The New York herald., 1877-03-16
THE OPEN BOARD OF BROKERS
NOT DEAD AND CLAIMED NOT TO be DYING
THE CHAIRMAN's SPEECH

NOT DEAD AND CLAIMED NOT TO be DYING
THE CHAIRMAN's SPEECH.
II is claimed that the reports concerning the mor-
bund condition OF the newly organized Open Board Of
Brokers have been circulated by the members OF tho
New YORK Stock Exchange, and that the exact op.
positc Is the true condition OF the Board. In
order that authoritative statement OF tho present
status vi the Board might be made HERALD
reporter yesterday visited the saesroom OF the Board
No. 90 Broadway at the hour OF the thrd call Quarter
past thrcc 7. NJ The principal stocks sold in tho
market were in the call and considerable number OF
transactions made. After the call Mr.. Bragan,
the Charm IN, gave full account OF the origin OF tho
Board and It's present condition.
''Tho New York Open Board OF Stock Brokers'" he
said 's regularly organized stock exchange, dong
regular stock business. IL was organized on FcD-
ruary 81, and has at present 230 paid members, be-
sides a number OF elected members who have yet
paid their imitation ico In addition there many
applications Tor membership which have not yet been
acted upon. This Board has been much misrcpre-
sentcd press and statements have appeared that
meeting has been held 10 wind up ts affairs nd dis
trbulo the lunds In It's treasury To the members pro
rdtd, but such meeting has been 10 be held
the Board is Ia nourIshing financial condition and
mucn business is daily Transacted The initiation Ice
in the Old Stock Exchange is s10,000 In tho Open
Board II is AT present 500. The membership is Inn
also the initiation Toe II circumstances make IT advls
able We propose to fight II out on this line II II takes
all summer and the organization OF The Open Board
has already compelled the old Stock Exchange TO
duce It's commissions The officers open Board
arc:--PresidcnL y. NJ Ncvers Vice President, j. N.
Hartman; Chairman, H. r. Bragan; Secretary, Il. II.
GOODWIN, and Treasurer, J. II. Munson.
''oince tho organ zaton OF this Board six members
have resigned, owing 10 special reasons ana not on
account OF any satisfaction with tins Board The
Goa Exchange, Oi which these gentlemen were mem
bcrs viii after say pass into tho control tho stock
Exchange. Therefore these members preferred to
tain membership with the Stock Exchange rather than
with open Board consequently they have resigned
from the open Board, but hcy have not been,
they actuatcd by any hostility to this Board. On
Wednesday meeting 0 this Board was held. and
enabling rcsol passed empowering the directors
recoivc resignati0ns Such resolution
sary the old stock Exchange, as when member
wishes retire he docs by selling his seat Although
tho nominal ini tation lee OF the stock Exchange
SO 000 tue transfer Of seats Is usually made
Board, as the membership has not yet reached the
limitation, and consequently the membership worth
the initiation foo, anu neither more nor less. Our
Board supported by ITS customers and we expect to
90 doing the regular business OF stock cxcha
undctcrred by any iaisc rumUrs OF dissolution. We
not dyng--iar from II"
During the reporters visit tho call procc eded
with in the regular manner, the brokers bidding and
Offering the stocks IN the samo way AS In tho Stock
Exchange, only with more dccorum and less noisc
The large and commodOus and the clicking OF
pearances certainly Indicate business tho conduct
Of tho buyers and sellers showed that they were in
earnest their transactions aud evidently looked upon
ia m a