Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-11-02

THE BOARD ROOM.
The Washington stock exchange. however is
In a fourishing condition. II contains q large
proportion Of young energetic business men.
who keep not only abreast of the times but
occasionally forge a little ahead of old Father
Time. The organization is still quite young
and after time may also have gallery for
visitors.
HISTORY OF THE EXCHANGE.
As a result of several informal meetings pre-
yiouSly held the Washington stock exchange
was formally organized on November 2. 1881,
By the election of Geo. ii. B. White, cashier of
the National Metropolitan bank as president.
Henry ID. Cooke, jr., of II. ID. Cooke & Co..
bankers, vice president; Jacob W. Kerr of the
National Bank OF the Republic. treasurer and
A E. Bateman of Bateman & Co. bankers
secretary. ID. W. Middleton OF Middleton *
Co., bankers. Chss. L. Bradley, cashier Ma
tional Bank of the Republic and H. E. Ofiev
composed the governing committee.
The following members comprised the board
atats first session. which was held November 7
ISL: ID. ". Middleton. A. +. Bateman H. E..
Ofiey. \. h Paris. Chas. L. Bradley, ]. W
Kerr, W. ". Barnard, II. ID. Cooke j. w. Cor
son, G. II. b. White, F. G. Middleton, C. p.
Williams. s. Z. Middleton.
Messrs. Jay Cooke. l.. A. Bartlett, C. G.
Glover, ]. S. Brown. b. II. Warner and j W
Thompson were elected to membership at this
meeting.
As showing the drift and intention of the
organization the opening address of the first
president Is of interest. Mr. White at that
time said: 1.-The Washington stock EXCHANGE
composed Of well-known, enterprising and suc-
cesstul citizens, should rank with the most hon
ored IN the country. and ii is not doubted that
its future history will show such a record The
local stocks of our magnificent. prosperous and
rapidly growing city are second to none of
even the great commercial centers and If is
gratifying that an organization has at last been
effected where their true value NAV be rated
TO the fraction of a cent and become throuph
published statements known to all at home and
abroad. Gentlemen, this organization demands
your most careful attention, your most earn
est devotion to its interests and your most
jealous efforts for Its welfare and it is believed
II viii possess all these elements of success
50 that honor and fair dealing shall be its
watchwords and prosperity and perpetuIty its
Toward"
The exchange at this time met at a room
located IN the building occupied by Messrs. II.
ID. Cooke. jr., 4 Co.. near 18TH and + streets
where they remained until October. 1854. when
change IN quarters made to the Corcoran
building. in the same vicinity.
At the meeting March %, 1882. the death of
MI; ): W. herr, the treasurer, was announced
and the president spoke as to the distressing
circumstances attending it and feeIinpIy al
luded to his unsullied reputation and worth in
the community. Mr. Albion h. Paris was
elected to NIL the vacancy of treasurer and has
been reelected each successive year to the
present.
On December &c. 1884. at the annual election.
NJ. Charles Z. Glover of Riggs Il Co. was
elected president. succeeding Mr. White who
had served most acceptably for three years
and who declined further reelection.
With a limited membership and a limited
list OF securities on the call. it Is not SURPRISING
mat the record OF transactions was not large
during the first few wears of the exchange
me business was satisfactory enough. how
ay.1,, 4.
zaton ana after Its permaEency was assured a
number of those bankers and brokers who had
heid aloof petitioned for membership The
Troublesome times of 1883 and 1884 left some
traces and made some changes, it is true among
the list of members but business moved aIon9
quietly, hardly jarring the even tenor of the
exchanges way.
The deaths of B. F. Grafton, July 80. 1888;
Edward NJ. NOurse, December T. 1856: Frank
u middleton. W. L. Towers, November s.
1855 and William W. Turner, July 16 1888 de-
prived the board and their immediate asso-
crates Of men who were beloved by those who
knew them well and whom the business com
munlty respected and honored with repeated
marks OF confidence.
THE PRESENT QUARTERS.
On April l, 1885, the exchange removed to
their present quarters in the Glover building.
As the meetings are at present only arranged
FOR the members no provision has been made
The securities listed are nearly all of an in
vestnent character and speculation is rarely
indulged in; still there is generally small
party OF bulls and bears" who, ON occasions
make the calls Unexpectedly interesting. Mr.
Glover has each year, from the date of his
original election In 1884, succeeded himself
Inc insurance feature was added on December
Q; 1887, and Its benefits are already apparent
The membership in the Washington stock ex-
change Is limited to forty, and the seats origl-
nally costing S25 are now held at $780, All the
Mixing houses and a number of the national
banks are represented, the benefits of mutual
ana regular conference and meeting being well
understood and appreciated. The membership
may be divided into various classes one rep
fesentlng gentlemen of wealth, retired from
active business, who find il u pleasure as well
as profitable TO be on the ground of early in
tormauon- and are thus enabled the
DETER to be posted in the matters
concerning securities and information
pertaining to them for the larger
dement, OF the trusts they yariously represent.
Ahoiher class represents the banks banking
and brokerage houses. And still another class
the STOCK, bond and money brokers' who find il
important to their business to have timely adj
vice as to just what property some one else bas
10 transfer Tor a consideration and be promptly
up TO the times to the course and rates ~
money, the extent of the demand and supply
hehce' IN board SO small, information not
general IN an institution of similar character in
q large city Is quickly obtained and used 10
advantage. The "call" is emphatically dig
ni1ed one, and he who oversteps the orthodox
bounds OF propriety as laid down by the pre-
siding officer stands fair chance of being
lectured by that dIgnitary, although this theory
of lecture infection Is often laid low by the
younger members of the board, who insist on
having no respect for dignity when dressed for
exhibition on the floor of the board.
THE LIST OF NEMBERs
includes men Of every business. The full list
Is as follows: John 7. Arms, Jas. A. Bates, c. j.
Bell, B. Beale, W. W. Burdette, F. B. Conger,