New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-24

SOLID BUSINESS WORTH.
The Stock Exchange has legitimate place in
the community that demanded its existence and
insures its continued growth and popularity. 1t
furnishes the facilities for the regular and con-
slant sale and exchange of securities and ef-
fects transactions without difficulty or delay.
1t regulates and controls quotations. The ready
market given the associated resources OF the
country through the medium Of such an institu
ton has ever been one of the mainsprings or It's
success There Would be such opportunity
to invest money in great operations we're II not
for such ready market for the great volume OF
railroad and industrial shares and bonds All
Of the great financial systems OF the country
are in n manner controlled by the mechanism
of the Stock Exchange. and although there are
many who charge that speculation Is the prime
factor and chief employment OF the members,
close Investigation will show that such state
ment is far from true. Speculation might be
mentioned only an Incident in commercial
life.
At the present time the Stock Exchange num-
bers about eleven hundred members. When 1t
opened on May II, 1892. there were only
twenty flour members In the office Of the sec
rotary of the Stock Exchange is badly creased.
yellow. torn piece of paper, which to the Ex-
change is as valuable as is the original copy Of
the Declaration of Independence. now preserved
IN Washington. This original Stock Exchange
document shows that twenty-four men. who evil
IDENTIFY had been working independently OF one
another met and signed an agreement to buy
and sell stocks at not less than zone quarter
per cent commission the specie value" and
that I'VE will give preference to one another In
our negotiations"
This meeting was held under cottonwood
tree in front Of what is now No. w "al-s''
When the weather was pleasant the members
got together in the open air. but on stormy
days they went to the Office OF some friendly
broker and there bought and sold the stocks IN
which they dealt. From these office meetings
grew the present Stock Exchange. From an an
nual admission Of nothing the value of member
ships has run up so that at time they were
worth not less than $4,000.
NEW REAL ESTATE HOLDINGS.
The building Of the Exchange is an imposing
structure in spite of the comparison which may
be made with newer and more expensive struct-
ures which nave been erected in all parts OF the
Wall Street district II occupies a site between
Broad and New SITS. with frontage OF 10 teet
In Broad ST. and 15S feet in Newest. During
the fall just passed 1t became known that
deal had been effected by which the adjoining
property occupied by the Western Union Tele
graph Company. had come into the possession
Of the Stock Exchange. The price paid for this
addition is said to have been 100000 This
does not mean that there will be any immediate
changes in the floor space Of the present Eek
change Nor will the new property be altered or
rebuilt for several years to come. as the West
ern Union company Is understood to have
lease running until 1908. SO far as can be
learned it Is the intention Of the managers or
the Exchange to take the lower floor OF the prop
erty just acquired and throw it open In connec-
ton with the present building. in order to give
additional floor space for the growing business
Of the brokers. The upper part OF the building
may remain unchanged. the Exchange drawing
a large income from the rent Of offices, until
such a time as it may fit to erect new
edfce.
The present building designed by James
Renwlck. the architect for Grace Church and
the Roman Catholic Cathedral. The large, spa
cious Board room OF the Exchange occupies
nearly the whole interior Of the building. whle
the executive offices Of the Exchange are on the
Proad-st. side, In the second floor The moor
gDace of the large room where the daily trans
actions take place covers 14lxl4o feet with
ceiling so feet above the floor. The room Is IN
the shane Of T. and covers about fourteen
thousand square feet.
Around the walls Of the Board room runs
gallery This Is for spectators, and every day
finds a greater OF less crowd OF onlookers who
take keen enjoyment in watching the antics or
the swarnrs of brokers below A visit to The
Stock Exchange Is quite the thing for all out
Of town visitors, and certainly furnishes an In
teresting scene. Many persons who have never
been informed Of the methods under which the
,,,.tro ord selling Of stocks on an exchange