The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-15
The following table shows the highest and lowest
prices OF the principal stocks during the day.

In Philadelphia Reading was active and excited.
The opening sales were at 116A, after which there
was decline to 1l5sl and closing rally to 1l6.
STOCK EXCHANGE LIFE INSURANCE.
At the morning session OF the Board to-day the
joint committee, comprising Messrs. John r. Gar
land, George II. Drodhead and f.. s. Munroe, OF the
Governing Committee, and Messrs. s. v. White and
W. 7. Phpard, on behalf or the members at large,
to whom had been referred the proposition
for the establishment OF plan of life insur-
ance, reported the following, which has been
submitted ior signatures and has already
received general endorsement. Statistics pro-
cured by the committee In the course OF their
labors show that the proposed surplus OF 100000
year promises to make fund sunicient to meet
the annual claims on account OF insurance, the
death rate OF the Stock Exchange having been less
than ten with q steady decrease during the past
four years.
l. Upon the death Of any member there shall be
levied against each surviving member the sum OF
$l0 which shall become charge against surviving
members t,r
2. The faith of the New York Stock Exchange is
pledged to pay within one year alter the death OF
any member the sum OF $40, 900, which shall be paid
to mis- family as gratuity from the surviving mem
8. Should the member die, leaving only q widow.
then the whole amount shall be paid TO her,
but In case the member leaves q widow and
minor children then one-halr shall be paid to
her and one-haif to the guardian OF the children.
SnOuld the deceased MEMBER leave minor children
and no widow, then the whole sum shall be paid TO
the guardian OF the children for their use; should
the deceased member leave neither widow nor
minor children then the whole amount shall be
paid to his legal representative.
4. Nothing herein contained shall be construed
as JOINT liability OF the Exchange or its members
the liability Of each member at law or In equity
being limited to the payment OF only So and the
liability OF the Exchange to the extent OF $4,000
or such part thereof as may be collected.
s. Nothing herein contained shall be construed
as constituting any estate an eSse which can be
mOrtgaged for the payment Of debts but it shall be
construed as solemn agreement OF each member
to make u voluntary gilt to the family OF any de-
ceased member, and OF the Exchange to collect and
pay TO such family the said voluntary gilt
O. 1t Is hereby made the special duty OF the Fl.
nance Committee to increase the surplus revenue
OF the Exchange, as far as possible, by rigid
economy, for the puf pose OF accommodating sur
plus fund.
Z. Whenever the annual income OF the Exchange
snail exceed the current expenses by sS0.O00 then
500 600 per year shall be credited members upon
the dues and charges herein enumerated. which
and shall reduce the amount to be paid upon the
death Of members for That year by the sum SO
credited. M
s. The provision OF this article shall not extend
TO any member who shall have severed his connec.
ton with the Exchange by the sale of his seat
whether the same Is made voluntarily Or inyolun.
tarily, nor shall the said benefit extend to apy
member who now Is, or hereafter may be- expeIled
by the Governing Committee for obvious fraud but
shall extend to suspended members.