Mexico weekly ledger., 1886-05-13
How Applications are Made for Member
Ship.

Applications for membership are
publicly announced. together with the
name of the member nominating, and
the name of the member secOnding
the applicant The nominators are
asked in committee if they recommend
the applicant-whom they must have
known for twelve months--in all re-
spects, and if they would accept his
certified check for 500, 600. The latter
query is crucial. Tue nominee is re-
quested to state his age, whether he
be a citizen of the United States, what
his business has been, whether he ever
failed in business; if so, the cause of
his failure, amount of Indebtedness.
and nature of settlement. He must
also produce the release from his cred
itors. He is asked, if indebted, what
judgments have been given against
him; if not in debt. whether he pays
for the membership and the accom-
panying initiation fee with his own
means; whether his health be and has
been uniformly good; whether his
life be insured, and if not, for what
reason; what kind of business he pro-
poses to do; alone Or in partnership.
a copy of his statement is read and
SOL W hiL4 40 SOAACSc my la
full misstatement upon a material point
subjects him to lasting ineligibility for
admission, OF to deprivation of MEM
bership, as the case may be. Not less
than eight hundred admitted men have
been thus questioned by A. NJ. Ca
hoone, Chairman of the Committee on
Admissions. The best policy is hon.
esty," is the cardinal maxim of the
Stock Exchange. Financial morality
satisfies its requirements. Further
than that is Beyond its chosen prov
ince.
An elected member must sign the
constitution and bylaws; pledge him.
self TO abide by the same, pay an initi-
alton fee of $40, 900. or. if admitted by
transfer, of $1,000 in addition to the
price of his membership. All new
members are now admitted through
transfer. In 1892 no initiation fee was
demanded; in 1928, only S25; in 1927,
800; in 1888; $3.50; in 1912, $3.50; in
1862. $4,000, and for clerks, $500.
Thence it rose in 1866 to SO. 000, at
which figure it stood until 1879, when
it was raised to 500, 600. There is lit
tie hazard in predicting q future rise
to 800, 900. Even at that figure it
would be little if any higher than such
a privilege has cost at the Paris Bourse.
1t ought to imply corresponding guar
antee of the capital and character of
the broker, The semi-aanual dues
amount to S25. Ten dollars for the
Gratuity Fund are charged to the &C.
count OF each on the death of ore of
the members. Fines also are charged
in the half-yearly bills, and are levied
on the exuberant and i~ndiscreet ut the
rate Of from twenty-five gents to ten
dollars, at the discretion Gsthe presid-
ing officer, for such offenses as knock
ing off hats, throwing paper wads,
standing on chairs, smoking in the
halls Give doIlars), ~indecorous Ian
guage. i~nterrupting the presiding oti-
Ger while calling stocks, or calling up
a stock not on the regular list. The
revenue from fines is quite large. Some
New York stockholders compensate
themselves for strict legality in one di-
rection by breaking minor rules in 9TH
erS.
A single membership in the Stock
Exchange has sold as nigh as S35, 500.
At an average of $50, 900 the whole
number OF memberships is worth $685.
100000 Some OF the brokers are very
rich; others comparatively poor. Esti-
mating the average capital at 500, 900,
and multiplying this BY HOO, We have
S1l0, 600. 900, which. added to the
value Of the memberships, gives $I43,-
700. 600 as the capital invested by the
members.-R. Hheatley, in Harpes's
Aagaziae for November.