The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-08-26
SEATS ON STOCK EXCHANGE.
FIuctuntion in Vslues-Good specu-
1atiOn In Them.
From The New York Press.

From the New York Press.
There is no good reason why the truth
| should not be told concerning the price Of
seats on the Stock Exchange. Where's
the harm? Sooner or later the real hg-
ures come out Recently we saw numer-
| Gus statements which caused extended
| comment from the bears. 1t was TO their
| interest 10 show that business was dull
and stock prices were saggins To in
form the speculative world that seats had
fallen $3.50 in value since February was
an excellent bear argument inasmuch
as heavy stock transactions az top prices
| never go hand in hand with cheapening
seats, We are now assured that no seat
was sold for $S5,O00 but that the last sale
was at &c., 900, with $4,000 bid. 1t would
appear 90 be TO the interest of the Stock
Exchange to give these things publicity.
Seats on the Exchange reached low wat
err In 1898, when they went begging, so TO
speak, at $13500. When, in November
1898, $27, 500 was bid. our voluntary unin-
corporated financial power took on a new
lease of life. Members who had lived
on sandwiches and beer suddenly renew
ed their diet of canvasbacks and cham
payne. 1t was the highest price offered
in thrteen years. Eight days later a
seat was sold at $4,000. and hopeful men,
bers declared that the high record of 1883
might be equaled. In that year (Novem-
ber) j. r. Waters bought a seat for $St,-
000 The initiation fee of $1,000, the graf
uity fund fee of $40 and the annual dues
of $50 brought the price up 10 $685. 60.
have heard that the highest price on rec
ord in any year prior to 1893 was $35,40o.
Possibly.
Unquestionaby there has been specu,a-
ton in seats. on Dec. /, 1897, one was sold
at auction by Adrian Muller & Co, the
| first TO be disposed of In that manner for
| twenty years The purchaser was James
| Cleland, a clerk in the Office of Bowers &
| Sands, and the price paid was $1,000 Later
| we learned that the seat was bought by
William H. Osgood, but I think~he never
| applied for membership. In less than one
years time its value had Increased 100 per
| cent. and in two years nearly $50. The
| highest price recorded in the history OF
| the Exchange is Sal 500. Several member
ships were sold at $4,000 between Novem-
Der. 1899, and March, 1900. In seven years
the price rose from $4,000 to &1,500. Henry
| Clews paid $500 for his seat in 1854, which
included every item of expense Four
| years later he could have sold 1t for IS 900.
| In 1871 membership fell as low as $2.750.
Besides his handsome salary. the secre-
| terry of the Stock Exchange, Mr.. William
| Mcclure, has a few perquisites In many
| instances the sale OF seats is effected
through him, and his customary fee Is
800 from the seller and an equal sum from
the buyer. He likewise has the privilege
of receiving q fee from the sale of the seat
| of an insolvent member. There can be
no question that the price of Stock Elk
| change seats affords a to,erably certain
| indication of business conditions The
Exchange is not doing a million shares a
day Just now, but with $40 900 bid for a
seat the bottom of Wall Street Is in no
immediate danger of dropping out
few weeks ago Wall street readers of
this column found errors In a paragraph
referring TO members of firms who belong
10 the Exchange, and several were kind
| enough TO mention them. Just forget that
| paragraph and substitute this G. /. Hud-
son e. Co. do not enjoy the unique dis
| tinction of being the only firm in the
street with so many as four members, all
| of whom are owners of seats on the floor.
| There are five members of the Arm OF
| Propst Wetzlsr e. Co, and each belongs
| TO the Exchange. There are eleven mem
bers of the firm of j. p Morgan & Co.
| and only one is a member of the FIX
| change Moore & Schley have four men,
| bers all with seats on the floor Eight
| men compose the firm of Lazard Freres.
| and only one is a board member. Vermilye
| g. Co have three board members In
| partnership of nine. Brown Brothers 81
| Co. nave eleven anu OhC
| has a seat on the floor. Seven men consti-
tute Kuhn, Loeb & Co. with one to
| handle the business on the Exchange.
Kountze Brothers have six partners. with
one on the floor.
Though John G. Moore is dead his name
remains at the head of the firm or Moore
&, Schley Adoiph Ladenburg is dead.
| but Ladenburg, Thalmann & Co. remains
the firms style. Prince & Witely contin-
l.af thAp Ia M
Edward Sweet & Co. are al No. 3S Broad
street. but there Is no Edward Sweet, the
| firm being composed of three Bulls aud
| one Lennep. Manuel Turner d Co. are
| at No 50 Wall, but there Is no Manuel
| Turner: the firm is composed of two
| Hutch!nsons and one Lamerei. There Is
| no Vermilye IN the great house or Ver-
milye & Co.. no Woerishoner In Woeris-
hoffer e. CO. no Wilcox in Wilcox IL Co.,
No Maqoun in Barring, Magoun & Co.; no
Howell in Decker Howell g. Co.; no Ho-
mans in Romans Co, no Kuhn In
Kuhn. Loeb Co, no Ladd In Ladd,
Wood g. King.
Three Laidiaws make the firm Of Laid
law e. Co. and six Lehmans, that OF Leh-
man Bros. Cyrus J. Lawrence Il Sons
| consist of three Lawrences, Lawrence
brothers of two, and w. B. Lawrence
son of two Four Seligmans constitute
the firm of j. G. w. Seligmsn & Co, ana
| there are three Tods in j. Kennedy Tod
& Co. There are two Walkers in Walker
Bros, and three in Joseph Walker e.
Sons. Three brothers make WATSON II.
Brown & Bros. and three Dennys, T.
Denny & Co. Charles G.. Edey Sons
| have four Edeys in the partnership. Three
Jewetts compose Jewett Bros. The firm
| with the funniest name is Keep & Keen.
Cen Miles has received from a private
soldier in the Philippines a box Of cigar