Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-02

1t is not always an exchange attentive to
business that hears the sharp rap of the
warning gavel and the call to duty. At the
same time the members have shown their
ability to do business. and they have dem
onstrated that they can get busy. The rec
ords OF the past few weeks and months
show that beyond mistake. When the trans
actions run up in the course of one week
to nearly million and a half of dollars
then it may be concluded that the scope of
the exchange Is a good deal broader than
perhaps might be inferred when ii is known
that the securities listed and dealt in are
with a few exceptions exclusively those of
local corporations.
Twenty-Five years ago when the exchange
was organized-that is. the quarter of a
century will end a year from next fall-it
was necessary for those who wished to
deal III local securities to peddle them
about from one bank to another or from
one place of business to another. untI
customer was found. The street car serV-
ice was not as good or abundant as il is
today. and the walking was not attractive,
and so local stock brokerage did not flour
ish But when the exchange formed
then those who had stocks to sell could
meet at a certain time each day and do
an amount of business that was impossible
under the old system, or rather lack of
system. The securities were also listed and
the quotations We're made which enable
those who loan money on such security to
know from day to day the state of the
market.
Inc tHdISeS liidI nave taken pace IN the
past twenty-five years are of such a char
acter to amount to almost a transfer
nation. In those days there were no trust
companies with a capitalization of from
one to three millions of dollars nor did the
banks have a capital of a million. As for
the street railways and the lighting
panies, their securities now run up into
many millions. A corresponding change
has been made in the volume of business
transacted.
So limited were the dealings on the ex-
change that when it was first organized
the seats were valued at SD, and that was
not thought at the time to be at all cheap.
Some eight or ten years later $50 was
thought to be all that seats were worth
and of course that valuation as well all
subsequent ones were and are based upon
the earning capacity of a membership. It
has not been more than two or three
years when the then high record price paid
for a seat was reached, when one brought
the large amount of $1,000.
High Price for Seat.
The last time a seat changed hands 5000
paid for it, and today there is a stand
ing offer of $1,000. This increase is in
keeping with the increase in the business
The past six months show larger vol
ume than at any other period in the his
tory of the organization. With more Sc
curities to deal in and a larger supply of
money available for loans ii is not surpris-
ing that Washington securities are claim
ing more and more the attention of those
who are looking for an investment, as well
as those who seek speculation.
The president of the exchange Mr.. W. r.
Hibbs, was elected according to the rules
of the body for one year. and he will have
completed his term next fall There is
nothing in the rules to prevent the eX-
change from choosing Mr.. Hibbs for another
term and that has frequently been done
in the past. Mr.. Hubs himself has pre-
viously filled the position for several
terms, and his choice last year was an
expression from his fellow members that
he had not only served them well In the
such a service. In this Mr.. Hibbs has real
lied the expectations of his associates. and
it may be added that a considerable part
of the credit for the phenomenal business
of the year is due 10 Mr.. Hibbs faculty
of stimulating and making trades.
The vice president is Mr.. Walter Hieston,