The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-12
Special to The journal.

Special to The Journal .-...
New York, Nov. 12.-In view of the recent
sales Of Stock Exchange seats at $4,000 apiece,
it is interesting to recall that there are
number of members Of the exchange who pur-
chased their seats for less than 81 900. Henry
Clews entered Wall street shortly after the
panic of 1857. His seat on the New YORK
Stock Exchange, including the Initial ton fee and
other expenses cost him only $500. Some of
the Oldest members of the exchange PAID less
than $500 for their seats. There are l'loo mem mem,
bers of the Stock Exchange. Some OF them
believe that their seats will soon be worth
100000. ~. ooo
shares a day, or total of almost 10,O0o,00O
shares for the week. TO determine accurately
how much the members of the exchange made IN
commissions this volume OF business Is
practically impossible. 1t is possible, however,
to make fairly accurate estimate. with the
sales averaging about 1,5OO,0O shares day, 1t IS
estimated that roughly about 100000 shares
day paid the full commission. Ont OF the re-
manning 1000 shares a day, about ooO'ooo rep.
resented the transactions of room traders MOST
of these orders We're executed by room traders
themselves, and paid no commissions. The re-
naming 900, 600 shares are estimated TO nave
heen two-dollar business. The commissions
on the GOO, 900 shares which paid the full conf
missions amounted to about $3.50, 600 day. Inc
commissions the 800, 600 shares OF two ao4iar
business amounted to about $24,ooo, making u
total of S174,OOO. This makes a total for the
week of more than 81 900, 900. AS noted above.
there are LOO members OF the exchange OF
whom about 100 are inactive, leaving about 1000
members between whom the commissions were
divided, or about 81 900 apiece for the week.
Leaders on Hand.
More prominent fnanciers are in the city than
for some time. John D. Rockefeller Is IN the
city for the first time since early last spring ring
| william Rockefeller is here for the -hrst time
| in about month. E. II. Hartman, D. 4. MOI
| gan, James Stillman, H. H. Rogers. Jacob Sch1n
James Speyer and George F. Baker also are ar
| hod
west and the Moores have returned from theii
! summer homes.
! Still higher prices are predicted. The report
! circulated that Rock Island interests are DuJ
| ing Erie for the purpose of control Is not gener
ally credited, but it is positively asserted ina
there has been heavy buying by the present m
| side interests of the company 1t IS claimed
| that if nothing unforeseen happens to adversel.
affect the present market Erie common vii
| sell at 90 higher within a few months. Ih'
! campaigns in Erie and Southern Railway arr
enormous ones. There Is not doubt that pool O.
at least 200 900 shares exists inSouthern halfway
the identity of the leaders of which IS easier Il
discover than of the Erie leaders. 1t Is claime'
that Ontario & Western will sell up to go II
the present movement. Canadian PACING rlgnts
it is claimed, will sell up to II, or about double
the present price,
The waldorf crowd still expects strong an
higher markets. There is great deal OF en-
| thusiasm over Union Pacific, and the opinion l
| expressed that the stock may sell as high as IL
within a comparatively short time. A western
railroad official. who has been over the Unlo
Paciic's property within the last two years
SAYS that the earning capacity is much large
| than is realized in the east.
Gold Exports. 49,
The export of gold to Europe at this seaso
Of the wear is an unusual occurrence, and tn
} present movement is indirect result or tn
war in the far east, which has been the chic
cause for the higher rates for money In Europ
than at New York, which have been unforml
maintained since the early summer. Both Par1
and Berlin have Of late been making extra e1
! forts to increase their money supplies. larg
: part of the fund raised by the Russian, loa
was allowed to remain at Paris and Berlin fc
some time. The recent hardening of none
rates at those centers is understood to have bee
due to a large extent to the withdrawal of thes
| funds by Russia, making it incumbent upon tn
Paris and Berlin bankers to replenish their SUI
| plies from other sources. London In order
| protect itself, has been advancing the price {
gold and consequently the demand has been q
verted to New York. s. 3. Schron.