New-York tribune., 1884-12-27
TIE STOCK EXCHANGE PRESIDENT
PROPOSING TO ENLARGE HIS POWERS
A RADICAL CHANGE SUGGESTED THAT VIII
PROBABLY CAUsy MITCH Drscrssrov

PROBABLY CAUSE MITCH DISCUSSION
AT meeting of the Governing Committee Of IN.
Stock Exchange yesterday the subcommittee On
the revision of the constitution aud bylaws ora ~
sent iis report, with the necessary amendments
abont tho presidency of the Exchange. T6s
report, which involves radical changes in
under the rules proposed amendments mm,s
lie until the next regular meeting of the co,n'
mitee. Ii is likely to lead to long asd heated dis
cussons before final action will be reached
The report of tho committee of which Charles N
Stead, of Allen a. Stead, is the charmanI wss
mad made In ,ar'iy response to resolution passed BY
after the May panic. " The ' c. Soyefn'nyy sn9ny
Committee was then requested to MAKE
such amendments to the constitution
The members were snartIng under the failure The
week before OF the president of the Exchange who
had recently been reelected to a second term The
amendments proposed TO the committee yesterday
after long consideration of the snbiect
were to the effect that beginning at tina
next election, on the second Monday in May.
the president should be elected for a term of
four years: that he should not be engaged in act
i've business. aud should be prohibited from taking
part in any transactions on the floor: that he
should devote his entire time and attention to the
duties OF his office, and should receive fixed sal
airy commensurate with the importance of it, that
he should be made the chairman of the Arbitration
and Law committees aud OF the Committee
OF Arrangements, and member Of all tho
other committees, and that he should be
removed from Office by a two-thIrds vote Of the
the office at present is merely nominal and honor
ary and that the president is under no Obligation
to give attention to It's duties. and, being under no
restriction from engaging in active business, IL
liable to become involved in disputes on the floor
which can be settled only. by the Governing
SDm%9'tse officer whTh ho he ,ooort is tho
alleged that the president now has no power or
authority and less official knowledge of the affairs
of the Exchange than any member of the Govern
ing Committee because the doors of the principal
subcommittee are closed against him. Annual
elections were pronounced detrimental to the best
interests of the association because of their fire.
qucnt occurrence and the excited debates
as TO the merits of candidates which preceded them
The committee stated that the other plan pro-
posed, to make the presidency wholly honorary and
to give these powers 10 the vcepresident had been
found utterly iinpracticabe and unprecedented In
parliamentary usage. The report was signed by all
the members of the committee. The amount Of the
presidents salary left to the Governing COM
mittee In case the amendments should he adopted.
The proposed change in tie MANAGEMENT of
the Exchange is so radical that ii IL sure
10 excite warm discussion among the members who
are widely divided in opinion on the subject
Neither the advocates nor the enemies of the meas
pretend to fOreel its fate. A prominent mem
ber of the Exchange who is warmly in favor of tho
change said yesterday:
There ia reason why the Stock Erchan ss
should not pay its president good n salary ~
other financial institutions pay for
like service. The change would be
practically without president in seasona Of finan-
Cia excitement, when II most needs one No ono IL
going to do his duiy by the Exchange when his own
niiaiis require all his time and attention. to The
increased powers of the president the only afeu-
ipent that ! have heard against tho change is
| do not think II a strong argument.
When Capitalization Ia, 10 my opinion,
pfseispiy what 10 needed hefe. The authority ~
nov diiused aud often wasied know ~ 10 body
which needs mora tiah tho htoeh EAehahge lia
hnd careful guidance
AweIl-kn6wn member Of the Governing Commit;
leo said II shall oppose the amendments win ~
tho power am master 0f Inc change ~ wholly
at variance with all tho traditions or th6 Ea-
chance aud with the theory and practice und6f
which ii has reached IFS present prOsperiiy Tho
dangers of such Capitalization OF power ~ ono
calmly do not care how good ana pure a man
may be, there circumstances under which he
would be liable To fall under the influence of sOmo
great operator The Exchange would find out too
late to escape dshOnor the error ii had committed.
Besides | hardly think the Stock Exchange would
an executive officer and that is all that he was
intended to be. His powers should not be enlarged
He should be an active member of the board, for
otherwise he will not be fully alive to the needs Of
the business. lie will fall into rut from which no
cannot escape In the hands of active men who are
constantly going in and out, the interests of tho
Exchange are safest We cannot afford TO make
has made the risk of rivalry the greater. We had
better go slowly"
At the meeting yesterday the Governing Com
mittee adopted amendments in regard to closing
contracts under the rule. They will berOme a law
after being posted seven days in the Exchange IL
change should be opened for business at IL a. m.
9n hour later than usual, on days following holi.
days and on Mondays IN June, July, August and
September.