Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-02-27

Some tNcnty-four independent brokers
met informally May u, 1l32. under a
cottonwood tree standing opposite what is
new - Wall street and signed an agree
ment TO charge uniform rates Of commits
sion This document is still in existence
and marks the founding of the New York
stock Exchange. Meetings were there
after held internationally as occasion de-
manded at the old Tontine Coffee House.
corner Wall and Water streets. But II
was not until lS1I that formal and
permanent organization was effected on
substantially present lines. The first
regular boardroom was the Merchants
Exchange In lsI. the organization re-
moved to the corner Of Beaver and Wall
streets and finally in 1S65 took posses
sion of the present site, ON Broad street
where the building underwent successive
additions and alterations until the pres
en-; magnificent structure was erected.
In the course Of an average days trad
iYg in an active ma rket on the New York
Stock Exchange I1o,ttn shares OF stocks
may change hands. These at their par
value of SlD per share represent d total
value Of S.pnu.,En But single mo
mentous days. as in the financial furry
IF 1891 or during the Northern Pacilc
squeeze on Black Monday iii 1893. the
total transactions have mounted as high
as 2,O1,UrD shares.
Strange TO SAY. the New York Stock
Exchange is not Incorporated, being a
strictly voluntary
Stock Exchange Is association gov
Not Incorporated. lar constitution
.,l =, diracfa cd hS a praSi-
dent. vice president. treasurer. setre-
tary and by board of governors consist
ing of forty men. The membership is
now 1,1Go Seats memberships. pass
by sale or transfer. and may be be
aueathed in case of death The price OF
seats fuctuates seemingly in distinct IA
ito with the total yearly transactions ..
the exchange itself The highest price
was touched in 1909, when $4,000 was
paid but seats We're sold as low
$4,000 i'm 1901 and $4,000 i'll 100. IN
1S23 the initiation fee was Slo 1t is now
$3.50. a purchaser of seat must p9
approved by committee on admissions.
and a most rigid standard of business
probity is demanded III case member
fails or defaults or is sold cut his seat
may be sold for the benefit OF his cred
itors. The annual dues are only $50. with
a death assessment CT $40 on every sur
WING member. tnlS latter sum gong "
form a fund from which Slo.0D life in
surance is paid TO heirs OF deceased men,
bers.
Visitors with passes are admitted to the
gallery. and from this vantage point may
look down on yelling. disheveled aud APP
parently crazy mass OF traders. The up
roar is appalling. the confusion seemingly
inextrica bic. Yet there is order in all
this chaos. Vt one end of the chairmans
rostrun. from which he calls the eX
change 10 order and announces the open
ing of business at L. m. each working
DAY and declares the sessions closed a.
: pm. From this roStrum notices are
read concerning admissions, deaths, fail
ures or other formal communications
Up To fs1J the whole list OF StocF,s was
regularly called" from this rostrum
several times daily. thus giving opportuIi-
ties for quotations and bids. But the syS-
TEN proved too cuni5rous and vas ulti-
matcly abandoned
x.
Around the main floor runs a stout
steel railing. with openings at intervals.