The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-16
1rrsa cur RATE BROKERS
CLERKS Rs-inaea ~ ~. stesk E1sss-s,
TSst zee worth se,eoo 90 spiit.

Working At less than uaion rates is punish
able by expulsion from the stock Exchange.
Brokers must get eighth for buying or
selling and they must not divide with ANYBODY
in order TO secure business President sturgis
stood up on the rostrum Of the Exchange yes
terday and said to tho brokers:
. During times OF financial depression. when
the bus!ness OF this Exchange IL as stagnant
as Il nov IL. there IL a strong temptation for
members 10 make unusual Efforts to obtain
lucrative business by meanA which would be
considered as an evasion OF the commission
law OF the stock Exchange. II is manifest
that this law IL the foundation Of Tour strength,
and that disloyalty to 1t is not only disloyslty
TO the institution OF which we are mem
hers. but also to the personal honor OF
the individual. It matters not whether
such evasion be in the form OF gratui-
tous private wire stretched between this
metropolis and somo distant city. whether It
be in a direct rebate. made IN some under
sion. or whether It be in the demoralizlng form
Of presents to the employees of other stock
obs are infrineements Of our law. one and
all Of them should be discontinued and All
such ini.insements u dls ;GS should Ss
shs. E sas,% ,nHo sS Si yen
you soon reduce it's power to re-
sist any strain that may be put upon
IL. IL is obvious that our prosperity is largely
dependent upon our mutual good faith ana
trust. but II has come to the notice OF the Gov
ments OF our law have taken place and are
taking place at the present time. ~ their
meeting yesterday. therefore. and with view
TO warning members OF the penalties pre-
scribed under our constitution for such OF.
fences, the following resolution was adopted
by the Governors. and your presiding Queer
was instructed to read it to members oil the
Exchange from this rostrum this morning:
R..o,r. That the attention Of members Of the FL.
change be called to the resolution adopted by the Gov.
e-ning Committee sept "a, 1879. which IA still in
force anu which reads AS follows; ,,--,-.,--
' Whsrs w. complaints Of violation OF the commission
law have become frequent the Governing Committee
desire to call the attention of members to the severe
penalty imposed by the consultation for such violation
80 R,sSr.L hiatt Committee on Commissions are
hereby authorized pay in their dtsckation, reward
Of to exceed $500 to any PARTY or parties who
shall furnish Information evidence whicn shall con.
the commission law"
The real trouble just now Is said to arise
from collision between some OF the broker
who do n small business on the floor and tho
telephone clerks. For instance, a reputable
house sends in an order by teleph one to be
executed by a certain broker. The clerk takes
the order. and IL he IL in collision with any
employers that no could not find the broker he
WAS instructed to employ. Broker and tele-
phone clerk then divide the commission. The
offer Of $1,000 reward to anT clerk who viii
convict broker OF dividing commissions with
him has been standing for fifteen years, but
forgotten 1t until their attention was recalled
to It yesterday. As rewards usually make in
formers. there may be some results. open or
secret, from the proclamation.