The Florida star., 1901-05-17


other details IF their business-
This first exchange. though Il may
have had name. had no settled hab-
itation for many years. but met In the
onces OF money brokers and IN hired
halls. For a time mortgages and ship
ping bills. which formed the original
staple OF trade. were bought and sold
at Fraunce's tavern. a famous old colo
NAL hostelry, and for year or 90 the
old TOntine Coffee House. which stood
In Broad street not far from the pres
ent site Of the Stock Exchange, was the
scene OF its operations
Twenty-Five years after the informal
meeting under the legendary cotton
wood tree. when the 20 traders bound
themselves together by certain Indefi-
nite rules-that Is to say, on Feb. %.
lS1T-the brokers OF New York dis
covered that some more permanent
form OF organization was desirable.
They met. organized and appointed a
committee TO draw up rules for the
government OF their deliberations.
The recommendations OF the commit
tee. which reported March 8. resulted
in the listing OF securities. mainly gov
ernments. and the adoption OF the con-
stitution and bylaws. which. with the
exception or few minor changes con-
corning commissions. are In operation
today. One rule placed upon the pres
ident the duty OF calling the stocks"
a proceeding in vogue until 1879.
This was really the beginning OF the
New York Stock Exchange as a con-
tinuous and substantial financial or
ganization. The histories and hand
books of New York say that the first
regular meeting place OF the exchange
after this reorganization was In a little
upper room in the old Merchants Ex-
change. which stood for many years at
Broad and William streets.
This is evidently an error. as there
is extant in the family OF the descend
ants OF one OF the brokers OF that peri
cd an old record bearing date OF April
s. 1917, with this entry: Resolved.
That we pay Mr.. George f. vanpell.
for the use OF his front room In the
second story OF house No. 40 Wall
street. 500 per annum. he TO furnish
fire and chairs when required and to
keep the room In order" How long
the exchange remained in this second
story room Is not known. at least by
your correspondent. but Ii was proba.
bly, not much over q year before II
moved to ''the upper room OF the old
Merchants Exchange" referred to by
the historians. Here stocks were trad
ed In until 1887, when the worst fire
that had ever visited New York wiped
IL out and destroyed the records OF
the exchange. including the names Of
its original and early members. While
the town was being built up again the
Stock Exchange seems TO have gone
back to the curbstOne style OF doing
business. but In 1912 1t secured quar-
tiers in the new Merchants Exchange.
which is now the United States custom
house.
In 1853 the Stock Exchange moved
into the old Commercial National bank
building. where IL remained ten years.
At the end OF that time IL transferred
itself and its stocks and bonds into the
Broad street building. from which II
has Just removed. Here has been the
theater OF many a stirring boom and
dismal failure. the most notable OF the
latter being the memorable Black Sri-
day. which fell on Sept %. 1869. Oct.
o. 1871, marked the beginning OF a
weeks depression due to the great fire
I'm Chicago. Some members OF the ex-
change still recOllect vividly the panic
OF 1873. when the blacklist OF OutlOoks
obtained and the exchange remained
closed Sept. 22-30. In 1881 there was
another big break in the market when
the news OF President Garfeld's assas-
sination was received Failures have
lalternated with successes in instances
mnumerable during the years the Stock
Exchange was located here, but II
has never witnessed such marvellous
activity and so high a level Of prices
as during the few days Immediately
preceding and following the day II
moved from the crowded old quarters
preparatory TO the future occupancy OF
more spacious and beautiful apart
/ Il