[Trade Journal]
Publication: Thirty-Fifth Annual Report of the Cincinnati Chamber of Commerce
Cincinnati, OH, United States
p. I,35-39,58-63,261-270,304,318,324,332, col. 1
THIRTY-FIFTH ANNUAL REPORT
OF THE
CINCINNATI
CHAMBER OF COMMERCE
AND
MERCHANTS' EXCHANGE,
FOR THE
COMMERCIAL YEAR ENDING AUGUST 31, 1883.
CINCINNATI:
THE COMMERCIAL GAZETTE COMPANY, PRINTERS.
MDCCCLXXXIII.
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CINCINNATI CHAMBER OF COMMERCE.
ANNUAL REPORT OF THE BOARD OF OFFICERS.
CINCINNATI, September 1, 1882.
To the Members of the Cincinnati Chamber of Commerce and Merchants' Exchange:
During the past year, covering the term of the Board of Officers which now expires, there have been seventy-three sessions held by the Board, in the performance of duties within its province. During this time there have been brought to the attention of the Board fourteen cases of complaint of unmercantile conduct. Most of these complaints were found to be of such a nature as to admit of adjustment through arbitration, and were disposed of in this manner and by amicable settlement. Of those cases which were tried before the Board, one resulted in a verdict of indefinite suspension. In this case, the membership certificate of the member suspended was subsequently transferred to another party. The Board was in doubt about the propriety of transferring the certificate of a member whose privileges were impaired, and obtained legal opinion upon the matter, and precedents established by other organizations, and was governed also by the judgment of its members as to what was the proper and equitable thing to do in such a case, all interests considered.
There were two petitions submitted from members previously suspended from the privileges of the Association, asking for removal of disabilities. These requests were granted, on the ground that the punishment contemplated by the verdicts upon the cases when tried was covered by the suspension to the date set for removal of such disabilities, and that it was not within the province of the Board to be governed by other considerations in such decisions.
In response to a very general request from the Grain Trade for a change in Grain Inspector, the Board by a majority vote approved the application of HOMER CHISMAN, who succeeded W. C. JUSTIN as Grain Inspector.
The Board reappointed as Exposition Commissioners those who had served the preceding year, of whom MICHAEL RYAN and. SAMUEL W. RAMP declined the appointment, for which others were chosen, including the vacancy occasioned by one death, making the Chamber of Commerce representatives in this Commission for 1882-83 as follows: THOS. G. SMITH, BENJ. E. HOPKINS, S. F. DANA, JOHN E. BELL, LAWRENCE MENDENHALL.
The Board received from the Board of Trade of Chicago a request for co-operation in efforts for prevention of market reports being furnished to so-called "Bucket Shops," and by resolution conformed to the request.
Increased telephonic facilities being found desirable, the service was extended on January I to five telephones, in the Merchants' Exchange, at an annual expense of six hundred dollars, including three attendants, during the usual period daily.
Members of the Coal Exchange who have heretofore paid the rent of the room especially occupied by them, petitioned for relief from this special expense, which was granted.
At the suggestion of the Treasurer, a resolution was adopted by the Board by which access to the Safe Deposit Co.'s box containing valuables belonging to the Chamber could be had by the Treasurer only when accompanied by the President.
The Board authorized a subscription of $1,000 to the Guarantee Fund of the Cincinnati Industrial Exposition for 1883 — similar obligations for the preceding year having been returned without assessment.
Among the exceptional expenditures for the year was the sum of five hundred dollars paid to HOADLY, JOHNSON & COLSTON, attorneys, for legal services in defense of a suit by ISIDORE BLUMENTHAL, on a claim for $25,000 alleged damages in being suspended from privileges of the Chamber for unmercantile conduct, and additionally fifteen dollars for services of a shorthand reporter.
A suit having been brought in the Police Court by a City Weigher appointed by municipal authority against a deputy of a City Weigher appointed by the Chamber, on the claim that such service was illegal, and that the Chamber had no authority for recognizing deputies of such appointees, the Board deemed it proper to assume the account of SAYLER & SAYLER for one hundred dollars for services in defense of such suit, which was decided in favor of the Chamber.
In connection with the work of revising rules for the grain trade, etc., and various matters of complication coming before the Board, legal services were obtained from HON. NELSON SAYLER, for which sums amounting to three hundred dollars have been paid and authorized to be paid.
In view of the enlarged sums of money handled in the regular way, the bond of the Clerk of the Chamber was advanced to $10,000.
A petition from members was received, asking for provision by which the Chamber would have daily reports of the New York Stock Exchange. After investigation and a careful consideration of the subject, the Board decided that the necessary expense of such arrangement was not justified by the apparent demand for such reports.
The Committee of the St. Louis Merchants' Exchange on Mississippi River Improvement, asked for the appointment of a committee to co-operate with them, which was done, the committee being appointed as follows: S. F. COVINGTON, BENJ. EGGLESTON, M. V. DALY.
An engraving by HOLLAR, of the Royal Exchange of London, erected by SIR THOMAS GRESHAM in 1567, was donated to the Chamber, through the Board of Officers, by various subscribers to the purchase of said work of art.
In conformity with a provision by which the Board may annually elect an Honorary Member, such recognition was conferred upon HON. JOHN SHERMAN, by unanimous voice of the Board, on August 31. It is regarded proper to put on record in this connection the fact that the Board of Officers felt that the HON. JOHN SHERMAN had rendered most important service in the past in the interest of the commerce of Cincinnati, in his official labors, and an especially valuable service to the Chamber of Commerce, in promoting and forwarding the efforts for purchase of the site for a new Exchange from the Government.
The Grain Call Board has been maintained, and has held two sessions daily during most of the year. While the transactions under its auspices have been largely speculative, without reference to delivery of property, a large amount of actual trading has been facilitated by the Call, and its general influence upon the trade is regarded promotive of the grain interests of this market.
There have been twenty-one deaths of members during the year, as follows: WM. Н. WOODS, ARTHUR W. ROSS, ALEXANDER TORGES, JR., R. W. LEE, MAYNARD FRENCH, F. J. LAKEMAN, WM. F. KELLY, WM. M. LOVELL, ABRAHAM SENIOR, SIMEON A. HUSTON, JOHN A. CLARK, ALBERT M. HALLEY, JAMES H. LAWS, LEROY A. GREEN, JACOB RUEHRWIEN, JARED B. GREENE, FRANK CLARK, A. H. HINKLE, JACOB PFAU, JR., LEVI J. WORKUM, W. D. HOOPER.
From September 1 to December 31, 1882, there were 496 new members elected on payment of an initiation fee of $250 each, and subsequently one member on payment of $500, making 497 new members by initiation fee. There were, in addition to these, 121 transfers of membership certificates, making 618 new members for the year, and 121 memberships retired. This makes the number of certificates of memberships in existence 2,184. In addition to this there are 91 non-certificate members, making a total membership of 2,275.
The Treasurer's Report shows the following leading items:
Cash balance, September 1, 1882..................................... $29,413 21
Investments, September 1, 1882....................................... 200,000 00
__________
Total Assets, September 1, 1882......................... $229,413 21
RECEIPTS.
From initiation fees................................... $124,500 00
From annual assessments.......................... 53,900 00
From other sources.................................... 18,060 59
__________
Total Receipts, 1882-83..................................... $196,460 59
EXPENDITURES.
Premium on bonds....................................... $8,125 00
Donation...................................................... 5,000 00
Salaries........................................................ 15,201 00
Other accounts............................................ 21,612 57
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Total Expenditures, 1882-83.............................. $49,938 57
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Excess of Receipts over Expenditures............................ $146,522 02
Cash balance, August 31, 1883....................................... 5,935 23
Investments..................................................................... 370,000 00
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Total................................................................................. $375.935 23
It is estimated that the income of the Chamber for the ensuing year will be about $72,000, and the expenditures about $37.000, exclusive of any extraordinary calls, such as the past year included, $5,000 donated to sufferers from floods, and $8,125 paid in premiums on bonds purchased for investment — the latter presumably not being a loss, however.
On this showing, the prospect for the coming year is that a sum of about $35,000 will be added to the assets of the organization.
As is well understood, the Chamber is the purchaser from the Government of the property on the south-west corner of Fourth and Vine streets, occupied now by the Post-office, at a cost of one hundred thousand dollars. Upon this site it is contemplated to erect a new Exchange, on the property being vacated by the Government, which it is believed will not be sooner than two or three years from now. On this purchase the Chamber has deposited with the Government $40,000 in bonds, which is embraced in the item of investments in the Treasurer's report. It is believed that the present surplus of the Chamber, of about $375,000, will be augmented about $125,000 by three years from now, which will at that time furnish $400,000 in excess of the cost of the property purchased from the Government.
During the year the President has called the Chamber to order thirty-nine times, for the consideration of matters brought up for its consideration.
During the preceding year Committees on Revision of Grain Rules, on the subject of a Gratuity Fund, and on Revision of the Constitution and Rules and Regulations of the Chamber, were appointed.
On the Gratuity Fund Question, there was a majority and a minority report submitted, the former receiving the indorsement of the Chamber, as reported. This was subsequently incorporated in the report of the Committee on Constitution, etc., as were also the Revised Rules Governing the Grain Trade, upon which the Board of Officers gave most careful consideration, supplementary to the work of the Committee, aided by legal counsel.
The report of the Committee on Revision of Constitution, etc., with amendments, came up for action of the Chamber on March 13, and was so presented that a Vote could be cast seaprately [sic] separately for the Gratuity Plan features. There were 812 votes cast, as follows:
For the By-Laws, excepting Articles 19, 20 and 21, pertaining to the Gratuity Plan — Yes, 741; No, 63; Blank, 8.
For the By-Laws, relating to the Gratuity Plan, (Articles 19, 20 and 21, and part of the Preamble) — Yes, 401; No, 404; Blank, 7.
The Gratuity Plan was rejected, and the remaining By-Laws adopted.
Under these new By-Laws, among other important changes, it was provided that the membership of the Association should be limited to the number existing at the time of the adoption of the same; and also that the Board of Directors should from the ensuing annual election be composed of fifteen members, in place of nine, as heretofore, the new Board to embrace a President, two Vice-Presidents, Treasurer, Secretary, and ten Directors; the President, Treasurer and Secretary to hold office one year, and the other members of the Board to hold for two years, one-half the number being elected annually, after the first election. Provision is also made for a Board of Real Estate Managers, consisting of four members and the President of the Chamber-one member of the Board to be elected annually, and to hold for four years, after the first election.
Besides being closed on the legal holidays during the year, the Chamber held no sessions on the event of the opening of the Industrial Exposition, in September of last year, and also on Decoration Day, in May last.
On December 29, the Chamber adopted resolutions recommending Congressional action on the Sherman Bill for extension of the bonded period on spirits; on January 3, requesting Senators in Congress to urge immediate action in support of the Townsend Bill, to authorize construction of bridges across the Ohio River, and to prescribe dimensions of the same; on July 3, indorsing the plan of the Executive Council of the National Board of Trade, pertaining to Navigation Laws and the Mercantile Marine.
During the month of February an unprecedented flood submerged a large part of our city, causing serious interruption to business and loss of property, and occasioning distress among many of our citizens of the laboring classes. The exigencies of the occasion were such as to call for prompt and bold action on the part of our citizens, and on February 12 the President of the Chamber was authorized to appoint a Relief [spell:Commmittee,Committee] which he named, as follows: M. E. INGALLS, B. EGGLESTON, MICHAEL RYAN, C. M. HOLLOWAY, EDWIN STEVENS, ENOCH TAYLOR, B. E. HOPKINS, THOS. G. SMITH, A. MCDONALD, WM. H. DAVIS, H. C. URNER, THOS. J. STEPHENS, FLORENCE MARMET, JOHN KYLE, S. S. DAVIS, ALBERT NETTER, B. F. EVANS, A. T. GOSHORN, JOHN E. BELL, L. M. DAYTON.
A motion was made to subscribe $5,000 of the Chamber's funds to the Relief Fund, which was unanimously carried. Large contributions were made by members of the Chamber, and from all sources the Relief Committee received the sum of$160,560 17 in money, which was duly disbursed, and also vast quantities of food and clothing materials, etc. The zealous manner and unselfish spirit with which our citizens rendered aid in these days of suffering was in the highest degree commend-able and praiseworthy. In May, the Relief Committee submitted to the Chamber a detailed report of the important work it had performed.
On June 26, the Chamber authorized the President to appoint a committee on the subject of the sanitary condition of the city, and the organization of an efficient Board of Health . Said committee was appointed as follows: WM. HENRY DAVIS, S. F. COVINGTON, ALBERT NETTER, J. H. RHODES, SETH EVANS, THEODORE COOK, ANDREW HICKENLOOPER.
In the executive and clerical service of the Chamber no changes have occurred during the year. The Superintendent, SIDNEY D. MAXWELL, is provided with seven assistants, and the Clerk, JOHN R. MORTON, with one assistant. To these parties and other employes, including the Caller and the Live Stock Reporter, salaries to the aggregate amount of $15,201 00 have been paid during the year.
The Board congratulates the Association on its prosperous condition, and on its enlarged sphere of usefulness.
On behalf of the Board of Officers,
CHARLES B. MURRAY,
Secretary
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MEMBERS
OF THE
CINCINNATI CHAMBER OF COMMERCE AND MERCHANTS' EXCHANGE.
JANUARY 18, 1884.
(The first column indicates the number of the Certificate of Membership. Where a blank exists therein, the membership has no Certificate.)
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