The New York herald., 1879-10-22
AN OPEN STOCK BOARD.
NEW rsrrnrnIsr IN THE OLD POST OFFICE

A NEW ENTERPRISE IN THE OLD POST OFFICE
BUILDING-w IT'S FOUNDERS SAY OF II.
The New York Stock Exchange in the early days of
its existence very close corporation and the
business transacted there only reached the public
through the printed lists of sales Baize doors and
scntres stood between the public and what
going within it's portals. This secret method of
transactng business naturally led to mistrust and
soon became Objectionable that a project to es-
tablish an open exchange set on foot 1t
laughed at at first by the members of the regular
exchange and its headquarters ON Exchange place.
in basement formerly occupied by the Lacka-
wanna Coal Board. was chrstencd the Goal Hole"
But it outlved ridcule and grew until it
manded recognition from the regulars. The latter
were at first restricted from business dealings with
members of the open board and ignored their
doings entirely. The "Coal Hole" nevertheless pros
pered. and the regulars found it judicious to
recognize the exchange by alternating
with it during the day the hours for calling the
lists This was during the days of imitation when
speculation was active. and both exchanges grew
rich. The open board deserted Its quarters in the
"Coal Hole" Exchange place. and took up
position Broad street. within door two of Its
rival The two amalgamated soon after the men,
bers of the open board entering the New York stock
Exchange on an equal footing with its old members.
and the funds Of both concerns becoming common
treasury.
Another movement to establish open board is
now on foot, ana committee on membership con-
sisting OF Aiessrs. G. L. Parker. n. $. Washburn,
Hurlbut Chapman and Il. G. Brodhead engaged
in receiving subscriptions. Two hundred and fifty
gentlemen have already subscribed 500 each.
the amount set down for membership. One
hundred and fifty more will be received ut
$3.50 each, and third series of 100 at $500
each. There 800 applications for membership
under the first call, but many of the names would
not be received by the committee. who express de-
termination to keep the roll of members free from
nlAi lie Tha his. tn
ond series numbered yesterday about fifty. and APP
plicatons were coming in steadily. A large. we'll
lighted room in old Post Othce building, on Nassau
street. has been secured at a rental of $4,000 per
annum. and is now being fitted up for the use Of
Open Board OF Stock Brokers of the City of New
York., The room is IS by 100 feet in area. has
runs along three sides of the room. leaving the
fourth. where the rostrum will be. unobstructed
from the floor to the ceiling staircase on each
side of the rostrum site leads to the gal.
leries. which also connected by a sep
arate stairway with the Nassau street en-
Immediately under the galleries will be separated
from the main open floor by railing and will be
open to the public so as to allow easy communica-
tion between brokers and operators and to afford the
latter opportunity OF seeing and knowing exactly
what transactions take place. One portion Of the
bonds and another for wing and lending money
TELEGRAPHIC AID
The Gold and Stock Telegraph Company have
pressed their Willingness to send out the quotations
to subscribers, and difficulty anticipated in
having the Stock Exchange quotations sent i'll to the
new Board. 1t is also proposed to have news bulle
tins oil matters of interest Dealings Will be had
in governments. State stocks. railroad stocks and
bonds. bank, insurance and mining stocks. The
unit OF business has not been settled but it is pro-
posed to deal small lots well Us large. The
change will be open from nine A. NJ to five p. NJ.
and there will be 70 calls during the day.
1--WE propose" said Mr.. Parker, chairman of the
Committee on Membership. after detailing what has
been given above concerning the new enterprise,
1--WE propose to have four calls each day. and when
cali is had the whole exchange will be called to
order and pay attention and deal in the list it
progresses. according to the old idea. This will bo
the means OF breaking up groups and cliques and
OF destroying the chances OF men manipulating
prices through these groups.
When asked what was the immediate object of the
new exchange Mr.. Parker said that the large in
of business had to do with it; the floor OF
the Stock Exchange was continually crowded and
inadeq uate accommodate the business, and there
existed general complaint among operators Of their
inability to have their orders executed to their salts
faction. The call was merely matter of form to
make the quotations. and no attention is paid to it,
while ut the time business is done
in different stocks by different groups of
men. These groups easily manipulated by
large operators and enabled to make prices and
such combinations will best suit their purposes
This. Mr. Parker continued, was the general feeling
among operators in tho various offices OF brokers
| who outside the cliques. They cannot have
their business done as they would like. Dealings in
governments confined to the counters Of various
banking houses and managed closely that it is
impossible for brokers to obtain any business in
them. In the exchange it is proposed, III deal
ing with small lots, not to make any discrimination
against the buyer seller on the price. is the
in any fraction of hundred shares present.
The rate between members will be So per hundred
shares OF stock aud the regular missions. n six
teenth each way. On governments the rate will be
press great confidence in the success of the enter.
prise They expect to meet and organize shortly
as to be open and ready for business by the LIST
of November.