New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-13
VETERANS OF THE
STOCK EXCHANGE
Eight Brokers Still Active
Who Were Members
Before May, 1869.

On the face Of it there is no very di-
rect connection between a directory and
q novel: still less between a stock ex-
change directory and best seller" Yet
If the average novelist. on the alert for
fresh material. were to spend half an
hour looking through any one of the
serni-annual directories of the New York
Stock Exchange he would not have 10
think twice about where his book was
10 come from. And if he had somebody
to look over his shoulder, like Robert L.
Niles. who Joined the exchange some
thirty years ago, and tell him what the
names and the dates meant, the book
would write itself.
Mr.. Niles has often been tempted to
nut his material into a book Of reminis-
cences, but time is not one OF a stock
brokers' most Astounding possessions, and
so far he has done no more than record
a few Of the more interesting facts rela-
tive TO the length of time that various
members have been in the harness. These
we're privately printed in pamphlet In
1911 for distribution among his friends
The facts that follow are from a revision
10 date of that pamphlet.
Prior to May 8, 1869. the New YORK
Stock Exchange was an association with
a membership Of 533. OF those original
members there are now remaining twelve,
Of whom eight are still active and four
have retired, though they retain their
seats
The list is headed by j. II. White
house who became a member on NoVem-
Der %. 1857. and who is still active on
the floor. There are only two others le1t
who have been members for more than
fifty years. and neither Of these is active
as a stock broker. A NJ. Cahoone, who
Joined the Stock Exchange on May 10.
1852, has retired and y. C. Benedict, who
Joined on June 6, 1868. prefers to cruise
In Southern oceans and through the woe
reaches OF the Amazon. Fourth on the
list Of veterans is Henry Clews, want
ng only three months to make up hity
years OF service Mr.. Clews Is so far
from being superannuated that when he
Isn't busy In his office compiling an oral
Poor Richards Almanack" of finance ne
is delivering speeches on pubic ques'iohs
all over the country or writing announcer
volume Of "reminiscences. Of the otnei
original rnembers'-that is, those ao-
mitted prior 10 May g. ls69-the Following
are still active in the brokerage business
though not all on the floor: joseph
Walker W. T. Colbron, II. 5. Germohu'
Charles Gregory, a. IL. Combs and f. IL
sturels. II is only a month or so since
Mr.. sturgis resigned as a governor Vi
the exchange, after thirty-eight years VI
service.
On May g. 1859, a separate body of
brokers, known as the Government
Bond Department" was admitted TO
membership upon payment of an initia-
ton fee OF $1,000 each. There were 17S in
that body. but only four still hold their
seats Three OF them are stu active
brokers-Wfliam Rasmus, James selig-
man and W. b. Wadsworth.
In the interim between May ana May
s, 1859. when another change occurred
several additional members were elected
but 2. Nathan is their only survivor.
On Nav 8 the consolidation was erected
with the organization known as the open
Board Of Brokers" facetiously called 'he
"Coal-Holers" from the fact OF their
holding meetings for time In oase-
ment in william ST. There were So4 Oh
the "Coal-Holers." of whom twelve stu
have their seats. The ten active ones OF
these twelve are: l.. d. Alexander, j. M
Anory, John V. Bowler, NJ. Burr IT. L.
g. Fisher, Albert ]. Hatch. A. Josephson'
J. H. Mastin, g. NJ Schafer and w. M.
Wiley
The two admissions zen bloc" referred
10 brought the membership OF the ex-
change up 20 f,OsO. There II stood until
December. 1879 To raise funds for new
building then forty memberships were
oaercd for competitive bidding, the pro-
posals being sealed. Business was active
Uen' but the average membership
brought about tli,OOo. against price now
when business IS complained Of on every
SIDE. OF about 10000. IT is a curious fact
mat tho highest and the lowest bidders
coward Pepper. who paid $4,000. and
Sarnes Barnes, who paid sis.45o-are the
'hiy ones Of the forty surviving and
active to-day.
A'tsr Bs there was no swelling the
n'noership by Wholesale. but new candi-
~~s were elected as they are now. only
:" MI vacancies in the total OF 100.
mere are now ninety-six memberships
"''1 IN tho names OF those who bought
.en before January 1. $3.50. Eighty-three
"ess represent active brokers or
e e'gh'y-thres but one has been
"sm's' over nifty years. but forty -four
~ bought and sold stocks for more
- ,'iV years, and thirty-eight for
acre than thirty years.