New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-29
WALL STREET AND EXCHANGES.

For vears u has been the practice Of most Of the
stock brokers' firms to employ solicitors lot pu''
ness The solicitors employed by firms having
membership in the New-York Stock Exchange
we're discharged yesterday on orders from 'ne Wv
erning Committee of the Exchange IL seems INA,
Bel & Co. n new firm. at No so Broadway. asheo
the Committee Commissions II IT wouin oe per
mitted to employ solicitors for business AZ hN'n
salaries The committee replied that the employ
ment OF solicitors was practically an evasion OF
tho commission law as their salaries were based
on the amount Of business they were apie 10 com
mand Any concession in commissions was loipiu
den by the constitution. Therefore the committee
ruled that Bell & Co. could not employ solicitors
Bell & Co., knowing that solicitors were empioyeu
generally. took the matter to the Governing Com
mittee which is the administrative body OF the
Exchange. This committee. at meeting Wednes-
day afternoon upheld the Committee on Commis-
sions and decided that other firms had no more
right than Bell & Co. to employ solicitors Accord
ingly it directed that notices should be sent to
all members of the Exchange that they must obey
the commission law in letter and spirit The PEN
atty for violation of this law is for the first Of
fence suspension for from to five years, and
for the second offence expulsion. There arc some
five hundred men and few women who have been
employed to bring business to Stock Exchange
brokers. Their salaries have ranged from $1,000 to
$1,000 year according TO the amount OF business
they could influence. II solicitor, for instance.
would say to brokers' firm that he could COM
mand accounts that would yield $4,000 year In
commissions the firm would agree to pay him 5000
or perhaps 800 year az a salary: Inc arrange-
mission; II would not continue for a whole year
delivered less business than he promised his salary
might be cut down. which made it fixed" salary.
to say thar in the aggregate 81 10000 year has
been paid to solicitors for years Many OF the so;
managing clerk and manager of stock depart
Solicitors are called outside men or 1uers in
after the fashion in the second hand clohng trade
not few Of the stock and bond houses There are
many the to Of e but o whS e
not the time to attend to stock-market dealings.
accounts and direct operations on their behalf:
Sometimes their ACCOUNTS stood in the names OF
solicitors have been T.. Berry Wal, the exkng OF
the Marine Bank. which went down in the Grant
& Ward smash.
The example OF the National Park Bank and the
Importers and Traders National Bank in cutting
down the interest on the balances of out-of-town
banks from to IL per has not yet been fol-
lowed by other banks but most Of the banks have
stopped interest entirely on balances above GER
tain point The general rule now is 10 allow inter-
est only on amounts equal to the average of the
balances In the last six months of 1896 There are
some bank officers who think that no interest AT
take the rpopnd ' S on county 9ank balances They
IN New. ork OF the country banks should be
New-Iork banks pay anything whatever. even 70
depositors who steadily keep large balances win
them In no instance is interest paid on moderate
or small accounts. Bank officers in the Nest and
SOUTH where interest rates are continuously s per
cent ana higher. cannot understand why the New
York banks should pay only 2 per cent on their
money ana be reluctant 10 pay that much There
are times when money on call in New York gets as
high as Is or, use the Wall Street term
"one-quarter per cent and interest" but this high
rate Is only Tor day or two. In case a
fact. the interest charge Is per cent with a com.
mission OF one-oluarter OF per cent added
Under ordinary circumstances the call-money rate
in New-fork Is little. II any above per cent and
the time money rate is about per cent greater For
considerable period money has been cheaper in New
York than anywhere else in the world. and there il
no immediate prospect Of change in this situation
although there Is an easier tendency 10 tho E,Iro
pean money markets The amount of tho loans
made In New-York TO London borrowers with ster
ling exchange as security has not decreas Sod h,t
not many new loans are being effected. ~
w. g. Sanction has resigned a member of the
Governing Committee of the Stock EXCHANGE IIis
term would have expired In May, 1898 He is TO take