existing, and thereby to find or develop new employment for the masses.’* I remember at the time when this market was built it was thought by many to be altogether beyond the necessities of the city of Boston. And there was more reason for croaking then than there is now. There was not a railway on the land or a steamship on the ocean, our manu¬ factures of cotton and wool were depressed. Many corporations had failed, and by means of personal liability, brought ruin upon the share¬ holders. I had something to do with real estate about that time and more than half of the buildings in my charge were empty, or were leased at merely nominal rates. To take a single case as an illustration: The lower floor of the store on the present site of the couuting room of the Daily Advertiser was leased as a lawyer’s office for $125 a year. But the city government of that day withstood the croakers and took thought for the future of the city. And our complaint to-day is that they did not do enough. We think with regret of the streets they might have widened at a nominal cost, of the business facilities they might have given us, which would have paid for themselves over and over again. Let us learn the lesson that it is wise to look a little in advance of present demand. The epicurean motto, “Let us eat and drink for to-morrow we die,” may not be wholly objectionable from the stand point of a produce exchange. But if we are going to die, it is no less certain that our good city of Boston is going to live. And whatever we can do, whether as private citizens, or public officers to build up her commerce and facilitate her business, will be cordially appreciated by the generations to come. At the close of the exercises a collation was served in the hall adjoining. Music was furnished by the Germania Band. REPORT OF THE Boston Produce Exchange DECEMBER 31, 1878. BY-LAWS AND LIST OF MEMBERS. PROCEEDINGS AT THE ANNUAL MEETING, MONDAY, JANUARY, 13, 1879. At the Annual Meeting of the Boston Produce Ex¬ change, held January 13, 1879, at two o’clock, P. M., Pres¬ ident Austin Belknap in the chair, the annual report of the Board of Directors was read by the Secretary and was by vote accepted. The annual report of the Treasurer, audited by the finance committee, was submitted, and by vote accepted and placed on file. After the election of officers for the ensuing year, on motion of Mr. L. E. Peirce, it was voted that the thanks of this Exchange be tendered to our President, Hon. Austin Belknap, for the able and efficient manner in which he has performed the duties of his office for the past year. The President then addressed the meeting as follows : Gentlemen of the Produce Exchange: The language which you have been pleased to employ in conveying to me your appreciation of my services during the past year expresses the manner in which the duties should have been performed ; and while I have, at all times, sought to promote the best interest of the Exchange—error in judgment—which is the common lot of all men, to a greater or less extent , may have rendered my services less valuable than the very complimentary vote you have just passed would indicate. 28 The past year has been one of great commercial depres¬ sion which has proved disastrous financially to a larger num¬ ber of merchants and traders generally than any previous year in the history of this generation. Under these circum¬ stances so very discouraging it would not have been surpris¬ ing if the interest in the Exchange had abated so as to endanger its existence ; but quite the contrary has been the case, for the organization has steadily gained strength with increasing interest and may now be considered to be in a vigorous and healthy condition with a future which promises to be one of great usefulness to the trade. During the year several subjects, important to the trade, have been acted upon and have been disposed of by its members in a manner worthy of an association of intelligent merchants. The time is not far distant when every large dealer in produce in this city will find it for his interest to take membership in this Exchange. The advantage of being personally acquainted with the principal dealers cannot well be overestimated; and, at present, no other arrangement offers so good an opportunity to form a general acquaintance with the trade as by daily meeting on change. Probably no one act of this body of men has done more to establish confidence with other Exchanges, and amongst the country people generally, than the prompt and decided action taken which resulted in expunging from our list of subscribers the name of one who had wilfully violated both the letter and the spirit of the instrument under which we are organized. The power of concentrated effort has not been fully un¬ derstood and appreciated by those composing this body; its members not having long been accustomed to act together have, as yet, but partially developed this element of strength. But when we remember that through our action the trade has discontinued the custom of charging for packages on several articles which have, for many years, been incumbered with 29 this peculiar custom which has been often a fruitful source of disagreement and dispute between the buyer and seller ; and also that the irregular standard of weight for a bushel of beans has been made more uniform by the unanimous consent and combined action of this body it is easy to see that in the future other and perhaps more important changes may be made through the same instrumentality. The subject of shorten¬ ing credits has been duly considered, and resolutions have been passed recommending the city trade to adopt the ten day system amongst themselves, and that the retail grocers, as far as possible, adopt the same rule, but in no event to exceed thirty days. This action is in the right direction, and the recommendations have accomplished much in the direct¬ ion intended ; but would have been instrumental in producing much better results if they had been more closely adhered to. No student of the times, and of the causes which have brought about the condition of things upon which we look with as¬ tonishment and dismay can lose sight of the fact that the prime cause of this general derangement of business and un¬ settled state of affairs is unrestricted credit, and unwarrant¬ able extravagance. The latter could not well exist without the former, and it may justly be assumed that long credits are mainly the cause of the general disaster which has spread itself over the whole land. Until the time shall come when the consumer shall pay for that which he consumes it is use¬ less to look for any well grounded and settled prosperity. While it may be the duty of those who have property to as¬ sist those who have it not, is it not better to render this assistance by furnishing some respectable employment at small pay whereby the unemployed may be able to pay for the necessaries of life, and thereby preserve their self respect, than to support them in idleness ? one of which things must be done, for people in this country cannot be left to starve. The sharp competition amongst dealers in provisions and produce has reduced profits to the lowest possible stand- 30 ard, while business expenses are not susceptible of being re¬ duced to correspond to the narrow margins left the honorable merchant; this makes it impossible to provide for heavy losses from the profits of trade as at present conducted, and leaves the trader but one alternative, and that is to pay his losses out of his capital. This subject requires more time for its proper discussion than can be allowed at this meeting, and more ability than I possess to do it justice. It is worthy of further consideration, and of some uniform action on the part of the trade which shall tend to bring about a shorter line of credits in the produce business that shall correspond to those of the provision trade. I wish to express my sincere thanks to the members for their uniform courtesy and kindness towards me during my term of office, and especially to those active and energetic men whose untiring efforts have imparted life to the organi¬ zation by awakening a new and increased interest amongst its members. If the provision and produce dealers of this city can organize an Exchange and carry it on successfully under such adverse circumstances as have existed during the two years last passed its future can no longer be a question of doubt, and as it grows in usefulness it will become so inter¬ woven with the interests of the commerce of Boston that its existence will be indispensible. AUSTIN BELKNAP, President . 4 ANNUAL REPORT OF THE BOARD OF DIRECTORS. Gentlemen of the Boston Produee Exchange ; In accordance with the provisions of the by-laws of the Exchange your Board of Directors herewith present a report of its condition and proceedings for the year ending Decem¬ ber 31st, 1878. The past has been a year of steadily declining values to the Provision trade, and the same may be said in respect to many articles of Produce. In fact the tendency of prices has been downward on nearly all of the staple articles. This being the case, the margin of profit to legitimate dealers, such as are obliged to carry stocks, has been necessarily small. The year closes however with a lower range of prices than has existed for many years, even before the war. While the crops of the country for the past year have been large and anything like high prices is not looked for, yet a further ma¬ terial shrinkage in values can hardly be expected. The out¬ look therefor may be considered favorable to a more pros¬ perous business in the near future. Attention is called to the remarkable growth of the Dairy interests of the country within the past few years and the development of the export business in this branch of the produce trade. The movement in Provisions also shows a large increase over that of any previous year in the history of the trade. It is only by the exercise of the same energy and enterprise that has characterized our sister cities that the 32 merchants of Boston can hope to maintain for her a favorable position as a market for handling these rapidly increasing products. It should be remembered that the prime object of this organization is the advancement of the interests of trade and commerce among its members, and it is believed that by manifesting an increased interest in the work of the Ex¬ change, and by the advantage of united action on the part of the trade which such an association affords, our members can derive much more benefit from their connection with the Exchange than has yet been experienced. Our present membership is one hundred and seventy. There have been three deaths of members of the Exchange during the past year. The arbitration committee have had but one case brought before them during the year and that resulted in the expul¬ sion of the offending member. In the past as in previous years there have been quite a number of so called bogus or swindling concerns doing a pretended commission business in this city and soliciting consignments of produce by send¬ ing broadcast over the country quotations largely above the current prices. In this manner many innocent and too con- tiding country merchants have been victimized. An Official Market Report is issued weekly, under the authority of the Exchange, giving a full report of the state of the market, with quotations on all the leading articles. Under the revised code of by-laws, adopted during the past year, this report is now revised under the direct supervision of the committee on prices, while every member of the Exchange who is in- .terested is invited to sit with them and assist in the making up of the report. In this way a more accurate and reliable report of our market has been presented than ever before. An increasing interest is being taken in this department of our work. Early in the year, through the courtesy of the manage- 33 ment of the National Despatch and Star Union lines of trans¬ portation, an opportunity was afforded for some seventy of our members to attend the convention of the National Butter, Cheese and Egg Association, at Chicago. The trip proved a very enjoyable one and no doubt resulted in material benefit to those participating, both in the matter of acquiring valuable information and also in the forming of new business connec¬ tions with Western merchants. It has been felt for several years that our merchants were not receiving the accommodation to which they were en¬ titled in the matter of refrigerator cars, in the summer season, for butter arriving over some of the Northern railroads. Your committee on transportation have had this matter in charge and it is probable that improved facilities will be se¬ cured through their efforts. The subject of a bureau of credits in connection with the Exchange has been brought to the attention of your Board, and has also been informally discussed at a recent meeting of the Exchange. No action has yet been taken, but we hope this subject may soon receive your further consideration. It would seem that a feature of this kind, or at least an organized ef¬ fort within our membership, to protect each other from loss through such parties as are found to be unworthy of trust, could be made of ^reat value to our members. The subject of selling Produce, such as grain, meal, beans and like articles, by weight, that is by the cental or one hun¬ dred pounds, instead of by the bushel, is just now receiving the attention of the several commercial organizations of the country. This system is now in practice in Liverpool and other commercial cities of Great Britain, also in San Fran¬ cisco, and a few other cities of our own country. This method would greatly simplify the work of computing values on these articles and as there seems to be no reasonable objection to the proposed system, it is hoped that it may soon be gener¬ ally adopted. u Statistics of the receipts of all kinds of Produce have been compiled and placed upon the books from da'y to day* Our telegraphic market reports have also been full and com¬ plete and are believed to have given general satisfaction. It lias been found necessary to make the annual mem¬ bership fee higher than last year, but the rate is now very low compared with that of similar organizations in other cities. The expenses for the present year have been materially reduced without impairing the efficiency or usefulness of the Exchange. Respectfully submitted, In behalf of the Board of Directors, RICHARD H. CHAMBERLAIN, Secretary. Boston, Jan. 9, 1879. \ 36 Preamble and Resolutions passed at a meeting of the members of the Boston Produce Exchange, held March 7, 1877, on the occasion of the Death of Mr. David C. Meloon. The President, Freeman J. Doe, in the Chair. Whereas, —It has pleased our Heavenly Father to suddenly and unexpectedly remove from our midst our late friend and associate David C. Meloon, and by that act to admonish us that life is uncertain, and that at any moment His call may come to us : therefore, Resolved, —That by his death we have lost one of our oldest associates in the trade, and that the many excellent traits of his character are well worthy of our emula¬ tion. Resolved, —That we tender our condolence to the family of our late associate assuring them that an all wise O Providence doeth all for the best. * Resolved, —That we attend the funeral, and that a copy of the above be sent to the family of the deceased. Preamble and Resolutions passed by the Boston Produce Exchange, August 15, 1877, on the occasion of the Death of Joseph W. Merriam. Whereas ,—It has pleased God to remove from our midst, by death, Mr. Joseph W. Merriam, our esteemed associate in business, who by a long and honored career of nearly half a century, had become endear¬ ed to many and known to us all, and whereas in his last sickness and peaceful and easy departure we recognize the hand of a kind Providence, and humbly submit to the will of Him who doeth all things well; therefore, 37 Resolved ,—That our most heartfelt sympathies and condo¬ lence be extended to his widow, the companion of his life for so many years, and to his children and other relatives in this hour of their sjreat affliction. Resolved ,—That a copy of these resolutions be placed on file, and one sent to the family of the deceased. Resolutions passed at a meeting of the members of the Boston Produce Exchange, held January 5 , 1878, on the occasion of the Death of Ehen Holden, Jr. The President, Freeman J. Doe, in the Chair. In view of the loss we have sustained by the decease of our friend and associate, Eben Holden, Jr., and of the still greater loss sustained by those who were near¬ est and dearest to him ; therefore, Resolved ,—That it is but a just tribute to the memory of the departed to say that in regretting his removal from our midst we mourn for one who was in every way worthy of our respect and regard. Resolved ,—That we sincerely condole with the family of the deceased in this dispensation with which it has pleased Divine Providence to afflict them, and com¬ mend them for consolation to Him who orders all things for the best. Resolved ,—That this heartfelt testimonial of our sympathy and sorrow be forwarded to the family of our de¬ parted friend by the Secretary. Preamble and Resolutions passed at a meeting of the Boston Produce Exchange, held January 28, 1878, on the occasion of the Death of Charles 11. Adams. The President, Austin Belknap, in the Chair. 38 Whereas, —God in the dispensation of his Providence has re¬ moved by the hand of Death another of our mem¬ bers, Resolved, —That in the death of the late C. H. Adams, we have parted company with a kind hearted man a re¬ spected and genial companion and a true gentleman. Resolved, —That while we cannot realize the loss they have sustained, to whom the deceased was nearest and dearest, we extend to them our heartfelt and tender sympathies in this hour of their bereavement and sorrow. Resolved, —That a copy of these resolutions, properly certi¬ fied, be forwarded to the family of our late friend and associate, also that they be recorded in the records of the Exchange. Resolutions passed at a meeting of the Boston Produce Exchange, held June 3, 1878, on the occasion of the Death of On *in Cone. The President, Austin Belknap, in the Chair. It having become our sorrowful duty to record the decease of another member of this Exchange, in the death of our late friend and associate Orrin Cone, and desiring to place upon record our appreci¬ ation of his exemplary character and many virtues it is hereby Resolved, —That by this afflicting event we part with a gen¬ ial and warm hearted companion, strictly honest and upright in all his business intercourse, and whose many estimable qualities of mind and heart had won the respect and endearment of all with whom he came in contact, Resolved, —That we tender to the family of our departed friend, our sincere sympathy in their bereavement. 39 Resolved ,—That these resolutions he entered upon the rec¬ ords of the Exchange and that a copy, properly at¬ tested, he forwarded to the family of the deceased. Preamble and Resolutions passed at a meeting of the Boston Produce Exchange, held July 1, 28 78, on the occa¬ sion of the Death of W. L. Southard. The President, Austin Belknap, in the Chair. Whereas ,—It has pleased our Heavenly Father to remove by death our friend and associate W. L. Southard; therefore, Resolved, —That it is hut a just tribute to the memory of the departed to say, that in regretting his removal from our midst, we mourn for one who was in every way worthy of our confidence and respect. An honest, upright man in all of his dealings, a kind and affectionate Father and Husband, a true Christ¬ ian, and a noble man. Resolved, —That the Secretary be instructed to transmit a copy of these resolutions to the family of the de¬ ceased and that a record of the same be entered on the books of the Exchange. ACT OF INCORPORATION AND BY-LAWS OF THE Boston Produce Exchange. - <■«»► >- ACT OF INCORPORATION. Commonwealth of Massachusetts. IN THE YEAR ONE THOUSAND EIGHT HUNDRED AND SEYENTY-SEYEN. AN ACT TO IN CORPORATE THE BOSTON PRODUCE EXCHANGE. Be it enacted by the Senate and House of Representatives , in General Court assembled , and by the authority of the same , as follows; Section 1 . Freeman J. Doe, Salmon P. Hibbard, Morris B. Boynton, David Ellis, Reu¬ ben P. Benton, their associates and successors, are hereby made a corporation by the name of the Boston Produce Exchange, for the purpose of promoting and increasing the facilities for trade in produce in the City of Boston and its vicinity, Name. 42 Limit of Property. with all the powers and privileges and subject to all the duties and liabilities set forth in all general laws which now are or hereafter may be in force concerning such corporations: provided, that nothing in this act contained shall be construed to authorize said corporation to traffic in goods, wares or merchandise of any description. Sec. 2. Said corporation may hold real and personal estate to an amount not exceeding one hundred thousand dollars, to be devoted exclu¬ sively to the purposes of said corporation. Sec. 3. This act shall take effect upon its passage. House of Representatives, Feb. 14, 1877. Passed to be enacted. JOHN D. LONG, Speaker. In Senate, February 15, 1877. Passed to be enacted. JOHN B. D. COGSWELL, President. Approved. February 16, 1877. ALEXANDER H. RICE. Secretary's F>ept., Boston, Feb. 17, 1877, A true copy. Attest: HENRY B. PEIRCE, Secretary of the Commonwealth. r Objects. The objects of this Association are : To pro¬ vide and regulate a suitable room or rooms for a Produce Exchange in the City of Boston ; to pro¬ mote just and equitable principles of trade; to establish and maintain uniformity in commercial usages ; to correct any abuses which may exist, to acquire, preserve and disseminate valuable busi¬ ness information, and generally to advance the in¬ terests of trade and commerce among its members in the legitimate pursuit of their business. Article I. Any person of good character and credit con¬ nected with the Produce, Flour, Grain or Pro¬ vision trade, doing business within the limits of New England, desiring to become a member of this Exchange may make application to the Board of Directors and if approved by them, may be¬ come a member by signing the By-Laws and pay¬ ing the regular fees and assessments established by the Exchange. Members. Article III. Voting. Each member of this Exchange shall be en¬ titled to one vote, and no voting by proxy shall be allowed. Article IV. ° fficer S' The officers of this Exchange shall consist of a President, Vice President, Secretary, Treasurer, when elected. anc ^ nine Directors, who shall be elected by ballot at each annual meeting and shall hold their offices Term of office.for the term of one year, or until others are elect¬ ed in their place. The President, Vice President and Directors Board of Directors.shall together constitute a Board of Directors for the government of the Exchange. Commencem’nt The officers shall enter upon their official ot othciai te rm. j n ti es immediately after their election. Article V. Sect. 1 . It shall be the duty of the Presi- * officers, dent, or in his absence the Vice President, to pre- President and side at all meetings of the Exchange and Board of Vice President. ° ° Directors, to preserve order and enforce the rules established by parliamentary usage. 45 Sec. 2. It shall be the duty of the Secre- secretary, tary to notify members of the time and place of meetings, to attend the meetings of the Exchange and Board of Directors, and to keep a fair and correct record of the transactions of the same in separate books provided for that purpose. The name of the Secretary shall be appended to all notices given through the public prints. Sec. 3. It shall be the duty of the Treasu- Treasurer, rer to collect, at least once a year, all moneys due the Exchange, and to pay all bills when properly approved. Sec. 4. The Board of Directors shall have Board of general charge and superintendence of the affairs, Directors, interests and property of the Exchange. Sec. 5. They shall make an abstract report of its proceedings and general condition at the regular monthly meetings, and at the annual meetings shall make a full report of its doings for the year. Sec. 6 . It shall also be their duty to pro¬ vide suitable rooms for the Produce Exchange, cause them to be supplied with such papers, mar¬ ket reports and other means of information as the interests and wants of the Exchange in their judgment may demand. Sec. 7. They shall employ such clerk or clerks as they may deem necessary for the promotion of its interests, with the means at their disposal. Sec. 8. The Board of Directors shall at Appointment j-i * r* i j • ii • i i • • iii ol Committees, their first meeting after their election, appoint the following committees, consisting of five members each, who shall be members of the Exchange but not of the Board of Directors : First ,—A Committee on Complaints, whose complaints duty it shall be to investigate all complaints 46 i Arbitration. against members of the Exchange, and who shall if desired, grant a hearing to the parties interested. If the committee are unable to conciliate the parties in dispute, the matter shall be referred to the Committee on Arbitration or to the Board of Directors for further consideration. All complaints against members of this Ex¬ change shall be stated in writing, addressed to the chairman of this committee who shall cause a copy to be transmitted to the member against whom the © complaint is made. Second , — A Committee on Arbitration whose duty it shall be to investigate and decide all dis¬ putes and difficulties of a financial, mercantile or commercial character, which may be submitted to them. t The summoning of witnesses, and the receiv¬ ing of testimony under oath or otherwise shall be at the discretion of this committee. Its decisions Trade. may be appealed from and appellate jurisdiction exercised by the Board of Directors, whose deci¬ sion shall be final. Third , — A Committee on Trade, whose duty Prices. it shall be to regulate, as far as may be practica¬ ble, the rates of commission charged for selling goods, and to establish uniformity in the customs and usages of the Produce trade. Fourth j — A Committee on Prices, whose du¬ ty it shall lie to regulate, as far as may be desira¬ ble and practicable, the prices of certain staple ar¬ ticles of Produce, and to maintain uniformity in the same. This committee shall meet once a week. information Fifth , — A Committee on Information and and Statistics. J Statistics, whose duty it shall he to procure from 47 all the railroads and steamboat lines a record of the daily receipts of all descriptions of Produce, which shall be kept at the Exchange Rooms in books for that purpose, and to obtain such information and statistics at large as shall be of value to the Ex¬ change. Sixth , — A Committee on Transportation , Transportation whose duty it shall be to arrange with the different railroads and steamboat lines for the best and cheapest transportation of Produce, and to perform any other duties which may properly come before them. Seventh ,—It shall be the duty of the Board of Specia i Directors to appoint special committees from time to time, as the interests and wants of the trade shall demand. Article VI. Sec. 1 . It shall be the duty of the Board of Directors to examine all charges of misconduct in Discipline of members. business matters, preferred against any member of this Exchange, when made to the President or Secretary in writing by the Committee on Com¬ plaints, and if the party charged shall be found guilty of a violation of the rules, of a breach of contract, or any other act contrary to the spirit which should govern all commercial transactions, they shall report the same to the Exchange, eith¬ er at a regular monthly meeting or at a meeting called for that purpose, and the aforesaid member Expulsion of member! shall be expelled if so determined by a majority of the members present. Sec. 2. No member however shall be expelled without having an opportunity of being heard in his defence; and any member having been ex¬ pelled, shall be ineligible to membership until the Exchange may see tit to remove his disability. 48 All votes on expulsion shall be taken by writ¬ ten ballot; notice of such action shall be given by the Secretary to the expelled party, and bis name erased from the books. Article. VII. Monthly meetings. Sec. 1 . Regular meetings of the Exchange O O O shall be held on the first Monday of each month, unless that be a legal holiday, in which case the meeting shall be held on the day following. Sec. 2. The annual meetings for the choice of officers and the transaction of other business shall be held on the second Monday in January of each year, at two o’clock in the afternoon. Sec. 3 . Special meetings shall be called by the President or Secretary at the written request SpeC meetings. of ten members, or whenever the Board of Direc¬ tors deem it advisable. Annual meetings. Article VIII. Quorum. Twenty-five members shall constitute a quo¬ rum of the Exchange, and five members of the Board of Directors shall constitute a quorum of that body. Article IX. Vacancies how filled. Vacancies occuring from any cause in the Board of Directors shall be filled by vote of that body. Vacancies in any of the committees shall be filled by the Board of Directors. Article X. # Regular meetings of the Board of Directors d ^ ® meetings. shall be held on the last Thursday in each month, except when the same shall fall upon a legal holi- 49 day, in which case, the meeting shall he held on the day following. Special meetings shall he called at the request of live members, or whenever the President shall direct. Article XI. The Board of Directors shall annually appoint from their own number, Committees on Rooms and Finance, consisting of three persons each. The committee on rooms shall have special charge of the rooms occupied by the Exchange, and shall make provision for the care of the same. The committee on finance shall audit all bills or claims against the Exchange, authorized by the Board of Directors, and approve the same before payment by the Treasurer. This committee shall also audit the Treasurer’s annual account. Article XII. Xo officer, or member of the Board of Di- Contracti "| bts rectors, or member of the Exchange, shall contract or incur any debt on behalf of this Exchange, or in any way render it liable, unless by vote of the Board of Directors. Article XIII. It shall be the duty of every committee ap- Du committees. pointed by the Board of Directors to act when called upon by any member or members of the Exchange having occasion for their services. Article XIV. . in . . Officers of Each committee shall appoint its own chair- Committees, man to preside at and call its meetings, and a sec¬ retary who shall keep a full and correct record of 50 all its doings, and notify members of the commit¬ tee of the time and place of meetings. Article XV. Order of business. At all meetings of the Exchange or Hoard of O O Directors, the following shall be the order of busi¬ ness : first, call to order; second, calling of the roll; (which may be dispensed with) third, read¬ ing of the minutes of the previous meeting ; fourth, reports of committees ; fifth, unfinished business ; sixth, general business ; seventh, adjournment. Motions, how made. Article XVI. All motions shall be made in writing when so called for by any member. Xo debate shall be allowed except on a motion regularly before the Exchange, but a motion may be introduced with prefatory remarks. Article XVII. Amendments. These By-Laws may be added to, repealed, or amended, by a vote of two thirds of the mem¬ bers present and voting at any general meeting of the Exchange, notice of such change having been given at least two weeks previous. Article XVIII. Aggl members. Members aggrieved by any regulations estab¬ lished by the Board of Directors for the manage¬ ment of the Exchange, may appeal therefrom at any general meeting, provided that notice of such an appeal shall have been given at least four weeks previous. Article XIX. Any member of this Exchange may introduce visitors into the rooms by entering their names and Visitors. 51 place of business in a book to be kept for that pur¬ pose. Visitors shall not be allowed these privi¬ leges for more than five consecutive days. No persons but members shall be permitted to negotiate or transact business in the Exchange ft ft room. Article XX. Each firm represented in the Exchange shall be entitled to one or more clerks’ tickets of admis¬ sion to the rooms, upon application to and approval of the Board of Directors, upon the annual pay¬ ment of three dollars for every such ticket. Holders of such tickets shall have a right to Clerks’ tickets. transact business in the Exchange rooms in the ab- o sence of the members of the firm, on firms account only. MEMBERS OF THE Boston Produce Exchange. MEMBERS. Aldrich, Ambrose Aldrich, Harrison Alexander, James Amsden, T. J. Andrews, S. W. Ayers, Eli Anthony, D. M. Baldwin, E. E. Baldwin, Charles A. Barrows, Cyrus M. Bell, William G. Bell, Albert D. S. Bean, H. S. Beal, E. W. Belknap, Austin Belknap, L. A. Bennett, j. H. Boynton, Morris B. Boynton, William R. Benton, Ruben P. Burr, Sidney L. Butterfield, Alvin B. Bigelow, Jona. Call, John M. Carey, J. H. Chapin, Chas. P. Chapin, Nahum H. Chapin, Edward D. Chapin, Gardner B. Chapin, H. O. Chapin, Ira Chapin, Gardner FIRM. Ambrose, Aldrich & Co. Ag’t. Cunard S. S. Co. Simmons, Amsden & Co. Representing N. K. Fairbank & Co. Chicago. Hinckley, Ayers & Co. Anthony, Swift & Co. Fall River, Mass. C. Wright & Co. Baldwin, Farnuin & Sliapleigh. W. G. Bell & Co. u u u Conant & Bean. Newton & Beal. Belknap & Boynton. Lyman Belknap & Co. Bennett, Rand & Co. Utley & Boynton. Belknap & Boynton. Benton, Caverly & Co. S. L. Burr & Co. A. B. Butterfield & Co. Jona. Bigelow & Co. Roberts, Call & Co. Parker & Carey. Davis, Chapin & Co. a u <( Gass, Doe & Chapin. Meloon & Chapin. Chapin Bros. il u u a 54 MEMBERS. Chamberlin, V. R. Caverly, Daniel F. Cochran, S. H. Conant, M. J. Crosby, F. M. Crosby, Frecl Curtis, J. Harmon Curtis, Geo. S. Chamberlain, Richard H. Corr, Bernard Dexter Geo. A. Dinsmore, Tlios. Dizer, J. T. Doe, Freeman J. Dole, F. B. Dolliver, E. C. Douglas, Or in Dudley, E. F. Dupee, Cyrus Edwards, R. S. Ellis, David Ellis, D. Frank Ellis, D. Warren Ellis, E. C. Ellis, J. R. Ellis, S. R. English, Abram T. Farnum, Henry Farnum, Albert H. Fauteaux, L. G. A. Favor, F. F. Fisher, A. F. Fitch, Benjamin Fiske, George W. Fletcher, J. Y. Foster, R. B. Fowle, Luke W. Frye, John C. Gass, Clias. H. Gleason, W. Glidden, W. R. Green, R. T. Green, M. K. Hale, Fred S. Hall, Stacey FIRM. Lincoln, Chamberlin & Co. Benton, Caverly & Co. Roberts, Cochran & Co. M. J. Conant & Co. Crosby Bros. & Co.