The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-15
BUSY TIMES FOR BROKERS.
PRICES OF STOCK EXCHANGE SEATS
NOW ON THE RISE

wow ON THE RISE.
aIs, 500 Ostnised FOR 0ne seat last Thursanys
Against Sii.OO0 Thirty Bays AEo-Aeats
NSIthdrnwn rrsun sale Pending the Rise-A
Coed indIcntisn or Bu-ine~s Csaattisnss
II that ancient and time-honored group q
bewiggci and waistcoated gentlemen or the old
school who assembled under the old cottonwood,
tree in front OF 10 Wall street, on MAJ IL.
1892. and formed the Stock Exchange Of he
City OF New York. could look down at the pres
emit Time they would have more than one reason
for opening wide their eyes. Especially would
they have stared IL they could have been witt
nesses OF the Wild Soings on which have marked
the proceedings OF the Exchange during the re-
cent bull movement in securities. On Tuesday
Last. for example. the volume OF business 70
ported reached the enormous total Of I5o.-
90 shares, and 1t Is the hrm belief
o. q great many experts that IL the sales haA
been fully reported the total would have passed
the million mark. On this same memorable
Tuesday bonds OF all kinds were traded In
to the amount OF more than $1,000, 600 Any
broker will tell you that froth the time the gong
sounds IN the morning until the clock 10 on the
stroke Of three he has not had time for even q
touch-and. go luncheon. Why. even the two
dollar men on the floor have been pEing up
gains at the rate of a hundred or moro dollars =
day. and any Wall street man will inform you
that their excess Of diligence means business
with = vengeance.
The "two-dollar" men are q class on the hoo1
Of the Exchange all to themselves, and Jet they
do a little business with almost everybody.
They are different FROM the man whose Office ID
occupied when his hat Is on, and yet not vastly
so either. There are any number OF brokers on
Wall street whose seat on the stock Exchange
Is their capital. Without ready funds to swing
business for themselves they exercise their en-
ergies for those who have, and their reward for
wearing toll is 81 for every 100 shares Of stock
bought Tor a customer. Aeustomer in giving
them an order to buy may forbid tho
use of his name in the transaction, .
not omm method with some OF tho
great men OF the street. II he is buying
in the open he will simply direct the broker TO
Give ME up for it," that is, TO use his nams
as the buyers. but it Is all one to the " two
dollar" man whether he gives mp" his Gus
toner or not. He goes right on taking In the
dollars. Business is safe In his hands up to the
limit, at least. of che market price OF his scat on
the floor. for under the rules OF the Exchange an
insoivent members indebtedness must first b
settled with his fellow member before any part
OF the selling price OF MS seat can be used in IA
vor OF outside creditors.
Many OF the {" two-dollar'' men are young fet
lows whose fathers have thus given them a start
in the business world. The old gentleman has
had ais experiences. perhaps. in the Wall street.
menageric, and not caring to turn the young man
loose in the cage until he can stand guard over
his own particular piece of meat, ties up his cap
iGal in the price OF a seat. and with the parting
injunction to - hustle" leaves him to his fate.
Il there is any of the trading instinct in the
youugster he need not remain long in the two
dollar clI ~. at least in fiery times like the
present, when fortunes are being made every
day.
Given = young man With conn .rcial instincts
and keenness OF perception. there are few In
vestments that are likely to be more productive
{" than the present of An unincumoercd scat on the
New York Stock Exchange. At nearly all times
these seats find IL ready sale. although there
have been severe fluctuations in price On
Thursday the last reported sale was made for
$4,000. Ihe best previous price recently was
Sls,5OO. Yet thirty days ago the selling price
OF a seat was only $4,000. and any number
were for sale. With the ballooning of sugar and
the consequent rise Of other stocks the boom
began that sent the price OF seats soaring ouce
more. and those in the market were gradually
Withdrawn pending the rise. Some observers
declare that the record OF 1885 may be once
more equalled. In November Of that year II. Sus
sold his seat TO J. r. Waters for $4,000. What
with the initiation fee of 81 900. the gratnity
fund fee OF $40. and the annual dues of $50, the
cost to the purchaser was S35 .06o. In addition
70 III csc expenses there is the assessment OF SIC
for each death, although to assessments there u
u limit. 30 that NO member need have feal
for his fortune in case OF an epidemic. 4 mem
Der can be assessed for each death until 800
has recn paiG in. For any deaths over ano
above that amount the gratalty fund must
+. stand the dram. The average number of deaths
for each year IS fourteen. Right here enters an
interesting feature of the Exchange in the shape
! OF this same fund. AT tn present time II
amounts TO more than 81 Loco 900. and as there
: are LOO members in the Organization. any
. one can compute the amount reaiiLabie from
periodical assessments. In case OF the Geitn
Then The children, II there be any, receive
1 another 5000. In case there are no chlldrer
T the widow receives the second 5000, making
4 10000 in all. This sum Is so guarded that II
Ease the dead member Affairs are found 70 o.
hopeless Y involved no part OF IL can De attachet
a the New York Stock Exchange TO the widow
1 Thus business OF a hair-lIfting and lie-wearyinG
{ sort ts mixed with substantial beneicencc, AMI
= IL would seem that a seat on the Stock ExcnanH'
would never be put ny FOR sale except IN case "
insolvency or in the course OF estate settlements
;. However. seats have been sold, and at rtdlculoul
e prices at that, AS the record shows. taking thu
highest and lowest prices for a series of years:
Yenr. Htghssf. LoueSt
l-bS ..-....,.rS S,ODU J',uVs
' sag 800 1905
. l"iO...-.-..-..... .t... ....'. tSpU 49,
T. SLIM. -. .......... $500 2,I3,
D I.-I 5000 A,00I
: 1873 ........ 100 5000
i.t 1000 AIS
r 1875. .. ........... $3.50 ass
" i-T6 .... ...... $500 400
= Isl -........ $3.50 &.6V'
,-TL -....... 9.S00 &,25
{ l--y .. .......lb 900 $40
y $50 ..... 5000 400
l~-l .. .... 81. 900 TX, 90