New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-29
"a

Of the Street with a capital s" 10 see the
market strongly rising over even its figures Of
the week before As the day advanced IT was
plainly evident that the volume Of the days
business would come dangerously near shat
tering the best previous days record, and when
the days trading was over and the reckonings
began. IT was soon demonstrable that the feat
had been accomplished. and that a record had
been established that would he likely to stand
a long time The number OF shares OF stocks
sold on Monday was 1527644 the best previ-
record having been February 20, 1893
when 1473,953 shares Of stock were sold. OF
this number. however 957 800 shares were OF
one stock, Reading. OF par value Of only $50
The rapid increase in the business done by the
New-York Stock Exchange has been generally
regarded promising better times FOR the
country at large Besides this hopeful and in
spring effect things external 10 Itself. the
larger activity OF the Exchange has increased
the value Of seats therein. and there have been
renewed and more persistent efforts on the part
Of business men outside the Exchange to Sc
cure a footing in that exalted mart OF trade.
II is superhuous to say that every seat on the
Exchange has been filed for many years, and
that there has long been spirited bidding to OBJ
tain any seat made vacant by the death or re-
tirement Of a member. But Of late. and espe-
seats falling vacant has taken on greater pro
portions than ever before the seats being re-
earded as 10y go much the more valuable than
heretofore in the financial history Of this coun-
try.
ADVANCE IN THE PRICE OF SEATS
Away back in 1851 before the New-York
stock and Exchange Board had become the
New-York Stock Exchange. a seat thereon was
sold for the modest sum Of $3.50 The value Of
membership in the Exchange went up rapidly
after the war and in 1871, much as S2,15O
was paid for the privilege OF doing business on
the floor Of the Exchange. Since then the price
Of seats has mounted tremendously In ISL
George r. French paid $4,000 for his seat. and
that price remained the record until January
10 Of this month. when William Tieston sold
his seat TO John Henry Townsend for S5o'oo
on the same day Henry II Cone was reported
70 have paid Henry De Billier still higher
sum for his membership. Two days later
seat was sold for $4,000
The fact that only two months ago the selling
price Of seats on the Exchange was generally
regarded as about s27 800 makes the prices paid
So recently seem all the more significant
That the New-York Stock Exchange had been
making plans for an enlargement OF the space
now provided for the Of the members and
called the floor" has been known ever since
the purchase OF an adjoining building that was
made last fall. In the latter part Of October
deal was closed whereby the Exchange came
into possession OF the site Of the eight-story
hufldfng at Nos. &c and Is Broadst, just to the
south OF the Exchange building. and al present
leased by the Western Union Telegraph Com
many The telegraph company holds a twenty =
wear lease Of the property which VIII not expire
until 1903 and the building then reverts TO the /,
owners Of the land by the conditions OF the |
lease The negotiations closed by the purchase ]