The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-08-27
TO BID ON SEATS
Stock Exchange Invites TENDERS
for Membership.
Ole DOZEN is THE LIMIT
There VIII be Sittlngs Every Other
Day-To Begin Next Week-The
OffiCers-Fees.

7 At a meeting Of the Honolulu Stock
Exchange held at 7:3O last evening
permanent organization was effected.
The seven original members were pres
ent or represented. Getting down to
business the Constitution and Bylaws
of the San Francisco Stock Exchange
were considered by sections, amended
where necessary and adopted. The
first important change made was in
the number of officers. 1t was decided
to combine the offices of president and
chairman, and to strike out that of as
sistant secretary. Election of officers
resulted unanimously as follows:
u. H. Fisher, president and chair
fnan.
Harry Armitage, vice president.
\GeOrge r. Garter, secretary.
Bank of Hawaii, treasurer.
Col. Fisher was elected on his exper-
ience He is not broker now, but was
considered the fttest man in sight to
direct the business of the Exchange.
The Bank of Hawaii was not consult
ed respecting it's appointment, but
Change felt sure its barrels of money
would not be refused there.
Further on in the bylaws it was
considered not necessary to adopt the
tabulated scale of fees prescribed in
the constitution of the San Francisco
| Exchange. 1t was unanimously de-
cided that all fees will be one-hse.l or
one per cent on all transactions to both
buyer and seller. On Exchange and in
dealing with other brokers between
| boards the fees will be divided Deals
on Exchange will always be between
| brokers. Names of purchasers will not
| be used There will be many trans
actions between sessions. In all such
| board quotations will be the guide.
Transactions between sessions will not
| be reported.
1t was decided to hold three meet
| ings a week for the present: Tues
| days, Thursdays and Saturdays were
selected as board days. Sessions will
be held in the forenoon only. AS soon
| as the cable is laid, or sooner if bust
ness requires, there will also be after
noon sittings. The first meeting will
be held next Thursday morning, Sep
tember /.
All transactions between calls will
be, as near as possible, on the basis oi
the last session The fee rate will be
strictly complied with. Only in deals
between buyer and seller direct may &
broker charge the full fee Of one pei
cent, half from each side.
The matter of the number of mem
bers came up. All felt that there must
| m
bership, each rendering the fee o.
Isl, 900, were reported. To admit them al
would swell the membership to sixteen
1t was felt that that would be toe
many After considerable discussion
it was agreed to fix the limit at twelve
This would make five eXtant vacancies
All of the nine applicants were person
ally acceptable, and no conclusion a
to which particular ones should b.
taken IN could be reached.
1t was at last decided to invite then
: to bid for seats. There was no Othe
way out of it. The five men willing t
pay the most for the privileges will b
admitted. Applications for member
ship, together with bids must be file
with the secretary, George r. Garter
today.
; George f. Mcleod, Walter NJ. Giffar
and Fred Lewis were among the appl1
: conts. Two have had extensive ez
perience on exchanges in the State
and all are most desirable men.
The bylaws as adopted were lel
open for amendments as time and OF
: casiOn may require.
MORNING SESSION.
: A special meeting of brokers We
held yesterday morning to arrange tt
= preliminary details of the purpose
Stock Exchange. George r. Carh
- was elected temporary chairman ar
: Willard E. Brown temporary seer
tary. George r. Carter, Harry Arm
: itage W. z. Brown, W. A. Love, J.
Morgan, J. H. Fisher and E. G. Ma
: farlane qualified for membership.
: was proposed to make the ExchanE
an association rather than a cOrpor
= ton.