Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-04-18
-.----------.-----Of mr.

n men. there are probably 6O'V'
patrons Taking 1901 as an aver
age year about 100000 shares OF s'oc'
per day was dealt in on the stock eN
change. OF this probably 100000 share.
rcpreseted actual buying ana atiIi'l.
Inv pools and the public; 30oOOV lIaIls'
aruons of room traders who are mem
mere of tae board. ON their own a''
count and probably 100000 shares man
irulated. sometimes called WASH oiuei y
while the wealth Of the country D.
e.tImated at about {SlO0OOOOOO0' nI
ma amount about $4,000 OOJuVO l'
,tpresented By the stocks ana h0hu'
dealt in on the exchange Inc az
rrepatlon of capital that rs siou ,
around single names is scheduled
about as follows
Vanderbnts group, " ~ H., .0 l, ', o,,
Pennsylvania group -, go. l5ibVVV'UvV
Gould group, " ''" aolgo'nnooo' o.o
Morgan-Hill group. " 95,'V WV, CC3o
Morgan group. d" 90 e. " i'V!.llDuo5D, C,..
Hartman group, q" LVio'V''''''
These are railroad values alone 1t
Is curious TO note that some of th'
most prominent men on the street
Mcssrs. Morgan and Koene for IN
stance-are not members Of the eX-
change.
on the floor Of the board room OF
the new exchange where trading is con-
Quoted. there will be about 300 tele-
Ihones and the terminals OF thirty dil-
ferent systems of pneumatic tube SER
vice. on the east wall of the b0aro
room there are glass enunciators on
the bulletin board. cheCkered INTO llVO
colored squares. or one for each menu
her of the exchange The lighting %
a green incandescent lamp In any mem
bers square win indicate that he If
wanted on the Broad street entrance
ard the burning OF a red bulb VIII ap-
prise him Of q telephone call.
by these and innumerable other ex-
pensiye devices, the business Of the
exchange viii be greatly facilitated.
The cost Of the new exchange the
helghth Of which will be the equlva-
lent OF only five stories. is In excess
OF $1,000 900. and It VIII probably be
the most beautiful building OF It's Kind
the world over
The question Is often asked who
paws for this building? None Of the
members furnish the capital, neither
does the exchange. as whole, ana 10
rcply TO these Qderies it IL necessary
10 90 into the organization and main
tcnance Of the exchage more fully
The organization, named I'm its by.
laws "The New York Stock Exchange
f. limited in It's membership 10 LOO
The business IS chiefly buying and sell
Ing stocks and bonds for outside
clients, and the members are expected
10 charge q commission OF one-eighth
OF one per cent on the par value Of
their transaction. The demand for
their services is so great that the COM
mission In an average business day
amounts probably to 100000 or 3d.
100000 a year is distributed among the
members
AZ one must be q member TO have
the right Of trading on the floor of the
exchange, the seats are now worth
rather more than $4,000. Under the
organization OF the exchange no in
come Is derived from the sale OF seats,
Oh original seats having long since
been sold, and any one now acquiring
seat in the exchange Is obliged TO pur
chase the same from a member al pres
eat I'm good standing and acceptable TO
the membership committee, or 70 pur-
chase the seat OF a deceased member
Twelve men are elected annually ana
known as the governing committee,
and during their term Of Office, are
absolute in their power, and there Is
10 appeal from their decision, even 10
the courts In fact, any member re-
sorting to the courts for redress
against a member Of the exchange Is
punished with the greatest penalty
within the power Of the governing
committee to inhlct. Article II, third
section OF the bylaws, reads as fol
lows:
Legal Interference with officers or
committees among members Of u
New York Stock Exchange who or
whose partner or partners han apply
for an injunction on legal instrument
restraining any officer or committee OF
the exchange from performing his OF
its duties under the constitution, shall
Nv that act cease to be a member OF
tie association The committee also
has power to require any member OF
the exchange TO require an employe
90 produce any books or documents
asked for and 10 answer any questions
during an Investigation
As IN a recent case, that OF Camille
u
compel the secretary and other mem
bers OF the governing board to make
dcpositlons prior to the trial In his
action against William Mcclure, Sec
rotary OF the exchange to recover 5000.
600 damages FOR alleged libel. The
court denied the order 20 compel Mr..
William w. Heaton and other mem
hers of the governing board 10 make
dcpOsitlous prior TO the trial. This ar
ticlc Of the bylaws would seem TO be-
sustained by the courts.
H. the past the governing committee
OF the stock exchange has been cau-
tious IN the exercise ot It's powers TO
discipline members The recent sus-
rcusi0n of Camille Weldenteld, In the
latter part Of February, because OF MS
supposed participation IN the so-caliru
Power suit against the Northern pa
cinc stock conversion excited great
deal OF interest for several reasons,
the chief OF which appeared to be That
the offense bore no connection 10 the
offenders relations 20 the stock exc
change. and the charges made by The
committee are considered sufficient
grounds for a civil action by the sus-
rended member against the stock cX-
change. which. when tried some sensa-
uonai testimony may be looked for.
In a broad sense the exchange sus-
ponds a member only FOR irregularities
and expels only for fraud. lmproprIe-
ties Of conduct. such as undesirable ac-
lions on the floor or statements re-
necting on any member call for sus-
pension. and where members are con-
yicted bv the governing committee of
spreading reports that tend to depr.
ciate the value Of particular stock
the governing committee would DE
asked 10 exercise rs authority
There S. said to have been only nine
explosions from the exchange during
the past % years. six OF them
being during the last dozen years
and being on the grounds Of alleged
fraud or for violations OF the rules.
Bucketing OF orders comes under the
category Of fraud, but IN general the
disciplinary powers of The stock ok
change are decidedly for the public
good. The courts IN genera hold that
the stock exchange IS governed hy the