The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1902-02-19

'h"IICA Va SOlN hOuCy3 luW d5 I'LL
| bcndablc as that Of the Medes and
Pcrsians.
So long as man lives there is abb
solutcly no sentiment about the Ex-
| change. When he dies, however, it
is different. The Exchange is life
insurance association as we'll as a bus
! mess enterprise. When broker joins
the Exchange he plcdg', himself TO
make Il gift Of so upon the occasion
of the death of any member. Eleven
hundred such gifts would make SILL
OoO, and Of this amount So 600 is
paid to the family of the deceased as
a gratuity. The Exchange insists
that this is gratuity, and not claim
or guarantee, for the reason that it
cannot then be attached or claims made
upon it for the benefit Of creditors of
the deceased.
No member is liable for more an
fifteen such assessments in the course Il
one year, however. AS matter of
fact, very few men die as members of
the Exchange. When men grow old
they sell their memberships and get
the price Of the seat. When man
dies his seat is disposed Of for the
benefit of his estate. Any event which
may make it convenient to make ac-
tive use of a seat is good basis for
the sale Of seat, and such reasons
are not long in being taken advantage
Of.
Membership in the New York Stock
Exchange is unique privilege in this
country, and the institution itself is
unique. The Exchange is an unin-
corporatcd, voluntary association.
Great insistcncc is laid upon the vol
untary feature. A man has no claim
upon the Exchange if he doesn't like
its methods. An effort to enjoin the
Exchange from doing anything will
forever dcbar the man from member
ship. Sales Of seats are not part Of
the records of the Exchange, cxccptiu
so far as the actual transfer is cou-
ccrncd. The price Of the scat is q pri-
vatc matter and officially the Ex-
change knows nothing about it. There
is an cvcr-present apprehension lest
some effort to tax seats should be
made, and the Exchange insists that
seats are not commodities that may be
taxed.
The privilege Of trading upon the
New York Exchange is not the only
exchange privilege in New York or the
United States which is consid-
cred of money value. There is the
Now York Consolidated Stock and Pc
trole,m NJ Exchange, known in the
street as the "little board" The diff
ference between the big and the little
board is that on the one trading is al
lowed only in 100 share lots and on the
Consolidated Exchange sales of ten
or multiplcs of ten shares may be
made.
The size Of deols on the New York
Exchange largely accounts for its pre-
dominance over the little board. A
seat on Consolidated is now worth be-
tween $4,000 and $1,000. There
is an offer for seat at S2,7OO now
pending.
1t must not be supposed that seats
on either Of these exchanges can be
sold to whomsocvcr the seller may dc.
sire, without regard to the wishes of
the Exchange management. y mem
bcr proposes the name Of The broker
to whom he wishes to sell, and after
due consideration the applicant may
or may not be accepted. The would
be seller may then propose some one
else. The exchanges are not only
very careful of their own personnels,
but Of those with whom their mem
bers arc in partnership. They as
sumo the right to compel mem
Der to dissolve partnership within
q few hours notice. "Bucketing"
on the part of the partner has been
responsible for many such compul-
sion.
The Consolidated Exchange limits
its membership to 2,403 members.
The members pay scmi-annual dues Of
$l5 and are liable TO assessments for
the gratuity fund not exceeding $50
in one year. Next in Importance is
the New York Produce Exchange.
Here the same general advantages ap-
ply az on other exchanges for dealing
in wheat, corn, oats, pork, flour and
similar products. 1t is on this Ex.
change that most of the trading in
Epat 1ncn -