10
CONSOLIDATED EXCHANGE.
SUCCESSFUL. CAREER OF‘ ONE OF THE
‘ curs" LEADING INSTITUTIONS.
The iconsolidated» Stock and Retroleum EX‘.
- change, of New-York-was organized about twelve
years ago, its first title having been the New-
York Mining Stock Exchange. During, the
month of September, 1875, a call fora meeting
was presented «to a number of men, in which it
was represented that the mining industries of
the country had assumed such large proportions
that much Eastern capital was seeking invest-
ment throughthe San Erancisco Exchange, and
it was believed that the time was ripe 'for 9.
Mining Exchange in New-York. During the lat—
ter part of the same month a meeting was held
at No. 60 Broadway, and the "New-York Min—
ing Stock Exchange" was started. 'The Ex-
change opened for business on November 1, 1875,
at No. 24 Pine-st, with the following roll of of-
ficers: John Stanton, jr., president; Joseph E.
Gay, treasurer; J. Wyman Morris, secretary. At
that time the total membership was twenty-five,
but the organization began to prosper imme—.
diately, and its growth was constant. From the
little rooms in No. 24 Pine-st. its business was
removed successively to No. 32 Pine-st, to No.
18 Broad-st, to the "Bond Room” of the New-
York Stock Exchange,- and to No. 16 New-st,
until on July 26, 1877, it returned to No. 60
Broadway, on the occasion of admitting into its
own fold the members of the American Mining
and Stock Exchange, thus absorbing a rival or-
ganization which had been in existence about fif-
teen months. The fitness of this exchange to
survive is evinced by its successive absorption
of the rival just named and of four other com-
peting organizations, viz., the National Petro-
leum Exchange, the Miscellaneous Security
Board. the American Mining Board and the
N ew-York Petroleum Exchange and Stock Board,
the result of such absorptions being the amend-
ed title cf the Consolidated Stock and Petroleum
Exchange of New-York, with a roll of 2,403
members. Until the year 1883 the business of
the Exchange was almost wholly confined to
dealings in mining stock, but about that time
the departments of petroleum and miscellaneous
securities were added to its business. Both
showed remarkable development;
Early in the year 1885 the membership of the
Exchange had grown until it reached 2,403
(larger in point of members ,than any exchange
in the United States except the New-York
Produce Exchange), and a general demand was
made by the members upon the management,
looking to the establishment of an additional
department to the business of the Exchange,
that of dealing in active railroad stocks. As
nearly four hundred members of the Exchange
were members of the New-York Stock Ex-
change, negotiations were opened with the
proper authorities of that organization looking
to an arrangement by which the speculative
business in railroad stocks might be divided.
Committees were appointed, who, from time to
time, met, but only to disagree, and finally it
Was determined to reach out for all. business in
railroad stocks that could» be got.
The new building which is occupied by the Ex-
change is located on theeast side of Broadway,
and extends through to ,New-st. It measures
90.11 feet on Broadway, 132.4 feet on Exchange
Place, and 87.7 feet on New-st. It consists of a
basement fifteen feet high opening upon a level
with the sidewalk at the corner of Exchange
Place and New—st., of a main story 36 feet high
for the Grand Board Room, with a mezzanine or
intermediate story in. a portion of this room,
while above are four stories of 11 feet each. The
main floor is set about 2.6 feet above Broadway,
and the entire building rises 96 feet above
Broadway, with a height to the extreme top of
a tower at_the corner of Broadway and Ex-
change Place of 142 feet.
The exterior is built of brick. _with stone prin- ‘
cipally in the lower portion, and the architecture
is in style a Romanesque ‘very freely treated.
The entrances are exceedingly spacious. En-
trance from New-st. is by a lofty arch eighteen
feet in opening, and the vestibule on that side is
fine in effect. On Broadway there are two en-
trances, each fifteen feet wide; one for the gen-
eral public havingbusiness with the Exchange
and for tenants of the upper stories, and the
other. also fifteen feet wide, given solely to the
use of members of the Exchange. The main floor
- of the entire structure is open to'the business of
the Board in as nearly uninterrupted space as
the supports of the. .upper part of the structure
will permit. There is a clear floor space of fully
ten thousand square feet for the transaction of
business. ' ,
In the mezzanine story, approached by four
staircases and three elevators. there are the
ofiices of the president, treasurer and secretary,
the meeting room for directors, committee
rooms, and a large parlor for members, besides
aroom exclusively for smokers.
In the basement or under the sidewalk on
Broadway is a Very large toilet room for mem-
bers, and adjoining this a spacious cloakroom,
barber shop, etc. These are approached by two
staircases, and by the elevators. There is also
’a passageway from New-st. to Broadway,
wrough the north side of the basement 'flo'or.
Besides these rooms and the passage, there is
a restaurant 75x100, and the rooms of the Con-
solidated Clearing House.
One especial feature worthy of notice is the
arrangement for dispatching telegrams. A very
large office for one or mOre telegraph companies
is plaCed 'in a half-story brought as near to the
main boardroom floor as comfort of operators
will"'permit. Through an opening in the main
floor, fifty feet long and two feet wide, protect-
ed by a counter, persons admitted to the main
floor and members can give telegrams directly
to the operators'belpw, whoare plainly visible
tected by a ,counter:rail.- -. - . — - ;
.,Following are'the, officers of the Exchange! .
‘President,’ Charles G: Wilson. ' i ,
First? Vice'-Pre3ident,: Thomas L. 'Watson. . ’
Second Vice-President, A.W Peters. 3
- Treasurer, John Stanton. . . .
Chairman. valentine Mott. - ‘
Secretary, Rudolf Huben.
_‘____,__.__.._—————
‘V'OAPITAL AND C’APITALIB'TB.
MEN WHO ARE snonnLrsoUGHrvamn—PROJ-
nc'rs INVOLVING summons sums cou-
STANTLY BROUGHT BEFORE THEM.
The capitalist of the present time. is a man
much sought after in a great centre like New-
York. The magnitude of' the commercial and
financial operations of this city, the great wealth
which has been collected in this locality, and
the number of new schemes of all kinds and
classes which are being exploited constantly.—
"all these render the"’capitalist and his capital
objects of unusual attention. No matter how
good a thing a man may have, it must have
backing to place it in the market. This is sup-
plied by the capitalist. Of all the patents which
are annually granted by the Department at
Washington only a small percentage find their
way to success and ,wealth. _It is not because
theyKhave not merit, but because they have not
been pushed into public favor by money. The
old saying that "money makes the mare go”
should have been adopted by the capitalist as
a part of the insignia of his profession. Money
has made many an inferior article pay a hand-
some profit. The New-York capitalist is usually
an individual with large sums at his command.
As compared with the capitalists of interior
cities, he is a veritable financial giant. Before
him are laid-- schemes and deals and propOsed
organizations calling for millions of capitalize;-
tion. To him- the consideration of millions is of
no more weight than the thought of hundreds of
dollars is to the majority of men.
It has been emphasized that the man~ who
has is the man who keeps on getting.‘ This
forcibly illustrates the necessity of capital.
Many a man has been forced to exclaim, “If
I only knew where I could get hold of $10,000
I could make myself rich!” This same man if
he has a business proposition that is worth con-
sideration can take it to the capitalist. If the
capitalist looks with favor on it then plans are
formulated for exploiting'the project, whatever
it may be, on the basis of the capitalist’s get-
ting a large share of the profits. It does not
necessarily follow that all capitalists want the
big end of the stick, for such is not the case.
The capitalist has money to invest or can com-
to them through the opening in the-floor. pro-.-
CAFE,
[mand money to invest. If there _is an exceptiOn-
=auy‘godd--opportunityiwhe;e there is slightrisk
hezéis’willing .to take small returns-but as the .
. , risk increases he demands larger remuneration
i for his-part in- the business. 7'.) - » ~
' ‘ New-York: capitalists, will: be mandamus-en-
‘tirely in" the-Wall Street‘district. Thereare nun-1
dreds of them. Some occupy a foremost position
in the financial world, while others. conduct their
affairs quietly, with as little show as, possible.
Big railroad deals, huge industrial projects, new
foreign trade schemes, inventions, patent medl-.
clues and a host of, other propositionsconfront
them from one end of the year to the other.
They are men valuable'as friends, and as a gen-.
eral rule whatever they take hold of is. con-
ducted along the highest plane of efiiciency and
executive ability. . ‘-
- MARVELLO US TELEPHONE , SYSTEM
IMMENSE VOLUME OF METROPOLITAN BUSI—
NESS TRANSACTED DAILY OVER
THE WIRES.
The telephone system in New-York has been
brought to a high state of efficiency and con—
venience, and its use has largely increased in
the last year. The service has been steadily
improved, and it can truthfully be stated that
the system in use here. has proved a tremen-
dous convenience to people in every walk of
life. .
The chief value of telephone service, apart
from its general efficiency and constant avail-
ability, is the power to communicate over a large
area. In this respect the service in New-York
probably excels that of any other place, owing
primarily to the adoption of the metallic cir-
cuit system of lines and switchboards and the
equipment of all subscribers’ stations with
long-distance telephone instruments.
The area. served in New-York is about forty
square miles, and the peculiar shape in which
these forty miles are laid out adds to the diffi-
culty and expense of telephoning.
There are twelve telephone exChanges in New-'
York, situated approximately a mile apart
along a zigzag line running "from Broad-st. to
High Bridge.
To Join the subscribers' stations to the vari-
ous exchanges requires about the same amount
of wire in each case as is used in a smaller
city, where a single exchange serves the whole
city.
The New-Yorker is not satisfied, however, to'
talk only with the subscribers connected to his
own exchange. He wants to talk all over the
city, and so each of the twelve exchanges must
be connected with the rest by direct linesfor
the purpose of allowing. the subscriber to. as ‘
tend his calls _t_o';_ oth'ér_,.-district§ than his own;
About‘75 per cent of the Calls“ that origin“?
»in NewfiYork';pass through two exchanges" and
require lines‘alveraging four miles long't'o' com "
~nect' the‘stations ’o'f'the Subscribers. - x
', The southernmost exchange is in Broad-sis,
which: serves ‘the extreme downtown distflcfi:
and the northernmost exchange is at High
Bridge, which requires trunk lines nearly four- ‘
teen miles long to’ connect it with the Broad-
st. exchange. . ,. ' ' ' -' '
. . The- entire‘ city, inspite of the immenseareg
covered, is served at-the same-rates, and 9,-teleg ,
phone message costs the same, . whether. the
subscriber calls for a point-on his own enchant! _ __
o'rfor one demanding the. use of lines aggro:
gating fifteen miles in length. The aver-8a
length of line used for all connections is foil?
miles, and, when it is remembered that. t3
usual telephone communication includes bath
message and reply some, idea is gained of an
amount of time saved every day by the teléb
phone service in New-York.
The view of the telephone service is height;
ened when the immense volume of the «big
business is considered. The usual ' dayfs wolf
at present is about 225,000 originating calls, a"
which some 160,000 pass through two exchanged.
The use of the telephone by large concerns 3
so great that it calls for’ some arrangement
facilitate the 'service. and has resulted in an
introduction of the "branch exchange system! '
This consists in the establishment of a minis;-
ture exchange in the office of the subscriber},
A small switchboard is set up and connected t¢
the nearest exchange of the general system by
a number of trunk lines, which take consecrfi-
tive numbers and terminate side by side at
exchange switchboard. —An operator station 1‘
at‘ the branch switchboard acts as intermed '
"in securing connections required by the vario .
stations connected to the sWitchboard, and in
distributing directly to- the persons wanted the
calls that come in over the trunk lines. This
method of handling telephone calls has beco'mé'
one of the important features of the service, as ‘ ,
it _ insures prompt and efiicient service at an ‘
times. . . , .5 ‘
During the present year the use of the tele-
phone in New-York City has increased rapidw.
On January 1, 1898, the number of subscribers
connected to the New-York Telephone Com-
pany's metropolitan system was less than 19,.
000, and at present this figure has risen to 25,-:
500.; being an increase of over 30 per cent for a
year.
The large expansion has been due to the
active efforts of the company and the fact that
the importance and convenience of the sys-
j'tem are recognized more largely than ever be-
fore. . -
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Lows XVI seam - 0.13pm FLOOR. ‘ ».
pers and business men.
_ In the three restaurants over 350 persons-are employed,
and more than 3,000 people are fed daily;
,‘INTERIOR VIEWS OF ONE OF SHANLEY’S RESTAURANTS
One of the favorite resorts of Broadway t heatre—goers is the restaurant opened in 1896 by Shanley Brothers. It is one of the most cosv
mopolitan establishments in the city, and the surroundings are such as to attract the fastidious. The main dining-room is fitted in red-and
gold, Empire style, and is rich and handsome. Ascending the broad staircaSe, lined with palms, one gets a good‘ view of the superb ceiling
decorations, and finds on the second floor a. Louis XVI room of extreme loveliness. ' . -
The dining-room on this floor has been dedicated to Bacchus, the god of wine, and the surroundings are suggestive of good-fellowship ,
and cheerp The walls are inlaid with marble‘and rare woods, and the open fireplace, with its jewelled log, sends out a genial glow, which
shimmers and shines in the countless mirrorsvon all sides. An orchestra discourses sweet music during meal times. » - _
The restaurant does a business of over a million a year, and has a capacity for 600 persons. It operates. its own «laundry,- iceplant, .etoq-
and all meats are dressed on the premises. It is conducted strictly on the American plan, all meals being a la-carte. Everything has been
done to facilitate prompt and efficient service, and this is illustrated. by the presence of a separate kitchen on the second floor. ~ -
Shanley’s restaurant, at No. 1,212 Breadway, opposite Daly’s Theatre, was opened in 1891, and at once attained popularity; and thfl
firm’s other. establishment, in Sixth-ave. near Twenty-third-st, which was opened in 1890, is crowded at lunCh and dinner times with 81109?!
, p .. \
* ‘
Norwalk Chronicler