The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-13
END OF SEAT TRANSFER FEES?
NTOSk EXCHANGE TtLks or
tROLISHTNG THEN.
There wss $40 In q 900 n Year in
Them for the secretary Committee
Appointed ny Governors to Consider
PRO, ding Facilities for Transfers.

" ~ y"
appointed ny Governors to Consider
Providing Facilities for Transfers.
The ,.'horitics of the New York stock
gchargo have taken s,ei~ looking To
tio .shiug 90" system under which the
-,.o,a Y 81 he exchange has Tor years
IN accustomed TO receive y personal fee
very limo q ~cai on ine exchange wa
,h This resolution hearing upon the
.ubiort. wac posted - IA. foor Of the
AchGagc yesterday. with the statement
.ua, Il had been adopted al the last nesting
4 lie Governing COMMITTEES
Nh,r,as. he constitution - the exchange
ro,.des that under stated conditions n mem
r mav transfer his membership.
RaaAtsd. That 4 OF three be
ypoiuted by the President To consider the
question n. providing facilities to persons
i,s,rirg g. aEauit" oT dispose OF member
.Aip. 40 the exchange such committee
- authorized 90 coasult counsel and h re-
lested 10 make early report thereon
Al transfers Of memberships on the
STOCK Exchange have b~cu handled by
he Secretary Hi place has iong been
poked upon IN Wall Street, becar-e Of lis
.ystem ~ transfer fees. As a good berth.
George ". Ely. who preceded William
Mcclure. the present Secretary. and who
held the place for twenty five years, n
understood to have retired with an indie
uendent fortune. the bulk Of IL representing
.ransfer fees from seats. During Mr.
FIy's administration Of the Office. fees Of
500 from the seller and slco ron the buyer
4 each seal were paid. which were supposed
In repr.ssn, the personal work 81 the Secrc-
AIRY in bringing buyer and seller together
since Mr.. MCt lure became Secretary and
The price OF seats advanced above 10000
ne ices have t-en advanced $50 each way,
n Also from the seller and the same amount
from the buyer.
there has always been a stong contingent
~ the membership opposed 10 thess ices.
and their advance, IL wac reported y-s'er-
day, has thought the matter OF their aho
Iition to a head The reult Is expected
20 be that the S-crctary's Office will continue
10 handle the transfer Of seats. but that ther"
ALL b. no fees excepting the regular tl.o
initiation foe and $40 fee for the gratuity
fund. The salary Of the Secretary may
10 raised.
The Secreiary's salary Ia now 5000 q
wear. As there have been IS TO 100 transfers
Of eeats yearly, his personal perquisites.
A. sSS . sat, have been t22 $50 TO $4,000
more.
The system OF transfer fees arose more
than thirty years ago. when Peter Fay.
haad doorkeeper Of the exchange. usod to
undertake the work Of finding acceptable
buyers for members who wanted 10 dis
POSE OF their seats, or sellers for outsiders
Who wanted 10 buy. He was accustomed
10 get $50 for his trouble. This ~ors. now
svei. drifted to the Secretary's ofhcs and
with IL the fec system. II has for q long
time been the understood thing h a no
saIes Of stock Exchange saats could b.
made unless they were srranged through
the ofice Of the Secretary. Seats on the
Exchange are practically in the same
caiegory a Memberships IN first -osss
clubs. The exchange 10 not incorporates
and members have 10 he proposed. -econded.
posted and voted on as In q club. Un-
acceptable candidates are quietly dropPed
Because Of this fact and the care with WHICH
admission 70 the exchange Is guarded. the
following advertisement, which appeared
Yesterday in a Wal Street newspaper,
aroused come comment.
Any member OF New York stoct Erchanss
not desirous ~ using bis scat for q year
6ecsu.e OF illnoes or other wi.e. can sell II
20 responsible party by giving option 10
return IL at end OF a year.