The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1898-08-30
TO BID ON SEATS
Stock Exchange Invites Tenders
for Membership.
ONE DOZEN IS the LIMIT
There viii be Sittings Every Other
Day-To Begin Next Week-The
Officers-Fees.

| At a meeting OF the Honolulu StOck
Exchange held at 1880 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:
]. II. Fisher, president and chair
man.
| Harry Armitage, vice president.
George X. Carter, secretary.
| Bank OF Hawaii, treasurer.
| Col. Fisher was elected on his exper-
ience. He Is not broker now, but was
considered the fittest man in sight to
direct the business of the Exchange.
The Bank of Hawaii was not consult
ed respecting its 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-half OF
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 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 II bust.
ness requires, there will also be after.
noon sittings. The first meeting viii
be held next Thursday morning. Sep
ltember !.
All transactions between calls will
, be, as near as possible, on the basis o
n the last session. The fee rate will b,
: strictly complied with. Only In deal
{. between buyer and seller direct may ,
o broker charge the full fee Of one PEI
cent, half from each side.
n The matter of the number Of mem
g bers came up. All felt that there mus
d be limit. Nine applications for mem
;. bership, each rendering the fee o
4 81 200, were reported. To admit them al
would swell the membership to sixteen
1t was felt that that would be tot
many. After considerable discussion
it was agreed to fix the limit at twelve
This would make five extant vacancies
n All of the nine applicants were person
ally acceptable, and no conclusion al
Il to which particular ones should b,
taken in could be reached.
, IL was At last decided to invite then
to bid for seats. There was no othe
=, way out OF it. The Ave men willing t
pay the most for the privileges will b,
admitted. Applications for member
q ship. together with bids must be FLEE
with the secretary. George r. Carter
today.
V George +. Mcleod, Walter M. Giffar,
, and Fred Lewis were among the appli
- conts. Two have had extensive ex
perience on exchanges In the State
and all are most desirable men.
The bylaws as adopted were lef
open for amendments as time and oc
. casion may require.
MORNING SESSION.
A special meeting OF brokers wa
held yesterday morning to arrange tn
preliminary details OF the purposes
Stock Exchange. George r. Carte
u was elected temporary chairman an
Willard Il. Brown temporary secre
q tary. George II. Carter, Harry Arm
itage, w. L. Brown, w. A. Love, J. +
n Morgan, ]. ii. Fisher and Il. c. Mac
8, farlane qualified for membership. ]
n was proposed to make the Exchang
l n.