Show I 1 c N NI H N I N N r I N WA WI YS VS AND Ao OP MEANS N f W YORK YO R K S TO C CI f f X C tl AN G f N HEW L I Lop YORK BANKER f r S 1 N U N N N h n S N N n n n m iii I public at tt law hav havu a v verv vi 1 limited conception nf lit f th tIlt bu MM done by br broker on oh t I the III I tock Block Among t I the 1100 broken employing empl InE an antke i of floo noe torte force of oC probably about 11 LI nen there are ae probably MM IO patron Taking mi HI is H un av aY avage aver average age nc years year lIar bout about hare aarel of ot ito Iti pe pt day wan wad delIt In on the lock e ex Of ot this thin probably thane change actual buying and nd 2 by hy and tilt the th public Iran a ut ot room traders who era are mm morn ben biri Jera of ot the Ihl hoard on their own a ac count and probably ih bArel r ma maIr Ir Mated called wa h order ordel country I While the wealth of at o this the estimated at about about ut l thi th amount a x the mock and ami bOU I by In on th the exchange The flie Ih HI ui HI of oC o capital that In III I groU around name li II about aw a follows alloI Vall group roup Pann group Gould group roup raup group Morgan group group Those are re railroad r value alone 1 It Ith h 1 to note nola that some annie of or nott mott men on the Mc II er rs Morgan und anti Keene for or li Ir linot III r not flat members of or the e ex ei change On Oil the floor of oC the hoard board room c ot the new flOw exchange where trading l I 15 cor con ducted there thare will I l about roo MO t tili U s and the terminal of ot thirty illi IlIf ferent systems of cC pneumatic tube tulie ser lieI service vice Ice On the oeM cut wall of the boar i r coin om there are ne glais o 0 othe on the tilt bulletin board checkered Into 1100 o lored or one on for t each aeh mem mm Tire The lighting n ri na ria l ber or r of ot the exchange a 11 grown In c relt nt lamp In any Rny mem main members bers burs will ivill Indicate tint that he ho I wanted wonted on the ann the burning of a ml red bulb will ap 1111 pr e him of ot n a telephone call callI Innumerable other ox 1 I ly those and tind IW devices the of tIr th exchange wilt will hp be greatly facilitated The cost of ot the nt ne new exchange thi th h of ot which will be tho euln lent of only live stories atones IB III I In lii i ot of It will probably In he Inthe hethe b the moot beautiful building of ot Its Ita the till world over or The rho question lit Is often who vaya for tor this building None of ot tin the members furnish the tho capital dots tire tho exchange us tie a 11 whole and arni U to t reply rIlY to these the e queries It Is Ia to go Into Inta tho the organization or and anti main of ot the more fully tully The Tire organization named In Its II by Ins Th t New NOW York Stock I I 11 limited In It ita membership to tU 1111 1104 Th Tire business l I li r chIefly buying and ani veil ell 1111 I nc Ft ck and nn bond bonda for client und tim the members ore are expected to charge a 11 commission of or of ot one per ver cent on the tho var ml alue tie ol of their transaction The Tire demand for their services Is so great real that tire the com commission mission In an nn average business bu day dB amounts l probably to or S Z a II year Is distributed among the tire members As All 8 one must moat be he a member to have havethe the right of oC trading on the floor of at th exchange the eats are an now nosY worth rather more than Under tire the th organization of or the exchange no In Income Income Income come la Is i derived l from the sale of or stats seats ill 11 original teats seats having lour long bf l been en n sold any ony one now acquiring a J pent In III tire the exchange Is IB obliged to pur purchase chase chare the same from a II member at pre prell wi c nt I In good standing and acceptable to tot tho ho t e membership committee or to pur the sent seat of ot a 11 deceased lIe member Twelve mon mOil are arc elected annually ant n l known as os the governing committee and during their torm of ur ar absolute In their power and anil there II U ro nit appeal from Crom their decision even to the court In fact member Ie re to the for tor a member of ot the exchange ID Ia with tho the greatest t i penalty within the tire power of ot the tire governing committee to inflict Article 17 third of ot the bylaws r reada ad ui u till fol Legal Leai Interference with officers or among members member nf ot t tt fl flew New ew York Stock Exchange who or WIO O partner or partner hull haI apply for tor or on an Injunction or I legal Instrument restraining any un or committee of ot the exchange from performing lI lila his or orIts Its ite duties tinder tin the by b that act oct cease to be a n member of the association The committee also allo hair lino power to require any member of or orthe oftIe the tIe exchange to require an to produce any an books or document n nuked ked for Cor and Ami to answer any AllY question luring during an nil As Ae 8 In 11 a I recent caw Call that of Camille Camilla who Wire brought an action to compel Domel the tile II 1 and other mem memo I r of the time governing board Joan to 10 make prior f to the tire trial In III his hll against William McClure mc eec Fetal of ot tire the exchange to W damages fur tor alleged libel II I The court denied the tire order to compel Mr II AV W 1 and all other m men menera tn era r of or the tho governing board to lO make Imposition prior to the trial rial t This Thia arIde ar article Ide of ot the bylaws would M IHm m to bt lit lu by the courts court courtaIn courtIn In the past pact the governing committee or if IL the tock exchange has hal been rau can lous ioui In the exercise of t f Us Its II to members The recent nt fUR cue fURT us T casino of Camille Weldi Weidenfeld In III t h alter part of ot February I ute of or his hIli participation In III the suit against the Northern Ia Pa stock Mock conversion conver lon excited a IL Rr grat it leal of or Interest for or veral reasons he the chief of which appeared d to be that Hut he ir offense bore no connection to the th relations to the stock x binge bange and the th charges by the are consider rounds round for a I civil action by br the SUM euM fended ended member the stock cx ex hange which wInch when tried tiled tome ome sensa tonal ional testimony may mT IM ire looked for tor forIn forIn In ln In a ii broad gense the tIre exchange xu cue II ends a member only for tor arll mitt tid expel only on for fraud tI It lea of ot conduct such curia as U undesirable no nc Ions Ion on the floor or rp re 11 on any ny member call all for Cor lUll cue u and anti where members are a ron con by b the tire governing of nt reports that tend to 10 late ate the value of or t b he cor would be bt eked Aked to exercise e U lie authority There in Ic said to have been only nine lIme from the exchange during th lie hr pant pact lilt tS IS years six of ot them ng during the last Jut down dORn years yeara 1114 ltd ird being on the tire ground of alleged I raud or far tor viola violation Ilona of tho t th hI rules rule of ordain cornea comet under the II of oC trawl fraud but In general the powers powe of ot the took ItO k ex cx I hants are an decidedly for the public i hold that I Ithe fOOd aed The In general the bt ke stock exchange I III Ia by hy tire tIll i ime tm me ime rule iriles rul as a the expulsion of or If I Ia a member an ma II of a social club I It Another feature of the exchange U Ia Uh I t h 1 plan lau o tt f Injuring one livos Im ember pay y MO ID 10 for or an in Initiation and arrit U II 10 on a 11 member death and nd the In Is Ia l applicable to nil all member of ot age It Any n from torn late liese policies Into an Investment und fund which hl h Is III to remain undistributed It amounts to 1000 Mn when the win m be to the th d auth th There The to be quite quit a general n that tIre the in Ia sup BUP liy h du t and the tee fee of ot 1100 ThIs Is II a 0 pop t ular Not only do 10 1 lit 11 y th t Ii t ix of ot 1 C t h Iii irga tI t lii but tIny they Ih pay lily the calorie of o and ant in I t teo men as tie W I I I The muon mOlley come coma from torn three different source first Brat before any airy stock or nr bond baird may Lp I dealt In III on un tire the Hoar of ot the iho the IIII It mu must t nail mal male written wrIt ten iii i i 1 I i t ma to tire the I I Ion on listed II If I r the tho Ih lion In III I to tn to an Invest gallon till Ite In II t In Inand and nd It ft be he found to tn have been heen tn I solvent f for r at 01 leant lemist one yea i I and If Ir its ire II are ure Ill II i ibe tf Ibe be of ot sufficient import mice In III In till the del world orld to 10 add to tn ml the th of or tl tt th exchange thy they tire are am listed und and may niu t 1 be dealt In III on oIl th the floor lr of the th exi hang It If a corporation declined to 10 make th Ui the Its nocks ai am placed pille tin the trade list hat n nm fil The TIre amount by y n a cot cor I or for the privilege of if ei to 10 have Its It securIties dealt Ion i ion in inon on th tili Is III an annual fee nf i ro 60 fo Cr every million dollars of the pur vain of the securities admitted to 10 the tho trad Irn privilege In Tim round figures tire tin curl ties tlell called on the floor door of ot the tire ex ax exchange e change aggregate at ae follows stocks stocka rail call boad bonds Imondi III hUll stocks I IlU nUll ous bUild bonds ir or a total n 0 of flue ous lU This would yield 1111 year to the exchange per par The FIre telegraph t companies II 11 have tin privilege of or reporting or on orthe orthe the board to member membeca and contributors mind and there Is II scarcely j u H Helt where some buckel huekel city elt of or Importance shop or brokerage house horree hOIl does doell not pa pity liberally for or these tileR reports and It Is It fair to assume that the tho exchange de derives do rives a large Income from room tIde this source The company owning the tire ticker fran franchises In l Use tree by broker keepers of public T resorts r orts charge from rein 10 to 38 35 per Pec month for or each Instrument ment and divide u ml considerable con portion of ot f the tire proceeds with lIh the time These fliece fhe sources of ot Income Hated Lies tle telegraph anti and ticker franchise estimated at yield a n revenue per year Il r The Time president pre of ot the tIre exchange e Is Ia paid per year as mae Is alan alio the secre seere secretary tar tary ary anti and members of or tire the th different committees are pall paid a n few tew hundred dol dollars In lars are ir per year The rhe corporation received re Its ita charter it U Albany In 1803 as all The New York Stock Exchange I ind was created for the sole aole Bul purpose Jf or supplying a n medium In It which might ht lie be Jo vented vested the title of or JIll All real property by iJ the tire exchange curl and Is III the ex mx IC hanges legal elf self having a Handing in lu law It has hns an air authorized c of with shares of or orthe he the par f MO 00 each Only SO SOWO WO 00 of or the time stock lies ban been n lamed the being lurid held In time the treasury t ta a year lear situ ago were stated tp by b the pre to be he hut but with th the accumulation of If additional l property ml the construction of ot the new build buildup In up rig probably would be La n ii low lo of ot Its Ite assets IIII Noth r puzzles the tire vera e ut elder bier more constantly than i ie e lan Ion of at names of ot buyers or sellers of or tock lock on on the exchange yet use tree of or robere names Is l very r much more than mere guess work vork for as 11 a n rule largo large or speculators employ car certain tain cm brokers to execute their orders so o U that It II comes cornell there tare are broke on he the took stock exchange who ho generally ome come to he lie regarded r rde 1 as ns brokers for ertain large 10 rge Interests Tire The broker will engage other brokers to tolo lo 0 the work on the bourn board ond nn en eavor by b thus thira distributing business to the time source from rolla which lrIch the emanated These secondary broker of ot course cour knew lints l who engages their heir services anti and they draw their own 1111 es anti Impart them them to their lenda and before long the whole Wall al nit street district ha haz the story stor that uch ich and such Buch Interests are lire buying or ailing particular stocks lOvon with without out ut this hula form of brokers Ire are bilged to employ clerks who wino have ha 1 very ery friends arid In thin thie manner Information foci foel through the whole treat treet It frequently happen that op operators who want to attract the public and nd ad distribute stock at high prices find ml nil It Impossible lIble to tf utilize these threce condl condi conditions lons one They rhey will employ brokers broker really reull with leading operations operation and andave andave Ilae ave judiciously circulated 1 items pub chad hed by b the tire newt news agencies and num nuin crimea financial publication In the Wall Vail Street treet district Still there are n H Ii class etau of ot speculator who on principle take th the opposite Ide from rein any an tips tint distributed on the tract street and for tor a matter of ot fat fact such uch ol generally come out ahead In Inthe Inre the he re game a cc they take it for tor granted that rat tips tipa arm are distributed In order to h certain pUrl PI The loan lORn crow crowel l i on th tire the tock ox hange chane mange may be said to be a power by t elf edt When locka err art cold on the the tire under the rule ules of ot the Institution must lit lie de tle tire tIll following day dav Ia to the buyer lr f r tock should hould I be Ml mob l on the tire New Nework Nework e York ork Block toek exchange from an order at atA A distance In on of or If the th Continental on tI I for Instance they ther mime must be bl borrow Id temporarily they th ar ac arive arrIe ive rIe iv from the Ir io order to com em emly III ly with the stock rules rule that thy hey ICY lIP hi delivered to lo the buyer burer the day das fter after th the suit rune Som are more ftc In former par than at the him resent ul II l mil cilli r i 1 teller seller 10 eller iier 30 or ur even 11 no I II Ith rn meana ans that he am stock could h 1 t at any RIl mum before these the th limits o rr 11 reach lIchI I hi of ot router course n lirly n i i 1 neg ful tul r liItt I tilling Then It frequently that hat t speculating I II hi t ti mm it g r ht r in itt on the market IB is to 10 tt nay CItY 1111 el for Cor future fu t mm re delivery loll doll V ery I ii a they I In do to not trot notown noton own on lilt hut but t to purchase wh hen n they are ore obliged to make delivery at nt tiTles prices lower than what hlll they Ih tire sell nell fur for forThe Till The broker who wants to 10 borrow stock temporarily limo itro the thO HI loan crowd anti and hid bid bida u II ly i tI It of ur inter interest est on Investments by the Rolling title price Arbitrage houe houssa who sell II ly on or balances under tinder orders oT from foreign holders of seem etlen very er frequently from Europe to till country In iii final filial pf Pr tire the und of f murse a l of ot 10 0 days daya d 1 or root mon must be bl allowed for t r the stocks to reach New Nt York hut hilt butan I an as 81 tire the ha hal already dread 1 ln sold cold here It Is lx necessary t IT b borrow the tho err eel Ii temporarily until mirth the foreign arrive A fin tur of or the x h I Is IA tire the tI loan Inan crowd which W V loan money mone with Ith as 1111 I emetIc security ity A member In lItber of the tire board d Howard 1 P In is the most moat prominent mom lumen t figure In Inn tins this branch of ot the tire business and for a n great many years eArs linn iree born been an nn ardent for many 1080 banks rind financial Institutions who of nt course In lit thu tIme way of business loan loam money With stocks torl AM aN collateral e l security 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