The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-12-12
THE STOCK EXCHANGE.

Presidents Report for the Past Year.
The following report, read before the meeting
OF the Stock Exchange, will be read with interest
BY our commercial community:
insert the condition "wise and conservative
counsels," becaue l believe thai in commercial
bodies, made up as they always are and must be
OF widely differing types OF mind and tempera-
ment, there is rs great danger In season Of
prosperity AZ In the day of adversity.. Hastily
drawn conclusions are frequently followed by
rash action, and thus the slow building-up pro-
cess Of years can be overthrown in day. Pro,
gress has been slow, but sure, and the economy
OF your management perhaps has been the secret
OF your Auccess. IL should give any advice to
yon to-day, after an experience of over two years
a. your presiding officer 1t would be:
ssput your best men in the governing com.
mittee--men Of broad views and calm, deliberate
judgment-and then trust them. Make haste
Alowly when you propose organic changes and be
content at times to endure some OF the evils
which YOU have. rather than fly to those you know
mot Of
The recommendations OF last years report
from the president have nearly ell been acted
upon. and have passed into the organic life of
your body. It IL proper, however. that should
refer here to some Of the changes OF the year.
!. Incorporation and Limitation OF member
ship.
NV Recommendation OF last December was to
place the limit OF members to sixty-fve. After
much dsliberation the limitation was fixed at
80yA0Iy.
thereafter filed up. system of life insurance
was grated upon the membership, by which q
bcnefcent provision was made for the heirs of
deceased members. and in order to give efficiency
and permanancy to these provisions your body
was Incorporated by notarial a,t, according to
State law, last spring. Under the amendment
acted upon In the early fall and Incorporated in
that act, your seventy memberships now consti-
tnte seventy entreties, subject equally to dues and
assessments, and which cannot be increased or
3sprniuS aho an n ~ a
corporation, Every share must always have q
epOneor, and your insurance mast therefore work
equally, and lie guaranteed during the corporate
/ life of your association.
Y The main feature OF both the insurance plan
Md the amendment referred to, were introduced
hN Mr. Henry A. Lesassier, your retiring vice
ureNident, to whose penetrating, cool judgment
this Exchange should and ever will feel itself .
a The regulation of commissions. This was
pressed Nm last years report, and the result was,
4 healthy rule became Incorporated in your by
laws undetA which your transactions. for the
greater portion of the year, have been made.
Men generally --reasonable men universally
recognize the principle of let live, and will yield
4 ready acquiescence to q not exorbitant re-
enumeration for services performed. We cannot
bring down our somm ,ssions on level with
the large Eastern cities because of our neces.
earily limited sphereN OF operations and conse-
nuently greatly decreased volume Of transsc-
tone, So far as can learn your rule has worked
harmoniously and agresably, and, In the vast
majority or cases, entirely satisfactory to princi-
pals. T congratulate you. thet law. passed with
sunh strong miagivings on TN part Of some, has
operated so smoothly and satisfactorily.
& The bond as security. THIS recommends
lion Of lsst year was happily qet by the en-
HANGED value of MEMBERSHIPS, glowing out OF
lie limitation and insurance plan.
By providing sinking fund for thu latter fea-
sure q will be advanced later in thN report,
think that, with time, the value OF menpsrships
vii assume still greater degree of seoyrity to
members Ia their mutual transactions, anAthere-
dora argue that time win do more FOR Us 4 this
direction than legislation.
Ynnr ouotation committee. under the New
..,rsa;tnfinn will hereafter be elected annuaeg,
instead Of as formerly being appointed auarserS
~ the president.