The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-11
STOCK BROKERS In NAME ONLY
THE EXCHANGES RICHEST MEM
BEERS NEVER VISIT IT.
The! Don't Buy and Sell for Others, hut
Their Membership Obtains Cut Com.
missions for Them. and IL Profitable
Rock efcllers, GOullls and Others All In

T, Their Membership Obtains Cut Com.
| missions for Them. and Ii Profitable
| -ROckefcllers, GOuIlls and Others All In
A visitor to the gallery of the Stock Ex-
change last week asked man who was
watching the antics of the Steel crowd To-
point out John d. Rockefeller. The man
told the visitor that Mr. Rockefeller was
not a member OF the Exchange, but he
made mistake.
John d. Rockefeller is member Of the
Exchange. So also is William Rockefeller.
| There are a score Of prominent financiers
who hold memberships, but never appsar
on the Exchanga floor.
John D. Rockefeller joined the Exchange
in March, 1853. and William Rockefeller in
February, 1852. A member of the board
since the 'sOs was asked if he had ever
seen either on the floor He thought 10
recalled the introduction of John d. Rookie
Teller to the chairman, Formally through
| which all new members must go.
The Re ckefeller seats must have been
bought for about 5000 or $500. the pre-
vailing prices when they joined the body.
Since neither of the Standard Oil men
executes commissions on the floor as Q
broker, it might be thought that the seats
have no value to them. As members OF
the Exchange they are. however, able to
transact business through their fellow
members at reduced rates-$2 hundred
shares il they clear the stocks in their own
names, or 1925 a hundred il they clear
through others
| William Rockefeller is credited by Wall
| Street with dealings which at times run
| into hundreds of thousands Of shares daily.
If he exercise his privilege as member
| he can save s239OO on the purchase and
sale of 1870 900 shares 1t would cost him
| q, 900 instead Of $25, 900.
! But although the holders may get re-
duced commissions, it Is probable that
| the biggest increment of gain In the owner
ship of the seats has been the great rise in
their value. Seats have sold this year a.
high as $4,000.
George Gould is also member OF tho
exchange, which he joined in February,
1895. Mr.. Could like his fellow member
E. H. Hartman, who was admitted in 1870.
Is far too busy looking after the welfare
of the great Western railroad system bear
ing his name to sell and buy stocks for
others on the floor of the exchange. Tho
Street credits each man with heavy trans
actions in stocks, on which they undoubtedly
save part in commissions through their
membership. But they are known to their
fellow members only by reputation and
would probably pass unrecognized by ninety
out Of each hundred active brokers should
they take fancy to visit the floor.
| Mr.. Gould's brothers Edwin and Howard
are also members OF the exchange, having
| Joined in 1888 and 1898 respectively. They
have never transacted business on the floor.
nor has August Belmont, who was elected
to membership in March, 1885, Among
the other well known members who never
personally exercise their privileges are
j. Pierpont Morgan, Jr., Thomas F. Ryan.
George Crocker, Edwin Hawfey. Brayton
Ives, president of the Metropolitan Trust
Company; Henry G. Swords, president OF
the Real Estate Trust Company; George
F. Baker, Jr., Henry X. McHarg. Mortimer
l.. Schiff and Henry Clews.
The dean Of Wall Street, Russell Sage,
IL also member Of the exchange. He
Joined. it in January, 1874, when the prizes
of seats was low. Long ago Mr.. Sage gave
UP his place in the floor football game to
Younger men, but his seat is worth its price
to him in cutting down commissions.
To all these inactive Stock Exchange
members the long held seats have been
ANYTHING but loss. In most cases the
seat as an investment has proved itself
in the same class with Manhattan real estate.
and is even more quickly disposed Of In
case of necessity. In each case there
has been present the opportunity to save
| commissions, even when another broker
did the work
| And as last resort to a shipwreoked
| financier the membership, II no could re-
tain it in the crash, would prove haven
| OF shelter.
The Consolidated Stock Exchange, or
the Little Exchange" as it Is known in
Wall Street has nearly as imposing an array
| Of inactive members as its greater neighbor.
The Standard Oil interests are represented
by Henry H. Rogers, John D. Archbold and
| s. C. r. Dodd, all Of whom Joined the OK
| change in the 'sOs when 1t was known as the
| Petroleum Exchange, and when the oil fever
was at its height. They still retain their
| memberships, as do many other now promi.
| nent men who became members in the same
years.
Other members to whom the present
generation points with pride are Justices
David Leventritt and Henry A. Glider
sleeve OF the Supreme Court. Justice Lew
entritt joined in 1884 and Justice Gildersleeve
| in 1887 Anthony n. Brady, who began his
business career as an Albany grocer, to
become in time the promoter and part owner
of most of the big electric and gas lighting
companies of the country, even extending
his operations to France and Japan, was
| admitted to membership in 1897 and Is still
| enrolled.
Cd. Ashley, chairman of George Gould'a
| Missouri Pacific system, and director for
years in other Gould properties, joined the
| Consolidated Exchange in 1877, and his step
was followed by A. Fl. Calef. another well
known representative of the Goulds. Peter
| +. Meyer who gained more or less celebrity
as Richard Crokers real estate partner and
| henchman, was initiated in 1885.
The Little Exchange boasts numb0r
of bank presidents. These include Charles
w. Morse of the National Bank OF North
America and the chain Of financial institu.
| tons which it controls; Valentine p Snyder
| president of the new Bank OF Commerce.
the second largest bank in the city; Dumons
| Clarke, president OF the American Elk.
change Bank John E. Borne. president OF
the Colonial Trust Company: Julian D. Fair
| child, of the Kings County Trust Company;
and Dick s. Ramsay of the Eastern Truss
| Company.
The membership includes many other
prominent men, nearly all of whom obtained