New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-07
FINANCE 4 INVESTMENT
TWENTY-SECOND ARTICLE
BY Iarc Nj. Reynolds.

The New York Stock Exchange n lu
session every weekday la tho yea except
OF legal holidays and some special hOli-
DAYS, which are arranged for during the
year by members presenting petition to
the board OF governors. which decides the
question by vote. The hours for tradlug
are between 10 n. IN. and 3 p. m. except
on Saturdays. when the session IS CON
fined go two hours. between 10 a. IN. and
~ noon. The officers or tine Stock EN-
change consist Ot president yice-presi-
dent. treasurer and secretary. ON the
second Monday OF each MAY the annual
election is held 10 decide Oh "A president.
a treasurer and secretary. each for a
term Of one year. The ylce-president is
elected by the governing committee at itS
first meeting after the annual election.
In the absence or the president the vice
president assumes all the functions and
powers and discharges all the duties Of
the president.
Transferring Memberships.
A membership ia the New York Stock
Exchange may he sold and transferred
10 any person who shall be acceptable tO
the committee on admissions, and whose
name has been posted for at least ten
days prior TO transfer The New YORK.
stock Exchange has strict rules regard
ing the business methods ana credits OF
its members and violations Of those rules
subject the offending member 90 suspcn-
sion or expulsion from the Exchange
The Gratuity Fund.
one Of the features OF the New York
Stock Exchange is It's grstuity fund.
which embraces benefits Of an insurance
nature providing for the families Of de
ceased members. Before member shall
be admitted to the privileges OF the f.
change he IS Obliged 10 pay 10 the trus-
tees Of the gratuity fund the sum OF $40.
When a member OF the Exchange dies
every other member j. assessed the sum
Of $40. which goes toward q gratuity fund
Of 5000 which is paid To the deceased
members family. This sum Is paid To
the widow if there are no children. but
IL there be children the sum Is equally
divided between the widow, who receives
half. and the children who collective
~ are paid the other hall. In the distri-
button. provided there is no widow and
to the legal rights Of heirs in New York
State prevails.
The trustees OF the gratuity fund CON
sist OF the president and treasurer Of the
Exchange. with five other trustees chosen
for the term Of five years.
Listing Requirements.
The New York Stock Exchange requires
detailed financial statements from all cor
porations making application for listing
their shares TO be traded in All applica-
tons for placing securities on the list Of
the Exchange are referred 10 a commit
tee on stock list" consisting OF five
members who consider each application
and make report and recommendation
thereon TO the governing committee. Civ
ing full information concerning organiZa-
ton, capitalization. resources and indebt-
edness. The Stock Exchange reserves the
right TO retire any security listed when
ever the outstanding amount of ;he issue
shall have become so reduced as 10 make
further dealings inadvsablc. or for other
developments which may affect the credit
Of the corporation.
Go he continued April 40