New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-18
IN IT'S SECOND CENTURY.
THAT'S WHAT THE STOCK EXCHANGE SAYS.
ADDRESSES on PAST woRK-TnE NEW CLEARING

ADDRESSES on PAST wORK-THE NEW CLEARING
HOUSE.
According 10 an old tradition the foundation Of the
Stock Exchange laid on May Il, 1892 when there
was meeting OF brokers IN public stocks under an old
tree maintained by history 10 be a bnttonwood' bnt
said by the rbad TO be chestnut tree which stoou
h Wall-st. near where the Custom House no"
stands. At this meeting the broher' agreed upon
rate OF commission and agreed TO favor each other III
transactions. Several months ago the STOCK ENchahse
appointed a committee 10 devise plan OF celebration
81 the centenary. but 1t given up for various
reasons, being that Ii would unnecessarily HUT
rupt business.
or the founders" of the Exchange under the bnt"'
wood tree there are said to be only five descendants
who are to-day members OF the Exchange. THESE are
Harmon H. Hart Albert Hendricks and the 'hiee
Nathan brothers. Harmon, Frederick ana Juhhn' Inv
grandfather OF these men was Bernard iiar' anu i'i
pre., grandfather was Benjamin SeiXas Bernard
Hart married a daughter OF Benjamin oeNaS M
Hart for thirty three years was Keeper Oh 'nc 'o Vi
the Exchange. a place analogous to the present. S''
,.tarvsbip In the hundred years which have elapsed
since the buttOnwOod organization there nave always
been some representatives. OF the HariseiAaS-N'1hah'
Hendricks line IN the membership OF the Board.
The hmdredth anniversary passed almost unnoiiccd
Yesterday Even horse play" was not attempted
Four flags the rostrum suggested the occ'S'o" all"
at noon the president and the venerable treasurer
made brief remarks reminding the members Vi '"c
occasion A full gallery OF sght-scers was d's'p-
pointed that 40 celebration took place
President Frank X Sturgis in his speech called
the attention Of the members to the fact that hc'r
organization had entered upon Its second century
OF existence The first century had witnessed
vonderful growth In business and he expected that
The next hundred wears would show an even greater
ratio OF increase in transactions. lie said that the
oneratlons OF the Exchange were conducted on sound
nrinciples and nowhere was business integrity more
ric1dly adhered TO. He congratulated MS 1eilo"
members on the record made and expressed ms BE-
lief that In the future they would be still prouder'
ID G. HAYES treasurer. then read his report IL
showed handsome balance to the Reneral credit ana
generous accumulation in the Cratuitv fund. Mr.
HAYES said that the Exchange was free from lgauoh
and the prosperity OF its second century was assured
NJ the BEGINNING OF that epoch.
The centennial day was marked by the report
Of the first days operations OF the newly estabshed
Clearing House. Manager Carolin expressed grati'i-
cation at the success. Only four stocks were 'sued
In through the Clearing House on MISUNDERSTANDING.
Northern Pacific preferred, st. Paul common ana
louisville and Nashville. There were 261,Ooo SHARES
cleared on both sides of the account. including the
,cndjnc of shares as well as purchases ana Sal's
Tho market value represented S16SOO.OOo. Inc
stock balances were $4,000 shares. Of q value oil
O., as3 600 and the net cash balances amounted 70
500 500 There 172 members VINO thruclpitou
in thc clearing transactions. Inc ciealihR PIpooss
a.. .st,mated IN have saved the drawing OF checks IN
sett,ements to the amount Of nearly S7'ooo'ooo.