New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-08-31
THE Story Or TIE NATIONAL STOCK EXCHANGE.
l.,o1--r, thn Nntiornl SInclc

THE 81 DRY Or TIE NATIONAL STOCK EXCHANGE.
The institution known as the National Stock
Exchange formally suspended yesterday the being
lack business At the time OF the difficulties in Erie
the NewYork stock Exchange passed resolution sttk
ing all railway shares and bonds from the ST Jck list I'M
less they were registered in respOnsibebankng In
stitution OF trust company before certain date. The
of the Erie road refused 10 register and the
result it could no longer he dealt In at the Regular
Board and number Of men who could not gain admit
tance TO the New-York Stock Exchange conceived the
idea Of forming Exchange, the basis Of which was to
be Erie although there regular list Of other stocks
and bonds. Erie fox time found home in the Hobbies
OF the Stock Exchange, and upon the curbstOnes OF
BrOadst but business not very extensive, and the
formation OF the Exchange met with much favor In
the eyes OF the Erie MANAGEMENT OF whom (Mr.
James Fisk jr) at preliminary meeting declared he
would sustain the organization with his personal infu
enCe and money.
The preliminary meetings Of the exchange were char
acerzed by the drest confusion the meeting being
badly located poorly ventilated and always crowded
with shrieking mob. The association formed and
ward curhstOne brokers and men who could not enter
the regular organization The appicationsfor admission
came first, and those who had been Few days earlier
sought TO raise the initiation fee on the which
led to more discussion and confusion Finally suitable
engaged, at "a BTOadst and for time quite
lively business was done principally In Erie and on or
ders from members OF the Regular Board who dld not
dare TO appear in person. such action would lead 70
their expulsion from it, The stocks however were most
generally received ana delivered the principals,
rarely to take the uncered checks OF their agents.
After time business fell of, and the members OF the
Board instead of turning stocks would turn airs Of
Opera BOuie,' and the lively strains Of "ShO0, Fly"
the suggestive notes ohe cancan heard in the
halls that to have been devoted to the hOarse bid
and offer Of the stock mart
The building in which the Board was located prior
to the great spread OF the stock gambling had
been occupied by large grocery rin who vacated it
upon its purchase by speculative Hebrew, who a
golden future in the transformation Of the Office from
dirty warehouse into luxurious stock brokers offices; but
the real transformation from comparative wealth to
Of the stock business having gone far
down in BTOads for which reason the members OF the
National Stock Exchange determined 10 move nearer
Was and try and obtain share Of their great rivals
business Accordingly the lease OF resaurateur oppO-
site the EewYork Stock Exchange was bought, and
after considerable expense the building adapted TO
It's purpose. In the mean time Mr.. Fisk and his
sociaes thought advisable tO comply with the rules OF
the Old Exchange and register the stock aud bonds OF
the Erie Company in Trust Company, which being done
and formal notice having been sent TO the
President OF that Exchange, Erie again figured
In the shrieks and cries of it's operators,
and the National Exchang lost it's mainstay
Its members dropped OFF because OF inability to pay
their dues and cut 81 about co., only 50 left and,
al recent date the latter number met and resolved to
WIND up the concern and divide the in the treasury
among themselves. The 511 other members, however,
having heard of the programme, applied To the Courts
and the result was the appointment a receiver and
% disappointed candidates for gratuiiies
Tbe case has not been fully heard yet but the National
Stock Exchange is undoubtedly dead Notwithstanding
the assurances OF MI Fisk IN the earlier part of its ca
reer that lac would stand by IT, and sustain IL with his
influence and money