Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-01-03
STOCK EXCHANGE.
Rulea for Its la0x erumenf


beng printed. The constitution, after pre-
scribing the name of the gani zaton, sets forth
who shall be the officers, and prescribss their
uutes. The business OF the Exchange will, in
the main, be managed by q governing commit
tee consisting of nine members, including the
oihcers- In all matters OF business the decision
OF THIS com mittee shall be final, except in cases
Involving difference of $500, when an appe al
TO the Exchange is allowed. The requisites for
membership to the Exchange are that the APP
phcant must be twenty one years of age, aud
be banker, broker, or known dealer in stocks
IN the District. Members in good standing of
the New York, Baltimore, Philadelphia. or
dies his seat may be sold by the secretary, and
after satisfying the claims of the members of
the Exchange, the balance shall be paid TO hts
legal representatives The initiation fee is now
200, and after February i, $500. Those ad-
m1tted by purchase, S100.
The rates of commission to be charged by
members of the Exchange shall be as agreed
upon, but not less than one-Q uarter of one per
cent. on the par value of all stocks, bonds, aud
other securities, excepting United States securi-
ties and gold, on which the co mmission may be
one-eighth OF enc per cent, and on stocks SELL
ing at hve dollars or under per sh are which
may be dealt in at six cents per share and
stocks selling under one dollar per share, which
may &c dealt In at three cents per share. Mem
oers may transact business for charitable OBJ
Jects without charge. Members who are also
connected with the stock board of any other
IN W Washington by the rates of commission estab-
hsneu by TINS Exchange. These rates apply
also 10 all transactions made in the Washing
ton market for members of this Exchange who
are also connected with the board of any other
city.
No fictitious sales shall be made. ANY mem
Der contravening, shall upon conviction, be ex-
PEELED.
In all deliveries of stock, bonds, Sc, the
party delivering shall have the right to req uire
the purchase money to be paid at the time and
All debts, without distinction, are binding
upon the members OF the Exchange, aud the
Governing Committee will take eognizance of
sented.
Any member guilty of obvious frau I, OF which
the governing committee shall be- the Judge
shall be expelled on atwo-thirds vote Of the
committee.
On all public holidays on which the banks are
closed the Exchange will not hold sessions
The bylaws provide that the Exchange shall
hold three meetings week-Tuesdays, Thurs
days and Saturdays-but when public holiday
falls on either, the session shall be held the day
before.
The record of sales at the regular sessions
shall be closed Immediately on the adjournment
of the Exchange. A separate book shall be
provided to record sales made in the Exchange
Sales between members made out OF the Ex-
change room may be recorded in this book
unless objected to by majority of the m emberS
present The record of sales in this book is not
binding unless confirmed by written contract.
In all time sales il shall be the duty of the seller
TO furnish the contract. The funds of the Ex-
change are derived from the fees of admission
of new members, from interest and dividends
on Investments, from such assessments as have
been, and may be, required from the Exchange,
ana from lines for transgressions of the rules.
In case the revenue from the above source shall
prove insufficient during any one year, there
shall be general assessment OF the membe to
supply the deficiency.
Any member calling a stock is entitled to the
market on that particular stock, on the terms
and time first proposed by him, if he makes a
prompt bid or offer, or both, although in the
first moment be may have been Anticipated;
this preference, however, is lost the moment
he varies his bid or offer in any way after
ward.
All bids or offers at the Exchange are to be
made publicly and audibly, so that every mem
Der may avail himself OF them. Any bargain
made in the Exchange Room in so low a tone
OF voice that the presiding officer, or a ma
Jorlty OF those present shall decide II to be a
private bargain, shall subject both parties to
Any member who shall, in the Exchange
Room, offer to buy or sell future di yidends, or
wager, or offer to make wager, shall be fined,
at the discretion of the presiding officer, In a
sum not less than one dollar nor more than live
dollars.
any member who shall execute any order for
the purchase or sale of stocks for any person
known TO him to be employed as clerk, or in any
other business capacity, by another member,
without first obtaining the consent of the en-
ployer, SHALL for the first offence, be fined SI0J
and for the second, suspension at the pleasure
of the exchange, Any member guilty of deal.
q
ing with per son not a member of the exchange,
in the Exchange room, shall be fined $50, with
out excuse or appeal, and for q repetition of the
offense shall be suspended for q term not ex-
ceeding sixty days. 1t shall be the duty of any
member having q knowledge of the violation of
this rule to report the same without delay to the
member, reporting as the dividend of any mo,
neyed institution, or stock company, a rate of
per centage which proves erroneous, shall be
h I1 :, M No ;, fictitious purchase sale or con,
penalty of suspension, at the pleasure OF the
Exchange.
ANY member who fails to comply with his
contracts, or who becomes insolyent, shall i'm
mediately inform the president of the Exchange
Of the fact whose duty it shall be to give notice
forthwith from the chair of the failure of such
of such delinquent to make such report to the
president, it shall be the duty OF any member
having knowledge of the fact to report the
: same forthwith to the Governing committee or
committee of three members to inquire into the
fact and report thereupon without Delay; and
If said committee report the charge to be true,
and the Exchange confirm the report, said mem
Der shall be suspended; and 1t shall further
more be the duty Of the Governing Committee,
upon receiving information thereof, or having,
failure on the part OF any member to comply
with his engagements, as above stated, to report
the same without delay to the president, and
fore provided. And in case of the insolvency
of any member he shall, within three days,
make good to the full amount thereof ali
friendly loans Of cash or stocks from members,
or any overdraft on any bank. Bat seven days
shall be allowed him in which to settle stock
contracts.
Firms of which one is a member of the Stock
Exchange, or any individual member of the
Stock Exchange, can have representative at
the Exchange, on salary, by filing a satisfac-
tory obligation with the secretary of the Ex-
change that the said firm or individual member
is responsible for the acts of its his attorney
and the said attorney on his part pledging him
self to do business solely for the firm or indi-
vidual member of which he is the acknowledged
No securities shall be offered on call in less
sums than $780, and no offer be permitted un-
der one quarter per cent. unless for sums of
81 900, and upward.
All applications for placing securities on the
sales list shall be made to the governing COM
mittee, with full statement in relation thereto.
H
WAsHINGToNIAS CHARGED WITH SHOOT
ING AND KILLING Mantle Leonardtown
Md Beacon says that the preliminary exami-
nation of the case of the State vs. John Cum
miskey, charged with shooting Robert A. Som
erville, colored man, in that county, on the
night OF the 18th of December, was had before
Judge Ford on Monday last, and resulted in