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

10
The secresarys report gives you some interest
ing figures; out OF which would particularly re.
fer to the aggregate transactions in bonds. viz:
Aggregate sales Of State and Premium Bonds
reported for the year ending December 10, 1877,
ts4, 1ge, 400, divided 81 follows:
Premiums. 46,3ge, 800
Your finances, according to the reports OF the
treasurer aud finance committee. show healthy
There IL in The hands of finance commit
tee, rs trus ees OF the insurance fund. O65 90
In hands of the treasurer ........... COG 0B
In hands of the secretary (pebty cash) 40 90
Due by members ACKNOWLEDGEMENTS. 90 40
And $1,000 in Premium Bonds Of the city
of New Orleans. bought az GA invest
ment at 35s ........4.............. 2,aso w
The compilation and publication by the Seore-
tary, MIR. Brinamade, of the laws governing the
consolidated bonds OF the State, the weekly cor.
reotion OF the funding operations OF city aud
State, together with other statistics and data
which he has furnished from time TO time, much
outside Of regular duties calls for notice at my
hands and the thanks Of the Exchange az adding
materially to the reputation OF our body as q me-
dunn for useful information.
Your various committees have worked well and
barmoniously, and my personal thanks are due
to the chairman OF each for valuable assistance.
| regret the decision OF MIR. Isidore Newman
Exchange, to no longer serve in that capacity.
Az member of the governing committee, the
Exchange will lose one whose heart has ever gone
heartily into his work and whose conservative
oounsels have aided no little the success Of the
undertaking.
would again return my acknowledgements to
the secretary and his assistant, Claude Thayer,
for valued assistance In my work, and in this
connection would suggest that, II the way be
clear with your finances, the salaries Of these
t,nn huu lad 20
plcation Of ''calls," should be increased.
And now, gentlemen, In entering upon my re-
Communications for your future action. beg
leave
/. To call attention to q matter which en- =
gagged considerable space In my report Of last
year. l refer to the iaxity, not Of rule. but OF
practice, respecting stocks aud securities upon
your regular list The community. whom we
represent, in nearly all our transactions, has =
right to demand rigid inspection of securities
at our hands, and our duty TO constituents and
to ourselves would seem to require greater care
and vigilance than we have exercised.
Your books should contain an accurate state.
ment 30 far as possible, Of the Investments and
list II this cannot be procured or Ia withheld.
then the security or stock should be stricken of
and no longer called.
This 10 due, as much TO our sound corporations
as to the public whom we represent. Il IL alike
know somewhat OF the stock he lie buying, and
the institution should be gratifed to make known
its sound condition. Mere sensational rumor
could not then operate disestrously upon prices,
and confidence would be engendered and trust in
vited.
Your "bond committee" which ia charged
with the gathering Of data from corporations,
should be composed OF men, carefully selected
by You for the work which they have to do, OF
which this Ia the most important. Properly
organized, this committee ia no place for an idle
workman. II should be filled with men OF wis.
dom and sound discretion, and having accepted
the responsibilities Of the Office they should be
held by you to strict accountability.
all you wan-all that the public d. sres from cor
poratons IL what stockholders or investors have,
or should have a right to know, and when the
object of tho inquiry is fairly and courteously
stated, believe you will find few, il any, boards
Of directors who will refuse information.
2. would recommend the creation Of q sink
ing fund in connection with your insurance plan.
by which the reserve shall be annually increased.
would suggest for this purpose an annual as
sessment. say Of ten or fifteen dollars per men,
Der. BY this method, without the expenditure
being felt by any single individual, q reserve
would be sccumulating, which, in few years,
could be put into building for our own occu-
paDcy or some other shape which might be
deemed better for income. Whatever the future
investment, you would only be adding to the
present value OF your insurance under the plan,
aud thus to the value OF your membership In the
Exchange.
8. would recommend that your governing
committee be instructed to secure ut the next
session Of the Legislature the passage of a spe-
oial act OF incorporation. This to cover all poBs-
BILE legal contingencies.
A. That before you proceed to election this
evening, you should pass resolution authoriz-
ing second vice president, who shall be an Off.
Ger outside Of the provisions Of the constitution
and therefore not q member OF the governing
committee. This will insure you an officer at all
calls, who, by study OF the constitution and by
laws, will be competent to decide the many in
tricate questions which will constantly present
themselves. j advise this the more because
believe it impossible for any one man, or even
two, TO be present at all calls and that the labor
Of the position should be divided, as we'll for the
necessary drudgery Of the place as for the value
Of the training
5. would advocate a change of location for the
Exchange so soon as the way can be made clear;
not because l believe with some that locality
would have much to do with the volume Of bust
ness, nor with others that we ought to take grad
ual steps toward an open board, but on the
ground alone of convenience and accessibility.
regard all open boards as delusions, magnfi-
cent in theory, in practice, humbugs. Failure
has been written upon every attempt to form one
in the United States. Even in New York city,
with its apparently immense advantages for the
successful workings Of such scheme, every at
tempt has resulted in complete discontinue. al
though undertaken under the most favorable au-
spices. The fact is, confidence underlies the
brokerage business, and brokers, whose general
reputation is such that men cannot trust them
and must needs see what they do, cannot do bus
mess successfully anywhere. On the other hand
men of character and responsibility soon tire of
paying for privileges in an association wherein
outsiders Generally street or curbstone brokers)
have equal IL not SURPRISING facilities with them.
selves. The old New Orleans Board Of Brokers
under the presidency of the late honored George
w. Lawrason, did well, rs many of you will re-
member, until converted into an open board, after
which it died q natural death within few weeks.
Let us take heed and not be wrecked upon the
same shoal.
g. Should larger and more convenient quarters
be secured, l would also advocate the admission
of visiting members under proper restrictions,
and by election, in the same manner as prescribed
for active members. These members 80 elected
to pay an annual fee Of not less than $50 each,
and to be entitled to all privileges of the room
with exceptions Of dealings during calls. when
their transae ions would be made through q
member. A failure in contract to work su PEN
sion until settlement was made, as is the case
now with active members. Other features may
occur to others Of you in this connection which
altogether would go to make visiting members,
under sotne such restrictions, valuable access
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