New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-31
FINANCE < INVESTMENT
Chance Of Name.
)TWENTY-FlRST ARTICLE
BY Narc ~. Reynolds.

The various stages through which u'"
Sow Yorl. Stock Exchange passed aft'r
it's organization AS the New York STOCK
and Exchaue, Board. nap 20 January %
~i3. when the present name of the New
York stock Exchange was adopted while
full OF interest. contain too many chap
tcrs 10 boz given even brief reference. oN-
ccpt as to the organization and its USE
fuluess. I'm the COS. before the introduce
ton OF a ticker to announce quotations N
brokerage Offices or the use Of an Allan
tic cable which allowed communication
between New York and cities OF the Old
World n can be- easily imagined that
much more tedious and unsatisfactory
process Of communication was In use.
Tho Stock Exchange itself was crude
organization compared with what IL Is
TODAY. only ono committee then being
officially known, and that was the COM
mittce on securities. which passed on
stocks and bonds. II Was not until 1851
that the present practice Of delivering by
certificate was adopted. Every sale of
shares was consummatcd by a transfer
on the books or the company represented.
ing their way into transfer Offices very
late in the day to arrange these details.
Scat Sold for $3.50.
In 1861 n scat on the New York Stock
Exchange was sold for $40, and when
compared with price Of $4,000 or n low
price of around $1,000 such a sum IS IN
significant In 1861 the initiation fee was
made s3Ooo. except to clerks who had
been with members for at least three
years. their fee being $500.
The New York Stock Exchange is not a
corporation. is not joint stock associa-
ton and not partnership. II has some
of the elements of each of these classih-
cations. but more nearly resembles
Joint stock company than any other body.
As an exchange II can sue or be sued
i'm the name of its president or treasurer
Its succession is continuous. the same as
a club. SO long as It's members choose
10 support it's organization. Each menu
Der has seat or standing place ON the
floor of the exchange around the post
marking the divisions Of the various
groups of securities.
Defining the Exchange.
The New York Stock Exchange exists
under written constitution and by
laws which regulate the government Of
it's officers and members. Az lection 10
the exchange signifies that lc member
assents to all tho rules and will abide
by them. \ board of governors. consist
ing of the president of the exchange and
the treasurer and forty members, con-
siitute the officers. The governing COM
mittee determines the manner and form
by which proceedings shall be conducted.
appoints and dissovcs all standing or
other committees. and defines. alters and
regulates their jurisdiction. The g0vcra-
Ing committee also mas supervisory juris-
dction over any and all subjects and
matters referred to other committees. and
may direct and control their actions and
proceedings at any time Further. the
governing committee has entire control
over the financing Of the exchange. fixes
the amount of fees and compensatons TO
pe paid to members of committees, 10
officers of the exchange and to appontces
OF the governing committee. 1t has the
power to require "A bond OF all officers