New-York tribune., 1902-12-31

u u kSSIOO they would have more
than one reason for open
ing wide their eyes with
wonder and establishment Especially would they
stare if they could be witnesses of the wild ex-
hibitions which have marked the proceedings OF
the Exchange during the ball movements of
several months ago. and still later the serious
breaks and bear movements in securities In
April last. for example, the maximum volume OF
business reported for a single day reached the
enormous total of 1.974,603 shares. On this
memorable day bonds of all kinds were traded in
to the amount Of more than S6069,OO0 This vol
unle of business for a single day was only once
sexcelled in the history Of the Exchange. On
MAY 9, 1901 1885, .695 shares were dealt in, the
largest days business ever recorded Any
broker will tell you that from the time the
gong sounds in the morning until the clock is on
the stroke of ) he has not had time for even a
touch-and-go luncheon. Why, in such times as
these even the "two-dollar'' the floor
have been png up gains at the rate Of 500
ior more day, and any Wall Street man Will
Inform you that their excess Of diligence means
business with q vengeance.
The ''two-dollar' men are a class by them
iselves, and yet they do a little business with
almost everybody. They are different from the
man whose office is occupied when his hat is
ion, and yet not vastly So either. There are a
on the Stock Exchange is their capital. With
all their money invested in an $4,000 seat, they
iare without additional ready funds to swing
business for themselves. They therefore exer-
Ecise their energies for those who have and their
Ereward fer wearing toll is 81 for every one hun
hdred shares OF stock bought for customer. A
custoTner, in giving them an order TO buy, may
forbid the use Of his name in the transaction.
not uncommon method with some of the great
l-nen or the Street If he is buying in the open
he will simply direct the broker TO give me up
for it"-that is, 10 use his the buyers;
tbut It is all one to the -'two-dollar' whether
The gives up his customer or not. He goes
fright on taking in the dollars. Business is safe
in his hands up TO the limit. least, of the
fx11arket price of his seat on the floor. for under
Ethe rules OF the Exchange an insolvent mem
Fbers indebtedness must first be settled with
ihis fellow members before any part of the sell
ing price Of his seat be used in favor Of
soutsde creditors.
Many of the 'tWo-dollar'' men are young fel-
lows whose fathers have thus given them
eetart III the business world. The old gentleman
has had his experiences. perhaps. in the Wall
Street menaserie, and, not caring to turn the
syoung man loose in the cage until he can stand
guard over his own particular piece Of meat
lties up his capital in the price of a seat and
with the parting injunction TO hustle" leaves
him TO his fate If there is any Of the trading
l1nstlnct IN the youngster he need not remain
long in the "two-dollar" class at least in furry
times like the present when fortunes are being
FInaoe, and, We regret to say. for the last three
lnonths also. lost every DAY
Given a young with commercial in
Stlnots and keenness Of perception there are few
" iah'estaents that are likely TO be more produc-
give than the present Of an unencumhered seat
A1v- N-nrl- r
poor business Of This autumn sboV-inp large
eHlIIkase IN values and enormous losses NOT only
60, GO CusIC4-leIS, but also 10 many brokers few
Ectock Exchange seats are for sale and -oos+
loI those who would sell are asking higher nrices
1nan me amount above mentioned and s+iII
hlgher prices are predicted. The highest nrire
ever realized for a seat-that was during This
SeaPr5lwas Ss3.Ol0. This price includes the fee
oi SZ,Vto for the transfer. and Gratuitv FInd
SI gu, 10 De paid by the buyer TO the Exchange
In olher words, the highest net price eyer rea1
izeo by any seller Of seat was SS1 600 The
@ @s@Iesl reported sale of seat was at $4,000 The
tvwesL price seat sold this year was at S65 600
me mem Inpershlp Of the Stock Exchange is lin
steu 10 IiUo members. The EXPLANATION given
@ 4or me h1en prices for memberships or Stock
5Schange seats IS because there is a demand
larger than the supply. These seats are like
sny rare Jewel Of which there is a limited
never been Tatered.' 10 use a stock market
phrase, and only 80 many can be had 1t would
tGt oe any more OF surprise to see these seats
advance 10 100000 in the next decade than n
has been TO see them advanced during the last
decade, or since 1892. from SI7 600 which is the
lowest they touched that year to the present
high hgures- In other words a seat bought AT
lowest market value in 1892 can to-day be sold
st q profit Of S63 600
For each dealh of a member the survivors
are al assessed $40 for the Gratuity Fund The
average number of deaths during a year is
soout eighteen. The assessment. therefore for
1ne tTIatllty Fund is about $50 a year This
Sratuity Fund. however. usually reduces This
amount az the end Of the year by ma king a re-
nate or about $50 In Of the death of a
member his widow receives s. (la ou+rigb+
Anen the children-f there be any-receive an
ptner S0eo0 In case there are no children the
rlaoW receives the second S., 900. making S1O-
W ~ all This sum is so guarded that in case
me oead members affairs found to be hope
tess1y involved no part Of it can be attached nv
suy creator. the $4,000 is a present from the
Ne~-fork Stock Exchange TO the widow
. Ihus business of d hair lifting and life weary
.ng sort is mixed with substantial benehcence
sno II would seem that seat on the STOCK
Exchange would never be put I'D for sale excer+
IN case OF insolvency in course of estate
hettlefnents. However, seats have beer sold
ana al ridiculous prices at that. as the record
SHOWS, taking the highest and lowest prices for
CF