.THE NEW YORK STOCK EXCHANGE FRANCIS "L"E AMES BOUGHT WITH THE INCOME FROM THE SAGE ENDOWMENT FUND THE GIFT OF 3*0nrj3 m. Sage r89i h.^io'j dJM- L jii i/fa(> DATE DUE hni^U HG4572 .£"12" ""'"^'^'^y Library ^P'lnssuTrt'p^^^--^ -'-A.) „„, 319240T2061 191 Overs !,!«,«»Y ^-iggqEt MAY 2 4 1959 fli JWJ-^ISSgXT' ■^ QK -2 2 MX luiiulred co|)iL's ijf this l)o()k have been pulilished, all |)rinted from the type THE NEW YORK STOCK EXCHANGE COPYRIGHT 1X94. FRANCIS h. EAMES 'r^irs n-. ^^'^--;<^ ^'" . ,. ^^^^^.^^Sjj^^ /^ THE NEW YORK STOCK EXCHANGE Francis L. Eames New York Thomas G. Hall > t3 C2L G ; \ T CONTENTS. I. — IT'.'i^-lSl", r>utton\voi»(l Tre(> ;uul Tontine Coffee House Period, page 13 II. — 1817-1S-27, New "l^irk Stoclc and Exchange Board, IS in.— ls:i7-is:;(',, :\[,>vc]iants Exchange. First Building, 27 IV.— 1S3(;-184l\ Jaunc(n- Building, 31 v.— lS-tL'-lsr,4, :\[ercliants Exchange. Second Building, 34- N'l.- l>;:.4-isr.(;. Corn Excliange Bank Budding, 30 \'II. — lS5(!-lS(il, LonPs Court before the War, 37 VIU. — lsC,l-18C.5, Lord's Court during the War, 41 IX.— iscri^-lSCy. liroad Street liefore Consolidation, 50 X.— lsnO-lS79, Broad Street, 57 XI.— Is70-ls!i4, Broad Street, 62 XII. — ( )tficei's of the Xe\\' York Stock Exchange from 1S17 to 1S;>4, 72 XIII. — Government of the Exchange and (-roverning Com- mittees of ls(;9, ISSO and 18H4, 74 -Cost of ^lembei'shi]!, 85 -(xratuity Fuiul, 86 -Xew Vork- Stock Exchange Building Company, 88 -Tse of the Telegraph, 90 XA'III. — ( 'learing House of the New York Stock Exchange, 92 XIX. — Sales at the Exchange, 95 XX. — Failures on the Exchange, 96 ^i^XXT:— Gifts of the Excha.nge, 97 XXII.— Government Bond Department, f867-18(;9, 99 XXIII.— Open B(^ard of Stock Brokers, 101 XXIY.— New York Gold Exchange, 109 XXA^. — Evening Exchanges, 121 XXVI. —Members of the New York Stock Exchange, 1894, 123 ILl.rSTRATIONS. Xew York Stock Exfli:iiii;'e, Broad Street Front — 1894, Frontisi)iece. [Thi' Khun' fnnii ILiyiicr's Mnijaziiie hij jicrmissioii.) Fac-simiU' of Ai;reoinent — IT!'-, tagk 14 ToiitiiK' Coti'ee House — 1T0(>, 16 Fae-simile of the Secretary's record for Xoveinber 25, ISIS, IS ^Merchants Exchange. First nuikUng — 1S27, 28 ^lerchants Exchange. Second riuilding — 1842, 34 Hoard Room, Aferchants Exchange — 18.31, 35 Cnrn Exehaiigi> Rank JUiikling — lSri4, 36 Xew "I'oi'k Stock Exchange. Lord's Court — 1802, 42 Xew York Stock Exchange. Eroad Street Front — ISCO, 60 Xew York Stock Exchange. Interior View — 1S'..»4, 66 Francis L. Eauie., Fresideut, 68 R. II. Thomas. Vice-President, 70 George ^V. Ely. Secretary, 74 D. C. Hays, Treasurer, 76 James Mitchell, rhairman, 78 A\"illiam Mc( dure, \'ice-(Tiairman, 80 William Alexander Smith, Chairman of Trustees of Gratuity Fund, 86 PREFATORY NOTE. It is a curious fact that n(_i member of tlie New Yorlc Stock Ex- change has ever placed in permanent form an}' record of tiie history of the organization. The sul)ject has been repeated!)' suggested tf) mem- bers who were \\'ell cpialitied for tlie Avork, but always witliout result. Eacli successive year removes some source of information. Tlie writer has untlertaken the worlc witli I'eluctance, being well aware tliat his only (pialihcation is a live intei'cst in the subject. The matter lierein contained will possess little interest for the public. It is written solely for those members of the Exchange who have an intei'est in the history of their organization, and a pride in its growth and development. This work is not a record of personal I'eminis- cences nor a history of speculation ; it is intended to be simply an accurate record of the movements and development of the cjrganiza- tion, as gleaned from the official records and from contem])orary accounts. One can but regret that no description of the Stock Exchange, in its earliest days, was ever published by one of the original memljers. In the distant future it would equally be a matter for regret should there exist no accurate description of the Stock Exchange of to-day. The existing scenes ami conditicjus, which now set'ni commonplace, will, in a few years, become historically interesting, and this endeavor to record them, however defective, will not be found deHcient in accuracy. Francis L. Eamhs. The New York Stock Exchange. CIIAPTEU I. 17'.ii>-lsl7. BUTTOXWOOI) TKI-;]? AXD TON'J'I N' lO CoFKKH HOUSI'; PERIOD. The First ( 'ongress of the United States met in I7S9 and IT'.H), at Xew Yorlc, in Federal Hail, on Wall Street. At this Congress the Federal Government assumed the dehts incurred hy the Continental Congress, and also the war tlelits of the separate colonies or states. The issue of bonds (then calletl stock), for this ])urp(,)se to the extent of al_)out s80,000,000, naturally led to luany orders being sent to New York for the purchase and sale of the new securities. Tliese orders at first came to the merchants and to the auctioneers, but, as the transac- tions increased in importance, some men began to give es|)ecial atten- tion to this business, and these were prof)al:>ly the lii'st stoclv brolvcrs in New York. The earliest mention of any attempt at organized dealings in stocks in this city is found in the " Diary, or Loudon's Register," a news- jjaper puljlished in Xew York, winch contained early in March, 1792, tlie following advertisement : ■• Tlie Stock P^xchange Office is o[)ened at Xo. 22 Wall Street for the accommodation of the dealers in Stock, and in wliich Public Sales will be held daily at ncjon as usual in rotation by A. L. Bleecker & Sons, .1. Pintard, McEvers & Barclay, Cortlandt tV' Ferrers, and Jay it Sutton."' The foregoing advertisement would indicate tiiat the auctioneers had endeavored to establish a i)ublic stock market by holding daily sales under a joint arrangement. This action seems to have antago- nized the stock Ijrokers, for on March 23, 1792, the following notice appeared in the " Diary " : U THE XEW )'(JHK STOCK EXCIIAXilE. •' A iii(M>tiiio- was li('l(l at Coi're's Hotel on "\V(xlnesdiiy last, ilarcli j!lst, <>[ the niereliaiits and dealers in stook's, when they caine to the rosohiti(.)n that on and after the iilst of A])i'il next they will not attend any sale of stocks at Public Auction, and also appointed a coniuiittee to provide a pro])er room for them to assemble in, and to report such I'c^ii'ulations relati\'e to the mode of transacting- th(,'ir business, as in their opinion may be jn'oper. " The agreement of ITH:^, which is the earliest I'ecord in the ))Ossession of the Stock Exchange, Avas doubtless the I'esult (jf the meeting referred to. The fcdlowing is a co])\- of that agreement: " We the Subscriliers, J.Jrokers for the Purchase aiid Sale of Public Stock, do hereby solemnly promise and jiledge ourselves to each other, that we will not buy or sell from this da}' for any ])erson whatsoev(.'r, any kind of Public Stock at a less rate than one-quarter per cent. Commission on the Spei-ie value, and that we 'will give a ]>i'cference to each other in oui' Xegotiations. In Testimony whereof we have set our hands this ITth dav of Mav, at New York, 17!»2," The following is a list of the signers of the foregoing agreement, to which lias been added the business address of each siii'uer talven from the city directories of the period : Leon'd Bleecker, Ih-oker, 16 AVall Street. Hugh Smith, ilerchant, Tontine Coffee House. Armstrong A- Parnewall, Insurance l!rokers, ^s Broad Sti'eet. Sani'l March, Broker, 243 Queen Street. Bern'd Hart, Broker, 55 Broad Street. Alex'r Zuntz, Auctioned' and Broker, i»7 Broad Street. Andi'ew I). Barclay, Merchant, 13t; Pearl Street. Sutton & Hardy, St(.)ck Ib'okers and Auctioneers, 20 Wall St. Benja'n Seixas, Merchant, S Hanover Square. John Henry, Broker, l;', Dulce Street. John A. Hardenbrook, Broker, -24- Nassau Street. Samuel Beeljee, Bi'oker, 2f Broad Street. Benj'n AVinthroi), Merchant, 2 (ireat Dock Street. Jno. Fern'.rs, Merchant, 205 Water Street. Ephbn Hart, Bi'okei-, 7i Broadway. Isaac M. (iomez. Broker, 32 Maiden Lane. Culian .McEvers, Merchant, I4n Greenwich Street. mHyr^Wv if-i^ '-hy Jje^A^. .^ \'^^7,^m~D. XV^;;>7/*^ :S-^:— .^^i^ga^b^?^' THE ORIGINAL AGREEMENT nwi iiAPU ^«w!^<»-^^:.^'^v?<;>-' k - '■^ht*! i::i.'-isi7. lii Augustine II. Law-muco, "Warden of the I'oi't, \'-Vl ^\';ltel■ Street. (t. X. J!l(>ecker, Merchant, :il Ilroad Street. John liush, r.i'oker, 1',I5 A\'ater Street. Peter Anspaeh. ]\[erehaut, 3 Great J)ock Street. Charles :\[eEvers, Jun'r. Merchant, 194 Water Street. David Keedy. Insurance and Stdck lli'oker, 58 AV^all St. Roliinsiin A: llai'tshorne, Merchants, I'.is Queen Street. The preceding year Congress had cliartered the (first) " I5ank of the United States," cajiital, Slo,()()0,()0(), and the sliares were already actively dealt in. Tlie IVillowing is a. {|U()tation list of 1792 : Stock Quotatioxs, ^^Av 20, 1792. G ])er cents, 22s. nd. 3 per cents, 12s. sd. Deferred, 13,s. 2d. Indents, 12s. 3d. Final Settlements, iss. (id. Half shares Bank I". S., 50 per cent, premium. Shares Bank of North America, (Phila.) 15 ditto. In the use of shillings and pence foi' ijuotations, 2n shillings was ecjuivalent t(j })ar, K) shillings to 5(1^,'. The following extracts from the original books of one (»f the signers of the agreement of 1792 will show the nature of the transactions of the time, and would seem to indicate that some of the stock brokers continued to deal in merchandise as well as stoclcs : " Nov. 2-1, 1794. Sold D. Beedy, 3,U0U Drs., 3 per cents, ' at 11/10 los. = 1,5(M) Is. =- 150 (id. - 75 4d. - 50 lis. lod. ' 1,775 Dec. 17, 17'.»-t. Bot. of G. McEvers, acct. of G. L. 10,000 Drs., 3 per cents, at 11/4 5,000 500 5,(i(]6.fi(; l(i THE .\FW YORK STOCK EXCIIANOE. " Feb. 2P>, IT'.i.'i. I!ot. of IJleecker & March, tor acct. of J. F. Atkinson, 11 National shares, CO days, ?,:^, 5,940 " A[)ril L', 1795. Sold A. II. Lawrence, 1,500 Drs., t; p. cents, at 19/8 " Ai)ril 14-, 1795. IJot. of Dd. Smith & Co., 238 liales Cotton, eont'g about 57,ooo lbs. 2/4: payable 1 June, 1 July, and 1 August. " June 12, 1795. Soli'aith A- Fhners, 200 liags J. Pimento, at K! 19 Baies D. Cotton, o/o 99 ^' S. Cotton, 3/3 pble. r,0 days. •'David M. Michael, of Montreal, Dr. To Cash. 17',).^. Drs. Cts. Feb. 17. Pd. Postage of 2 lettei's, 2 -19 Apl. — do old lettei-, 1 50 27. do «lo 43 May l:i. do Sanid Davis lettei', 75 5 17 Feb. 17. E*ut the letters in the ship "Persia'' bd. to Portsmouth, England." The following extracts from the same book would seem to indicate that betting was not unknown among stock" brok'ers, even at tiiis early date : " Feb. l;!, 17'.)ri. I bet (I. McFvers Ten Drs. to Five Drs. that there woidd not be 3,000 votes taken at the ensuing election for (lovernor in the ('it}' and (!ouuty of New ^'ork. "" •' Feb. Pi, 1795. liet .lolin Morton a, suit of cloatlis not to exceed £15 that jirovisional Articles of P(.^ace would be signed between Britain and France by the 1(1 Feli., 179("'i." " Fel). 17, 1705. I liet Roljert < 'oeks, Sen"r, a ]iair of Satin Breeches that Jay wi.aild be elected (lOvernor by a majority of live hundred (jr more.'" THE TONTINE COFFEE HOUSE 1796 i::i.'-jsi;: "^ran'li 17, LTllT). Garret Kettlctas Ixits iik^ a, Heaver hat, value Six DuUai's, tliat ({iiadeloupe wcjiild l.)e in possession i;k srociv and KXcnAXini iujakd. The iTviv:il of coiiimorec followiiii;- the war of 1813 led to the foi'matioii of new banks and new lii'e and marine insui'ance companies. As a result of the war, the amount of outstanding bonds of the United States had increased from if4:.,0(in,0n() in ls]3 to !t;l2;;,000,000 in 1817. K(^\\' York state and New Voi'k city had also issued bonds. Owing to this ci'eation of a large amount and variety of new securities there was an active stock market, and the stock brokers soon felt the need of a more formal (organization. In 1817 the}? ado]ited a Con- stitution under the name of the " New York Stock and Exchange Jioard." The I'oard met in the m(U'ning, the President "called" the stock's on the list, and the Secretary recorded the quotations and the sales, also the names of the c(.intracting parties. The following entries appear upon the recoi'ds of the Boartl at this |)erio(-l : " January 211, 1819. It is mutually understood that the niem- l)ers (_>f this Board do not communicate to persons out-doors what membei's of this lioard are the purcliasers or sellers of stocks at this Ijoard, or what members (jtfer to purchase or sell." ■'January 2(i, 1819. /iVwj//v_'r/, That the hour of meeting here- after be at half-]iast 11 o'clock'." During the yellow fever ei)idemics, early in tlie century, the lower part of the city would be nearly deserted, even the banks moving- uptown. The yellow fever reappeared in 1819, evidently alarming the Board, for it removed temporai'ily to Washington Hall, on the corner of Broadway and Reade Street. ExTRAcrs FROM TiiK TJecoeds : "September 17, 1819. A motion made Ijy A. tl. Lawrence, and seconded b\? Leonard Bleecker, that a Committee be appointed (IS) THE SECRETAEVS RECORD ISIS ^ 1 NewYork Stock and Exchange Board, V q) ^ /// '^^^■'^ ■i;18/.' AMODST. STOCKS. PRICES. selleh. Ft'RCHJLSE&. ItEaiABKS. # 3/f r 9ir U.S. Siie3,/V^. ^0. - y/A-- f/r Se\^MiSj . . ST- ^y ^ttt /- * r - ^ ^^■f■£' ^ /" et- ^■■. ;5-- ^^/^ yfi: J,2tre- Threes, . . f^A^ /ty i^f.^^ fi^^..,.^. /^ .-_ /^V/ i/ — _ /-»■/ ! Yaioo, . . N. Y. S.Siies, . CorporaUoD Sixes, U.S. Bank, . . Bank of Ne\t--York, //^jA 2/- c' 31 _^f^rr.^ y/A V Manhattan, , . 1 2 C /j m/y Merchants, . . iU-KL Mechanics, . , \v\^ (1/^ , UnioHj .... HA 4 PK 'L . Bank of America, ar '%/^ J City Bank, . . <}t^ ' Phenix, * . . . Itro - mil. --'-7 /' IS", Franklin, . . . N'ew- V6rk Insurance ■^ CKi-/ r^L^ ... /' ^ Firemen, . . . »(:■. >» Ocean, .... 9^ --c^ k . American, . . . 30. j'l' ■ ,■ National, . , . ic/v _ Se.'- ■; Pacific, .... iV; y- Mutual, .... ■ -V 1 Union, .... •/ i - foe Mercantile, . . , '; Washington, . . ■ — — ■• Eagle, .... .,— ^ < n\ Globe, .... IK iV 0^^ i-»^ >(Rhc.__ \ 'n Franklin, llf/u ^{i(uMcv •h WiLi^iix..^—^ ; ^ . l-i. a*)._f».^ 1 tS ,et. . ;;'s \ EXCHANGE. j/z. ;/^ ■ On London, . , 95 CLifh 4VJI- .... France, . , 4-^"- "W- .... AmsteKlan), . %^T p. W\ Spanish Dollars, . . yijy /H6 Doubloons, - . •^/A~'^^'^' ^^-^ 'V ^ /r . .-^JiiA IS17-1SJ7. 19 to re})ort whether it is necessavv ov not tci remove tlie place of nieetirig of this lioard. ( ^\. II. JJoinxsoN, •' ('oiiimittee : I 15. IIunti-xoton, ( iS.VMF.. W.VRI), Jl". " The Ijoai'd met at half-past one to hear the report of tlie Committee. " ]\Iotion made liy U. II. Kevins : lii'.so] reil, Tliat the fiirtliev meetiuys of the P>oard he held as hei'et(jf()i'e, and that it shall be o])tioiial fov the meniliers to attend ov not, and, in ease of non- attendance, the usual tines not to be levied. •' Motion made and seconded that a Gonunittee of three be appointed to find a suitable place for the Board to meet in, in case the ISanks remove, etc. ( S. Waki), Jr., " Committee : • F. A. Tr.\cv, ( .1 . (t. Wakren. "September 2.5, ISl'.L Yellow fever season. Board meet at AYasliinotun Hall.'" '• Xovember 80, islO. Committee appointed to revise the Con- stitution and By-Baws. "" Y'. n. Tv(.)l!IXSON. Y. A. Tracy, K. II. Xevins, Beijeus Booms, N. Bruek. Xo copy of the Constitution of 1817, as originally adopted, is now in existence, bat as I'evised by the above C(.)minittee it ajipears in the I'ecords (jf the Stock Exchange as follows : " COXSTITUTB.)X OE TIIK X'EW YORK STOCK AXD EXCHANGE BOARD. Revised 21st Eebkeakv, lS2n. T'ONSTITBTIOX. " Article Isr. "The title of this Associati(jn shall be The Xew Ydrk Stock ANii Exohanoe Board. •-2I) THE NEW YORK STOCK EXCHAXy-Laws. " Akticle Stii. " Ko alteration of the Constitution and Bye-Laws shall be made unless l;>y the consent of two-thirds of all the INlembers of the B(jard. ISi:-lS:37. 21 " ARTicr.n O'i'u. " The President, for the time being, shall settle all qnestions of order. In all appeals fi"om the decision of the chair it shall require a vote of two-thirds of the Members ])resent to reverse such decision. " AliTICLE IOth. " No member shall charge a less commission than the following rates, viz. : On Funded Debt, Nett amount, \ per cent. Insurance Stock, coin]ileat, ^ per cent. Banlc and othei- compleat Shares, \ per cent. Insurance, Bank and all other Scrip on the nominal amount, \ per cent. On Foreign and Inland Bills of Exchange on the nett amount, \ per cent. Cashing Promissary Notes and acceptances, payable iu New York on the nominal amount, i per cent. S[)ecie, \ ])er cent. Obtaining Money on Mortgage, 1 per cent. " Articlk IIth. " All questions of dispute in the purchases or sales at the Board shall be decided by a. majority of the Members present. In de- fault of any contract made at the Board for the following day, the defaulter shall be lield liable^ unless he can surrender a ])rinci- pal who shall Ije considered a responsible person. In all time bargains the parties to surrender principals before one o'clock P. M. of the day of c(jntract, and where either ])arty gives up ])rincipal, the other to be allowed until five o'clock P. "SI. of the same day for consideration. AVhen the ])rincipal on either side is not satisfactory, the liargain to be void ; if no explanation takes ])lace l.iefore the time specified, the parties are to be considei'ed bound. " Airncr-i-; ]2Tn. " No fictitious sale or contract shall be made at this 15oard. Any ilember or Members contravening this article, shall, ui)on conviction thereof, be expelled. THE NEW YORK STOCK EXCHA.\(!E. '' Article 13tii. " Any Member who fails to comply witli his contracts, or be- comes insolvent, shall be sns])ended until he has settled with his creditors. On his application for re-admission, a Committee of Five j\[embers shall be api)ointed t(j investigate his conduct and the causes of his faihire, wdio shall report the same, and if two- thirds of the ]\rembers })resent are for re-instating him, he shall again lie entitled to his seat at the JJoard, excei)ting when his failure has been caused by Speculations on his own account, or for account of persons wdiose responsiljility is merely nominal ; in that case he shall n(j longer be considered a Member of this I'oai'd until such en]ieal, and the levying of all fines shall rest exclusively with the Presi- dent. " I2tu. '' AVlien any (|uestion is before the Board, no member shall speak' more than twice without ])ermission from the President, iHU- shall any ?ilember interrupt an(.)tlier while speaking. " f.Srn. '"The fines for non-attendance at the calling (if the Stocks shall be six cents, unless sick or out of Town, or excused by the Presi- dent. The funds of the Board shall first be a]3plied to the pay- ment of its ex})ences under the direction of the officers; the residue, if any, shall Ije at the disp(_)sal of a majority of the Board, each ^Member to pay an equal in'oportion of the expences.'' M KM HERS Natlil. I'l'iine, A. H. J.awi'ence, Sara. Ward, Jr., W. 11. Kubinson, Leond. Bleocker, Seixas Xathan, Edward Lyde, Ben lliintiiigton, Fliili]) Jvearney, Chas. Walton,' .Tolin Ward, Jr., Isaac G. Ogden, Wm. Lawton, John Eoe, Jno. G. Smith, Jno. Benson, Henrj' J. Cammann, Arthur X. Gifford, Israel Foote, jsi:-isi OK THK 1j(I.\1;1i in I S2() AVm. Godet IJnckno P. Lannian, Wm. J. Eobinson, Levi Coit, Bussell II. Nevms, Henry Ward, Jacob Isaacs, F. A. Tracy, Theo. O. Fowler, John G. Warren, A. jST. Lawrence, John Warren, Jas. W. Bleecker, Benjamin Bush, Jos. Sands, Bernd. Hart, John H. De Forest, Saml. J. Beebee, J. L). Beers, K. Bunnel Following- the entr\' of the forey'oino' Constitution in the records appears the adoption (jf the following Besolutions : " Iiesolved, That in all Sales or Contracts for Stock between Members of this Board, the Party to receive the same shall not be bound to take it any day after \ past two o'chick P. M., but may postpone receiving and paying for it witiiont being charged Interest to the following day, and any Member having a Right to call on another for Stock shall demand the same before the hour above si^ecified. •' Resolred, Tluit the Members of this Board be governed by the Board clock. " Motion made and carried that Jolm E. Hyde take charge of the clock." The following entries appear later in the records : " March 23, 1824. Question. — Shall Members )f this Board contracting to receive Local Stocks, which contracts become tlue CO ■-'(; THE NEW YORK .STOCK EXCIIAXOE. when the B()(^lv-Laws be read the first Monday iu each month. ^lotion carried." •' Nov. 1(1, 1S2.^. //esolred, That the reading of the Constitu- tion be indetinitely postponed." The rooms where the sessions (if the Board were held, from islT to 1837, are not easily identitied. An early account states they were lirst held in the office of Samuel J. Peebee, next in a room in the rear of Leonard Pleecker's office, and afterwards in a, room in the old Courier and P^iujuirer Building (the present To Wall Street). The records of the fjoard refer only to meeting in fSl'.i in W^ashingtoii Hall, to the lease in 1824 of th(^ room '' in the n-nv of the Protection Fire Ins. Co.,'" and in 182."'i to the lease of " Mi'. Warren's r(jom.'" C'lrAPTER III. 1S2T-183<;. >[KRCI1ANTS KXCIIANOK. FIRST lUUF.DING. The following c|uotation list indicates the enlarged amount of securities on the market in 1827 : Stock (Quotations, SFi'TKMiiKK 29, 1827. IT. S. Sixes, 1813, loii " 1815, 103i to 104 '• Four and a half, 1831, 1021 to 104 " Threes, sfi to 86^1 Canal Fives, 1837, 107 to 109 Ohio Sixes, 1850, 107 to 109 " Fives, 1850, 961 to 98 Corporation Sixes, loll to 104 Bcml's : United States, 1231 to 124 Xew York, 122f to 1241 Manhattan, 117i to 118i Merchants', 1071 to 108 Mechanics', llli to 112 Union, 102i sales America, 97i sales City, lOOi to 101 Phenix, 123-1 to 125 Tradesmen's, 106 Fulton, m to 45 Drv Dock, m to 70| Jfitrhie Inniiiraiice (Joiiijxtnies : Ocean , 106 National, 105 to 110 Union, 88 Atlantic, 42 to 57 Ne])tune, OOi to 70 is THE yEW YORK STOCK EX<'HAy(^E. lure Insurance CornjinnieH : AVasliingtciii, (-ilolie, Merchants", Manhattan, North Tliver, E([uitable, Phenix, Sun, C'(jntriljutionslii|), Etna, Protection, Howard, Lafayette, Firemen's, Deh ct Hud. Canal Co., N. Y. Cas Light Co., Mercliants Exchange, Am. Gohl, Doul.iloons, I'>y 1827 the jKjpulation of the city had increased to 17."i,000, and tlie number of banks hail increased to sixteen. One of the leading banks was tlie liranch nf the (second) Jiank to 140 100 10 llo 106 to 1071 15.50 to 15.87 THE MERCHANTS EXCHANGE lS:?:-lSoO. 29 front of the Excljaiige building, on the condition that the doors of the adjoining room No. J-1 may be thrown o])en for tlie benefit of a circulation of air during the sittings of the Board from eleven to twelve o'clocli each day during the extreme hot weather, between the montlis of .Inne and ()ctol>cr. " It. II. Nkvins, In behalf of the ( 'ommittee. " The following minnte also ap|)ears upon the records of the Stock Exchange : " The above offer was accepted on c(jmlition that tlie Com]>any mav allow the Chamlier of Commerce to hold their meetings in the same room after one o'clock P. j\I. on an_y days and at such other times as the room ma_v not be recjuired by the Board." On ]\ray 1, 1S27, the lioard moved into the room referred to, in the Merchants Exchange. The members were evidently ])leased with their new quarters, for the initiation fee was at once raised to $100. lousi- ness increased, and the Board occupied a, position of more dignity in the community. The sessions ^vere held in the mornings, were secret, and the names of Ijuyers and sellers were not revealed. The speculative transactions were generally on time. The President called each stock in turn, and when the list was exhausted the business closed for the day. The Secretary kejit a record of the transactions, including the names of the contracting ])arties, and the minutes read at the end of the Call were evidence of the terms of a contract. In 1830 the first i-ailway stock (Mohawk & Hudson) ^\•as placed upon the list. On IJecendjer Ifi, 1^35, occurred the greatest fire ever known in New "i'ork, destroying 048 buildings, valued at S18,000,0o<), including the ]\Iercliants Exchange, Avhere the sessions of the Hoard were held. On December 17, 1835, the da_y after the fire, the members of the I5(jard met at John Warren's office and " \"oted to sus]>end all opera- ticms for the ]>resent week, and appoint a committee to se(aire rooms." On December I'.i, 183."), '-Tlie committee reported they had engaged temporarily a room at lloward's Hotel, No. 8 I'road Street, at three dollars a, day." A portifm of the site of that hotel is included in the site of the })resent Stock Exchange buildhig (1891). :!il TJIK NFAV YORK STOCK EXCHAXOE. Ou tlie same day the l]oanl voted ''A Donation of One hundred dollars, together with the thanks of the Board, to J. E. Mount, a Watchman who assisted in removino: and takino- care of the Iron Chest." Presumably that " iron chest '' contained the records of the Board heretofore quoted. On December 28, 1^35, the committee reported " That they had engaged the back room of the basement story in John Warren's l)uilding, of Mr. Pepoon, at tlie rate of 75(i Dollars per annum, for the use of the P)Oard, 10 days' notice to be given by eitiier ]iarty."' Or.i) Advektise>[ent (1885). JOHN THOMPSON, No. 12 Wall St., '^ Pledges himself to his customers and friends that in his stock negotia- tions he will do nothing on his own ac- count — his time and ability in all cases shall be devoted for the benefit of those who favor him with their orders. CHAPTER IV. 1836-1S42. JArNCKV lUIir,l)lN(i. From ISoCi to 1S4-2 the Board occupicHl tlie second floor of one of the -Tauneey bihhlings on the site of the ])resent 4o Wall Street. The rental at first was si, 500 per annum. These buildings Avere removed in 1840, and Jaunee}' CV)urt was constructed upon the site. A " Description of New York in 1800," written in 1840, contains the following : ■' Mr. Jauncey, an English gentleman who lived in great style, occupied the building now rented by Messrs. Dykers & Alstyne ; his stable was the same building now used by tlie ISoard of Brokers. The very room in which millions of stock are sold every week was then a hay loft." By 1S30 the dealings in railway shares had considerably increased, though the shares of banks and trust companies were fully as specu- lative. This was a period of intiatetl state baidc currency and excessive s]5eculation in lands and securities. These causes, coupled with the financial policy of the Jackson administration at Washington, led to the p)anic of 1837, whicli caused a general suspension of specie payn\ents In' the banks all iiver the countiy, and wide-spread mercan- tile bankruptcy. One Stock Exchange house failed with liabilities of s5,000,0xt week. 50 s 1(1 tlays, 50, 89 88t!r 8S| 88f Butchers' & TJr(jvers" Bank. 5(t, Bank of State of N. ^'. * ^4 119 50, 20 b :3 (hiys, 111 50 s next week. S8| •h 111 50 s next week. 8S| 50, 111 50 s next week. 88i 50 b 4: months. 1131 .50, 8S| Atlantic Bank, Brooklyn. 50, 88i IT, 102 JS3G- -1S4.' 33 Morris Canal Co. ilo hawk E. E. .50, 99 29 cash. SS .50, 99 50 n. Aveek, s9 50 h 15 days, 100 50 cash. S8tV 50 next "week. lOo 50 cash, S9 50 next week. 99i 50 1) 2 weeks, 89 50 next week. 99f 50 b 2 \veeks. S9 50 90 days, 101 Paterson E. 11. :>5, 99 50, 78 100 15 days, loo Harlem P. E. X. 0. Meeli. .t Traders Bank. 20, S31 10, 98i 10(», 831 10, 9Si 35, 831 Vicksbnvg Bank. 25 b 30 days, 2(Hl b 60 days, PLantei's Bank, Tenn. 100 ApL 5, Kentucky Bank. 97i I08i 25, 05, 40 b 30 days, 15, 50, 50 b 30 days, 150 b 30 davs, 831 85 831 S3i s5 85 25, 15, Planters Bank, Miss. 90 93 Boston & Providence E. E. 10, 50 b 10 days. 105| 106 50, 12Ti 50 b 10 days, 106 X. 0. Gas Co. lOo li 2 weeks. 106 900 b 30 days. 102J loo b 2 weeks. 106 Farmers Trust Co. X. J. E. E. A: Trans. Co. 50 Jan. 3u, 108 20, lOlf 50 Jan. 30, lOs 10, lOlA loO 90 days. 1 10 50 b 2 weeks, lol 100 108^^ 25 b 30 days. 1051 50 60 days, 110 50 b 60 days. 106 50 60 days. iio-i 50 b 2 weeks. 104 100 90 days, 111 50 Ij 2 weeks. 104 Ohio Life A: Trust Co. 100 b 30 tlays, 106 50 Jan. 20, lUi 50 b 1 days. 104-1 50 Jan. 20, lllf Stonington E. E. 50 Jan. 23, 111^ 25, 80 CIIAPTETi V. JIEKCHANTS KXCIJANGE SEOO.XD IU:lLI)E\i:;. Fi'iim 1842 to 1S5-1: the Board occupied "the Uirye hall over tlie Reading Room " in the new IMerchants Exchange building, wliicli covered the liloclc Itounded Ijy ^\^all Street, Hanover Street, William Street, an^i7, the date for the annual (^lection of officers was changed from the second Saturday in ^[arch U> tjje second Monday in May, as at present. In 1S4T, the Ti'easnrer made a report to tJie Board of tlie average annual receii)ts and ex[)enditures for the ihree ])receding years : 36 THE NEW YORK STOCK EXCHANGE. Expenditures. Eeceipts. Salaries (regular), $4,000 From Fines, !t^5,596 Extra com])eiisation, 650 " Admissions, 4,800 Donations, including aid to Jiierabers, 1,737 Eent, 1,833 Incidental expenses, 759 Extras, 338 $9,317 $10,396 THE CORN EXCHANGE BANK BUILDING 1854 CHAPTER VI. 1854-1856. CORN EXCHANGE JIAXK BUILDING From 1854 to 1S56 the Board occupied the top iloor of the old Corn Exchange IJank Ijuilding, which stood on the corner of William and Beaver Streets, on the site of the present Imilding of the same name. The year 1851 was memorable for the " Schujder Fi'auds," an issue of si, 900, 000 fraudulent Xew York and New Haven stock. In 1856 the laws of tlie Board were changed m several respects. The principle of annual dues ( tifty dollars) was first adopted, the income of the Board, heretofore, having been derived solely from fines and initiation fees. A candidate for membei'ship was balloted for by all the meraljers at the jNIorning Call, and three Ijlack balls would reject the candidate. Admission to tlie Board had become so difficult that tlie nuniljer of Ijlack Ijalls, necessary to reject a candidate, was increased to five. Prior to 1850 the President of the Board had ]>resided at the Calls, and had received a salary. The Presidency was now made " a ])osition of honor," without salary. A First A^ice-President, with a salary of §2,500, was elected to presitle at the First Board (Morning Call). He was forbidden to operate either for himself or for others. A Second Vice-President, with a salary of 81,500, was elected to preside at tlie Second Board (Afternijon Call). He was forbidden to deal while presiding. There had been considerable dissatisfaction with the room in tlie Corn Exchange Jiank building, es[)eoially on account of the heat in summer ; and early in 1856 a committee was ap})ointed to look f(jr a room elsewhere. (37) CHAPTER YII. 1856-1801. lord's COLIKT liKFOKE TIIK WAK. In tlie summer of 1850 the Boai'd moved into a room in wliat was known as Lord's Court, with tlie main a]iproach at -25 William Street, another at 5:! Beaver Street, and a third at 50 Exchange Place. This room was taken for live years, at a rent of $1,5(10 for tlie first jenv, and $M,OU0 per annum for the remainder of the term. The Board remained here through(nit the war, and until its removal to Broad Street in IsCiS. The room, and its a])proaclies, remain, at this date (1804), practically unchanged. While the sessions of the IJoard were held in Lord's Court, the panic of 1857 occurred, llailway construction had, foi" some years, progressed with great rapidity, creating a large amount of new securities. The country had lieen extremely pros[)erous, and the influx of 12'old from the mines (jf California had criven a great stimulus to speculation. Upon the failui'c of the (.)hio Life and Trust Co., in August, 1857, a contraction of credits began, which resulted in a general suspension of specie [>ayments by the banks all over the country, though most of them resumed within a few months. The depression on the Stocic Exchange evidently did not last long, for in ^Liy, 1858, the following amendment to the Cegun in the basement of 2.'" William Street, known as the " Coal Hole," admission being oljtained by paying the lessee an annnal snbscription. These Calls were attended onl}' by ]iersons not members of the " liegular Board," thongh all ]iarties dealt together in the street. There was no organization, though the sales on the Calls at the "Coal Hole" were printed in the newspapers of the period as "Sales at the Public Stock Board." On January 20, 1S03, the title of the " Xew Yoi'k Stock and Ex- change Board " was changed to " ]S^ew York Stock Exchange." In ISW the initiation fee was raisetl to $0,000, "except in the case of a clerk to a member of the New York Stock Exchange for three years immediately preceding his a]iplication for admission. Tlie initiation fee for such persons shall be $1,500." From the eai'ly days of the Exchange to the period of the war, the members of the Exchange were generally at the head of their respec- tive firms. A considerable proportion of the members were elderly men of financial and social prominence. It was customary for each member to carry to the sessions of the Board a book of considerable size in which to enter his transactions. The Board Room in Lord's Court was about sixty feet long by forty feet wide, and was aj)- proached l.)y such intricate passages that a stranger retiuired a guide to reach it. The members remained seated at desks during the Calls, each memljer regularly occupying a chair in a particular place. In (Jctoljer, 1861, the Treasurer of the Board, Mr. James W . Bleecker, died, and his right t(.) occupy a chair in a desirable ])lace was put np at auction for charit}', and was sold for §i6n. The Board decided that a memlser's riglit to occu])y a jjarticular seat continued for life. A desirable seat was subsequently sold for Sl,OoO. As l)usiness increased in 1861 and 1862, the influential elderl}' men were naturally unfitted for transacting business all day long in the street. I'he^' gave out their orders for execution between Calls Lo younger ami more active men, thus creating a class of street brokers not members of tlie IJoard. These brokers soon united with numerous operators and formed in 1864 tlie "Open Board of Stock Brokers." From the earliest days of tlie Stock Exchange to I860 ov 1864, the theory and custom had been that stock deliveries should be made Ijy transfer, and aa old law of the Board provided that no stock would be dealt in unless as many transfers as ware desired could be made in one 44 THE KFAV YORK STOCK EXCHANGE. (lay. In active times crowds nf broilers or their re]ireseiitatives would gather at the transfer otfiees late in the day, waiting for tlie receii>t of stock by transfer, in order to re-transfer it for their own deliveries, no certificate for the stock being issued. This system was so poorly adapted to tinu's of active speculation that it gradually fell into disuse, and by isci had practically been abandoned, deliveries thereafter being made by " jjower and certificate." Other conditions existing in the stock Inisiness duiing tlie war ];>eriod are worth recording. There was no continuous market exce])t in the street, and that would l)e suspended during the various Calls. There was no Atlantic ('aide in operation. There were no uptown brand] offices, no telephones, no tickers. The execution of orders on the Calls would b<' reported to the offices after the Board had ad- journed. Quotations juade on the street wei'e carried from office to office l)y lirokers. The sales of stocks published in the newspapers included only the sales made on the Calls, no I'ecord being kept of street transactions. iVs the market would open in tlie street between s and A. M. and continue till dark, and be continued during the evening at the Fiftli Avenue IIot(;l or at an Evenhrg Exchange till midnight, the volume of daily transactions was enormous. Opinions differ as to how a large day's business of the war period wouki com- ])are ^vith one of the large days of recent years. Gold and Govei'ii- rnent bonds were then dealt in for speculation, with enormous trans- actions. The crowd of dealers in stocks obstructed travel on William Street. The wild fluctuations in ])rices, with fortunes f'recpiently made or lost in a few days, created a period f)f intense s])ecalative excite- ment, wdiich extended all over the country. There were no " Standing Committees '" of the Board at thisi)eriod, except a "Committee on Securities," commonly called the " J3ond Committee," which had been estaldished in ISOO, with limited powers to ]>ass ujion the regularity of stock certificates and bonds. All legislation was enacted l)y the general membership of the Board, or rather Ijy such portion of the membership as saw tit to remain in the Board lioom after the " ]\lorning Call." As it was important for every mendjer to go to his office after the Call, the attendance for legislative ])urposes was generall}' very small. AVhen any action was taken to Avhich there developed any o]>position, in a few davs the opponents would arrange to I'emain after the Call, and re])eal what had been adopted a fe\\' days previ(jus, thus making the attitude of the Board an extremely vacillating one. The time of the members was taken up by the necessity of acting u])on every trifling detail of man- lS])ake Iron. 100, 801 200, 13 400, 80* 1300, 12i loo s 60, 78 Wyoming- A'al. Coal. Chic. & Alt. 100, ' 99 50, 88 Paitland ]\rarl_)le. Miss. A: Missouri. lOn, 28 50, 54 IStil -ISCn. 47 Mariposa Mining Co. Chic. & No. AVest. '.•00, 44 soo, C4 1 200, 45 500, C41 200 b 10, 45 200, m 800, 44i 700, 641 oOO, 441 200, C4i Quartz Hill. COO b 1(1, 65 GOO, 19i 900 b 10, 641 ('en. Amer. Trans. Ct). Harlem. 100, 48 2300, 149 X. Y. Central K. R. Reading. 2()0, 137i 500 s 10, 130 COO, 137 2300, 138f 200, 137i COO, 139 Mar. & Cin. 1st Pref . 400, 13S1 10, 82i Mich. Central. 300, S3 IC, 142 100 b 28, 84 400, 142| Mar. 6c Cin. 2d Pref. Mich. Sou. & X. I. loo. 64 850, 102 Han. & St. Jos. Pref. 100, 102^- 200, 60 500 b 30, 103 Chic. & Milw. E. R. 500 b 10, 102| 100, 81 300 b 10, 102-1- Erie Railway. Tol. & Wabash. 300, 122 100, 64 t:i250, 122 200, 63^ 200 s 30, .122 Illinois C. Scrip. 500, 1221 1300, 13(i 2500, 1221 300, 135^ 50 b 10, 122ii 600, 135| Ei-ie E'y Pref. Cleve. & Pitts. 100 b 7, 109 SOO, 1191 100, 108| 400, 1191 Hudson River. 328, 1 19 100 s 30, 15H- 100 1. 30, 1 L91 200, 151-1- Galena it Chic. 150, 151t 850, 119 4H THE XEW YORK STOCK EXCHAXOE. The fluctuations in the stock niai'ket during the war jieriod were extrcjnelv rapid. Among the numerous important speculative opera- tions, none attritcted more attention at the time than one in Fort Wayne stock'. A. W. Morse began to accumulate the stock l)elo\v HO in Februar}', 18(U. Iilarl}' in April the stock had been advanced to 153. About this time the Secretary of the Treasury made an endeavor to contract tlie currency in order to lessen the premium on gold, (gold then selling at 170.) This caused a contraction of loans, resulting in the " Morse panic", Fort Wayne declining ra]iidly to par, causing numerous failures. Tlie corporations \vhose stocks were dealt in were few in number, and each one had what would now be considered a very small share capital, as the following list will sliow : New York Central, about $2-i,00U,O0O Frie Common, " 16,0(KJ,(J00 Harlem Common, " 6,0()0,0(i0 Hudson River, " 4,000,000 Mich. Southern, " 7,000,000 Fraiiie du Cliien, '■ 7,000,000 Fort Wayne, " 8,000,000 Rock Island, ■' 6,000, ooO This suudl capitalization rendered possible several close corners, of \vhicli those in Harlem were the most sensational. In i\Iay, 1863, when Ilarleni was selling at 58, a franchise was granted to the company to lay rails on Broadway. The stock within a few days advanced to 116, some jieojile with fJity Hall connections making very large profits. Thinking tluit similar sums could be made on the short side by repealing the grant, the stock" was sold short and the grant re})ealo(l. It wns then discovered that the stock was cor- neretl. The })rice was advanced, and no settlement \vas olitainable unless the city authorities would again l.)estow the grant, which was done June 21j, lS6o. In A])ril, 1864, the state legislature undertook to I'epeal the grant referred to. Friends of the legislators, with early information of the pro})osed repeal, sold Harlem stock short very largelv. Again it was fcamd to be cornered, the price was advanced to 285, and the losses of the shorts were enormous. The Pi'airie du Chien corner, and several movenrents in Michigan Southern and in Hudson River were also notable events of the same l)eriod. HktIiest and Lowest Pkices, 1860 to 1865. United States 6:^ Missouri State 6:? New York Central Hudson River Harlem Erie Reading Michigan Southern Rock Island Panama Pacific Mail Delaware & Hudson American Gold 1860. 1861. 1862. 109i- 96 ,100 93 J - 66 - 24 - 43 - 49J- 35 - 84J- UGi- 1074- lOli- 61 69 36 8 73i- SvjJ,- 49i- 17 - 84 1 40i- 30 I 48J- 5 ; 20i- 43J-' 62 - 106 131 - 70 1 100 - 80 93 - 83 35 68 au s| 17 394- 10| 301 974 50 79 107i- 58 - 1074- 79 - 35i- 65^ 79 - 47 - 85i- 170 -1 137 - 119 131 87i 40 79S o5i lU 35 19 50 10 91 1863. 1864. 1865. llOi- 75 - 140 - 180 - 179 - 123 - 128 - 113 - 133 - 300 - 318 - 84i'182 — .172i- 91*118 - 59j1 76J- 107 145 - 82 1 164 - 374:385 - 66 1 1361- 774|l65 - 454 1181- 83ijl494- 171 ,300 - 136.1,1335 - 11 84! 3.54 - 123i 287 - -103 |112f - 60 I 79 - ■109 119 - ■107 117 - ■ 864 ■ 83 I 97 - ■111 1 1184- ■ 57 I 844- ■ 85 1134- 300 270 - 212 1 329 - 152 1215 - 1514,3331- ■105 - 51 ■ 80 - 88 ■ 44i ■ 88 49f 81f 200 151 130 ■138J CHAPTER IX. ls(;5-1861t. BROAD STREET HUFOKE (JONS< )LII )ATIOX. On December 9th, 1865, the Stock Excliaii<^-e moved from Lord's Court into tlie new building at In and 13 Jiroad Street, owned b_v the New York Stock Exchange Building Company. The stock of this compan\? was owned by such meml)ers of the Board as had originally subscribed to the stock, or had j)urchased the stoclv of other subscrib- ing memijers. The Open Hoard of Stock Broilers, oi'ganized in isG-t, had for some time been liolding its sessions at IG and IS Broad Street, and the New York Gold Excliange was occu])ying a building on Xew Street, adjoin- ing the Stock Exchange building to the south. These movements had effectually clianged the centre of activity from William Street to Jji'oad Street. The Regular JJoai'd had leased for its sessi(jns a hall on the second Hoor of the new building, 75 feet long (in New Street, by 5o feet wide. The [)ublic was now for the first time admitted into the l!oard Room daring the sessions. The Board made no jirovision for dealings bet\veen ( 'alls. '' George W. McLean and associates" leased from the Building Company for three years the ground floor of the building, known as the " Long Room," for a meeting jilace between calls. An annual subscription was charged for adnnssion, both to members of the Board and to non-members. This room was about 145 feet long b}' -lO feet wide, with telegraph offices near the JJroad Street end. The stock market became established at the New Street end. The market in this room t(;ok the place of the street mark'et, and steadily grew in im])ortance, while the business on the Calls at the Regular Board decreased. The business on the Calls at the Open Board continued large. In 1807 a Government Bond De[)artment was established by the Board, to which approved persons, iKjt members of the Board, were admitted with full privileges of dealing. THE NEW YORK STOCK EXCHANGE 1S66 lStiS-!S69. 51 In ISilT the stock quotation instruments, called "tickers," were first introduced. By lSt')S the nienibei's of both the Ivegular and Open Boards had !)eeonie very much dissatisfied with being obliged to deal in the Long Room with sul)scriljers wlio were not members of either Boartl. 'J'hey wanted the lessees to rec-eive as subscriliers only members of the two P)Oartls. The lessees of the room wei'e unwilling t() accede to this demand. The mendjers of both Boards then refused to deal in the Long Boom, and the market was transferred to a basement on New Street, under the Gold Room, leaving the Long Boom for a while unoccupied. In IsTiS the lessees sold their lease to a Joint Committee of the two Boards, who made an enclosure at the Xew Street end for dealings, to which only members of the two Boards were admitted, non-members being restricted to the rest of tlie room, without the right to deal. At this time the memliers first began to adopt a particular jilace for the dealings in each active stock. During the time the I>ong Boom was used as the jilace for a contin- uous market, it was opened early in the nnjrning, and dealings began informally as soon as any one desired to deal, generall}? as early as 8.30 or 9 A. M. The room was closed at 5 B. M., after which hour the members were accustomed to gather on the Inroad Street steps and continue the dealings till dark. There were no otiicial closing quotations. The newspapers would publish such late quotations as some broker, who remained late, saw fit to furnish. In October, ls(iS, mend:ierships in the Stock Exchange were made salable, the jnirchaser of a memberslnp from a retiring member being balloted for by a Committee on Adnussions, in place of a ballot by the entire Board. Since that date there has been little complaint of the inability of a proper pei'scni to gain adnnssion. On Saturday, Dec. l'.>, ISC>S, Ne\v York Central closed about V.U. That evening the Directors of the company declared a scrip dividend of 80;/. On Monday the stock opened at IfiO in the Bong Boom, and though the opening price was the highest for the day, the event was a memorable one. Brior to 18(i9, the Board had not i^equired that the shares of the various companies should be registered. Dii-ectors had sometimes made large additiomil issues of stock secretly, sold the stock and delivered the certificates before the fact of the increase would be nuule public. These scandals had caused some prominent stocks to be 53 THE NEW YORK STOCK EXCHAXGE. Stricken from the list. In January, 1869, the Stock Exchange adopted the law requiring that the shai'es of all active stocks should be regis- tered at some satisfactorj^ agency. All the companies complied with the requirement except the Eiie, whose stock was, in consequence, on Fef)ruary 1, ls09, stricken from the list. The Open Boartl took similar action. The '' Na,tional Stock p]xchange," known as the " Erie Board/' was at once organized, aided l)y some of the Erie directors, and dealings in Erie were confined to that organization until Septem- ber, 1869, when the stock was re-admitted to the Stock Exchange, the company having registered its stock as recjuired. The " Erie Board " ceased to exist soon after. On May 1, 1869, the whole government of the Stock Exchange Avas vested in a Governing Committee of twenty-eight members. On the same date the mendjers of the Government ]>ond Department were offered full ]nivileges of membershij) in the St(jck Exchange upon the payment of $1,000 each. On May 8, 1869, the Stock Exchange and the Open Board adopted a plan of consolidation. The Open Board elected twelve of their nundjer as additional inembers of the Governing Committee of the Stock Exchange. By the foregoing changes the membership of the Stock Exchange was increased to 1060, composed as follow's : Stock Exchange, 533 Government Bond Department, 173 Open Board, 35-1 1,060 lsi:5-isr,:i. 53 The following is an aii|)r()xiinately correct list of the 53?) meiiihers of tlie Stock Exchange ( " IJeguUir Boavd ") liefore the consolichition : Alexander. II. E. Alley, George B. AUardiee, Charles Ames, Theodore Ashley, O. T). Atteriiury, .fohn C. Anstin. -Tohn (t. liostwick, R. C. Brown, .1. Cadv Bell, William J. Baker. C. O. Baylis, Aln'ani B. Bavlis, AljraniB., Jr. Bartlett, A. W. Bach, .Tames B. Baldwin, S., Jr. Baldwin, T. B. Ball, I). A. Barton, Samuel Benedict, If. M. Benedict, E. C. Bend, George H. Beekman, W. B. Blatchford, J. AV. Bloodoood, John BollesTE. J. Bostwick, ir. A. p]onner, George T. Bonner, Edward H. Boyd, James M. Bowdoin, George S. Brodhead, George II. Brodhead, E. C. Brandon, Edwai'd Brandon, J. Bradford, X. G. Jr. Bradford, B. W. Brown, G. L. Brown, T. E. Brown, S. I). Brown, J. W. Browne, Charles II. Browne, George, Jr. Brush, Theodore J. Burdett, .1. B. r.urrall, F. A. Burns, W. II. I'.uiklev, E. II. r.utler; E. B. Hertlell, Theodore Bostwick, S. I>. Brown, Lewis M. Cand)los, W. B. ( 'ammann, O. Cammann, Charles L Camphell, A. Campbell, J. Caniblos, H. S. Carey, Henry T. Car])enter, George Car])enter, E. B. Carpenter, E. O. Carpender, W. Cahoone, A. M. Capron, R. J. Chamberlin, E. (Jhapnian, H. B. Cha))man, II. G. Clark, Charles Clark, L. C. Clark, A.S. Clark, Henry I. Clarkson, E L. Gierke, William B. Clews, Henrv Clinton. De Witt Closson, J. T. Col)h, F. D. Coblj, X. R. Corning, J. Corning, E. (Jolbron, W. T. Colvill, A. Colvill, J. (Colgate, James V>. C(Je, A. ( 'omstock, F. S. CJo(jper, A\'il]iani ('(jiinor, E. S. Citx, Ken yon Cox, Theodore ( 'rommelin, R. O. Clark, .Tohn E. Come, W. v. (!ond)s, A. II. ( 'utler, O. N. Cutting, J. 1). W. Cntting, Robert L. Cutting, Robert L. -Ir. Cunningham, ,T. W. ( ^ummings, C. P. Cummings, C. C. Curtis, S. .1. Davis, James M. Davenport, C. ¥. Dauohv, .T. .1. Dalton, G. T. Dater, Hiram R. Dakin, G. W. B. Day, Henry Day, Clarence S. Denny, Thomas Denny, Thonnis, Jr. Denn}^ Joim T. Deuslow, E. H. De Coppet, L. De Coppet, E. De Coppet, II. De Coppet, F. De Ronge L. Des Marets E. A. Delafield, Edward, Jr. Dike, William li. Dibble, E. D. Dibblee, W. W. Dodge, Edward Dodge, II. E. Dimock, A. W. Dimock, A. \'. Domett, H. W. Dortic, H. T. Dornin, W. C. Drake, .lames ^I. Drake, A. A. Drake, E. A. THE XEW YORK STOCK EXCHAXCIE. Drake, Simeon .1. Diirand, Hai've}' I)Liei", Denning' Durkee, Harrison Dyett, A. H. Dyett, A. Eames, Francis L. Jiarle, W. ]\r. EUery, W. T. Entz,' F. S. Evans, Cadwalkider Fairhairn, li. ^f. Fansliawii, (i. A. Foi'restei', Peter Feliowes, ('. Jr. Ferris, A. M. Ferris, AVarren Fei'ris, IL Ferry, T. S. Fearing, IL S. Fearing, G. \l. Finclv, Eugene Findlay, Andrew, Jr. Foster. Ivlwin I). Fronk,' E. C. Fuller, James j\1. Fuller, li. L Fuller, George \\ . Fislier, J. II.' Fitci), William Fleming, K. L. Frank, "E. L. Gallatin, J. Garland, John 11. Garson, T. E. Jr. Gerrard, G. L. Geiaiiond, II. 8. Gitford, A. X. Gilley, F. W. Jr. Gillespy, J. A\'. (Tourlie, .1. 11. Gould, Gluirles Gould, W. \i. Graves, II. Green, George T. Grinnell, T. P. Groesbeck, C. E. Greenleaf, A. W. Grcenleaf, E. P. Gi'aliam, Gliarles Grant, R. Suvdam (4rant, J. II.' Gregory, (diaries Grynies, (!. A. G Wynne, .1. A. Gracie, .1. K. Grinnell, Geoi'g(i P. Graham, W. j'. (nlrinnell, W. F. Hale, W. S. Ilaseltine, A. G. Hatch, X. W. 'r. I-Iav, 8. C. lla'vs, W. II. Hays, I)e Witt C. Havs, Jacol) Hays, Jacol) 2d Hartshorne, James i\I. liartshorne, P. II. llardv, IL C. ILizen, M. F. Ilawley, E. J. Hamilton, M. K. Jr. Hamilton, W. IL Harriot, S. J. Hatch, A. S. Ilallgarten, Julius Ilallgarten, Charles P. Haight, G. L. Harne\', Chai-les II. Iliiven, (t. G. Ilentlerson, W. T. Heminway, A. G. Herbert. G. F. Hill, F. F. Hillard, F. A. Hopkins, II. Ilovt, L. T. Ho'vt, J.J. Hotfman, L. M. LIuntington, T. P. Huntington, L. I). Hutchinson, L. P. Iluglies, T. W. P. Haight, E. J. Hovt, T. A. Jacquelin, John 11. Jenkins, J. E. Jenkins, W. A. Johnes, Charles \. Johnson, II. A. Johnson, J. A. Jones, E. P. Joslvn, O. W. Jnd.son, I). H. Jaudon, F. Judson, A. M. Jenks, F. M. Kennedy, A. Kipp, I. Jr. Kissam, P. P. Kissam, P. II. King, Edward King, V. I!. Kitchen, James Knapp, Shepherd, Jr. Keme_vs, Edv^^ard Knight, Emanuel Lake, J. Lapsley, Howard Lawrence, De Witt C. Le Roy, W. IL LeEoy, II. P. Leonard, P. AW Limbert, A. Livingston, C. Livermore, E. Low, IL W. Lovei'idge, H. Lock wood, Le Grand Lock wood, A. Lock\vood, S. F. Lock wood, F. M. Lovett, F. P. Losea, ( t. J . Lowe, J. Lummis, William Leland, C. IL Lawrence, F. X. j\larvin, Charles P. Marvin, Tasker H. ^larvin, Charles IL Marie, Peter jMarie, Joseph /.sv;,5- isi;:i. Maxwell, .1. I), ^[anley, Geurgo ^[anley, Washington Manlev, Renben Massett, T. A. ]\[assett, S. F. ]\[aurice, A. Mackay, Donald McLean, (Teoi'ge W. ]\[c Jinisev, J. M. ]\[o Kim, "ll. Meigs, ( 'hai'les A. ]\[eigs, Ileni'v Jr. ^raxwell, G. L. Aleigs, Gliai'les II. Meserole, G. P,. Miller, E. H. Miller, A. F. Miller, II. ^\ . ^lorns, W. T. Mill.ank, ll. :Mi11s, s. a. Minton. Gharles A. ]\rori^an, Fleni'v T. Morgan, E. T." Morgan, I). V. Moro'an, T. .M. INIorrell, D. Mott, W. B. Martin, A. F. 11. Major, W. II. McGlure, "William Morris, T. F. Morrison, I). M. Munro, .1. IV. ]\runroe, E. S. Myers, P. M. Mulford, I). S. Murray, B. Jr. Meredith, W. 'J\ Marquand. J. P. McGormick. J. M. Maltbie, F. A. IMaplesden, T. E. Mangam, Franklin Islathan, H. IL Nash, n. Xeilson, ^\ . II. Neilson, R. 11. Nevers, 15. U. Newcomb, ( '. "\V. Xewton, Isaac "W. Nicholas, ILL Nichols, W. S. Nichols, Le Ro\' Nichols, J. R. ■ Nichols, G. W. Niles, L. II. N(.)r\vood, A. (L Norris, John B. Nathan, Frederick Oakley, II. C'ruger O'Brien, William O'Brien, John 0'l:5rien, Jose]ih Ogilen, J. (4. Jr. Ogden, T. W. Oliffe, G. W. ( )(Idie, Orville Oddie, J. Y. 8. Oddie, J. W. r)rmsbee, A. I. Patton, Ludlow Paysou, George P. Patchen, Edward F. Patchen, Samuel W Pahner, George II. Palmer, F. II. Parke, II. S. Pardow, R. Jr. Pa liver G. L. Perkins, J. N. Pendleton, G. R. Prime, Nathaniel I'hipps, W. II. Phipps, (4eorge Phipard, W. T. Phdips, J. F. Pinkney, William ]'*olhamius, Jaines A. Post, S. L. Jr. Poard Room was soon apparent. In October, 1879, the (Toverning Committee decided to buy the adjoining pro])erty south of the Exchange, about 2i feet on IJroad Street, and 68 feet on New Street. The cost of the land was §375, ()(>(). In Xovember it was decided to sell forty additional mem- ljershi])s to pay for the enlai'gement. This was accomplished in December, 1879, the average price received by the Exchange being about §13,000. Late in 18S1 the enlargement of the building was completed, the new Board Jlooni being 138 feet long, on Xew Street, by 63 feet wide. The Broad Street portion of the building was still kept separate from the J>oard Koom, the Long Room remaining as befoi^e ; but a(lj(nning it, to the south, was a new reception or smoking-room for members. ]:iii;nEST and Lowest Trices ix 18M. Xew York Central, 155 130i Lake Shore, 1351 112f Mich. Centra], 126i 8i| Can. Southern, 90" 50 St. Paul, 1291 loii Northwest, 136 117 Ivock Island, USft 129 C. B. & Quincy, 182i 133i Union Racific, 131f 1051 Xoi'. Pac. Pfd, 881 641 Wabash Pfd, 961 641 (62) In 1S81 occurred the " J)utf corner" in Hannibal and St. Joseph stock. Though the price of the stock was advanced to 350, there were few sufferers, as the broker employed to manage the corner was the only person who was short an_y consideral)le amount of the stock. Prior to ISSl, whenever a member of the Board was wanted at the door, or at the rail, one of the doordvcepers would shout the member's name till he responded. With the increase in the attendance of members, this perpetual shouting of names caused great confusion, and often failed to acc(_)m])lish its object. Then many members adopted placards or devices to be displayed by the door-keepers. Finally, in 1881, each mendjer was given a distinctive number, which was displayed upon an electric annunciator when he was wanted. This plan proved satisfactorj', and is still in use. On March 1, 1884, occurred the "White corner" in Delaware, Lackawanna &. Western stock. A difference at one time was estab- lished of nearly ten per cent, between "cash" and "regular" con- tracts. The highest price reached was 130^ for " cash " stock. The long stock was successfully marketed on the very day of the corner. In May, 1884, the failures of Grant & Ward, and the ilarine Bank, were announced ; but the stock market was only slightly affected. A few days later the failure of the Metropolitan Bank occurred ; a panic in the stock market followed, known as the " Grant & Ward panic," resultinf;- in fifteen Stock Exchang-e failures. Clearing'-Ilouse certiti- O Do cates were issued to the extent of $24,915,000. During the remainder of the year 18S4 the stock market was de- ]n'essed. In the summer very low prices Avere reached, and confidence in values seemed to be aljsolutely destroyed. The largest o})erator of that period found it impcjssible to respond to the demands upon him, owing to juoney lenders discriminating against his securities. His assignment papers were drawn up when he succeeded in sehing pri- vately to a prominent " bear," of German extraction, about §4,000,000 worth of stocks, including 50,000 shares of Western Union Telegraph stock at 50. This proved to be the turning })oint in the stock market, and the buyer afterwards admitted his mistake in making the purchase. During the whole year, 1884, most of the active stocks were exceed- ingly scarce for delivery, and -were lending at premiums for the use. Four firms were short of, and borrowing a total of 500,000 shares ; an enormous short interest existed in other offices. Every afternoon a crowd of members would gather at tlie rostrum of the Exchange to attend the "buying in by reason of non-delivery." The confusion 124 8U 94i 5Si 126| 1001 1271 107 57^ 244 122 8.31 104f 591 84i 28" 139^ 86i 100 631 781 49 64 7'///-; AV'JII' YORK STOCK KXCIIANOK. grew- worse, ;iii(l, linally, notices that stock woukl be Ijouylit in if ii(.»t delivered wlien due, were sent out on nearly all contracts in active stocks. In December, 1SS4, tiie present code of " Ini ying in" rules was adopted, which ended the confusion. IIkmikst and L()W?:st Pkices Dri;iNa 1884. Xorthwest Common, St. Panl Common, Rock Island, Chic, Bur. & <^uincy, Canada Southern, New York Central, Lake Shore, Tniou Pacific, Del., Lack. & AVest., Missouri Pacific, West Pn. Telegrapii, In ]\rarch, lss,5, tlie ''Department of Unlisted Securities'" was organized in its present form. Witliin a few preceding years the public had seen the prices of the coal sliares decline about 100 points during the yeai" following tiie ijreaking up of tlie anthracite coal com- bination. They had also seen tlie shares of some of the western rail- ways become almost worthless under hostile state legislation. In ISsf) the Vanderbilt endeavor to bankrn])t tlie recently c(nn])leted West Shore railway by an extreme reduction of rates had brouglit the Trunk Line shares to such a condition that there seemed to be no securities on the Stock Exchange list which the public Avere willing to buy. I)Ut the public had shown a, disposition to buy the " industrial shares," and members of the Stock Exchange felt com})elled to bu}' those shares for customers and to assume the risk of carrying them without the safeguard of a public market. Stocks, which were not in a position to meet the reijuirenients (_)f the Ciommittee on Stock List, were admitted to the " ITnlisted Department." This department did not create the industrial stocks. The creation of that department was a result which follo\ve(l the pul)lic demand for such stocks at a period when other stocks had been discredited. The Stock Exchange does not recommend a security to the public, neither can it control the relation of piices to real values, nor can it control the management of a cf the old method of verl)al comparison. is: 9- 1 so J,. 67 In 1892 tlie Stock Exchange estahlislied a. Cleai'ing-Hoiise for clear- ing transactions in active stocks. It was organized as a department of the Exchange, is controlled l)y one of the Standing Committees, and has accomplished the long desired results. Tlie year ISO?, was an eventful one in tlie stock market. Early in the year large amounts of American secui'ities, owned iu Europe, were sold in this market, causing heavy shipments of gold to Europe (§('.2,00(1,000), and impairing the $100,000,000 gold reserve of the Federal Government. Grave donljts were felt as to the abilit}' of the Treasury to maintain, on a gold basis, the vast amount of ])aper money issued in payment for the silver hullion purchases of the preceding fifteen years. Tlie feeling of alarm at the situation became so acute that, during the summer, credit seemed to be entirely suspended. All over the country, banks, railways, industrial cor])orations, and mer- chants failed to an alarming extent. Clearing-llouse certificates were issued in New York to the extent of $4:1,490,000, and currency at one time sold as high as five per cent, premium over certified cheques. An extra session of Congress was called, and upon the repeal of the silver purchase law the stock market improved. But business of all kinds had been paralyzed to such an extent f)y numerous disastei's, and by impending tariff changes, that the year closed in gloom. Among the large railway systems which went into the hands of receivers in 1893 were Reading, Northern Pacific, Union Pacific, Atchison, and Ei'ie. FAii.ruES IN TiiK [jNrrED States DapjNci 189o. G42 Banking, all kinds, with liabilities of $210,998,808 15,242 Commercial, with liabilities of 346,779,889 32,379 *Miles of Railway, with stocks and bonds of 1,651,116,000 IIi(;hest and Lowest Pk Atchison, Missouri Pacific, Xoi'thern Pacific Pi'efei'red, fTnion Pacific, Louisville cV- Nashville, Canada Southern, rKici':s Dr ;iN(-; 18 Hijiliesf. Liiwes 36i 9-.i 6o' 16-.', 5(.»{t 15i 42iJ 15i 77^ 391 m 34-,V Sluu-fs Sold. 2,231,106 929,4-94 1,494,942 1,178,54-5 1,415,772 209,189 * Out of a total of 17T,s-23 miles. 68 THE NEW YORK STOCK EXCHAXOE. Lake Shore, New York Central, Erie, Chic, Burlington ct (juincj^ Chic, Mihv. ct St. Paul, Chic & Northwestern, Chic, Eock Island & Pacific, New England, C. C. C. & St. Louis, Oregon Navigation, Pichniond & West Point, Reading, Del. & LIudson, Del., Lack, ifc Western, New Jersey Central, Tenn. Coal, Manhattan, West. Union Telegra})h, Pullman, Chicago Gas, Sugar Common, " Preferred, Cordage Common, " Preferred, Lead (\jmmon, " Preferred, Distilling &C. F. Co., General Electric, Highest. IIU 26f .WH llfit 89t 521 60| su 12 53i 139 175 132f 37|- 1741 101 206 1341 l(J4i 75 1181 521 96 661 1141 Lowest. Shares Sold. 104 400,857 92 315,960 n 933,957 691 3,343,093 46f 5,186,680 84| 772,704 511 1,919,633 91 262,812 25 262,812 25 13,186 1 976,179 12 9,123,876 1021 264,567 127 1,239,753 84 177,256 101 369,632 100 1,010,950 671 3,983,510 132 82,211 39 4,536,461 611 10,s77,217 GiU 88,217 7 1,755,509 22 198,932 18* 1,046,899 48 203,649 12 6,024,707 3(1 2,777,768 In view of possible changes in the future, it may be well to record here some of the methotls of the Stock Exchange in 1894, which are not described in other chapters. Any person, at least twenty-one years of age, and a citizen of the United States, may buy a membersliip in the Stock Exchange from any mendjer desiring to sell, subject to the approval of the Committee on Athnissions. No certihcate or evidence (jf membershij) is issued. Should a member become insolvent, and fail to settle with his creditors, his memljorship may be sold b\' the Committee, creditors who are mendjers of the Exchange having a first lien upon the proceeds The nundjer of mendjevships transferred in a year is about fifty. FRANCIS L. EAMES President 1S94 1S7V-1S0J,. (19 A partuersliip ran be formed onlj' witli solvent persons, and must be of such a nature that the good repute of the Exchange shall not suffer. A mendier can represent only one linn upon the Hoor of the Exchange. A s])eeitic phice upon tlie floor of the Exchange is allottcns from the floor to the companies who distribute them by means of the '"tickers." These "ticker" quotations are continuous and practicallv instantaneous, making public not only prices, but also tlie numljer of sliares sold. Any money claim against a member, arising ivo\\\ l>usiness trans- actions, may be brought either by a member or non-member bef,"i' of the exciiaxiie. The whole government of the Stouk Exchange is vested in the Governing C'oniniittee, conii)osed of the President and the Treasurer of tlie p]xchange, and of fort}' members, ten of wljoni are elected annually. In ^lay of each year the following Standing ( onrmittees are organ- ized, mainly b\' the Governing Committee from its own members : A Coiiiiiiitti'i' of AiTdiKji'iiii-iits of seven mendiers, ^vhich has a general supervision of the building, and of the rules necessary to good order and the comfort of the members. \ (Ji>miiiittci' on A(hnis-'ei'S, to examine and audit the accounts of the Exchange. A l^iijD Committee of live mendjers, to \vhicli are referred all (|iiestious of law affecting the interests of the Exchange. A Committee on S'eciwitie.^ of five members, to which are referred disputed questions as to tiie regularity of stock certificates and Ijonds. A Committee on Stock Unt of five members, to which are referred all applications for placing securities on the list. A Committee on. Unlided Seciiritie.s of three mendjers, which has a general charge of the lJe})artment of Unlisted Securities. A C led rinii-llouse Com mittee of Jive, whicli has a n'eneral cliarire of the Clearing-House. (741 GEORGE W. ELY Assistant Secretary 1S74-1883 Secretary 1883-lS9Jf / 'A ■' !,i^; (i(>\'EHX.MEXT OF THE EXCIIAXilE. 75 A Committee of fnsol re nc/'es of three meiiibers, to investigate evei'v case of insolvenc}' . A NomiiuttiiKj Committee of five, not meniljers of the Governing Conniiittee. Tlie members of this committee are chosen at the annual election of the Exchange, for the purpose of presenting nomina- tions for officers of the Exchange at tlie election of the following year. The Trustees of the Gixituitij Fund, consisting of the President and the Treasurer of the Exchange, and of five other Trustees who liold office for five years, one Trustee being elected annuall}' Ijy the Exchange. They control tlie management and the distribution of the Gratuity Fund. It migiit have l^een doubted, when the first Governing Gommittee was established in 1869, whetiier memljcrs could be found who would be willing to give to the Exchange all the time and thought necessai'v for the proper performance of such a vast amount aiul variety of committee work. Self-denying and continuous labor was needed, and it lias been given. The members of the Exchange, wlio are not uiembers of the Governing Couimittee, now enjoy entire freedom from fjuestions of legislation. Such subjects are usually brought before the proper Standing ( 'ommittee, upon whose report the Govern- iny Committee takes final action. TC, TIIK yEW YORK STOCK EXCriAXOE. ISC'J. OFFICERS ISnO. OF THE NEW YORK STOCK EXCHANGE. President. W. EI. Neil son. First Vice-President, Second Vice-President, M. A. Wheelock. V,. O. White. Secretary, Treasurer, Geo. II. 15ro(llie:i(I. D. C. Hays. GOVERNING COMMITTEE.-- Class 1. — To Serve One Year. II. S. AVilson, T. A. Iloyt. Echvard Iji-andoii, Joseph O'Brien, Fred. White, S. I].' Hard, S. E. Lockwood, J. L. 15ro\vnell, II. R. Le Roy, Rufus Ilatcli. Class 2. — To Serve Two Years. John Ten lirook, 11. E. Dodge, J. S. Sauzade, A. D. Williams, G. A. Fanshawe, D. A. Boody, George Rhi])ps, L. Marx, N. G. Bradford, Jr., L. J. Van Boskerck. Class 3. — To Serve Three Years. G. II. Watson, W. B. Gierke, E. S. Munroe, B. Yan Yliet, A. S. Hatch, S. Y. White, W. R. Travers, II. Kennedy, Edward King, Roljert Waller. Class 4. — To Serve Four Years. Alex. Tayloi', John T. Denny, A. Canipl^ell, J. M. Ilartshorne, A. Colvill, C. P. Currie, A. B. I]aylis, A. Y. B. Yan Dyck, Wni. Seymour, Jr., T. B. Stout. ■"This was the first Coverniii,!;- Comiiiittec of the New York Stock E.xcliange. I). C. HAYS Treasurer 1S66-1S94 ( 'OMj\[ITTEEhi. — 1SG9. 1869. STANDING COMMITTEES. Committee of Arranhements. Eobert "Waller, John T. Denny, T. P>. Stout, J. L. Bnjwnell, II. S. Wilson, AV. R. Travers, Geo. II. Brodhead. 1869. Committee (in Admissions. G. II. Watson, Fred. White, D. A. Boodj', S. F. Lockwood, George Phipps, John T. Denny, II. R. Le Roy, S. V. White, G. IT. Brodhead, T. A. Iloyt, S. B. Hard. Arbitration Committee. Robert Waller. N. G. Bradford, Jr. J. M. Hartshorne, Josejih O'Brien, John Ten Brook, C. F. Currie, B. Van AHiet, II. Kennedy, A. Colvill, W. B. Gierke, Alex. Taylor, Ciimmittee on Secxtrities at Large. A. Campbell, Edward Brandon, Wm. Seymour, Jr., G. A. Fanshawe, Edward King. Committee on Government Securities. A. S. Hatch, L. Marx, L. J. A"an Boskerck, Rufus Hatch, J. S. Sauzade. Committee on Stock List. A. D. Williams, J. L. Brownell, A. B. Baylis, E. S. Munroe H. E. Dodge, A. Colvill, W. B. Gierke, Finance Committee. The Treasurer. A. Y. B. Van Dyck, The President, 7S THE NEW YORK STOCK EXCHANGE. 1S80. OFFICERS 1880. OF THE NEW YORK STOCK EXCIIAXGE. Presidext, Donald Alackay. Vice-President, Charles IM. Stead. Chaikman, Vioe-Chairmax, James Mitchell. Alexander Flenriques. Secretary, Treasurer, E. O. Whit(\ D. C. Havs. GOVERNING (JOMMITTEE. Class 1. — To Serve One Year. S. T. Russell, W. L. Bull, G. L. Ilaight, R. Keppler, E. Brandon, F. N. Lawrence, II. G. Stebbins, Simeon J. Drake, F. K. Sturgis, R. L. Anderton, Jr. Class 2. — To Serve Two Years. Henry JMeigs, Howard Lapsley, J. J. Higginson, A. 15. Baylis, S. J. Harriot, Clarence S. Day, A. Woltf, Jr., Nelson Robinson, T. S. Ferry, George H. Palmer. Class 3. — To Serve Three Years, Charles M. Stead, Francis L. Fames, H. ^Y. Rerkins, ' Joseph S. Stout, II. E. Alexander, E. A. Drake, Ilenrv Graves, Laurens Jose|)li, E. T." Bogert, S. Y. White. Class 4, — To Ser\e Four Years, I'rayton Ives, C. K. Randall, William Lummis, II. H. IloUister, W. B. Dickerman, ^Vm. McClure, A. M. Cahoone, G. II. R,. Hill, AVm. Alex. Smith, A. F. R. ]\Iartin. JAMES MITCHELL Second Vice-PreMdent 1S70-1871 Vice-Chairmun 1S71~1S78 Chairman 1S78-1S94 ( 'OMI\l I TTKES. — /.V.SVA T! lySd. STAi\M)IiN(; COMMITTEES. ISso COJIMITTEK (IF ARl!AN(iEMENTS. V. K. Stui'gis, C^liainnun. G. L. Haight, A. F. ];. Martin, A. Wolff, Jr., E. A. Drake, Clarence S. Day, Nelson Robinson, Committee on Admissions. A. .M. Calioone, (Iliairinan. G. L. Ilaiyht, E. K. Sturgis, Charles M. Stead, J. J. Higginson, Howard Lapsley, W. B. Dickerinan, 11. W. Perkins,' A. Wolff, Jr., Henry Meigs, E'rancis E. Eanies, W. L. Etull, lirayton Ives, F. N. Lawrence, Laurens Josei)li. Akbitkatiox Committee. S. T. Russell, Chairman. William Lunimis, C. K. Eandall, H. E. Alexander, R. Keppler, Simeon J. Drake, Henry Graves, H. H. HoUister, S. J. Harriot. Committee on Securities at Large. Edward Bi-andon, Chairman. AVm. Alex. Smith, Francis L. Eanies, T. S. Ferry, AVm. Mc(Jlure. Committee on (to\'ernment Securities. A\'. L. Eull, Chairman, Henry Graves, Clarence S. Daj', II. AV. Perkins, P. L. Anderton, Jr. Committee on JIining Se(_'urities. Charles M. Stead, Chairman. A. AVolff, Jr., Laurens Joseph, ^y. L. Bull, S. V. AVhite. THE yEW yoiUv sToi'K ex('IL\x<;e. CoMJiiTTKE OX Stock List. A. B. ]!ay]is, (Uiairinan. 8. T. rvussell, Simeon J. Drake, ILenrv Graves, -T. J. llif^giiison, FlXA>;( 'E C'OJIMITTEE. A. 13. Jtaylis, Cliaii'iiian. S. T. Paissell, ' Henry ]\[eigs, ^V. E. Dickerman. lirayton Ives, The l-'i'esident and the I'l-easui'er. L.wv Committee. Chai'les IM. Stead, Chairnian. 11. W. Tcrkiiis, II. G. Stehljins. CoMMlTTEK OX e'oMMlSSI(.)XS. H. II. n(.)IIister, Oliairiiian. E. T. J5ogert, Joseph S. Stunt. Committee ox I^hixtixo. Joseph S. Stout, Chairnian. Geor-e 11. Palmer, G. II. I!. Hill. Committee ox Ixsolvexoies. Howard Lapsley, C'hairinan. ^X. 1!. Dickerman, F. N. Lawrence. WILLIAM Mc CLURE Vice-Chairman 1878-1880 1890-1894. ( 'OMMirTKKS.~ls::iJ,. 81 1804. OFFICERS 1894. OF THE NEW YORK STOCK EXC1IAX(4E. President, Francis L. Eaines. Se(.'ret.iry, Vu'e-Pkesident, Treasurer, (4eorge ^\ . Ely. R. II. Thomas. D. C. TIays. CHAIR5IAX, A^K'E-CHAIRMAN, James Mitchell. William McCIure. GOVERNING COMMITTEE. The President and the Treasurer. Class 1. — T" Serve Oxe Year. W. B. Beekman, C. I. Hudson, Wm. Carpender, .1. B. Metcalf, W. ]\I. Donald, C. Minzesheimer, J. B. Dumont, James Weeks, P. W. Harding, T. B. Wdliams. Class 3. — To Serve Two Years. A. M. Cahoone, John H. Jacquelin, W. B. Diekerman, C. W. Manry, R. P. Doremus, James Seligman, F. W. Gilley, F. M. Thieriot, John Hone, R. V>. Whittemore, Class o. — To Serve Three Years. S. J. Harriot, T. L. Manson, Jr., W. W. Ileatdii, S. T. Russell, F. L. Henry, R. H. Thomas, ('. H. Iluestis, S. Tilghman, R. Limburger, Theo. Wilson. CL.YSS 4. — To SEltVE F(.)UR Ye.\I!S. W. L. Bull, C. E. Laidlaw, II. G. Campbell, J. II. Oliphant, A. De Cordova, W. B. Sancton, J. W. Davis, F. K. Stui-gis, W. H. Graid)ei'\', Jauies Whitelv. i2 THE NEW YORK STOCK EXOlfAXOK. ISDi. STANDTX(t committees. LS94. C'OMJIITTEE OV ArUANHEJIENTS. R. IL Thomas, Cliainuan. J. W. Davis, C. W. Maurv, 11. P. D(.remus, T. B Williams, r. W. Harding, Tlieo. Wilson. Committee ox Admissions. A. M. Cahoone, C'liairman. W. 1!. IJeelvmaii, C. W. Maury, W. L. Bull, J. li. Metcall, W. r.. Dickeniian, Jas. 8eligmau, W. M. Donald, F. K. Sturgis, V. AV. Harding, S. Tilghman, John Ilone, Jas. Weeks, (J. E. Laidlaw, T. B. Williams. Akbitration" Committee. John II. .IaL'(iuelin, ('hairman. 11 G. r'ampbell, H. Limhurgor, >S. J. llarri(jt, W. B. Sancton, W. AV. lleaton, F. M. Thieriot, (.'. I. Hudson, 11. 11. Thomas. Cle.vkixg-J Iouse ( 'ujimittee. Ii. V. I )oromus, ( 'hairman. D. AV. Burdaii, S. J. Harriot, F. AA^. Gilk'V, T. L, Mans(jn, Jr. Co.MMITTEK OX COMMISSIONS. John Hone, Chairman, II. (t. r'ampbell, -lohu 11. Jacciuelin, AV. AV. lleat(_in, James AVhitely. CojiMiTTEE ON Constitution. W. (.'arpender. Chairman. A. De Cordova, C. Minzesheimcr, F. L. Henry, J. H. Oliphant. (:()MMTTTKES.~ls:i.',. m Ftnani 'K C'(.>MMTTTEE. .Tns. Seligman, (']iaii-in:in. W. r.. I'.eekman, S. T. Hussell, J. W, Davis, F. K. Sturuis, The Pi'esident and tlio Treasiii'er. CoMjriTTEE ox Insolvenciks. A. ^r. ('aliooiie, C'liaii-nian. W. D. Beekman, W. M. Donald Law Committee. F. K. Sturgis, Cbainnan. AV. L. Bull, ' J. B. Dumont, ^y. li. Dickeniian, J. B. ]\[etcalf. Committee ok Seourities. S. Tilghman, Chainiian. ^Y. M. Donald, ' C. II. Iluestis, AV. II. Granberv, (!. E. Laidlaw. Committee on Stock List. S. T. Ilussell, Cliairnian. J. B. Duraont, S. Tilglnnan, W. II. Granbery, Jas. AVeeks. Cd-MJIITTEE ON UXLISTEII SeOURITIES. Janios Week's, (Jliairmaii. ('. E. Laidlaw, P. AV. Ilardin^ No.\llX-\TtNO CoM.MlTTEl''. FOR 1M95. E. V. D. CV)x, Yl. II. llalsted, ('. II. De Silver, A. King, C. ('. Roumagx^ S4 THE yEW YORK STOCK EXCHAXOE. IJEGULAR ^MEETINGS OE CO]\[MITTEES. GovERNiNf! Co.MNtiTTEE. — Secoiul uikI Eoiu'th AVediiesdajs of each Month. CojnrTTTEK OF Ai;ran(;kments. — Monda.y of eacli Week. ( 'ojimTTEE ON Admissions. — Tlmrsday of each Week. Ari!iteation Committee. — Tuesday and Eri(kvy of eacli Week. P'iNANCE Co:m:\iit'i'ee. — Second Day of eacli Month. GoMMiTTEE ON Stock List. — MontUi}' of each Week. CoMJiiTTEK ON Unijstei) Secukities. — Eirst Eridav of each ]\rontli. 1894. TRUSTEES OF GRATUITY EDND. 1894. (Meet Third Monday of each Month.) William Alexander Smith, Chairman. S. J. Harriot, Secretai-y and Treasnivr. S. ir. Kissam, W. E. Stron O! to serve one year. to serve tliree years. Wm. Alex. Smith, S. J. Harriot, to ser\'e two years. to servo four years. W. L. Bull, to serve five years. The President and the Treasurer. CIIAPTER XIV. Cost of ^[K:\[BEESini' ix Tin: Xew Yokk Sr4 Treasurer of the E.ivhaage lS0o-lS6(: President of th.e Exehange JS66 Trustee of the aratv.it y Firnrl 1S74~1894 Member of the Governi)ig Committee l,S'76-lSSrLL, to serve tive years. The President and tlie Treasurer. rUIAPTER XVI. .\l':\\ \0\lK STOCK KXC1I.VN(;1'; liUILOIXO CO.MI'ANY. Ill Iso:! it beciime evident tliat the room occupied by the Stock p]xchiuic^e ill Lord's C<.iurt was too small for the rapidly increasing- business. As the Stock Exchange was not incorporated, the '' Xew York Stock Exchange Bailding Company " was organized, with a capital of !?y.")0,0()0, for the juirpose of buying a site and erecting a building for the use of the Exchange. The capital was subsequently increased to ft3."'iO,000. The stock was taken by the individual mem- bers of tlie Exchange. The northern part of the ])resent I'road Street site was bought, and the erection of the original building was i^eguii in 1803. In 1SC4 it was found that even the enlarged capital of the J]uilding C(.)m[)any Aveiuld be insutticient to com])lete the building. On ]\Ia.rch 1, ISO-f, tlie Stock Exchange; adopted the following- resolution : " /A'.«y//v'V, That. fi'(_)m and after this dat(^, all money received by the Board as Initiation Eees shall be, and herelty is, donatetl t(.i the New York Stock Exchange IJuilding xVssociation to aid said Association in the construction (jf a Stock Excliange, and the Treasurer of this Hoard is hereby directed to pay over such money, as fast as received, to the Trustees (jf said Association until the completion of their fmilding, provided the expenses of the IJoard are met by its receipts from other ordinary sources of rm'enue.'' Under autlnjrity of tlie above resolution, the Stock Exchange had, l)y .lannary, 1SG(!. i)aid over to the Ihiilding CJompaiiy $310, (JOO as a d(.)nation. Epcm the completion of the building, in December, 1805, the Stock Exchange leased fi-oiii the liuilding T'ompany a room on the second floor at the New Street end, paying a rental of $2.5, dUO per annum. The Sessions or Calls of the Exchange were held in this room, the Ex- cliange making no ]irovision for a market between Calls. Several individuals jointly leased from the Building Company the ground floor, subsequently known as the " Long- Room,'" at $25,000 nr/ijuxd coMi'AX): sn [ler aiinuni. The street market, or the market l)et\veeii CiMs, was transferred to this room, tlic lessees a(huittiiig any one upon ])a3'ment of an annnal siihseription. Natnrally a, conflict of interests soon arose hetween the Stoclc Exehantre, the lessees of the Lonji: Uoom, and the ihiilding Company. lu ISG^ the rent roll of the ihuldinij,- Compan\" was reported to the Stock Exchange to be as follows : Stoclv Exchange for second Hoor lioard Room, $25,000 do. (Tovernnient liond Department, 7,500 Lessees of Eong liooni, 25,00(> ^Mining Exchange, 15,000 Telegrapli Gomjninies, 5,000 A'aults, 28,000 $105,500 After threatening )'epeatedly to abandon the building, the Stock Exchange, in 1870, bought the entire capital stock of tiie Building Company for S575,000, about 104^. In 1870 atlditional land was bought on the south side of the original pro])erty, and the building was enlarged. Tlie title to all the real estate is still in the name of the New York Stock Exchange Building Comjtany, the Stock P^xchange owning all the stock of the Building Comjiany. The cost to the Stock PLxcliange, of its building and lany means of telegraphic quotation instruments called " tickers," instantaneous and continuous quotations are in every (jifice. At the Exchange, when a member is wanted, his distinctive number is disphiyed upon an electric amuuiciatdr, without the noise and confusion of the e;ir]ier method. By means of tlie private telephones, a membei' at the Exchange may be in constant communication with his office. l]y private telegrai)h wires from up- to\\-n offices, orders from distant ])arts of the city ai'e I'eceived without any loss of time. Ey pi'ivate wires from all large cities in the counti'y, orders from an office a thousaiul miles distant are often received witli less delay than frtuu an office in the vicinity of the Exchange. Instantaneous (puitations from tlie Stociv Exclianges of Europe are continuously received. Tlie ciuleavor to nud^e a profit wheu there is a different ])rice for the same stijck' in two mariv'ets lias created wliat is called the " arbitrage "' l)usiness. Com])etition of the " arljitrageurs" results in nearly e(piivalent prices in all markets at the same time. In file foreign arljiti'age o[)erations, the uiember gives the New York (piotation to his clerk outside the rail, who wi'ites the cable message, passes it to the telegi'ai)h office witliin the Exchange, fr(un which it starts for the Ijuidon oi' other European Stock k]xcha.nge. An answer fi-oiii Londt.m is expcctetl in four minutes, 'within wliicii time the telegraph o[)erator in ±\e\v York has transmitted the (jriginal message t(j the C(.iast, anotlier (operator has sent it across the ocean, a tliird has sent it from the Irish coast to the Lonih_)n Stock Exchange, a transaction has been made on the Londcui Stock Exchange, the report from Eoiulon lias passed through the hands of tliree diiferent telegraph o])erators as bef(.)re, and been delivered on the Ne^w York Stock Ex- change, all witliin four minutes. The Atlantic ocean has been twice traversed, a distaiu-e of over six thousand miles. The arliitrage Imsiness conducted bv members of the Xew York Stoclc Exchange between New Yoi'k and otlier Auierican cities was r(U'merl\' vei'v hirjic. IJut competition between the arbitrageurs be- (911) rsE OF nil-: 'rEi.E(;i:Arii. !)I came so cxti'enie that some membei'.s, dealing- tliniii^ii pai'tiiei's (ni Excliauges in otiiei' cities, often conducted tlieir ojierations on these Exclianges in a Avay which was consithn-etl to he (Uiti'imental to the interests of the New York Stock Exchange. It was believ(^d to he jn'actically im]iossible to control a. menil^er's operations on another Excliange. ConsecjncMitly, in ^Tay, isO-t, someof thefacihtiesforseiKhng instantaneous and continuous private quotations to (}ther cities \v(U'e witlulrawn. Since tliat date tlie domestic arbitrage ojierations liave been on a very reduced scale. The New York Stoclc Exchange still furnishes "ticker" (juotations, ^vl^cll are jn'actically instantaneous, for general distribution. (IIAI^TEIJ XVIII. (JLKARING-IIOIISE 01' THE NKW YOKK STOCK KXCIIx\N( ;K. During tlie panic of 1S57, occurred tiie tirst agitation among tlie stoclv brokers in favor of estahlisliing some system of clearing stoclc transactions, but nothing Avas accomi)lisbe(l. Early in 1807 certain members of the Gold Exchange estabhshed the " Xew York Gokl Exchange Bank'' as a clearing-house for ti'ans- actions in gold. The success of the gold clearings was so manifest, that later in the year an endeavor was jnade to secure a clearing sys- tem for stocks. The Stock Exchange ])aid $12,000 for a cliarter available for a clearing-house. A coinjian}' was oi-ganized under the name of the " bankers' and Brolcers' Association," the members of the Stock Exchanire subscribinir to the stock. It was thought if meml^ei's generally would order the Association to receive and deliver their stocks, the result would be a o-(>neral clearing. As this was not made obligatory, little was accom])lished, and the company passed out of existence in 1877. After the panic oi 187^! the agitation in fav(n' of some s\'stem of clearing stock transactions was again renewed. Committees were appointed, but nothing was accom])lished. Committees to devise some method of clearing were appointed in 1877, 1879, and 1880, but always without result. The C(jmmittee of 1879, was a])pointed for the purpose of conferring with a committee of bank presidents. As a result of the conference tlie committee recom- mentk'd that the Stock Exclia.nge should retui'ii to the method of dealing in stoclcs on buyer's and seller's 0[)tions. In 1883 a, nundier of members formed a company for the pnr]")0se of clearing stocks on the so-called " Osterburg plan." Clearing was begun l)y such members as desired to participate. Those who cleared were expected to reduce each contract to a uniform "delivery price" by means of difference chec^ues l>etween themselves, and the lialances of stocks were to lie delivered l)et\veen brokers on clearing-house (jrtlers. Wliile the system was simple, it liad many disadvantages, was little used and soon abandoned. ( ' L K. 1 R IXff - HO r "S' K. 03 .V special coiiinnttee \vas appointed in ISSTi to report upon the subject of clearing, but nothing was accomplished. In ISst) another conmiittee was appointed, also without result. In 1887 the Stock Exchange organized a clearinii-diouse called the ■'Auditing De])artn]ent " of tlie Stock Exchange. The method adopted was what is called the " contract delivery " system, with daily clearances and foi'tnightly deliveries. The use of tlie system was not obligatory, it was unadapted to the needs of tlie Stock Exchange and was consequently soon discontinued. In ISSS a considerable number of nu-mbers again attemjited a volun- tary system of clearing, tliis time through the Manhattan Trust Com- ]iany. The system adopted had some disatlvantages, and as members found it inconvenient to have two classes of contracts in the same stock, the scheme was al)andone(l. Xearly all of the committees appointed at different times by tlie Stock Exchange to investigate the subject of clearing stock transac- tions, iiad reported favorably. But the metliods which liad been recommended by the committees, Avere so defective, or would have entailed so many disadvantages, that every one had failed of adoption. Early in 189:i it became known that many of the banks were alarmed at the immense certifications necessary for stock brokers. It also Ijecame known that a resolution was to lie inti-oduced in the Clearinji'- House of the banks, to restrict the volume of certifications for lirokers, and it was thought that the resolution would l)e carried. On January 27, 1S'.>2, the (Toverning Committee appointed a special committee to report u])(in the desirability of a dealing system. This committee submitted its report on ]\Iarch 23, 1892. recommending the establishment of a C'learing-IIouse, and submitting a plan with all the laws and details necessary to carry it into operation. On April 13, 1892, the (Governing Committee ap])roved the plan \vithout modili- catiou. The essential features of the plan were as follows : Clearing to be comjiulsory unless otherwise agreed. Onh' active stocks to be cleared, with daily deliveries. Clearing sheets to be delivered at the Clearing-House on the after- udou of the day before the contracts are due, 'with one cherpie or draft for the amount necessary to adjust all contracts to the delivery prices. Loan market to be in the afternoon for the (hdiveries of the following day. x^ !)4 rilK Xh'AV Ys, 2^,750,100 shares. Value do do $2,o(U,7(H),OU() Sliai'e balances, one side, ;'>, 000,000 shares. ^'alue do do $210,70o,ooo Cash do do $;;,:ioo,rioo Bank cei'titications reduced, $t;il,oo0,ooo xVverage nundier oC sheets cleared dailv, :;2-t (■jj'JAi;i.\(i-ii()r.<;i'j. !J5 Stock C'leakaxces kok tiih ('at.knuar ^'i';ai;, I89;i. Full shaves cleared, both si shares of stock and $0,02o,(»O0 boneculiarities of an eccentric librarian, wlio was supposed to be in cori'espondence with all the large librai'ies of the W(jrld. It was sub- sec|uently rumi^red that the a]>pro[)riati<;)iis had been sjient for ]iostage. ( )f late years it has not been customary to give the funds of the Exchange to charitable objects. Mendjers are given the oi)i)ortunity to sul)scribe individually to such objects, and their responses have fieen liberal. Christmas gifts to the employees of the Exchange are now ]irovided for fiy the voluntary contributions of individual members, which usuallv amount t. V. (.'arver, S. F. Austin, pjhvin Thomas, (t. T. P,radley. Farly in LSC'J the signers of the ;igreement held freijneiit meetings, and appointed committees for varions pni'poses. The list of signers was revised, some names lieing rejected and others added. In j\Iareli the huildings at i(J and Fs IJroad street, were leased for ten years, to be alterenl f(ji' the use iif the new Jjoard. A Constitution was adopted on ]\Iarch 1(1, ls(U, the name of the new organization being the ''Open Hoard of Stock Brokers.'' There were two jtoints in which the Constituti(Mi of the Open Board differed from that of the Bcgular lioard at that jieriod. The Open Board Constitution in its First Article ])ro\ided that tlie pul Jic should l)e admitted to the J.ioard Boom, \\-hich was a decided innovation at tliat time. It also delegated to an Fxecutive Committee liberal powers for a general su|iervision over the interests of tfie Board, which was also an innovation. The following is a list of the earliest signers of the Constitution : S. 1. Jose})h, W. IM. Parks, George \\ . Smith, F. Butler, J. Whyte Davis, II(>nry Stanton, F. J. Feavenwoi'th, ^I. C. Klingenfeld, S. I'\ Austin, AV alter Jaggar, F F. Talcott, II. J. Seaman, Warren Kimball, W. II. Iluntei', Bufus Hatch, M. F. B. Martin, HaniUn Blake, Geo, I. Landon, Chas. M. Stead, W. S. AVoodwanl, Cliarles Blake, M\ IF Heiiri(pies, S. B. Hard, F. A. A'anderhoof, J. PI P. Lazarus, C. P. fUirrie, J. (F .Mills, ( '. X. Jordan, ( 'harles Stolces, S. :\r. .Alills, F. B. Tremain, Henry Knight, E. ]\Iorrison, F j\r. P.ussinger, A. F. Laing, II. C. I5eecher, (>l'h:X lUlAUlK S. ]\[ayer, E. S. Saxtoii, E. II. \':in ScliaiL-k E. S. ■('luii)in, \l. 11. Eootc, .losepli Uafcl, a. ('. Smallev, M. L. IlelhiKUi, 11. IL ('handler, Albert Frank, Alex. iMaver, E. (). IJea,il, A. V. B. Van Dyck, S. Levy, ' O. AV. .loslyn, (4. AV. I). Dakin. S. "S\. Anderson, Frank Baker, E. 1!. Hart, Wni. Heath, A. N. Juno-, S. II. IMiddleton. ('. L. llallgarten, Geo. AV. ISeehe, .\r. W. R. Martin, .1. AVolll)erg, (4eorge Phipps, A. II. Angell, E. L. Oppenheiiii, P>. E. Carver, Kicliard Schell, F. Jnsth, T. Warner, G. A. Fanshawe, .\,dol[)h Kohn, JMendes Nathan, A. S. Pealiudy, ('. S. Groot, James Wliitely, F^dwin Thomas, AVm. Parker, II. G. Bond, J. T. AYilliams, IF \l. F)ater, E. P. Lee, E. T. IF (iil.son, Pobert Waller, P. Hibbard, J. IF Taylor, IF A. Tucker, AV. T. Hooker. 11. Aitken, F)nring the alterations at 10 and is Broad Street, the Open Board took a temporary lease of an up[)er room at 1 1 F^road Street, where Inisiness began on May i!, 1S()4, \vith the following officers and com- mittees ; President, S. B. IIaki.. Isf Yice-J'resiileni, S. 1. .Ioskpii. !il ]';,:e-Presi(lr),t, IF A. Tuckki;. Treiisiire)', AY. AF Paiiks. Secrefanj, W. T. IIookk.i;. Ax'. Bisnop. EXK( TTIVIO ( '( iMMrrTEiO. E. B. Hart, < ). AV. Joslyn, \i. P. Dater, J. AVhyte Davis, C. I'. Currie, .1. T. AVillianis, \i. Moi'rison. FlX.VNCE Co-M.MnTEE. Chailcs Blake, E. P. Tremain, AValt('r .laggar, F. .Iiistli. KM rilK SFAV YORK STOCK KXCHANGK. ('i)MMITTEE ON JlEMIiEHSHlF. II. A. Tucker, AV. KiinlKill, C I'. rUirrie, E. R. Ti'eiiiain, W. H. H(>nri(|ucs, JI. .1. Seaman. C'llAIIIllAN , the last Calls of the Oi)en Board were held. ( )n the same day an election was held for twelve re[)resenta- tives (.)f the Open Board to become additional members of the Oovern- ing Committee of the Stock Exchange. This ended a live years successful career of the " Open Board of Stock Brokers." The members of the (Jpen Boanl, who entered the Stock Exchange at this time, numbered o5J:. The funds of the Open l>(_)ard paid over to the Stock Exchange amounted t(j about $250,000. The representatives of the Open Board elected as additional mem- bers of the Governing ( 'omniittee (jf the Stock Exchange were : S. B. Hard, L. Marx, Robert Waller. J. L. Brownell. L. J. Van Boskerck, C. P. Currie, Rufus Hatch, S. V. White, A. V. B. Van Dyck, D. A. Boodv. II. Kenned V. T. B. Stout. O/'/'.'.V UnAHI). 105 OPEN r.oAlM) OF STOCK I'.IJOKKKS, OFFl('Ki;S y\N]) ("0^[MITTEE8 Foi; Fsr,S-ls(i;.i. Pl'iKidciit, .1. \j. l!i;<>\\ NKl.l,. /•v/ \ if( - 1' ri xi(h )it . ( I i:()i;(ii': II iomik.hios. :-'EES)III'. AVarrcu Kimball, I). A. IJu(_»(l\', AV . F. Liverniore, W . S. ^\'u(l(l\vanl, Pi. L. Smvtli, Tlionias Morton, J. .\. Ewcll. S. W. Halo, F. X. LawrencL", A\'. B. Loulvwood, C. M. Stead, II. KcinxMly, Albert F'rank, (i. L>. Munroe. A. S. Peabody. J. T. Williams, ('. ('. Snydani, W . .1. Oelston, E. S. Chapin, P. :\r. Iledden. ('. P. Cni'i'ie. C'l.inrr he .Vi'I'I'.ai.s. K. AVallei', .^F .\atiian, AV. P. Martin. O, Pai'tow, S. V. White. ('H.MKM.VN (IF .VKBrrK.\Tl(lN f '< l^LMn'TEE. W. V. W'eed. FEX-KNCE CiOI.Mn'TEE. ('. P. OniTie, A. \. P. \'an Dyek, S. C. Plake, W. P. Lockwood, T. P.. Stout. 106 THE yFAV YORK hH'OC K KXCIIAXdK. The follow'iiin;' is ; of the Open Ijoari May, 18(i;) : Ailams, 1'hoinas Aitken, IT. Akers, Thomas P. Alexandei", L. D. Allen, (;. (.'. Altman, A. Aniorv, J. M. Ang-el'l, A. II. Anthony, Mark Austen, Jaines Austin, S. F. Anderson, K. S. Baker, Frank Barnet, A. Bartow, Charles Barstow, Andrew Barlow, Geoi'ge Beebee, G. W., Jr. I'ernheiiHcr, II. Baker, A. AV. Benedict, Coleman Benjamin, John Beadleston, W. 11. Bislioji, William F. lilood, S. L. Blake, S. C. Bonner, John Boodj', David xV. Bowron, ~W. A. r>oyd, James I'ouvier, John Y. Jjrownell, J. L. Brownell, C. A. Brigo's, J. (4. Brun's, Phil. Bond, H. G. I'rundage, W. ]\I. Bruce, Langley Brennan, John Bussinger, I. M. Butler, Edward Burr, M. Jr. lUrssing, John 8. Bishop, II. AV. Bogert, Eugene T. in a[>proxiinatel V C(.)i'rect list of the 354 members who entei'ed the Ne\v York Stock Exchange in Cooke, R. K. Callendei-, Y'. E. Cahlwell, .M. ( 'am])bell, James ( 'arver, B. F. C]ia,])in, E. S. Cochran, Koljert Colgate, J. S. Coo])er, J. J. (Jorlies, A. Y". ( 'uminings, G. F. Currie, C. P. Colby, Kol)ert ( 'i-iss, Michael Chase, E. E. f 'I'oss, Ilenrv C. Davis, J. AVhvte Davis, I. C. De (irove, (). C I)e -lunge, 8. Den ike, Theodore Denison, IT. A. Dickinson, (4eorge F. I)(jrman, li. Dotger, A. J. Doughty, S. G. Dumont, J. L. Dzondi, E. Dickinson Howard C. Dickinson, Piatt K. Dickermau, AV. B. Edwards, P. L. Ely, Geoi'ge Y\ Elliott, E.'S. p]merson, J. P. Englehorn, L. Ewell, J. N. Fei'ris, Francis Fisher, L. G. Fiske, J. A. Field, E. G. Fleutet, M. Florance, L. G. Foote, P. 11. Fowler, H. J. Frank, Albert Forshay, D. F. S. Frank, Gustave Fry, II. B. Gelpcke, (Jtto Gelston, W. J. George, E. C. George, J. Y^. Gibson, E. P. Gibson, E. T. II. Goodwin, E. F. Gorham, .S. H. (4root, C. S. Guttman, D. Hall, Basil Hall, P. B. Halle, S. Y^ Hamilton, Y^illiam Hart, E. 1). Hard, S. B. Harris, C. PI. Harris, Charles M. Harned, S. W. Hatch, Rufus Hatch, Albert J. rPiviland, D. E. Head, J. A. Heath, Y^illiam Hodden, P. M. Hellen, C. C. Heiser, Henry A.. Jr. Henrii|ues, Alexander Henritpies, George Henricjues, Y^. H. Henriques, David Herrick, P. P. Flerrick, Marcus A. Huestis, C. H. Hibbard, S. M. Higgins, T. C. Hinkley, Charles Flooker, W. T. Hollister, H. H. Homans, E. C. Hornbostel, F. OPKX HOARD. 107 Ilorton, II. L. llov, llohert T. IIiiiitei% W. R. Hunter, .1. II. Ilurlburt, II. A. Jr. Ilussey, E. A. Hyiiian, Ilenrv Hammond, James K. Isaacs, Montetiove Ives, Bravton Jackson, C. W. J agger, AV. Johnson, Davis Johnson, II. L. Johnson, W. H. Jordan, C. N. Joseph, Laurens Josephson, A. Josephson, L. Josephson, M. Joslyn, C. S. Julian, James Jung, A. X. Justh, Emil Kane, R. A. Keep, Henry Kennedj', Harvey Kent, Theodore S. Kerr, John Kimball, C. H. Kimball, P.. J. Kimball, Warren Kimball, AV. C. Kimber, Arthur King, Albert King, R. W. Kirtland, J. C. Knapp, T. S. Knickerbacker. H. Klingenfeld, M. C. Knight, Ilenrv Knowles, E. ^I. Kohn, Adolf Keep, Charles W. Kirkland, J. L. Laing, A. E. Lamont, Charles A. Lansburgii, S. La^vrence, Frank Lawrence, \Y. W Laws, S. y. Lazarus, J. K. Lee, Edward R. Leeds, T. E. Lapsley, Samuel AV. Libaire, A. Lippincott, S. T. Li[)pman, A. Livermore, AV. F. Livingston, J. B. Lock wood, J. F. Lock wood, W. B. Marlor, U. S. .Alarlor, T. S. Marten, B. T. Martin, M. L. B. ?*Iartin, R. W. Jr. Marx, L. Mastin, J. E. IMead, H. ^V . Merrill, L. P. jVIerritt, E. i\t. Messenger, N. H. Mills, J. G. Mills, S. U. Miller, G. W. ]»Iinis, P. H. ]\Iinzesheimei", Charles jMitchell, ]\Ioses ]\Ioise, P. A. Mnnroe, George I). jVloore, Ellis D. Morehouse, S. R. ]\Iorrison, E. Morris, J. ( '. Morse, . Musgrave, S. I>. Morse, Horace J. :\Iott, John B. :\lacardell, C. jNIitchell, James ilarkham, Fraidi C. AL.AIick'cn, James A. :\Ioore, W. 1). N^atlian, l\Iendez Xathau, Robert W. Xeilson, Walter IS. Newcome, I. 1!. Nichols, E. L. Nor bury, T. S. Nason, Ilenrv W. Ohnstead, W'. II. Ogden, Aaron ()"I!rieii, Gswm Olcott, II. L. Opi)enlieim, E. L. Osborn, Charles J. ( )tis, C. S. ParJver, William Parleanks of New Yoi'k cit_y, on December 28, ls61, it was voted to snspend specie payments. jVttiiis time there was no national banlving system in existence. The Ijanks liad notes outstanding under state laws. In January, 1862, gold was sold at a premium " over the counter," and -was listed at the Stock Exchange. The first sales recorded at the Stock p]xchange were on .Tanuar\' 13, 18()2, at 103 regular, and at 1(»2-^ and 102f seller thirty days. For several months thereafter the price established on the (.'all was the basis for tlie " countei' " dealings of the day. In tlie summer of 18G2, when the price had advanced above llO, street dealings in gokl began in AVilliam Street, near Exchange Place. After the opening of the " Coal Hole,'' in 18(12, at 23 WilHa.m Street, gold, as Avell as stocks, was called at that ])lace. In 1863 the gol(.i brokers began to deal in " (4ilpin's News Poom," on the s)\ 8. S. Laws. The official fi(.)urs for liusiness were at first from 10 A. I\r. to '.\ V. ]\I., but the closing hour was frequently changed. Members were accus- tomed tu deal early and late without regard to olficial hours. De- liveries of golil were made in bags containing $.-),()0() coin. As the oi'dinary messenger could carry only sl(),0(j() gold coin, and a strong man (jiily al)out s2ii,n(J0, it was extrenu^ly difficult to make deliveries. The supply of gold in fhe country was small, wliili; the sj)eculation was enoriiions. I^ailures to deliver wer(_' so frecpient and annoying that the (lold Exchangi; ( 'onstitiition authori/(.'(l a penalty of one- (juarter of (jne per cent, for non-delivery by 2.15 P. i\r. In December, 186-f, an arrangement was made with the Pank of New York, the bank agreeing to o])en g(_)ld accounts at a charge of si, OHO for each account, and furnishing dep(jsitors with special checpie books. These cheijues for $5,00U each, when certified, were made a good delivery by the (-iold Exchange ; the)" supplanted the use (jf bags of coin, and were available as collateral for loans. The Ketchum forgeries, discovered in August, lSi>5, were bjrgerii.'S of signatui'cs and certifications u[)OU sI,7()(i,(Miu of these cheques which were used as collatei-aJ for loans. In March, 18('i5, (Congress [)assed an act taxing sales (jf gold one- tentli of one [)er cent., each l)roker being required to make regular returns to the Collector of Internal Revenue. The tax was sultse- quently reduced to one oiu^-huudredth of one per I'eiit., payable bv stanq>s affixed to the sales tickets. GOLD EXCHANOE. 113 III the suiuinei' ot" 18(15 the Gold Exchange iiiuved intu a I'ocjiii at 1;^, 14 and 16 New Street with an approacli tlirough 14 IJi'oad Street. In Xovember, 1865, the United States Treasnry began the issue of U. S. Gold certificates, which were made a good delivery liy the Gold Exchange. In ]May, 18(!ank of England rate to ten ])er cent., and a panic on the London Stock Exchange. The Treasury gold was quickly taken, and the price advanced in a few days to 167. The sales of gokl bv P. M. Myers & Co. for the Treasury aggre- gatetl about thii'ty-live jiiillions of dollars, an amount so large that it could not be paid for without seriously deranging the money market. The Treasury collected the money for the cheques gradually. Later the Treasury adopted the plan of calling for proposals for gold when it had a sui'plns to sell. In ( )ctober, 1866, the mendjersliip of the Gold Exchange numljered Vol, and 117 associate members. At all times, about one-half (^f the members were also members of the Stock Exchange. The Xew York Gold Exchange Bank was organized early in 1867 as a Clearing-IIouse for gold transactions. The charge for clearing- was one dollar for each one hundred thousand dollars of gold. Sheets were to be delivered to the ( '1 earing- House at 12.30 M. \vith a certified cheipie for the gold or currency due the Clearing-House, the gold or currency due the dealer l:»eing delivered by the Clearing- House upon the completion of the (dearing one or two hours latei". This system forced the dealers to intrust a vast amount of currency and gcjhl to the Clearing-IIouse, with nothing to show foi' it for one or tw"o hours. As the bank also transacted a general banking business, the dangers of the system soon became manifest. The clearings at first averaged about !{i70,0ti(»,0()() a da.\' but increased rapidly. In November, 1Sershi[) soUl was about !tl."),0(Mi. The price gradually declined until the dissolution of the Exchange in 1877. During 1861) the price of gold had gradmill}' declined from 141 in 114 THE NEW YORK STOCK EXClIANdE. ^[ay to V-V2 in August. Late in August, tlii'ec of the largest s)iecula- tive holders of gold, day Gould, Ai-tlau" Kimber and W. S. Woodward, held several conferenees, aner gave notice that he would Avitlidraw from the agreement, and his holdings of gold, amounting to alj(jut sl2,n(M),()00, -were liquidated on Monday, Septem- l)er 20, lieginning at 137i. As a result of these (qierations. Jay Gould's holdings of jiold in the office of Smith, Gould, ]\[artin & Go. had been enormously inci'eased in his endeavors to sustain the market. About this time danies Fisk, Jr., became prominent in the gold operations. He and -fay Gould were directors of the Erie Railway, and they had been jointly interested in many enterprises. They now held repeated conferences abont the gold operations. Large amounts of gold had Ijeen bought by William Belden & Co., and by different brokers on orders received fi'om Leiden and Fisk. By September 2)1 the ])rice of gold had lieen advanced to IdF The loaning rates were lieav}', and large amounts of gold had to be carried on borrowed money. On Friday, September 2-I-, isCt) ("Black Friday "), gold opened at 145, and by means of large purchases, principally l)y Albert Speyers, the ])rice was advanced to 102^7. The mendjers of the ffrni of Smith, Gould, Martin & Co., and their friends, owned a controlling interest in the Tenth National Lank, which at that time had a branch office on the southeast corner of IJroad Street and Exchange Llace. It had been the intention of the firm to draw on that Ijank in order to take out of the gold Clearing- House whatever gold could not l.)e loaned. The ])resence of a bank examiner in the Tenth National L]ank Friday morning, by order of the Secretary of the Treasury, was an unex[)ected obstacle. It Itecame evident there were to be numerous failures on the Gokl Exchange. Many brokers refused to " mark up " their gold contracts, (tOLI) EX('lI.\y(IE. 115 and called for dejiosits in a Trust ( iouipany. At the Sub-Treasury an ortler was received from Wasliinyton to call for ])ro]50sals for several millions of Treasury gold. The price broke* ra])idly to 135, wldle Albert Speyers continued to bid ItJO for millions. The President of the (-rold Excliange ISank, j\[r. II. ]\[. Benedict, had stated in the morning that a clearing \vonld not l)e possible. The directors of the bank met antl voted t(.i make the attempt to clear. Vast amounts of gold and currencv were paid into tlie Clearing- House at noon, on sheets calling for clearances of $410,000,000 gold. The numerous failures rendered a clearing impossible under tlie system then in use. Upon an incomplete clearing, the Cleaiang- House })aid out money to certain firms to save them from failing. B}"" this action the Clearing- House incurred losses amounting to $520,000, was in a few days put in the hands of a receiver, and gold clearings were sus- pended for sevei'al weeks. Gold dealings were suspended for about (jne week. An endeavor was made on the f(dlowing Tuesday to clear the out- standing contracts of solvent members through the Bank of New York, on the basis of 135. The work was begun, Imt the Ijank became alarmed at the vast sums involved, a,nd abandoned the task on the ground that its clerical force was inadequate. A committee of twenty was then appointed by the Gold Exchange to endeavor to effect a clearance on the basis of 135. All the sheets were dulv sent to this committee except the sheet of Smith, Gould, Martin i\r Co., \vhich, notwithstanding rei)eated jiromises, was not sent in, though the firm had exchanged tickets. The attempt to clear was then abandoned, and members were left to settle their contracts as best they could. The missing sheet of Smith, Gould, ]\lartin & Co., containing only the contracts for which they had exchanged tickets, was constructed Ijy the committee, and published at the time, as follows : 11(1 THE NEW YORK STOCK EXCHANGE. Kecetve Fkoj[ Gold. Will. Heath & C:<)., i|;fi, 21 0,0(10 Wliite, Morris & Co., 400,000 Dakin & (iillesi.y, 1,980,000 E. K. WiUard, 5,845,000 HoilKskiii, Randall & H., 50,000 BiulKe, Schiff & Co., 300,000 Cushiuan & Hiulbut, 50,000 S. R. Jacobs, 100,000 Laiige, Bciel & A., 50,000 Dean McCiinnis & Co., 95,000 M. Morgan's Sons, 30,000 Foster & Randall, 20,000 J. & W. SeliKinan & Co., 225,000 Hallgarten & Co. , 200,000 Domett & Nichols, 10,000 B. Hall & Young, 50(^,000 ii. H. & H. Redmond, 875,000 W. C. Mnmford, 50,000 Meyer & Gtreve, 200,000 Kennedy, Hntcliinson & Co., 100,000 Robinson, Cox & Co., 30,000 Lees & Waller, 200,000 Reid, Leo & Content, 1,015,000 Hagen & BilUn.g, 300,000 E. H. Beidermaii, 445,000 J. P. Persch, 735,000 Robert Waller, 035,000 Stout, Tliayer & Co., 90,000 820,030,000 Deliver to Lockwood & Co., Stout, Tliayer & Co., Dzondi, Springer & Co., Carver & Co. , Gil)Son, Beadleston &. Co., B. K. Stevens, Lounsbery & Fanshawe, Fanshawe & Milliken, Hallgarten & Co., Kamlah, Sauer &Co., Parker Bros. & Purton, Fellowes & CVj., (^hinniiigliam & Mead, Maxwell & Gra\es, Norton, Slaxighter & Co., Taussig, Fisher & C'o., W. R. Travel's, Gray, Prince & ( 'o. , Chapiii, Bowen & Day, Will. Heath & ("o., Cusliman & Hurlbut, Gold. if;10,000 20,000 50,000 430,000 75,000 25,000 1,700,000 300,000 30,000 134,000 15,000 15,000 85,000 30,000 50,000 90,000 50,000 1,245,000 3,915,000 200,000 35,000 87,500,000 Balance of .gold to be paid for at 135 bv S. G. M. & Co., 13,130,000 p0,030,000 Altout this time Judge Ciardozo granted one injunction restraining tlu^ otticers (jf the Gold Exchange from selling out anv gold under the rule ; another, to a similar effect, restraining the officers of tlie Stock Exchange. Jle also appointed a- I'eceiver for the Gold Exchange Bank. William Belden it Go. and .lames Fisk, Jr., paid notliing to tlieir creditors, hut the3' made no attempt to deny tlieir res])onsihility for the g(.ild contracts. Albert Speyers stated that his purchases (.if gold had been made for account of Eisk' and Gould, the ordei's liaving lieen I'eceived from .Fisk. in the i)reseiiee of Gould, in Belden's office. Clianges of limits were communicated to Speyers liy Smith, Gould, .\rartin & Go.'s brokers, but the members of that tiian denied all re- sponsiliility for the contracts of Fisk, Speyers, I'.eJden, and several s (;OLI> EXCHANilK. 11 ; other l)rokers. Sjieyers had outstanding- $37,000,000 of gold con- tvaets, but nothing was ever paid l_\v him to liis creditors. A clerk from tlie office of William lielden i*c Co. sulisecniently obtained jxiwers of attorne_y from many of the creditors of fSjjeyers anil Jielden, autlioriziiig an ol)scure tirm of law}'ers to bring suitf against Jay (.Tonld, wlioso resp(_)nsil)ility foi' the Jielden and Speyers contracts was to be established hy the clerk's testimony. The testi- mony was never given in court, bnt tlie former clerk soon l>ecanie the contitlential broker of the party who was to liave been sued. Tiie claims were finally boiiglit up for trifling sums. The following- is ])ai't of a poem written by E. ( '. Stednnin on Black Fri(hiy, and published on tiie folhjwing dav : Zmmils I liow tlie price went Hashing tlii'(iui;li Wall Street, William, Broad Street, New ! All the si)ecie in all the land Held in one Rint; by a giant hand — For millions more it was ready to Jiay, And throttle the Street on hangman's day. Up from the Golil Pit's nelher hell. While the innocent fonntain rose and fell, Load and hi.t^her the bidding rose. And the l^idls, triumphant, faced their foes. It seemed as if Satan himself were in it : Lifting it — one per cent, a minute — Through the bellowing broker, there amid. Who made the terril)le, final bid ! High over all, and ever higher. Was heard the voii-e of Israel Freyer — A doleful knell in the storm-swept mart — ■• Five Millions more ! and for any jiart I'll give One Hundred and Sixty I " Now through his thankless mouth rings out The leaguers' last and cruelest shout ! Pity the shorts '; Not they, indeed, While a single rival's left to bleed ! Down come dealers in silks and hides, Crowding the Gold Room's rounded sides. Jostling, trampling eai-h other's feet. Uttering groans in tlie outer .street ; Watching, with u|)turned faces pale. The scurrying index mark its tale ; Hearing the bid of Israel Freyer — That ominous voice, woulil it never tire V "Five Millions more ! — for any ])art, (If it In-eaks 3-our tirm, if it cracks your heart,) I'll give Gne llimdi-ed and Sixtv ! " lis TIIK XFAV YORK S'l'OCK EXCHAyOE. One Hundred and Sixty I (.'an't be true ' What will tlie lieai-s-at forty do Y How will the niei-cbants ]iay their dues Y How will the country staud the news V What'll the banks— Ijut listen ! liold ! In screwiuK upward the ])rire of gold To that dangerous, last, ]iarticular peg, They liad killed their (ioose witli the Golden Kgg! Just there tlie metal came ]>oiu'ing out, All ways at once, like a \vater siiout, Or a rushing, gusliing, yellow flood, That drenched tlie )3ulls wherever they stood ! .Small need to oiten the Wasliinglon main, Tlieir coffer-dams were burst with the strain I It came by I'uuners, it came by wire, To answer the bid of Israel Freyer, It jioured in millions from every side, And almost stran.gled lum as lie cried — "I'll give One Hundred and Sixty ! " Like Vulcan after Jupiter's kick. Or the ajihoristical Rocket's stick, Dcjwn, down, down, the jjrcmium fell. Faster than this rude rhyme can tell ! Thirty per cent, the index slid, A'et Freyer still l^ept making his bid — "One Hundred and Sixty for any ])art ! " The sudden ruiji had crazed /(/'.s- heart. Shattered his senses, cracked ids brain. And left liim c-rying again and a,gain — Still making his liid at the market's top (Like the Dutchman's le.g tliat never could stop,) "One Hundred ami Si.xty — Five millions more 1 ' Till they draggeil him, liowlin.g, off the floor. The very last words that seller or buyer Heard from the mouth of Israel Frever — A cry to rememlier as long as they live — Were. " I'll take Five Millions more ! I'll give — I'll give One Hundred and Sixty ! " E. C. Stekjiax, 186!). After 1869 the price of gold never rose much above 120, and the gold speculation gradually diminished. In 1S77 the Stock Exchange obtained a lease of the "Gold Room ", ami th(.» business was contin- ued as the (lold Department of the Stock Exchange until the resump- tion of sjjecie payments on January 1, 1S79. The (-iold Exchange ceased to exist IMay 1, 1S77. The assets were divided among 481! members, each one receiving §200.72. ls(;9 GOLD KXcHAXdK. OFFICKIJS AND ('()^r^[[TTE^:s (>!<' THE NEW YORK (ioLD EXCHANGE, Pkesident. .li.ilin F. L'liderliill. isOil First N'r'e-Prewidext. T. A. lloyt. Treasurer. Geoi'ge Phi})|)s. E. L. Edwanls, E. (). Eead, Executive Committee. W. :\r. Wliitteinore, Jas. r,. Ilodgskin, W. B. Sancton. Secknd Vice-President. lleniy S. Camblos. Secretary. Thunias I'. Akei's. T. P. (-irinnell, T. F. I!. Parker, P. JM. Mxevti. C. II. Ward. James Grant, T. V. Grinnel], AV. C. Tavl<..r. C<.)MMITTEE ux Admissicins. A. L. Seton, C. F. Davenport, J. I). Smith, II. H. Foote, W. FL F)uff, (Tcorge Plupps, W. C. Mumford, J. Walter Wood, W. T. Hatcli, W. Pedmond, Jr. H. (.'. Tanner, J. P. Colgate, Finance CcMiMiTTEE. C. Asliwortb, John T. Dennv. E. S. PaUiii, Chair.max of Arbitration Committee. J. ]j. Ilodgslvin. Board op Apfeaes. G. A. Fanshawe, IP A. Jleiser, .li'., C. O. ^lorris. Committee 3 tliat speculators and brokers were accustomed to meet every evening in the halls and reading- room of the Fifth Avenue Hotel for the purpose of dealing in stocks and gold. As business increased, one of the dealers leased for an Eveniu": Exchange the room on the northwest corner of Fifth Avenue and Twenty-third Street, now occupied by the Second National Bank. This venture was not successful and was abandoned in Janu- ary, 1863, the dealers evidently ])referi'ing the halls of the hotel. Enormous commission orders were sent direct to this evening- market, not only by operators living in the city, Ijut by out-of-town correspondents of brokers, until manj^ of the stock and gold Ijrokers were obliged to have a representative at the hotel every evening. Orders for ten thousand shares of stock and for hundreds of thousands of gold could be executed in the public halls of the hotel with the greatest ease. The noise and confusion of the dealings, as well as the oljstruction of the halls b}' the crowd, became so objectionable to the proprietors that late in 186;'> a printed notice was posted that, " Gentlemen are requested not to buy or sell stocks or gold in these rooms." One of the dealers then leased for an Evening Exchange the base- ment under the present Second National Bank. Tlie evening market continued in this basement till March, ISdi, when R. IL Gallaher leased the Eepublican Headquarters on the southeast corner of Broad- way and Twenty-third Street, and the market followed him. This venture was so successful tliat it was felt a building was needed especially constructed for tlie ]mrpose. Several other Evening Ex- changes for a while competed for the business. j\[r. Gallaher obtained a lease of the pro])erty in the rear of the Fiftli Avenue Hotel on Twenty-fourth Street, and erected a handsome building for a permanent Evening Exchange. This was on the site of tlie present Madison Square Theatre. The new Exchange was opened in A])ril, 1865, an annual sulwcription of $250 being charged. In (131) 123 THE NEW YORK STOCK EXCHANGE. previous ventures the only charge had been fifty cents for a single admission. There wouhl he one Call of stocks and gold early in the evening, and the sales on the Call wei'e printed in all the newspapers. Xo record was kept of transactions at other hours, but it was claimed at the time that the transactions at tlie Evening Exchange frequently exceeded in amount those of all the rest of the day combined. The attendance ^vas always several hundred, sometimes over one thousand, including brokers, sj)eculators and railway uiagnates. On August 23, 1S65, after the discovery of the Ketchum forgeries, the Stock Exchange adopted the following resolution : '' Any member who shall be jiresent at or indirectly send orders to be executed at what is commonly designated as the Evening Ftock Exchange, shall cease to be a member of this Board." The Open Board and the Gold Exchange took similar action on the f(jllo\ving day, and the evening dealings came to an end. CI-IArTER XXYI. 1\Ik^[p,ers of thk New Yoek Stock Exchange, October 1st, 189i. WITH HATES OF ADjriSSION. Tlie first 128 names are all tliat remain of the 533 which constituted the membership prior to the consolidation ol May, 1869. 1844. 1 AVilliam Alexander Smitli, Dec 17 1S49. 2 John O'Biien, 18.J.J. 10 L. T. Huyt, (123) Sept. 4 lS.-)0. 3 De AVitt C. Hays, Jan. 15 ISol. 4 James H. Stebbins, Dec. 18 1802. .■) Efhvard Brandon, Sep t. 8 1803. James B. Colgate, Sept. 27 1854. 7 T. W. Oo-den. Sept. 30 8 Joseph Jlarie, Nov. 10 9 L. J. Van Boskerck, Dee. 14 Aug, 21 1856. 11 L. L. White, 12 W. S. Nichols, 1857. 13 Jenkins Van Schaick, 14 J. Henry Wliitehouse, 1858, 15 L. D. Hinitiiigton, 1(5 John Bloodg(.)od, 17 James Jl, Hartshorne, 1859. 18 A, A. Drake, 1860, 19 George T. Bonner, 20 C . JI. Paitter, 21 Thomas Denny, 22 Charles L. Cammann, 23 A. S. Clark, 24 E. Corning, July 3 " 29 Oct 17 Nov. 20 ]\Iarch 6 July 10 Sept. 7 Oct. 15 July 7 U Aug. 10 " 16 Sept 5 Oct 6 134 THE J^FAV YORK STOCK EXCHANGE. 1861. 35 W. T. Henderson, 18fi3. 36 A. M. CalKjone, 37 C;. D. Wood, 1803. 38 E. F. Patchen, 30 Josepli O'Brien, 31) George H. Bend, 31 S. L. Post, Jr., 33 E. C. Bejiedict, 33 Ricliaid B. Hartsliorne, 34 De Witt Clintim, 35 John T. Denny, 36 John H. Jaei|uelin, 37 J. D. Probst, 38 Howard Lajisley, 3!l H. S. Caniblos, 40 J. W. C'unuingham, 41 M. K. Hamilton, 43 E. K. Willaril, 1S64. 43 W. H. Hamilton, 44 F. W. Smitli, 45 W. C. Dornin, 46 H. H. Nathan, 47 Peter B. Taylor, 4l-i Henry ('lews, 49 E. S. I'onnor, 50 E. H. Bonner, 51 T. H. Towar, 53 William Lunimis, 53 A. Maurice, 54 H. I. Clark, Sept. 6 May 10 June 30 Jan. 3 Feb. 7 I ■■ 30 June 6 jTily 8 " 37 '■ 38 Au.n-. 10 " 17 ■' 17 Sept. 4 Nov. 13 ■■ 34 Dec. 38 March 30 April 2 ■• 39 May 18 June 13 " 37 July 6 8 Sept. 38 Nov. 1 ■' 8 '■ 16 55 Henry S. AVilson, 50 F. W. Gilley, Dec. 13 " 30 5,8 59 60 (il 03 (i3 04 65 66 07 08 (iO 70 71 1865. Joseph Walker, Jan. 11 H. C'ruger Oakley, ■' 10 S. H. Thayer, 37 James Weeks, Feb 38 William Cooper, March 11 George S. Bowdoin, 37 A. S. Hatch, June 33 William P. Ellery, 20 William B. Beekman, July 39 James K. Gracie, Aug. 34 E. O. Carpenter, 36 F. F. Hill, Sept. 30 Thomas Reed, Oct. 3 W. H. M. Sistare, ;-> D, M. Walbridge, 30 E. W. Timpson, Nov. 38 R. Suydam Grant, Dec 0, Thomas Tileston, 8 1866. 75 J. R. Nichols, Eel). 2 76 C. L. Ratldiorne, " 14 77 J. W. Brown, " 15 78 Donald Mackay, " 17 79 Clarence S. Day, March 5 KO A. I. Ormsbee, " 24 81 Francis L. Eames, May 3 83 William Carpender, " 3 83 Jacob Hays, " 8 84 William Wceber, Aug. 8 85 D. Henry Smith, Sept. 7 86 Henrv Dav, " 3S LIST OF MEMBEUS.—IS'.H. ST Rolx'i-t H. Neilson, S8 A. F. R. Martin, 89 E. Chamberlin. 90 W, T. Colbrou, 91 Jdhn D. Slayback, 93 Jesse B. Burdett, 1867. 9o Simeon J. Drake, 94 S. J. Curtis, 9o George J. Losea, 96 Henry Graves, 97 George T. Green, 1868. 98 Cyrus O. Baker, 99 S. F. Stanton, 100 "William Mc Clure, 101 Charles A. Jolines, 103 E. M. Travers, 103 Henry T. Carey, 104 T. S. Vanderlioef, 105 T. W. Thoriie, 106 S. J. Harriot, Oct. 13 107 David H. Judson, Ai.ril 31 ■■ 18 108 J. C. Westervelt, 33 Nov. 30 109 H. S. Germond, Jlay 36 Dee. 8 110 Charles Gregory, June 8 ■• 10 111 W. E. Strong, " 24 " 38 113 II. I. Nicliolas, '■ 36 113 A. Turner, July 15 114 James D. Smith, ■' 34 Feb. 7 115 L. H. Niles, Sept. 1 May 11 116 Sliepherd Knapi), Dec. 8 June 16 117 Cliarles H. Leland, " 38 Aug, 13 118 John E. Clark, "38 Nov. 35 Jan, 3 " 16 P'eb. 39 March 18 ■■ 30 " 34 ■ 36 " 37 April 11 1869. 119 A. H, Combs, Jan. 9 130 F. K. Sturgis, " 13 131 .James Mc Cormick, "33 133 A. B. Baylis, "36 133 JohnH. Fislier, Feb. 9 134 W. G. Read, " 36 135 A. M. Judson, " 37 136 W. E. Tillinghast, Marcli 18 137 T. E. Maplesden, Ain-il 39 138 II. E. Alexander, May 1 The following 38 are still on the roll ont of 173 members of the Government J5ond Department, admitted to tlie Stoch' Exchange May 3, 1809. Alljert Aub, W. L. Bull, C. A. Buttrick, Leopold Calm, J. 8. Cushman, Samuel D. Da\ is, Cliarles S. Day, William H. Duff, James Grant, D. B. Hatch, L. P. Henop, .1, J. Hi.gginson, F. W. Jackson, Cyrus J. La\vren<-e, Arnold Leo, R. P. Ldunsbery, John B. Manning, J. Rogers Maxwell, E. A, Mauriac, William Mertens, David Milliken, B. F. Munroe, Alfred Neilson, E. A. Pennimaii, 12fi THE NEW YORK STOCK EXCHANGE. (Jharles K. P^indall, William Rasmus, William P. Robeson, 8alem T. Russell, Simon Scliafer, C. M. .Schott, Jr., A. E. iSoott, James Seliginan, George M. Whitehouse, E. C. Stedman. Charles Uuger, W. B. Wadsworth, R. K. White, W. H. Whittineham. 1(17 Frederick Nathan, May 0, 18(li). The following 82 are still on tlie roll out of 354 members of the 0])en f joard of Stock Brokers, who entered the Stoclc Exchange at the consolidation of Mav sth, iSfiO. L. D. Alexander, C. G. Allen, .John M. Amor}', Roberts, Anderson, George Barlow, W. H. Beadleston, W. F. Bishop, S. L, Blood, Eugene T. Bogert, John V. Bouvier, James Boj'd, M, Burr, Jr., John S. Bussing, E. S. Chapin, Robert Colby, J. J. Cooper, George F, Cummings, Q. C. DeGrove, W. B. Dickermau, George AV. Ely, D. F. S, Forshay, L. G, Fisher, Otto Gelpcke, W. J. Gelston, D. Girttman, Charles H. Harris, Albert J. Hatch, William H. Henrirjues, R. P. Herrick, Charles Hinkley, H. H. HoUister, II. L. Horton, C:. H, Huestis, E. A. Hussey, Jlonteliore Isaacs, Brayton Ives, Davis Jcihnson, H. L. Johnson, W. H. .Johnson, A. Josephson, A. N. Jimg, Charles W. Keej., Robert J. Kimball. Albert King, T. ,S. Knapp, H. Knickerliacker, S. Lans burgh, Walter B. Lawrence, A, Libaire, W. B. Lockwo(jd, H. S. JIarlor, B. T. ilarten, J. E. JIastin, J. A. RIcMicken, P. H. Minis, James Mitchell, C. Minzesheimer, E. Jlorrison, Horace J. Morse, R. G. Mott, Walters. Neilson, I. B, Newcomlie, Oswin O'Brien, E. L. Oi)2ienheim, James P. Paulding, E. O. Read, W. B. Sancton, Samuel M. Schafer, B. L. Smyth, W. E. Tunis, C. H. Van Deventer, W. M. A'an Schaick, A. H. Vernam, Obed Wlieeler, S. V. White, James Whitely, W. G. Wiley, ' H. M. Williams, F. H. Wing, Aaron Wolff, Jr. , Daniel T. Worden, W. Eucli.l Young. LIST OF MEMBKRS.^lS'j/,. 137 The following li;i\'e acquii-ed theii" iiieiiiberslii[)s by purchase since the consolidation of Mav, 1S(!1> : 1S09. 250 Samuel W. Boocock, ■-■"il Henry H. Truman, -52 James H. Beekman, 253 ^Yillialn French, 254 D. B. A'auEmbur.t;li, 255 it. C. Bouvier, 25(1 John BiaiU'hi. 257 S. C'ahotme, 25s James B. Wilson, 25!) AVayland Trask, 2(iO Harvey Durand, 261 J. L. Drummond, 203 W. S. Gurnee, Jr., 363 Joshua AV. Davis, 3(14 Henry G. Campbell, 1S7II. 265 H. M. Day, 366 J. A. Garland, 367 S. Fisher Johnson, 368 John Wallace, 269 Spencer Trask, 270 Charles J. Wells, 371 Charles Parsons, 272 Charles D. Belden, 373 John D. Wilson, 374 H. Manuel, 375 Samuel H. Kissam, 276 W. G. Damerel, 377 H. Kamsdell Moore, 37S J. F. Norliury, 370 S. Tilglnnan, June 3 ■■ 11 ■' 18 •' 19 Au,-. 6 Oct. 5 S '■ 8 " 15 No\-. 30 Dec, 1 ,> Feb. 5 March 36 Ajiril 16 ■ 16 23 •■ 23 33 May 10 June 3 " 39 July 1 ■• 15 " 33 ■' 39 Aug. 9 3S0 William Baylis, Au.K. 11 2S1 E. H. Harriman, " 13 383 C. J. Turner, Sept. 9 383 W. H. OsKood, ■' 34 3S4 W. P. C:. Treichel, Nov. 11 385 William H. Perry, Dec. 3 3Sli J, D. Simons, o 287 August Rutten, 9 2SS J. D. Mills, ■• 30 2S!) William H. Goadby, '■ 31 1871. 290 William W. Heaton, 291 Charles E. Lawrence, 292 Charles A. Harned, 293 Shipley Jones, 294 Carll H. De Silver, 295 John S. James, 396 Samuel A. Walsh, 397 R. H. Bissell, 398 A. Obri.K, : 399 F. A. Reilly, 300 Josiah P.Howell, i 301 E. St. John Hays, ; 302 E. B. Underhill, 303 W, E. Connor, 304 Robertson Rodgers, j ■ 1873. 305 W. H. (4ranbery, 306 David J. King, 307 Henry K. McHarg, 3(W (.'. D. Wadsworth, Jan. 30 " 30 March 34 •■ 34 " 31 April 31 " 34 June 33 " 33 July 10 Au,g. 3 Sept. 33 Oct. 6 " 6 Dec. 16 Feb. 16 " 16 ■■ 31 March 22 12H THE XE]V roKK STOCK EXCHANGE. :!09 Frnneis Dykes, April 19 343 E. T. Williams, June 30 ;U0 Edwin M. C(ix, ■• 19 344 B. G. Talbert, Aug. 13 ;ill Josephs. Stout, May 7 345 J. G. Tappin, Sept. 13 ;U3 F. W. Savin, ■• 24 346 Hudson H. Hearn, Oct. 11 :jl;3 H. S. Warner, ■■ 34 347 Henry Prentice, " 34 314 William Lemmon, June 28 348 Herman Beekman, Nov. 14 yi5 George H. Schinzel, July 12 349 F. W. Reimler, Dec. 5 316 Edward J. Brown, Sept. 3 350 A. E. Putnam, " 6 :!17 Fellowes Davis, Oct. 4 351 D. J. Hutchinson, " 26 318 F. S. Weston, " 11 319 F. T. Brown, ■■ 18 1874. 3'30 A. W. Durliee, ■' 25 353 Charles G. Peters, Jan. 13 321 Ambrose Leonard, Nov. 8 353 T. S. Young, Jr., •■ 13 322 George H. (ioddard. " 25 354 Russell Sage, ■• 26 323 W. H. Motley, " 35 355 James Raymond, " 26 324 John A. McKim, Dec. 6 356 William Evans, Feb. 3 335 William C. Kellogg, •' 20 357 D. W. Berdan. ' ■ 20 326 Henry Fitch, Jr. , ■• 30 358 P. W. Harding, Jlareh 6 359 Horace L. Hotchkiss, April 10 1873. 360 Charles H. Smithers, •■ 24 327 A. H. De Forest, Jan. 20 361 Charles E. Carryl, l\lay 1 328 Roswell P. Flower, Feb. 7 363 W. B. Wheeler, July 8 329 C. G. Rouniage, ■■ 8 3(i3 W. R. White, " 31 330 Albert Young, March 4 364 James R. Jesup, • 39 331 F. G, Renner, " 6 365 John C. Waldron, Aug. 14 332 Joseph S. Decker, • ' 6 366 Charles I. Hudson, " 37 333 W. L. Jenkins, Jr., ■' 15 367 V. A. Blaeque, Sept. 11 334 John H. Davis, " 28 368 M. Gernsheim, ■' 11 33o John M. Clark, April 4 369 F. L. iloore, Oct. 8 336 J. A. Hardenbergh, '■ 12 370 Thomas F. Ryan. ' ' 30 337 A. V. De Goicoiiria, May 2 371 R. H. Thomas. Nov. 5 338 Bayard Dominick, '■ 16 373 C. E. Chapman, Dec. 17 339 W. H, Dickinson, •■ 16 373 H. Duncan Wood, " 33 340 Noah Content, ■' 33 1875. 341 Ernest (froesbeck. '■ 31 374 J. Ho<:id Wright, Feb. 4 342 Rudoli>li Kepplei-, •■ 31 375 Alfred De Cordova, ■■ 18 7./,s'7' OF MEMBERS. — is:i'i 12!) 375 Charles P. Britton, ;!rT M. H. Clai-kson, •->78 Addison Cammack, 3:9 J. W, Fellows, :!80 A. C. Morgan, ;!yi Tlieodore W. IMyers ;'.S2 W. P. Smith, ;!S3 A. Hendricks. 384 Edward Haiglit, 385 S. Lavauburg, 3.S6 Edward L. Rogers, 387 Isidor Worinser, 388 Sylvester Knight, 389 Frank Work, 390 John A. Zerega, 391 R. M. L. Walsh, 392 I. Franklin Mead, 393 John S. Stokes, 394 Ueorge D. Mackay, 395 T. Henry Mason, 396 Walter Bound, 397 Jacob Stout, 398 L. E. Harker, 399 L, V. Bell, 400 T. G. Rigney, 401 S. Quackenbusli, 1876. 402 Henry W. Maxwell, 403 Richard H. Halsted, 404 Lansdale Boanlman, 405 A. 8. Heidelbach, 406 Josejih E. Brown, 407 William M. Murray. 408 H. L. Higginscjn, Jlarcli 18 409 E. Rollins Morse, May 19 '■ 1« 410 Ricliard King, June 29 ■ 19 411 Nathan Day, July 6 ' ■ 25 412 T. B. Williams, " 13 • ■ 30 413 J. Kirkner, Aug. 31 April 1 414 W. M. Donald, Sept. 28 2 415 H. C. Emmet, Oct. 12 ■■ 8 416 George H. Holt, Nov. 10 " 30 417 A, Banks, '■ 23 May 8 418 J. L. Gladwin, " 24 .. 27 419 Howard K. Burras, Dec. 21 June 3 ■ 10 " 26 1877. " 28 420 R. B. Whittemore, Jan. 4 July 16 421 Charles E. Quincey, 5 " 29 422 C. F. Frotliingham, " 25 Sept. 4 423 D. S. WiUard, Feb. 15 Oct. 14 424 Charles Head, March 1 " 15 425 C. H. Kerner, ■• 10 Nov. 1 426 Josepli H. Sterling, ■' 17 " 1 427 Clark Dewing, April 5 ■' 11 428 Le Grand L. Benedict, May 3 Dec. 2 429 W. A. Putnam, •' 12 •' 6 430 George L. Howard, ■' 31 " 24 431 George W. Bond, July 12 432 Francis F. Robins, Aug. 16 433 Henry C. Swords, Oct. 11 434 Tliomas L. Manson, Jr. , Nov. 1 Jan. 8 435 E. T. Bragaw, " 1 " 20 430 C. H. Bachem, " 1 " 22 437 William S. Lawson, ., oo Eel). 3 438 W. G. Read, Jr., ■' 30 March 30 439 John Hone, Dec. 10 Aiiril 20 440 C. J. Meeker, ■' 10 May 1 441 (Hiarles M. Robinson, ■ ' 20 lyii THE NEW YORK STUCK EXCHAXUE. 442 H. K. Pomroy, 44:! Frank B. Wliitfield, 444 Mux Herzog, 44.") William S. Alley, 446 Walston H. Brown, 447 Charles E. Laidlaw, 448 C. Macardell, 449 P. J. Goodhart, 4.")0 Benjamin F. Ham, 451 CliarlesB. Gimthcr, 4.5',' David A. Freed, 4.5:3 A. R. Flower, 4.54 G. S. Hendrickson, 455 J()se]ih B. Edwards, 450 Harmon H. Hart, 457 G. J. Wetzlar. 458 L. S. Frankenhcimer, 459 H. B. Hollins, 4(in C. W. Townseud, 4(il C. C. Keilholz, 403 R. L. Keen, 40;3 E. S. Coles, 404 (ieorge G. Houghton. 405 Walter C. Stokes, 400 ,J. T. Atterbury, 407 Samuel McCord, 46S Ricliard L. Fells, 40,9 W. C. Floyd-Jones, 470 M. Vaissier, 471 A. L. Brow-n, 472 A. F. Estalirook, 1879. 47:! Salvatore Cantoni, 474 Charles F. Keiii)ler, 475 Henry .^Miller, Jan. 3:j Jan, 3 470 Jolm Goodcliild, ■' :J0 .. 24 477 A. D. Moran, Feb. 6 ■■ 24 478 C. C. Jackson, ■• 30 Fel:). 13 479 C. Neukirch, Blarch ■■ 14 480 A. Cliflford Tower, '■ 20 '■ 38 481 J. Frank Emmons, ■■ 20 ■ ' 38 4K2 Maurice SeliKUian, April 10 Marcdi 28 48:^ Theodore Wilson, " 17 Ajiril 4 484 Clifton H. Smith, •■ 34 •• 11 485 J. J de Neufville, '■ 24 • ' 36 48(i Roliert B. Holmes, Jlay 1 May 9 487 J. B. Dnmont, •■ 1 " :^1 488 B. NeumoeKen, " 39 .June 489 William B. Bonn, June 12 ,. j^ 490 Julien L. Slyers, " 20 •■ 14 491 Davis Barnes, July 2 •■ 14 492 J. G. Hamilton, ■' 10 " 14 49:^ Charles C. Goft'e, Aug. 31 July 18 494 H. ('. Kretschmar, " 38 Auk. 22 495 William F. Wliarton, Sept. 11 Sept. 20 490 James W. Walsh, " 11 ■' 30 497 E. ]M. F. Miller, Oct. 2 •' 20 498 T. C:. Buck, " 9 Get. 4 499 Henry P. Hatch, • 16 •■ 4 500 De Witt J. Seligman, " 30 '■ 11 501 E. M. tiave. Nov. Nov. 14 502 W. C. McKean, " ly '■ 15 50::! Edwaril Popper, Dec. 8 ■■ 21 504 Jonas Hess, 8 505 L(Aiis SommerhoH', ■■ 8 Dec. 2 500 James Lounsbery, ■■ 9 507 S. Neustadt, 9 508 Bernhard Mainzer, 9 Jan. 2 509 E. B. Flavens, 9 " 3:t 510 Georije Arents, 9 LIST OF MF.MBKiiS.—lS'.i',. 131 511 Samuel J. Seligman, r)i'> H. P. Golilschmidt, .-,13 E. D. Bangs, 514 R( lert Davis, Jr., 515 Ernst Thalmann, 510 y. JIartinez, 517 James Barnes, 518 H. W. Gray, 5U) Charles A. Macy, Jr., 5i0 H. C. Hepburn. 501 W liter BoAvne, 1880. 523 C. H. Wilcox, 523 William A. Kimball, 524 Henry W. Dodcl, 525 Fi anklin M, Jones, 52(3 CI larles Stokes, 527 F. Herzfeld, 52S E. B. Talcott, 529 Samuel Campbell, 530 C. T. MintoD, 531 Al lert M. Day, 532 James Mc Govern, 533 George E. Dimock, 534 fieorge C Walker, 535 George R. Slieldon, 536 H T. Chapman, Jr., 537 Rogers L. Barstow, 53« C. V. Hoffman, 539 F. T. Quick, 540 D B. Gilbert, 541 W . D. Hateli, 543 M J Pherson Kennedy 543 Ja mes B. Metcalf, 544 II Sommerhoff, Dec. 9 9 ■■ U) ■■ 11 ■■ 11 •■ 12 ■ 13 ■ 13 " 13 '• 13 •■ 13 Jan. 3 ilarcli 4 " 35 April 8 May 8 " 39 •• 29 June 11 '■ 34 Sept. 9 ■' 23 " 30 Oct. 7 ■' 7 '• 14 " 28 Nov. 4 " 4 " 18 Dec. 3 515 William Fahnestock, 54(1 (iharles W. Mciseley, 547 J. Hugh Peters, 548 Theodores C, Zerega, 1881. 549 W. G. Fleming, 550 Aniory G. Hodges, 551 G. B. Schley, 552 Harris K. Smith. 553 Jacob SchoUe, 5.54 E. H. Wales, 555 F. M. Thieriot, 550 Richard Limbnr.ger, 557 M. M. Sternljerger, 558 F. E. Ballard, 559 Daniel Chauncey, 560 WiUiam Robison, 501 S. B. French, 562 William Gwynne, 563 Emile Lorseh, 504 R. W. Rathborne, 565 N. Thoiu-on, 566 A. H. De Haven, 567 Winthrop Smith, 568 Edward L. Brewster, 569 Charles J. Townsend, 570 George S. Fox, 571 B. F. Herts, 572 W. B. Williams, 573 Dyer Pearl, 574 R. F. Tyson, 575 Schuyler Walden, 576 Franklin W. Hopkins 577 W. Howard GUder, 578 George H. Bronwer, •. 9 9 16 30 Jan. 6 •• 13 " 13 ■' 21 Feb. 17 Marc i3 17 17 April 14 " 28 38 May 26 ■' 26 June 17 23 " 33 - 30 Jul} 14 " 31 31 Aug. 4 Sep t. 1 ■■ 22 Oct 13 13 Dec. 8 •' 8 - 15 132 THE NEW YORK STOCK EXCHANGE. 5T9 Daniel Bacon, 580 George F. Dominick. 581 Frederick L. Palmer, 1882. Dec. 15 29 582 Douglas Henry, Feb. 3 010 58?> William Rockefeller, " 9 017 584 Ralph W, Newton, Jlarch 3 018 585 L. H. Taylor, Jr., " 9 019 580 Cieorge Alexander Brcjun. '• 10 630 587 J. B. Oltman, ■' 30 631 588 W. H. Rolston, • ■ 30 033 589 Joseph T. Rook, April 13 033 590 Seba M. Bogert, ' ■ 20 034 591 H. G. S. Nohle, " 30 035 593 George I. Landon, ■• 30 036 593 JuUus A. Kohn, •■ 30 627 594 J. H. Mc Coon, ■■ 37 638 595 Leo Speyer, May 4 639 596 Albert H. Wheeler, " 4 030 597 R. A, Peabody, June 14 031 598 George Prentiss, July 033 599 R. S. Sauzade, 633 000 Henry Badgv, ■■ 37 034 001 J. 8. N. Crane, Aug. 3 035 003 John H. Prall, " 24 030 003 William Morris Imlirie, •• 31 037 004 David Lapsley, Sept. 28 638 005 E. D. Winslow, Oct. 5 039 000 W. (i. Mc Kinley, • 19 040 00 7 J. A. Bakei-, No\-. 3 041 008 William Fred. Stafford, 9 043 0)09 Joseph A. Smith, ■■ 10 643 010 W. R. Bunker, " 23 644 Oil .John C. Killireth, " 29 645 613 W. L. Stow, 613 .Joseph M. Shoemaker. 014 JI. Ballon, 615 Campbell Steward, 1883. Edgar Deal, George A. Mercer, F. J. A. Phillipp, J. D. Rockefeller, John W. Beers S. Wormser, L. Schepp, Henry H. Crocker, Abraham Wolff, J. H. Parker, Harry A. Day, Stei)hen Marx, Homer A. Lattin, .J. F. D. Lanier, Lewis H. Strouse, H. B, Livingston, G. L. Hoyt, Malcolm Campbell, C. M. Foster, E. V. D. Cox, Duncan D. Parmlj-, Henry C. Tinker, Frank Curtis, F. J\I. Lockwood, .James H. Oliphant, C'ampliell C. BroTin, Thcimas Reed, Jr., Robert L. Niles, Robert Waller, Jr., .T. Wasserman, Nov, 39 " 39 Dec. 31 ' ' 38 Jan . 4 18 Feb. 15 [arch 15 April 5 Jlay 10 10 ■' 13 June 32 38 38 Jnly 5 Aug 2 ■• 2 9 ■• 10 Sept . Oct. 11 •' 18 18 35 Nov . 1 " s 15 15 Nov. 22 Dec. 13 LIST OF MEMBERS.— IS'Jl i:a 1884 (i4(i A. W. Kilbonie, lUr F. S. Fl(.)wev, (US F. H. BeneJii't, (:U9 Frank M. Froeman, 650 Robert D Winthrop, 651 E. R. Dick. 653 Irviut; 8. Beriilieiiiier, 653 W. C. Hill, 654 Nathaniel S. Jones, 655 Alfred Mestre, 656 William H. Sands, 657 S. L. Levy, 658 Charles H . De Witt, 659 Henry Coolid.ne, 660 John H. Griesel, 661 J. S. Beams, mi RcAiert S. Barclay, 66B E, Morgan, Jr., 664 Lawrence Jacoli, 665 Edward A. Levy, 666 Mc CViskry Butt, 667 Edward Benient, 668 Charles P. Noyes, 669 J. E. Heinierdinger, 670 X. Townsend Thayer, 671 Joseph T. Thomiwon, 672 Wasliington Seligniau, 18H5. 673 George S. Lan(;(]n, 674 John J. Gnnther, 675 H. H. Herts, 676 G. P. Huntington, 677 F. C. Arnold, Feb. 7 ■■ 14 March 6 " 30 ■• 30 •■ 37 April 34 .. 04 May 1 • ■ 30 June 5 July 10 ■■ 10 ■' P,l Aug. 14 Sept. 4 " 4 '■ 11 '■ 18 Oct. 9 16 16 33 31 Jan. 8 '■ 15 •■ 39 ■• 39 Feb. 13 (i78 Willard H. Jones, 679 George J. (iould. 6S0 A. R, Pick, 681 Henry R, Chace, 683 F. H. Palmer, 683 Harvey B. Rich, 684 Austin M. Greer, 685 Henry Edey, 686 Pliny Fisk, 687 J. L. Humfreville, 688 A. B. Lounsberj-, 689 J, M. Leopold, 690 Edjnund Randolph, 691 William G. Mc C^ormick, 693 Ernest Dichman, 693 Truman Heminway, 694 George H. Watson, 695 Robert P. Doremns, 696 George I. Whitney, 697 Alfred L. Cauchois, 698 W. S. P. Prentice, 699 Warren T. James, 700 B. C. Williams, 701 H. Blumenthal, 703 Philip D. Armour, 703 L. Levy, 704 W. 31. Harriman, 705 Harr}^ C'ontent, 706 Saiiuiel S. Chauuce}', 707 J. G, Rieck, 708 W. S. Jones, Jr., 709 Theodore Hellman, 710 George E. Lemon, 711 Frederick H. Prince, 713 Edwaril L. Giddin.gs, 713 Thomas C. Dorenuis, Fell. 13 36 36 March 12 ■■ 13 19 April 2 9 9 16 16 Ma) 9 9 38 June ■ 4 Jul V 9 9 33 33 30 An g. 6 27 Sept 34 Oct s 15 39 39 No\ . 5 13 Dec. 10 24 31 i:U TlIK AA'ir YORK STiM^'K KXCHAMiE. ISSCi. 749 714 Charles Henrotiii, Jan. 14 750 71o Charles W. Turner, " 38 751 715 Charles S. Wheeler. Feb. 11 753 717 George B. Hopkins, " 11 753 718 William T. Meredith, " 35 754 719 Andrew W. Smitli, March 4 755 730 Charles Hazard, " 35 75.; 731 T. Heury Waltei', ■' 35 757 733 Coorge F. Baldwin, 758 73:3 F. B. Tilghnian, April 1 758 734 John W. Macaitney, ■■ 1 700 735 G. E. Kissel, 8 761 736 Albert Kelley, '■ 15 737 Henry I. Judson, " 15 738 J. J. C. Humbert, ' ■ 33 763 739 Eli K. Robinson, '■ 33 763 7:30 Frederick Edey, •■ 39 764 7::il I. N. Spiegelberg, May 6 765 733 Stanley T. PuUen, June 10 766 733 Edward L. Bun-ill, ■■ 10 767 734 Charles Blum, ■' 18 768 735 John G. Moore, ■' 18 769 730 W. K. B. Emerson, July 1 770 737 Otto Loweugard, 1 771 738 William Basset, •■ 1 773 739 Samuel F. Kimball, ■• 1 T i 8 740 John Howard Latham, " 8 774 741 George B. Clapj), '' 33 775 743 E. W. Clark, Jr., •■ 39 776 743 B. R. Bedle, Aug. 5 777 744 James S. McCobb, ' ' 5 778 745 J. Norman Whiteliouse, Sept. 8 779 74(5 JI. H. C. Bronrlxicher, 8 780 747 E. La Montague, Jr., Oct. 7 781 748 George E. Porter, 7 783 William T. Tjawrence, E. D. Hunter, Edward L. Norton, Samuel Rea, F. T. Adams, Henry Feuchtwanger, George T. Bliss, A. E. Goodhart, George B. Parsons, N. T. Beers, Nelson Roljinson, Howard H. Heiu-y, J. F. A. Clark, 1887. Charles Lee Andrews, Samuel Thonras, Robert F. Nathan, A. K. Chapin, Spencer Ervin, Waldron P. Brown, Herbert Groesbeck, S. Sterrett McKini, Louis C. Clark, H. S. Loucheim, A. de Neufville, Arthur White, E. N. Nichols, John A. Rutherfcird. J, B. ilc George, Allison R. Ho|ikins, George W. Stern, H. T. Imbrie, R. L. Beeckman, J. H. Benedict, Jr., E. C. Walker, (Jet. 14 " 14 Oct. 38 Nov 4 18 34 34 Dec ■' 2 16 16 16 30 Jan. 6 " 30 " 30 '• 30 ■' 37 ■■ 37 Feb. 3 " 10 '■ 34 " 34 Jlarch 3 •' 10 " 10 " 34 •■ 31 Ajiril 7 " 14 '■ 31 ilay 9 " 36 June 3 LIST OF MF.MDEHS. — lS'.iJi. l:i.l Tsa J. S. Hallf, 784 Harry D. Spears, ^s,-, AV. B. Post, 78(i William C. SheUUui, Jr. 7sr Henry T. Boody, T8S A. :>t. Hunter. 78!) Clarence JleKini, 7SI0 Frank W. Downer, T'.ll K. B. Van Cortlandt, 7!)i Philip B. Niles, 793 George J. Weaver, 794 A. P. Thayer, 79.") S. M. Lehman. 79(1 Otto S. Loeb, 797 William B. Oliver, Jr., 798 J. O. P. Wilson, 799 J. B. Harrimau, .sOO George G. Turner, 801 G. W. Bartholomew, SO'i J. Louis Gross, Jr., .^Mo Geor.ge I. Seney, 1888. 804 Henry Block, 80.> B. Herndon Xicoll, soi; JuHus Marx, 807 John ^Ic Ginnis, Jr., S08 George B. Post, Jr., 809 George 0. Brooks, 810 Robert Chambers, sll S, AVard Houldeday. H12 Frederic T. Bontecou, >iV-\ August Belmont. !-!14 John H. Wrenn, 81.") E. E. Bi-uner, s|(i Thomas H. Kerr, June Hi 817 W. M. Kidder, A])ril 5 July 21 818 Henry F. Van Loan, May 3 Aug. 11 819 James M. llartsliorne, Jr., " 3 ■■ '-'."■, 820 (i. W. Holland, June 7 " 2.") 821 H. J, Faulkner, " t Sept. 8 822 Edwin (iould. ■' 7 " 1,-) 83;; L, XL Amy, July 19 '■ l.-) 824 Jefferson Seligman, ■' 3(3 L\S 825 E. Wassermann, ■' 2() Oct. (i 826 William Frankenheimer, ' • 20 ■■ 6 827 U. Palmedo, Aug. 3 ■' i;! 838 Henry U. Hume, Sept. (i ■■ \z 829 William A. Richardson, " 30 -)~ 830 A. J. Wormser, Oct. 4 Nov. :i 831 Paul Mayer, " 4 ■■ :; 833 W. Alexander Bass, Jr. , ■■ 11 ■■ 10 833 Henry S, Sternberger, ■' 35 " 2:i 834 Frederic-k Narr, ■' 35 Dee. 1 835 F. W. Rennell, Nov. 22 " 8 830 C^harles AV. Maury, Dec. 6 << oo 837 S. W. Sharp, •■ 30 838 E. F. Slayback, ■■ 30 Jau. 5 1889. ■■ 19 j 839 Sj-lvester Post, " 3(5 840 Henry C. Fuller, Fell. 3 j 841 Henry P. Gardner, •■ 2 842 Charles A. Lumjnis, 2 843 John H. Inman, " 9 844 Allen Curtis, ■• 16 845 T. S. Marli.r, March 15 846 E. R. VcJlmer, ■• 15 H47 AValter Watson, Jr., " 22 S4S E. R. Chapman, " 39 ; 849 F. C. Seabury, A|ni] 5 850 l-;(lward C. Potter, Jan. 10 ■ ■ 10 ■' 17 Feb. 14 ■' 31 ■' 31 •■ 31 38 ■• 28 ■■ 28 March 7 i:!(i THE NEW YORK STOCK EXCHANGE. s.-)l Leonard D. Wliite, Jr.. H~)'i C. C. Minzeshcimur, y."i:l Henry Sproul, y.")! Georgx' Henry Warren, Jr. ^55 Otto Hoffmann, sriCi Andrew Robertson, 8.77 William H. Burger, SoU David M. Morrison, 859 Andrew T. Jolmson, 8(i() iSteiihen H. Brown, 801 Walter W. Mackay, 803 Edmund Fish, S(!:') Geor,ge F. Casilear, 8(i4 Daniel ODell, 80.") J. W. Ogden, 8(i0 Edwin W. Orvis, 8(iT Frederick C. DeVeau, 808 C. M. Sweet, 8(;!» William S. Edey, 870 R. AV. Stuart, 871 S. A. Grniksliank, 87'i Artliur Herzo.g, 8T:! Jolm M. Sliaw, 87-1 Arthur Tliomson, 87.") Josepli A. Blair, 870 Frank J^. Henry, 877 C. RI. Oelrichs, 878 John W. Weeks, arch 28 88.") April 4 880 " 11 887 " 18 888 May 2 889 .1 o 890 '■ 11 891 ■■ 29 893 June 893 " 13 894 ■• 13 89.-) ■■ 37 890 July 3 897 " 11 898 Aug. 1 899 32 900 oo 901 ■' 39 903 Sept. 5 903 5 904 ■' 26 905 ■' 36 906 Oct. 3 907 ■' 10 908 ■■ 10 909 ■' 10 910 •■ IT 911 ■' 17 912 Martin Erdmann, C. O'D. Iselin, George H. Lincoln, William L. Kennedy, Jr. A. M. Herzog, Henrj' C. Lawrence, Horace L. Hotchkiss, Ji'. E. M. Ganieron, F. J. Paton, Eugene Del Mar, W. B. Kendall, Charles H. Paine, W. S. Brigliam, Cainille Weidenfeld, J. B. Breese, Jacob Cahn, Henry G. Weil, J. ftl. Townley, Alfred L. Norris, Henrj' W. Poor, John H. Butts, W. J. Wadsworth, Louis W. Morrison, Charles H. Stitt, S. Duncan Leverich, Jolm H. Clews, P. N. Sproule, Percival R. Irving, Fell. 20 April 10 " 10 " 17 ■■ 24 May 1 '• 1 " 10 June 12 ■■ 13 ■' 13 '■ 18 " 36 July 31 Sept. 11 Oct. 3 •■ 30 '• 30 ■' 30 Nov. 2() •■ 26 Dec. 4 •■ 11 •■ 31 1 890. 879 LenuielC. Benedict, 880 Henry Wainwright, 881 Edward T. H. Talmage, 883 William Stewart Tod, 883 A. A. llousman, 884 George F. Secor, 1891. Jan. 3 ' 913 H. P. Frothingham, " 9 ■■ 16 " 16 ■' 30 Feb. 914 Frederick G. Le Roy, 915 Howell H. Barnes, 916 G. Gernsheim, 917 M. J. McAnerney, 918 W. Gaver Doniinick, Jan. 15 ■' 10 " 32 " 39 " 29 ■' 39 LIST OF 2IEMBETiS.—lSnj,. vr, 919 David M. Jacobs, 930 John W. Belches, 931 Thomas G. Patten, 933 Theodore Braiue, 933 "W. C. Whittui,gham, 934 Laurent Oppenheun, 935 A. V. :\Iarck\vald, 93() Arthur E. White, 937 Dwight Bramau, 938 W. Schall, Jr., 939 Edward A. RoUiiiti, 930 Parker D. Handy, 931 Eoliert Gocxlbody, 933 F. G. Webster, 933 Walter C, Taylor, 934 Graham F. Blandy, 935 W. R. Patten, 986 Henry De Billier, 937 Charles W. Bonner, 938 John P. Bell, 939 Frederick F. Ames, 940 James L. Breese, 941 Charles S. Bryan, 943 F. L. Eodewald, 943 Henry F. Taylor, 944 R. T. H. Halsey, 945 Simpson C. Heald, 946 S. H. Salomon, 947 Edward C. Hodges, 948 Fenelon C. Cattiis, 949 Albert T. Plunnner, 950 Hcjward D. Beau, 951 A. O, Slaughter, 953 Edward W. Jewett, 953 James B. Mabon, 954 Edwin G. Bruns, Fell. 5 '■ 30 1892. Uarch 5 955 Leopold H. Francke, Jan. 7 ■• 13 956 Henry S. Redmond, •• 14 ■■ 36 957 W. Ledyard Thompson, ■ 31 ■ • 30 958 A. B. Boyd, ■' 38 April 3 959 William H. Sussdorf, " 38 3 960 Archibald A. Watson, Feb. 11 o 961 Charles Hayden, '• 11 '• 9 963 I. H W^aggoner, •' 18 ■ 9 963 H. P. Brookman, ■ • 35 •■ 16 964 S. Lichtenstadter, March 3 ■ 16 965 James Lorimer Graham, ■' 3 •■ 16 966 Fred. De Coppet, April 28 ■• 33 967 Charles .Jones Peal)ody, May 7 May 9 968 Herbert C. Taylor, " 36 ■' 9 969 Arthur L. Niles, June 3 " 9 970 Isidor Wormser, Jr., ■• 9 ■■ 38 971 William H. HoUister, ■ 9 June 4 973 Edward C. Anness, " 16 ■' 11 973 Clieston SimnKjns, " 16 ■■ 35 974 William T. Floyd, July 14 July 3 975 Stephen D. Baj-er, " 14 ■• 10 976 Edward W. Gould, •■ 31 •■ 30 977 S. T. Hubbard, Jr., Aug. 11 Aug. 35 978 Edgar H. Booth, ' ' 35 '■ 35 979 James G. Marsliall, Sept. 1 " 35 980 Otto Kohn, •■ 15 Sept. 17 981 Austin P. Kelley, Oct. 27 " 34 983 Wiuthrop M. Burr, Nov. 3 Oct. 1 983 I. M. Simon, •• 10 •■ 8 984 Hermann Cohen, ■' 17 '■ 15 985 Charles G. Macy, ■• 17 " 33 986 F. R. C^ordley, " 17 Dec. 10 987 Charles A. Miller, " 33 '■ 31 988 Cliarlcs .J. Heinsjieimer, Dec. 1 lys THE NEW YORK STOCK EXCIIAMiE. 9W!) James M. Ilutton, 990 Charles E. Scliafer, 991 Abram E. (Tivymie, 992 J. Henry Ranger, 99:' George P. Messer\-}', 994 Louis C. De Coi)i)et, Dec . 1 S " 8 " oo 23 " 29 1W9::!. 995 Herbert H. Clark, Jan. 5 991! J. Arden Harriman, " 5 997 Cameron Currie, 5 998 W. \l. Houghtaliug, ■• 12 999 L. W. Bickley, •' 13 1000 H. L. Langhaar, " 13 1001 N. D. Putnam, ■' 196 1002 Josepli J. Planning, '' 2 1003 Talbot J. Taylor, Feb. 2 1004 R. T. Wilson, Jr., .. o 1005 Frank A. Day, '■ 16 1001) Clement S. Parsons, " 23 1007 Hugh F. Criss, ■■ 23 1008 Josluia Wilbour, March 2 1009 Victor A. Edwards, o 1010 E. AV, Buckhout, ■' 9 1011 George P. Mellick, " 9 1013 Jay F. Carlisle, •• 23 lOl:] H. B. Combs, •• 23 1014 C. W. Provost, •■ 30 1015 George A. Huhn, " 30 1010 Lewis H. Sondheim, •• 30 1017 Hartman K. E^ans, April 6 1018 William L. Chapel, ■• 30 1019 Otto E. Reimer, ■■ 30 1020 Cl)arles B. Macdonald, ■• 30 1021 Joseph IL Bond, May 1023 E. D. Toland, ■• 25 1033 Louis S. Kerr, May 36 1034 H. D. Lewis, June 1 1035 Edward B. Smith, " 8 1026 Louis M. Greer, " 8 1037 C. H. Ellingwood, " 8 1038 George Blumenthal, " 33 1029 R. M. Stuart- Wortley, '■ 22 1030 Drayton Burrill, 1031 William MacNeil Rodewald, 1032 Charles H. Wright, 1033 Cliarles Barton, 1034 Edward J. Hudson, 1035 I. Chauncy McKeever, 1036 Oscar E. Tauchert, 1037 Hugh Hartsliorne, 1038 S. S. Prince, 1039 F. E. Ilagemeyer, 1040 W. B. Coster, 1041 C. E. Knoblauch, 1042 Hampton Howell, 1043 Thomas D. Hooper, 1044 M. F. P..ilhenms, 1045 William K. Kitchen, " 2 1046 Francis K. Hunter, " 3 1047 John Dujiee, " 23 1048 A. F. Ferris, Dec. 7 1049 C. Ledyard Blair, ■ 7 1050 T. F. Forrest, " 14 1051 David A. Boody, ■' 14 1053 F. S. Mead, ■' 14 1053 Louis C Rulisamen, •■ 14 1054 Siihiey C. Schramme, " 31 1055 David D. Davis. •■ 28 1894. 1050 Frederic B. Cochran, Jan. 4 39 29 July Aug. 31 Sept. 7 ■■ 14 " 14 ■' 31 ■' 31 " 21 " 28 Oct. 4 '■ 13 • 36 Nov. 2 LIST OF MEMBEliS.- -1S'.)A 139 1057 William Miller, Jr., Jan. 4 1058 Herbert L. Griggs, " 11 1059 Thomas DeiiDV. Jr., " '.>5 1000 Cleland Benedict, " '.'5 10(il L. B. Hutchinson, Feb. 1 106a Henry B. Patteson, ■• 31 1003 C. J. Turner. March 15 100-1 Henry P. Toler, '23 1065 James A. Taylor, 33 1066 Charles JI. Newcombe, 33 1007 Daniel Speyer. '■•3 1008 Albert Loeb, " 39 1009 (xuy Norman, ' ■ 39 1070 Charles B. Ketcham, " 39 1071 J. Edward Davis, April 5 107-2 Edward H. Jewett, " 13 1073 John W. Gilbough. " 13 1074 Wilbur K. Mathews, 1075 W. Howard Barnes, 1070 Thomas S. Holmes, 1077 Norman S. W;dker, Jr. 1078 G. JI. Carnochan, 1079 A. C. Bernheini, i 1080 J. B. Van 8chaick, 1081 H. T. B. Jac([uelin, 1083 J. R. Willistoii, I lOSI! Edward A. Valentine, 1084 A'alentine G. Hall, 1085 John JlcClintock, 1080 Harry L, Terry, 1087 John D. Probst, Jr., 1088 Eben Sutton, 1089 William E. Pearl, April 19 " 19 30 30 •■ 30 Jla. ■3 13 13 13 June 14 31 Jub ' 5 Aug Sept . (J 13 1089 Members as above 11 Deceased members HOC Total Membership of the New York Stock Exchange.