History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men, Part 77

Author: Scharf, J. Thomas (John Thomas), 1843-1898
Publication date: 1883
Publisher: Philadelphia : L.H. Everts
Number of Pages: 1358

USA > Missouri > St Louis County > St Louis City > History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men > Part 77

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For receiving and remitting moneys from which no other remuneration is derived

For effecting insurance, when the premium amounts to forty dollars or less. $2

For effecting insurance, when the premium exceeds forty dollars on the amount of premium

5 On outfits and disbursements.

" The above commissions to be exelusive of storage, brokerage, and every other charge actually ineurred. The risk of loss hy fire, unless insurance be ordered, and of robhery, theft, and other unavoidable oeeurrenecs, if the usual eare be taken to se- eure the property, in all cases to be borne by the proprietors of the goods.

" Interest to he charged at the rate of ten per cent. per annuiu on all debts after maturity until paid.

Agency for Steamboats.

Per Trip. .

Under 150 tons. $10

Over 150 and less than 300 tons 20

Over 300 and less than 400 25

Over 400 and upwards. 30"

The meetings continued to be held in the office of the Missouri Insurance Company until the member- ship had increased to such proportions that the ac- commodations became inadequate, whereupon the as- sociation removed to the building occupied by the Missouri Republican, on Main Street near Pine. In the following winter George K. McGunnegle, one of the leading originators, obtained from the General Assembly of Missouri, of which he was a member, the following act of incorporation :

" Be it enacted by the General Assembly of the State of Mis- souri, as follows :

"SECTION 1. That the persons composing the association in the city of St. Louis styled the 'St. Louis Chamber of Com- meree' are hereby created a body politie and corporate under the name of the 'St. Louis Chamber of Commerce,' and by that name may sue and be sued, implead and be impleaded, receive and hold property and effects, real and personal, by gift, or de- mise, or purchase, and dispose of the same by sale, lease, or otherwise; said property so held not to exceed at any one time the sum of twenty thousand dollars; may have a common seal, and alter the same from time to time, and make such rules, regulations, and by-laws as may be within the scope of their association and not contrary to the laws of the land.

"SEC. 2. That the rules and by-laws of the said associa- tion shall be the rules and by-laws of the corporation hereby created until the same shall be regularly repealed or altered, and that the present officers of said association shall be offieors of the corporation hereby created until their respective offices shall regularly expire or be vaeated.

" Approved, January 9, 1837."

In December, 1837, the following persons were the officers :

Edward Tracy, president ; Henry Von Phul, vice- president ; John Ford, secretary and treasurer; Com- mittce of Appeals, William Glasgow, John W. Reel, T. L. Doan, Augustus Kerr, George K. McGunnegle, George Collier ; Monthly Committee on Arbitration for December, J. M. Corse, T. D. Fontaine, Alfred Tracy, Stephen Gore, James L. Lane.

On the 23d of December of the same ycar the proprietors of the Republican announced that,-

" At the solicitation of a large number of merchants and business men of the city, we have issued a prospeetus for open- ing an exchange and news-room, which may be seen at all the principal book-stores, hotels, and in the hands of several gentle- men of the city. We contemplate opening the rooms in Janu- ary next. Our arrangements for the receipt of papers, period- ieals, magazines, etc., will not bo complete by that time, but will be perfeeted as soon as the speed and regularity of the mails will admit. Our object is not revenuo alone : we hope by this to benefit the community and extend the usefulness and eireula- tion of our paper, and it now remains with the publie to see whether they are willing to sustain such an institution. The exchange room will he opened to the publie generally, and will be furnished as is usual to furnish such apartments. The reading- room will be supplied with all the principal newspapers of the United States, without regard to polities, and the principal standard literary reviews, magazines, and periodicals, properly arranged."

2} 21 2} 2} 21 5 21 21 1

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HISTORY OF SAINT LOUIS.

In February, 1838, the Republican added,-

" The exchange rooms will be free to the public at all times, except when occupied by the Chamber of Commerce. The reading-room will be open only to subscribers, or to such persons as they may introduce, not being resident of the city, to the transient officers of the United States and State govern- ments, to the captains, clerks, and officers of steamboats, to the subscribers of the Republican, not residents of the city, and such persons as the proprietors may think proper to per- mit. Merchants will be at liberty to introduce their clerks, and mechanics their apprentices ; keepers of hotels and board- ing-houses, who may become subscribers, will be permitted to introduce their transient guests. The price has been estab- lished at $10 for a single subscriber, $15 for a firm of two per- sons, and $20 for a firm of three or more, payable half-yearly in advance. No subscription will be received for less than a year.

" We have received the following flattering notice from the Chamber of Commerce :

"' CHAMBER OF COMMERCE, "'ST. LOUIS, Jan. 5, 1838.

"' At a meeting of the members of the St. Louis Chamber of Commerce, held on the 28th ult., the following resolution was adopted and ordered to be published :

""' Resolved, That this Chamber, purporting to represent the mercantile and trading interests of this community, cordially recommend to the individuals composing this body to give their hearty co-operation in carrying out the views of Messrs. Cham- bers, Evans & Knapp in establishing a " Merchants' Exchange and News-Room," and that this body also respectfully recon- mend to their fellow-citizens generally, who are not members of this Chamber, to lend their moral and pecuniary aid in carry- ing the plan of the proprietors into complete effect.

"' By order of the Chamber, " JOHN FORD, Sec."

On the 1st of January, 1839, the annual election of the Chamber of Commerce was held at the office of the St. Louis Perpetual Insurance Company, and the following officers were elected : Edward Tracy, president ; Henry Von Phul, vice-president ; John Ford, treasurer and secretary ; William Glasgow, John W. Reel, T. P. Doan, Augustus Kerr, George K. McGunnegle, and George Collier, committee of ap- peals ; Charles P. Billon, Joseph Charless, John D. Daggett, John H. Gay, and William Hempstead, monthly committee on arbitration for January.

The first proposition for the erection of a Mcr- chants' Exchange building was made by a writer in the St. Louis Bulletin of Oct. 5, 1838, who suggested that the ercction of such a building might be effected by a union of the insurance companies. No action seems to have been taken in the matter, although the Republican of November 2d stated that the propo- sition had been " favorably responded to by a majority of those interested." The meetings of the Chamber were held for some time in the Republican building, and afterwards in the basement of the Unitarian Church, at the northwest corner of Pine and Fourth Streets. The Merchants' News-Room, in October,

1838, was situated at No. 45 Main Street, immedi- ately under the Republican office, and it was an- nounced (October 17th) that " for the remainder of the season the Exchange and News-Room will be regularly lighted from sundown until between nine and ten o'clock." The germ of the present exchange system was developed in the fall of this year by a suggestion in the Evening Gazette, which was in- dorsed in the Republican of October 23d, to the effect that the merchants should assemble at regular hours for the transaction of any business that they might have with one another. "We think the idea a good one," remarked the Republican. " If a certain hour is established for 'Change, say twelve or one o'clock in the day, every merchant having business to do with another would know where and when he could be found." The officers of the Chamber of Commerce in February, 1839, were Edward Tracy, president; Henry Von Phul, vice-president ; Daniel Hough, secretary and treasurer; William Glasgow, George Collier, Augustus Herr, J. P. Doan, George K. McGunnegle, John Walsh, committee of appeals ; Committee of Arbitration for February, Charles F. Henry, John Lee, N. E. Janney, A. Mieur, A. Ricketson.

The subject of erecting an Exchange building was revived in the spring of 1839, and on the 22d of April a meeting was held at the Merchants' Exchange and News-Room for the purpose of taking formal action in the premises. On motion of Col. Réné Paul, the meeting was organized by the appointment of Henry S. Coxe as president, and William G. Pettus as sec- retary.

The object of the meeting having been explained by Col. Réné Paul and A. B. Chambers, the follow- ing resolutions werc submitted by Mr. Chambers, and, after two slight amendments had been agreed to, were unanimously adopted :

"1. Resolved, That it is the opinion of this meeting that an Exchange building should be erected in this city, and that the business of the city and its commerce require the immediate commencement of the work.

"2. Resolved, That we approve of the plan submitted to the consideration of this meeting of a union of the city authori- ties, insurance companies, brokers, socicties, and individuals in the erection of this building, and earnestly commend the same to the consideration of the mayor and City Council and of the citizens generally.

"3. Resolved, That a committee of persons be appointed to prepare a report of the plan submitted, or any other plan, with such additions and illustrations as may contribute to a perfect understanding of the same, and that they cause the sam'e to be printed, with the charter of the Exchange Company, and submitted to the consideration of the persons, companies, and societies embraced in this plan, and request their early action upon it.

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COMMERCIAL EXCHANGES.

" 4. Resolved, That the city authorities, the insurance compa- nics, other societies, brokers, and individuals be respectfully re- quested to confer with the committee appointed by this meet- ing, and signify to them their decision upon the plan which shall be submitted.

"5. Resolved, That whenever the committee appointed by this mecting shall have ascertained that a sufficient amount of stock will be taken to secure the crection and completion of the build- ing, they shall request the commissioners named in the charter of the Exchange Company to open the books for the stock of the same."

On motion of John D. Daggett, the blank in the third resolution was filled with " seven," and it was decided that the president appoint the committee.

The president appointed the following gentlemen on the committee, viz. : Jolin D. Daggett, Réné Paul, Na- thaniel Paschall, Adam B. Chambers, John B. Camden, William Glasgow, and Edward Tracy.

In 1840, Edward Tracy, who had been president of the Chamber from its organization, prompted by a nice sense of mercantile honor, arising from the fact that lie was then involved in mercantile embarrass- ments, resigned. The members declined to accept his resignation, but Mr. Tracy having refused to withdraw it, Henry Von Phul, who had been vice- president from the beginning, was chosen by acclama- tion. He declined, however, to serve, and Wayman Crow was elected, serving from 1841 to October, 1849, with George K. McGunnegle as vice-president. Dur- ing Mr. Crow's term of office the secretarics were Daniel Hough, F. L. Ridgely, and Edward Barry. In Sep- tember, 1842, the officers were Wayman Crow, presi- dent ; George K. McGunnegle, vice-president ; F. L. Ridgely, secretary and treasurer; Committee of Ap- peals for 1842, John D. Daggett, N. E. January, H. L. Hoffman, John Stagg, George K. Budd, William Glasgow ; Committee of Arbitration for September, Benjamin Clapp, C. F. Hendry, A. Kerr, J. G. Lin- dell, and Joseph S. Pcase.

The officers in May, 1844, were Wayman Crow, president ; G. K. McGunnegle, vice-president ; F. L. Ridgely, secretary and treasurer ; Committee of Ap- peals for 1844, George K. Budd, Edward Brooks, Henry Von Phul, J. S. Thompson, John Simonds, P. G. Camden ; Committee of Arbitration for May, J. C. Abbott, W. G. Haun, A. Meier, Charles I. Tucker, Charles T. Whecler.

The project for the crcction of an Exchange build- ing appears to have lain dormant until July, 1847, on the 21st of which month it was announced that " two gentlemen of the city" had purchased " the property owned by the Baptist Society at the corner of Chest- nut and Third Streets, with the intention of erecting an Exchange building upon it." The ground extended seventy feet upon Third Street and ninety upon Chest-

nut. On the 3d of January, 1848, books were opened for subscriptions to the capital stock of a company then about to be organized for the erection of an Exchange, and on the 20th of May following the fact was noted that the proposition had progressed so far that a lot on Fifth Street, " in the central part of the city," had been secured, and subscriptions to the stock were "rapidly filling up."

In the spring of 1848 an Exchange was established in connection with the Chamber of Commerce, where merchants met regularly to interchange views and transact business. The enterprise met with general support and favor, a very large proportion of the busi- ness men subscribing to it. Rooms were secured on the northeast corner of Main and Olive Streets, up- stairs, and fitted up for the purposes of the Exchange. Edward Barry was appointed secretary, and the rooms were supplied with newspapers, price-currents, etc., and telegraphic dispatches giving the state of the market up to twelve o'clock noon in all the Atlan- tic and Southern cities. The subscription price was ten dollars per annum, and subscribers possessed the privilege of introducing strangers and non-residents into the Exchange and reading-rooms. On the 14th of May, 1849, it was announced that another effort was about to be made for the organization of a Merchants' Exchange. At a special meeting of the Chamber of Commerce held on the 11th of September, 1849, George K. McGunnegle, vice-president, stated that it had been called to take into consideration the establishment of a Merchants' Exchange and the pro- curing of rooms which would answer that purpose for the present, witli the ulterior view of erecting an edi- fice suitable to the object. After some discussion the matter was referred to a committee, of which James E. Yeatman was chairman. On the 17th of Septem- ber the committee reported that it was impracticable at that time to build a Merchants' Exchange, and rec- ommended the lcasing of the second floor of the build- ing owned by Mr. Charless, next door to the corner

of Main and Olive Strects. The report was adopted, and a committee appointed for the purpose of estab- lishing a Merchants' Exchange. On the 27th of De- cember following it was announced that the rooms in- tended for the use of the Chamber of Commerce and of the merchants generally had been completed. They were located in the second story of the building occu- pied by Charless & Blow. A meeting of merchants and other subscribers to the new Exchange was held in their new rooms on the 2d of January, 1850, and the rules prescribing the terms of membership and the various committees and for the regulation of busi- ness were adopted. A resolution was also adopted

1344

HISTORY OF SAINT LOUIS.

that the Exchange be regularly opened at the hour of eleven o'clock on Monday, January 7th, and that the 'Change hour be from eleven to twelve o'clock every day, except Sundays and holidays.

Nearly two hundred of the principal merchants of the city were members of the Exchange and Reading- Room, at an annual contribution sufficient to cover the expenses of the establishment. A secretary and clerk were employed, whose duty it was to keep an accurate record of the state of the market in St. Louis and other important cities, procure the latest accounts of sales and other information calculated to influence commercial transactions, obtain telegraphic dispatches, and keep at all times, as far as practicable, tables of the state of the supply and demand in leading articles of the St. Louis market.

This intelligence was kept in appropriate books, but was only open to the inspection of members. All persons were admitted to the Exchange room, but no resident of the city, engaged in mercantile pursuits, and not a member of the association, was permitted to buy or sell produce or merchandise at the Exchange, or avail himself of the information which was col- lected for the use of members. Non-residents of the city might be introduced by any member, and when so introduced had free access to the privileges of the Ex- change and Reading-Room for a limited time. Others not resident might also purchase any produce or mer- chandise offered for sale, but might not be sellers. Manufacturers and mechanics might sell their com- modities without the necessity of membership. Any person of any profession or pursuit, of respectable standing, could become a member by subscribing and paying the annual charge for its support, and auction- ecrs at a small charge obtained the privilege of selling stocks and real estate in the Exchange, except during the 'Change hour.

The Merchants' Exchange and Reading-Room were open to members at all times (Sundays and holidays excepted) from seven o'clock A.M. to eight o'clock P.M. in summer, and from eight o'clock A.M. to nine o'clock P.M. in winter, commencing the 1st of October and ending the 1st of March.

The commercial year was considered to commence .on the 1st of September, and cnd on the 31st of August following.

The Merchants' Exchange, though closely allied with the Chamber of Commerce and conducted in conjunction with it, was a distinct organization. The Chamber of Commerce controlled the affairs of both associations, and its members were known as the " voting members." The Merchants' Exchange was composed of persons who simply had the right to 1

transact business in the Exchange rooms, without a vote in the government.

In the mean time the millers of St. Louis had or- ganized an Exchange of their own. Previous to this action, being continually in the market, they had to go on the Levee and sample all the piles of wheat they might find, and then wait an indefinite time for the sellers to make their appearance, some of whom might be there ready to sell by ten o'clock, others not before four o'clock in the afternoon. Thus the millers were from day to day from four to six hours exposed the year round to all kinds of weather and the intol- erable dust or mud. Having suffered from exposure on the Levee in previous years, James Waugh and T. A. Buckland determined in February, 1849, to call- a meeting of all the millers, in order to remedy the inconvenience and exposure in transacting their busi- ness. With that in view they wrote a request to each miller in the city to meet at C. L. Tucker's office. Theodore Papin, being present, agreed to deliver the notices, and on the day appointed for the meeting they were greeted with the presence of nearly all the mill-owners in the city, among them the following: Gabriel S. Chouteau, Joseph C. Shands, John Walsh, - Robinson, Joseph Powell, Mr. Tibbits, Dennis Marks, George P. Plant, Henry Whittemore, Alphonso Smith, T. A. Buckland, C. L. Tucker, Henry Pilk- ington, James Waugh.

T. A. Buckland was called upon to state the object of the meeting, after which those present organized the Millers' Association by electing the following di- rectors : Gabriel S. Chouteau, John Walsh, Joseph Powell, C. L. Tucker, Dennis Marks, Mr. Tibbits, T. A. Buckland, and James Waugh, with Joseph Pow- ell president, and C. L. Tucker secretary. The board was then called together by the president, and after consultation the following committee was appointed : Messrs. Powell, Marks, and Buckland, with instruc- tions to rent rooms and procure the necessary tables and other furniture. As soon as the rooms were ready the merchants were invited to bring to them samples of any produce they might have for sale. Thus about the 1st of March, 1849, the Millers' Exchange was opened over Nos. 9 and 11 Locust Street, and is said to have been the first Exchange established in the United States for the buying and selling of produce. It continued for two years, during which time nearly all the produce seeking a market in St. Louis was offered for sale. When the merchants established a general Exchange, and for that purpose rented rooms adjoining the corner of Main and Olive Streets, the millers were invited to join them. In response the millers appointed Messrs. Marks, Tibbits, and Buck-

1345

COMMERCIAL EXCHANGES.

land to confer with the officers of the Merchants' Ex- change, and at the conference it was agreed that the secretary of the Millers' should be the assistant secre- tary of the Merchants' Exchange, with which ar- rangement the Millers' and Merchants' Exchanges were united.1

In March, 1851, the following officers of the Chamber of Commerce werc elected : President, Wil- liam M. Morrison ; Vice-Presidents, Alfred Vinton, David Tatum ; Secretary and Treasurer, Edward Barry ; Committee of Appeals, T. H. Larkin, J. J. Roe, Adolphus Meier, J. D. Osborne, Dennis Marks, George Partridge, P. R. McCreery, R. M. Henning, Neree Vallé, J. H. Alexander, E. M. Ryland, H. T. Chiles ; Committee of Arbitration for March, John C. Bull, R. M. Funkhouser, J. T. Chappell, Alonzo Child, Solon Humphreys, James W. Finley, Henry Ames, N. Ranney, Morris Collins, Robert Barth, J. D. Houseman, A. W. Fagin, Henry Whittemore.

In December, 1852, the following gentlemen were appointed by the president of the Chamber of Com- merce as delegates to the " Commercial Convention" held in Baltimore on the 18th of that month : Joseph Stettinius, P. Herman, W. H. Barksdale, James A. Bryan, T. J. Homer, William Bennett, Taylor Blow, O. Wales, Thomas M. Taylor, J. D. Houseman, E. W. Blatchford, A. J. McCreery, James Christy, W. Ballentine, E. Livermore, John Knapp, William Low, W. S. Gilman, R. K. Woods, Henry White.

The project of erecting a building for the Chamber of Commerce and Exchange was again revived in 1855, and with better success than had attended the previous efforts in this direction. On the 13th of September of that year, on motion of Hon. Henry T. Blow, a committee, consisting of Henry T. Blow, R. J. Lackland, Charles P. Chouteau, A. F. Shapleigh, and Thomas E. Tutt, was appointed to procure a charter for an Exchange Building Company, to solicit proposals for a suitable lot, and to procure plans for a building for an Exchange. On the 15th of Novem- ber, 1855, Edward J. Gay and Robert Barth, on the

part of and representing the owners of property on the cast side of Main Strect, between Market and Walnut Streets, submitted a proposition for the erec- tion of a building on the site named, fronting one hundred and twenty-three feet on Main Street, the second story to be appropriated exclusively for the use of a Merchants' Exchange hall, at a rental of two thousand five hundred dollars per annum for ten years, and at a meeting held on the 24th of November, 1855, the president of the Chamber of Commerce was instructed to enter into a lcase of the premises offered by Messrs. Gay and Barth. At a meeting of the stockholders " who have engaged in a building for a Merchants' Exchange on the ground recently occu- pied by the Centre Market," which was held Jan. 5, 1856, the following trustces were chosen : James H. Lucas, George R. Taylor, Louis C. Garnier, Edward J. Gay, Neree Vallé, Felix Coste, and Lawrason Riggs.

A resolution was also passed that the trustees pro- ceed immediately to consummate the agreement en- tered into with the Chamber of Commerce for the leasing of the second story of the new building.

On the 25th of February the stockholders held another meeting, at which the plans for the building were presented for approval. The following com- mittee to solicit additional subscriptions was ap- pointed : G. W. Dreyer, Isaac S. Smyth, T. A. Buck- land, Joseph E. Elder, Adolphus Meier, Robert Campbell, Samuel Bonner, John C. Powell, S. B. Wiggins, John Kern, Adolphe Paul, J. G. Shelton, and Joseph C. Barlow. The committee organized by the election of Adolphus Meier as chairman.

The work was prosecuted successfully, and the con- struction of the proposed Exchange begun. At a meeting of the stockholders held on the 9th of March, 1857, on motion of Col. Robert Campbell, Adolphus Meier was called to the chair, and John E. Yore ap- pointed secretary. The chairman explained the ob- jects of the meeting to be to receive the report of the trustecs of their transactions for the past year, to re- ceive and approve the charter granted by the Legisla- ture to the company, and to elect a board of seven trustees to serve for the ensuing year. The reports of the president and secretary were then read, and on motion of Samuel B. Wiggins were adopted. The charter for the St. Louis Merchants' Exchange Com- pany was then read, and on motion of Mr. Lucas it was resolved that the said charter be approved and accepted, and that the stockholders of the company signify their acceptance of the same by signing their names to it. The meeting then proceeded to the election of seven trustees to serve for the ensuing year. Messrs. George Knapp and Taylor Blow were

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History of Saint Louis City and County, from the earliest periods to the present day: including biographical sketches of representative men, Part 77

Author: Scharf, J. Thomas (John Thomas), 1843-1898 Publication date: 1883 Publisher: Philadelphia : L.H. Everts Number of Pages: 1358

Author: Scharf, J. Thomas (John Thomas), 1843-1898
Publication date: 1883
Publisher: Philadelphia : L.H. Everts
Number of Pages: 1358