National Republican. (Washington City (D.C.)) 1872-1888, 1874-01-03
LOCAL STOCK EXCHANGE.

LOCAL STOCK EXCHANGE.
RULES AND REGULATIONS OF TH1
NEW STOCK ORGANIZATION.
THE MEN WHO ARE IDENTIFIED WITH IT.
THE ADVANTAGES OF THE EXCHANGE
TERMS FOR MEMBERSHIP-REGULAT
FOR THE TRANSACTION OF BusINEss.
The recent organization Of Stock Exchange ID
this city has been characterized b nsyksd sue
cess, pot only In protecting the values OF District
securities, but IN the gentlemen Of character, IN
tegrity and ability who ere already idennneo
with its success. r." e
The constitution recently adopted for it, gov
eminent indicates the honesty Of the purposes Il
be accomplished ~ regards the public and its In
Is provided fos to ~esn 81 sppestons 70.
the duty Of this committees = inquire into The gen
dence, and other conditions Of eligibility, and
| report thereon to the meeting Of the Exchange.
/ ThIs eSmmittes viii slso have ssneral superin;
shall Communicate with So EEaasass s and
manner they may deem most conducive 70 he hon.
oratle conduct Of members in their transactions
with each other and the public ss.eli as their
/
bers will aid them with infofaatton useful in the
Application. for me.bership are only received
from persons txenHy-one years Of age, known a.
banker, broker or dealer in stocks In the Dis
trict. Members in good standing in similar boards
may become members. No member can sell his
membership except BY consent Of two-thirds Of
the governing committee. II . member dies his
in excess Of amounts due tho members Of the Ex-
change may be paid to his legal representatives.
The initiation fee IL ESQ, and Of those admitted
The rates Of commission to be charged by mem
| bers Of the Exchange shall be Is agreed upon,
but not lees than one quarter Of one per cent on
curities, excepting United states securities and
| gold, on which the commission may DO one eighth
Of one per cent, and on stocks selling at ye dol
six cents per Share, and stocks selling under ono
dollar per share, which may LS dealt in At three
cents per share Members may transact business
Fictitious sales are forbidden BY penalty Of
Parties delivering stocks, bonds, &C., shall have
All debts are binding upon tn. member, of the
Conviction Of fraud of any kind, by the govern
ing committee, shall work the expulsion Of .
The expulsion of member will not affect the
Application for legal acts. restraining any
officer or committee Of the Exchan-se from per.
The Exchange holds meetings on Tuesdays
on pnss holidays lid when i win convene The Day
prior to the holiday.
FUNDS OF THE ExcHANaK
The funds Of the Exchange are derived from
the fees of admission Of new members, from in
terest and dividends on Investments, from such
assessments e.
the Exchange, and from fines for transgressi0ns Of
the rules: In case the revenue from the above
sources shall prove insufficient during any one
year. there shall be general assessment Of the
members to supply the deficiency.
RULES IN FORCE.
All bids or offers ut the Exchange arc 70 be made
publicly and audibly. so that every member may
Exchange room in SO low . tone Of voice that the
presiding officer. or majority Of those present,
shall decide Il 20 be private bargain, shall sub
Any member who shall do business for less
commission than the rates set forth by the Ex-
lined for the first offence sioS, and suspension
during the pleasure OF the Exchange; and for the
second he shall be suspended from the Exchange
for period Of not less than one year.
Any member who shall, either in or out Of the
any amount of loans or shares Of stock at Ger.
tain price, and any other amount Of the same
loans or shares at another price, making one
purchase or sale depend on the other, shall be
0ned S.. .
Any member who shall. in the Exchange-room,
offer to buy sell future dividends, or wager, or
offer to wager. shall be fined.
Any member who shall execute any order for
the purchase or sale Of stocks for any employee
Of ano! her member, without first obtaining the
consent ofthe employer, shall for the first offence
be lined sloo and for the second suspension at the
not a member Of the Exchange, "a tho Exchange
ANY member neylec:ny to nav his fines for the
period Of ono month shall DO notified by the Sec
Rotary. and II not paid within one month there
after shall he suspended; and continuing his ne
eject for further period Of one month, his seat
shall be sold.
As general principle, in accordance with the
may lie appealed from to the Exchange.
OF DE.osIrs.
At any time o contrac. is ren.ling, a mutual de-
posit may be called by either perry to secure the
same Nc additional dspcs. saa be required, ex;
rules. The deposit Of the stock on the part Of the
seller shall In all cases be considered sufficient
place Of deposit, the matter shall he referred to
tho governing committee, whose decision Shall
In nil cases where deposits are called at or be-
fore halfrast ten O'Clock a. m. they s..all be
made II or before one O'Clock p. m. the sane day.
If called before or at one O'Clock j. M, they shall
day; If called after three o'clock p. NJ, they shall
be made at or before half-past ten o'clock q. IN.
the following day.
ON INSOLVENCY..
Any member who fails to comply with his con-
tracts, or who becomes insolvent, shall immedi-
a:cly inform the president OF the Exchange Of the
fact whose duty 1t shall DO to give notice forth
with from the chair Of the failure of such member
SHALL within three days, make good to the full
amount thereof all friendly loans Of cash or stocks
from members, or any over drat on i any bank.
to settle sock contracts.
On application for re-admission. n suspended
member may be restored to his seat by ballot. pro
vdei not less than fifteen votes are cast, and not
more than five black balls appear against him.
BIDS AND OFFERS.
During the sessions OF the Exchange, bids and
offers may be made either for cash or for the next
day, Commonly termed the regular wsy.) or Tor
any number Of days, not exceeding sixty.
From the moment the Chair calls any one stock
ne 80 an ana
nounces he IL out Of the market. In ease Of .
doubt whether o member Ii .out Or nat,
they heard him cali out ia time is sufieent to es
tablish the fact. II Is understood that the last
bid offer of member only 10 binding upon him,
e Any member first bidding for or offering any |
stock is entitled to the market on tho precise
amount, price and terms Of his bid or offer until
In bids or offers NO fractions Of less than one |
eighth per cent. or one eighth Of dollar are per-
mltted, except in such exceptional eases as are !
PhoHfNco Tvs ~ tS1oiosaoAs W sAA0 h.AS iAAh6cs
!. A member bidding Irregular way" for q stock is !!
bound to take It regular way although the seller
may have offered It "any way up to buyer sixty" |
In bdding,or offering stocks or loans the men, |
bcr making the first offer 10 required to mention
the full price Of the stock loan, under the PEN
atty of fine, but in any subsequent bids or oilers
fractions need only be mentioned.
In . bid for United States, State, District OF
company bonds in Thousands, nve hundreds or \
thousands arc good delivery. All bids under |
thousands may be delivered in any denomination !
In existence. |
member 10 not to be held liable to his princi- |
pal for the performance Of contracts entered into
IN orders, and Is to give up tho nlme Of the con
trscting party only 1t the request ct hts principal
In contracts for or With parties not members OF |
the Exchange which are not met at maturity. |
members may secure themselves by selling or |
buying the stock q the Exchange on the day fol-
lowing.
All dividends to be declared on stocks 60 to tho |
purchaser, until regularly announced TO the TX. |
change. When contract for the delivery Of
stock becomes due on or between the day on |
which dividend has been 0fncinlly announced, |
and the day on which tbs dividend Is made pay
able, the seller shall deduct said dividend ftom |
bis BILL deliver his due bill for the same 1t his
option.
Parties have the right to demand security on
such due bills.
Coupon bonds, attached, cut lengthwiss and |
pasted togsther, are . good delivery. Also
coupon bonds, accompanied by coupons detached,
which have written signatures, shall be Q good |
delivery when no other objection exists. All |