‘THE BOSTON STOCK EXCHANGE - Da Toy 1930 1957 A Ze 4 Compliments of The Boston Stock Exchange George A. Rich Secretary. 5 VE EE 2 THE BOSTON STOCK EXCHANGE nee CF SEL wn THE BOSTON STOCK EXCHANGE ITS INCEPTION, EARLY HISTORY, AND THE IMPORTANT CONTRIBUTION IT HAS MADE TO DEVELOPING NEW ENGLAND AS A FINANCIAL AND INVESTMENT CENTRE Ad] elt. oo yy [3 op be [" 2, s a p, RS ( Abteiluns . Bibliothek PRIVATELY PRINTED BOSTON, MASSACHUSETTS 1920 FOREWORD TOCK EXCHANGES in America, as we know them today, had their inception in the early Colo- nial period. On May 17,1792, under a buttonwood tree on Wall Street, twenty-four New York brokers assembled to sign this simple agreement: ‘We the undersigned, brokers for the purchase and sale of public stocks, db hereby promise and pledge ourselves to each other that we will not buy or sell from this date for any person whatever, any kind of public stocks at a less rate than one-quarter of one per cent commission on the specie value, and that we will give a preference to each other in our negotiations.” It was not until forty-two years later, in 1834, that thirteen Boston brokers met to establish what was to be the forerunner of the present Boston Stock Exchange. Not until 1844, did this "Board venture to publish its daily transactions. How this small beginning bas developed through the years, and the part it has played in pioneering the development, not only of New England but the rest of the country, is outlined in the following pages. It bas been an important factor in enhancing New England's prosperity and has made a substantial contribution toward conserving New England’s position as one of the greatest, if mot the greatest, reser- voir of investment capital of any section of the country. [5] (From a Rare Print) Merchants Exchange Building in 1842 — Early Home of the Exchange Coa DEBODENE OC 40 SEMROSE sD THE BOSTON. STOCK EXCHANGE ORGANIZATION 4E Boston Stock Exchange was organized on October 13,1834, and, with a single exception, has continued its activities uninterruptedly from that date. The exception represented the period from July 30 to December 10, 1914, and was the result of the chaotic conditions precipitated by the beginning of the World War. Even in the panic of 1837 its operations were continued, despite the necessity on the part of some of the other Exchanges to suspend activities for a time. The Exchange grew out of the foresight of a small group of local men, who realized the important part which an organized securities market might play in the business and industrial up- building of New England, and of the country as a whole. That its scope, in the beginning, was broad enough to include the financing of our developing foreign and domestic trade, is in- dicated by the first public notice which is to be found of its organization. To quote from the Boston Advertiser €T Patriot of November 3, 1834: “We learn that the greater number of stock and exchange brokers in this city have organized themselves in a board which [71 will meet daily for the transaction of general business relating to matters of exchange, to be called the Boston Stock and Exchange Board. The system, which they will adopt, will be similar to the one adopted by the Board in New York, and from which the mercantile part of the community has received so much benefit.” The immediate factor in starting the organization, at that particular time, was the conviction that such business as then existed could be handled more advantageously if there were some regular and common meeting of the brokers, and an ex- change of information as to market matters. This conviction appeared to be confirmed by the progress of the Board which had been organized in New York seventeen years earlier. Up to this time, the Boston brokers had had no common meeting place; indeed, many of them had no offices, orders for execu- tion being deposited by clients in boxes posted in one of the mercantile buildings. The business was of a most limited char- acter, consisting mainly of the purchase and sales of state bank notes, of exchange on the then commercial centres, of certain public securities, and of state bank and insurance companies shares. As indicative of what was regarded as the active list are appended the quotations issued by Mr. Degrand, a founder of the Exchange, at the date of its organization: Jnited States American Atlantic Atlas (new bank) Boston 3unker Hill BANK STOCKS 914 per cent advance 1 per cent advance 3 per cent advance 5 per cent advance $54 per share 535 per cent advance ls $100 100 100 100 50 100 1 Cambridge Charleston par City Charles River Columbian Commercial Commonwealth Eagle Franklin par a Globe Granite Hamilton Hancock Market Massachusetts Merchant Middlesex New England Norfolk North Oriental Peoples (Roxbury) South State Suffolk Traders Tremont Union Washington Winnisimet par Phenix American Atlas Atlantic Boston Marine Boston Boylston Columbian Commonwealth Commercial Firemens Franklin Dividend of BANK STOCKS | per cent advance 4 per cent advance 5 per cent advance 1 and 2 per cent advance 214 per cent advance 2 per cent advance 1 per cent advance 5 per cent advance 14 per cent advance 4 per cent advance 14 per cent advance 314 per cent advance par 514 per cent advance 7 per cent advance 5 and 10 per cent discount L4 per cent advance 3 per cent advance 1 and 2 per cent advance lL; per cent advance $61 per share 10 per cent advance 314 and 314 per cent advance 3 per cent advance 2 per cent advance 145 per cent advance INSURANCE STOCKS 2714 per cent advance 5 pet cent advance 5 pet cent advance $62 and $63 per share 30 per cent advance par 15 per cent advance par 5 per cent discount par 10 per cent advance [ ) ] The por of a spare 15 $100 100 100 100 100 100 100 100 100 LOO 100 100 250 100 100 100 100 50 100 60 Loo 100 100 100 100 100 The par of $100 100 LOO 60 100 ¥100 100 100 *100 25 100 Globe Hope Merchants Mercantile Marine Manufacturers Fire Mass. Fire and Marine National *Dividend off INSURANCE STOCKS $72 per share 2 per cent advance 50 per cent advance 8 per cent advance 30 per cent advance $40 per share $5034 per share The pars] 87s *100 *100 100 *100 3714 50 The status of the local railroad situation is evidenced by the following extracts which appear in a daily paper of the date, October 13, 1834: “BOSTON €~ PROVIDENCE LINE OF RAILWAY CARS AND TREMONT COACHES Running directly to and from the steamboats. Cars leave Depot, foot of the Common, every day at 10:00 A.M. pre- cisely, for Canton, thence by elegant safety coaches of the Tremont Line through Providence. Coaches leave Providence upon artival of boats and arrive in Boston in less than four hours. Passengers called for in part of the city free.” "BosTON ¢ WORCESTER RAILROAD Extended to Hopkinton, 24 miles. The cars will leave the Depot, for Hopkinton, daily at 8% A.M. and also at 2:00 P.M. Returning, they will leave Hopkinton at 10%; A.M. and at 4:00 p.M. They will stop, each way, at Brighton, Angiers Corner, Newton, Need- ham, and Clarkes. Fare to Brighton, 25¢; to Hopkinton, 75c. Tickets may be obtained at the office, 671 Washington Street, or for return passage from the Master of Cars. Passengers to Worcester by stages, which meet the cars at Framingham at ¥ past 3:00 o'clock and arrive Worcester same eve. They may be secured by application at the stage office, No. 36 Hanover Street.” [10] THE BACKGROUND Few periods could have been more auspicious for the starting of a stock exchange than the years between 1830 and 1837. This was the period which saw the bith of the American railroads. It was the period, too, which witnessed the extinguishment of the government debt and the return to the various states, by the United States treasury, of more than thirty millions of surplus tevenues. It was also the period of settlement for a number of foreign difficulties, particularly between England and France, and a corresponding growth in the available investment and speculative capital of those two countries. Due to the high state of American credit, by reason of the liquidation of the national debt, large amounts of this English and French money sought an outlet in the United States. True, in 1834, a crisis was precipitated by the withdrawal of government funds from the United States Bank and a constriction of credit followed, but by the end of the year, when the local Exchange was launched, this adverse factor had been well discounted, and the country was preparing for the years 1835 and 1836, long known as the “golden age of borrowing.” The availability of capital was a great stimulant to the pio- neering spirit of all the Atlantic seaboard cities, and particularly of Boston. At the start, the available securities, as stated, were very limited, consisting largely of the stocks of banks and insur- ance companies, of the local mill and canal projects, of small mining enterprises, and of the various types of public debts; but, with the growing exploitation of national resources and industrial upbuilding, the supply was an expanding one. [11] Present Quarters of the Exchange BEGINNINGS OF THE EXCHANGE THE organization of the Boston Stock Exchange was the im- mediate work of thirteen local brokers. These were: Henry Andrews, Mathew Bolles, Benjamin Brown, Jr, J. W. Clark, P. P. F. Degrand, Samuel Gilbert, Jr., Enoch Martin, Edmund Munroe, Samuel G. Williams, Thomas R. Sewall, John E. Thayer, George M. Thatcher, and Charles Torrey. These men represented those most active, at that time, in the handling of securities and of domestic and foreign exchange, and in the purchase and sale of specie. They were active, too, particularly Mr. Degrand, in the development of the local rail- roads and in interesting the Commonwealth in granting assist- ance to those projects. As stated, the original name adopted was the Boston Stock and Exchange Board. As soon as the Board was properly or- ganized, the members assessed themselves $100 each as an initi- ation fee. This was later advanced to $200, and again increased to $400, and still later to $2000, as the Exchange grew in size and importance. It was not until about 1885 that memberships, or “seats,” were considered to have a transferable value. Within ten years after its formation, the Exchange member- ship increased from thirteen to thirty-six, and within the fol- lowing decade to seventy-five members. The long continued business “boom” of 1879 created such a demand for member- ships that the Exchange then voted to sell enough additional ones to bring the number to one hundred and fifty, where it remained for a number of years, when it was reduced to one hundred and thirty-nine by the purchase and cancellation of eleven memberships. [13] The original quarters of the Exchange were in the upper story of the building on State Street, long occupied by the Washing: ton Bank. In May, 1844, it was decided to procure larger and mote pretentious quarters, and the Board moved into the fourth floor of the then magnificent Merchants Exchange Building near-by, which had just been completed. Here it remained un- til March 28, 1853, when it moved to the Union Building at 40 State Street, to remain for another decade. In 1863, the Board again transferred its activities, this time to a few doors off State Street, in the Howe Building at 13 Exchange Street. Here it remained for twenty-two years, during which time the board room was much improved by the throwing of two stories into one, with consequent advantages in lighting and ventilation. It was not until 1885 that anything like adequate quarters were secured, when the Exchange moved into the hall known as the reading room of the old Merchants Exchange Building. THE OLD DAYS “IN the old days,” to quote the usual phrase, and by it, in this instance, is meant the period prior to, and just after, the Civil War, business on the Exchange was conducted in a very differ- ent fashion than at present. Then, there were no telephones, no tickers, no wildly gesticulating crowds. A “seat” was a literal fact at that time, for every member had a particular chair and desk and was forbidden to trade out of it. These desks were set in parallel rows about the sides of the board room, while the desks of the President and Secretary of the Exchange were at the head. There were then two sessions daily, or two “Boards” as they were called, one shortly after ten o'clock in the morn- [14] ing and one about two in the afternoon, although the second board was sometimes omitted. It was not until 1885 that seats on the Boston Stock Exchange were abolished and continuous daily sessions from 10 A.M. to 3 P.M. were instituted. While the time for opening the “Boards” was fixed, the termination was uncertain, sessions running until the transaction of all busi- ness had been finished, so that in busy times the first session ran almost up to the opening of the second. Prior to 1885, the President of the Exchange opened each session and, taking up each stock in which trading was per- mitted, “called” each stock in turn. Upon the call of a stock, all members having orders in it would state their position and endeavor to effect transactions. When all had been ac- complished, the President would then proceed to call the next stock, and so on through the entire list. At stated intervals, all business would be halted until the Secretary of the Exchange, who kept a record of them, would read over the list of com- pleted transactions up to that time for verification. In the event of any dispute, business was again suspended until the Presi- dent, upon a vote of the members present, could decide upon the rights of the matter. Transactions originally were private and it was not for a dec- ade after its founding that the Stock Exchange gave to the press its quotations. The continuity in the membership of the Exchange has been one of the features of its history. Although within four years of its centenary, the men who have at any time been members therein have scarcely exceeded eight hundred and fifty, and the sons of two of the founders are active members at present. [15] A list of the Presidents and their terms of service make an interesting record: Samuel Dana S. E. Green George W. Pratt P. P. F. Degrand Enoch Martin Charles D. Head John J. Soley H. W. Pickering Charles D. Head 0. D. Ashley H. W. Pickering Aaron W. Spencer Gilbert A. Wood J. Murray Howe H. W. Pickering Murray A. Ballou 1834-1835 1835-1836 1836-1837 1837-1839 1839-1845 1845-1846 1846-1847 1847-1852 1852-1855 1855-1857 1857-1860 1860-1862 1862-1863 1863-1864 1864-1870 1870-1888 Henry L. Higginson Aaron W. Spencer E. Rollins Morse Charles Head Lyman B. Greenleaf Elisha D. Bangs John Parkinson Charles Jackson Lyman B. Greenleaf Henry Hornblower Walter Jackson Philip W. Wrenn Frank W. Remick William N. Goodnow Jere A. Downs 1888-1889 1889-1891 1891-1893 1893-1896 1896-1898 1898-1900 1900-1903 1903-1906 1906-1911 1911-1914 1914-1917 1917-1919 1919-1924 1924-1926 1926- PRESENT EXCHANGE SINCE April 11,1911, the Exchange has been located at 53 State Street. Its main quarters are in a part of the Exchange Building, constructed especially for it, and in reality constituting a build- ing by itself. It consists of two floors. On the lower are the executive offices, committee rooms, stock clearing and compari- son departments, and ticker service. The upper floor is given over to the board room, library and smoking room, telephone room, and members’ lunch room. Below the first floor are the publication and mailing quarters for the Exchange quotation sheets and rooms for employees. The Exchange is fully equipped for prompt and accurate transaction of business. The board room is eighty-four by sixty- eight feet, with a sixty-two foot lift from the floor to the top of the dome. About the sides of the floor are fifty private [161 telephone and telegraph booths, connecting member-houses directly with their offices and branches, and in the telephone room are forty private telephones. On the board room floor are the booths and desks of the odd-lot specialists. The facilities afforded by this service have proven of notable value to New England investors and specu- lators, and have been equally valuable to the Exchange, as the retail purchase and sale of securities (transactions in less than one hundred share lots) represent a vast and growing business in New England. In the stocks covered by these specialists, purchases and sales can be made at the established difference between such prices and those for one hundred share lots. The Exchange membership at present is limited to one- hundred and thirty-nine members. These members are either in business personally or as partners in firms. Partner member- ships represent eighty-six registered firms. These firms have fifty-two branch offices in various parts of the country. Show- ing the inter-relations with the other stock exchanges of the country, forty-five of these firms are also member-firms of the New York Stock Exchange, eight of the Philadelphia Stock Exchange, and nine of the Chicago Stock Exchange. The publication of the daily transaction sheets and the list of securities by the Exchange was begun in 1888. At that date, there were listed on the Exchange one hundred and eighty stocks and one hundred and seventy issues of bonds. There were listed upon the Exchange as of July 1, 1930, the bonds of two hundred and sixty-five different corporations, representing three hundred and sixty-three separate issues and having a face value of $3,074,637,600. Of these corporations, [17] A Corner of the Present Trading Floor twenty-seven were railroads. As of the same date, there were listed the shares of three hundred and thirteen corporations, rep- resenting fifty-five mining enterprises (largely copper), twenty- four railroads, sixty manufacturing plants, and one hundred and seventy-two miscellaneous enterprises including, in the last group, public utilities, holding companies, and investment cor- porations. In all of these issues there is a present material local owner- ship. Further, it is interesting to note that of the three hundred and thirteen corporations, ninety-six are essentially New Eng- land in property, ownership, and management, and twenty-nine others, now of national interest and importance, had their ori- gin and direction from Boston efforts and capital, and local ownership and influence are still great in their affairs. STOCK EXCHANGE CLEARING HOUSE ON January 18, 1892, a Stock Exchange Clearing House was organized, the second of its kind in this country. The purpose of it was to reduce the money requirements for the daily settle- ments and to minimize the risks of securities delivered between offices. Later, a Comparison Department was added so that comparison tickets might be delivered and exchanged at a common point. The Exchange Clearing House employs twenty persons, as against four when it was started. The first day’s business may be of interest as indicative of changes in the Street. Forty-three firms were represented in the Clearing of that day, and the actual number of shares involved was 17,300, with a value of $1,688,550. [19] The transactions were settled, for that day, by the delivery of 3850 shares of stock and $4896 cash. As indicating more particularly what is saved in the use of cash through the Clearing Department, and how the risks in delivery are curtailed by such machinery, the operations for two or three periods during the activities of last year may be given. During 1929, the two largest months on the Exchange were June and October. For the month of June, there were 3,129,610 actual shares involved, having a value of $31,995,248. These transactions were settled by the delivery of 1,739,477 shares and $951,906 cash. For October, 3,034,966 actual shares were involved, with a value of $51,131,320. These transactions were settled by the delivery of 1,798,027 shares and $1,947,946 cash. The largest single day’s clearing on the Exchange was that of October 30, 1929, when 272,284 actual shares were involved, with a value of $10,575,228. These transactions were settled by the delivery of 164,487 shares and $224,916 cash. - TICKER SERVICE THE Exchange, in conjunction with the United Telegram Company, controls its own ticker service, which numbers one hundred and thirty installations. Steps are now being taken to extend this service beyond the local district. OUTSIDE SECURITIES ASSOCIATION AN innovation, started in May, 1929, by members of the Ex- change, was the formation of the Outside Securities Association. This organization is also a voluntary association, whose mem- [201 bers are all members of the Boston Stock Exchange. It was organized for the purpose of dealing in securities on a “when issued” basis, and in securities in which there was a large New England interest but which, for one reason or another, were not in a position to apply for listing on the Exchange itself. The affairs and conduct of the Association are in the hands of a Management Committee, which has authority to admit to trading such securities as pass its scrutiny, and has oversight over the business dealings. Although in operation for a little more than six months, it has proven highly successful, trans- actions amounting to nearly 900,000 shares, from June 1 to December 31, 1929. TRANSACTIONS ON EXCHANGE So far as transactions on the Exchange are concerned, their history may be divided into two periods: First, the years when New England was engaged in the pio- neer work of building the railroads in the west; when it was developing the copper deposits of the Michigan peninsula; when it was assisting in the development of the telephone in- dustry, and when it was initiating the application of electricity to industry. The railroads included the Michigan Central; the Union Pacific; the Chicago, Burlington and Quincy; the Atchison, Topeka and Santa Fe; the Mexican Central, a large interest in the Northern Pacific and its components. For years, it was Boston and New England money that developed the copper deposits of the Michigan peninsula. The Calumet and Hecla, Copper Range, Quincy, and Mohawk developments are also [21] the products of such activity. So, too, were the early exploita- tion of the copper deposits of Montana, and the later develop- ment of the porphyry properties in the southwest. It was Bos- ton and New England money and enterprise that did much in the development of gold mining in the far west. Boston was the home of the telephone and gave encouragement and capital to its development. It was the same local push which started the United Shoe Machinery Corporation, the United Fruit Com- pany, the American Woolen Company — all distinctly Boston enterprises. In all of these enterprises, the Exchange, through its machin- ery and its distributing houses, was an active factor. With the founding of those many enterprises, in various parts of the country and the development of many of them to a po- sition where their securities became of national distribution, began the second period. This second period is marked by the important place in which New England has come to occupy in the financing of propositions for others. This is due to the fact that, in the course of years, New England has become 2 great reservoir of investment funds. Here, probably more than any other part of the countty, its people are inclined to buy and pay for their securities, and put them away as long-term in- vestments. In New England, there is an unusually large invest- ment public who buy stocks in less than one hundred share lots. Recognizing this, the Boston Stock Exchange has expanded its facilities to serve such a demand. Justifying its foresight in this connection is the fact that the total number of shares handled on the floor of the Exchange, during the year just closed, was forty per cent greater than the record total of 17,000,000 shares [22] for the highest year’s trading on the Exchange during its pio- neering period. The resultant effect of these various factors are reflected in the records of the transactions and the price of memberships for the past twenty-five years: TRANSACTIONS FOR TWENTY-FIVE YEARS 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 Number Shares Stocks 24,625,115 19,069,761 12,171,549 9,562,031 9,238,304 3,300,862 4,783,324 3,495,041 3,974,005 6,696,423 9,235,751 3,939,008 5,090,982 Face Value Bonds $11,147,245 8,655,199 7.742,313 153,447 - 141,090 3,624,450 20,718,750 19,064,750 16,198,950 24,674,300 28,039,700 18,151,940 17.724.810 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 Number Shares Stocks 13,078,588 12,603,768 3,522,187 5,705,588 11,134,908 7,744,737 10,679,572 15,507,303 13,002,235 14,308,687 17,444,893 16.080.827 Face Value Bonds £15,650,300 9,835,600 6,617,400 10,569,300 12,319,000 15,547,230 15,253,387 32,365,820 30,828,000 7,682,700 8,221,430 14,833.605 STOCK EXCHANGE MEMBERSHIPS Price Range for Twenty-five Yiars High 1929 $45,000 1928 30,000 1927 14,500 1926 9,250 1925 7,000 1924 8,500 1923 8,000 1922 8,500 1921 9,500 1920 16,500 1919 17,000 1918 10,000 1917 10.500 Low $35,000 15,500 9,000 8,500 5,600 5,500 5,500 3,000 3,500 38,500 9,500 9,500 10.000 Last $45,000 30,000 14,500 9,250 7,000 8,500 5,600 8,000 8,500 8,500 17,000 9,500 10.500 1916 1915 1914 1913 1912 L911 L910 1909 1908 1907 1906 1905 High $17,500 17,750 15,000 18,000 23,000 27,000 37,000 38,000 36,005 38,500 37,500 30.000 Low $16,000 15,000 11,000 14,500 23,000 27,000 27,000 35,000 25,000 31,000 23,000 23.000 Last $16,000 17,750 11,000 15,500 23,000 27,000 30,000 38,000 36,005 31,000 37,500 27.000 [23] LT & ROY Ly WERE OT TE TE ALLE ATR SE ERLE 1h cE RY Bow.” Room ax. opps Coe oom SERVICES PERFORMED During its existence of nearly a century, the Boston Stock Exchange has served every state in the Union as well as New England. It has been the funnel through which New England capital has flowed into all sorts of enterprises: the mines, the railroads, and the manufactories. Members and member-houses have been extremely active and helpful in directing this flow, and the machinery of the Exchange has facilitated this work. The history and activities of the Boston Stock Exchange go far to answer the question as to what are the real functions of a local stock exchange. From that record, three facts stand out: The Boston Stock Exchange has assisted local business build- ers through developing a market for their securities, until they have become essentially national in demand and appeal. It has given New England investors opportunities for par- ticipation in the growth of other parts of the country. New England in origin, its membership has come largely from that district, and thus brokers and clients have had a common background and understanding, which have been of lasting value to both. Conducted always in the spirit of fair and equitable business practices, and in codperation with what it believes to be in the sound interests of the public, it has progressed with the country and today, next to the New York Stock Exchange, is recognized as one of the foremost exchanges of the country. [25] MANAGEMENT AND MEMBERS Governing Committee ERE A. DOWNS, President James DEAN, Vice President WiLLiaM F. BARTHOLOMEW WiLLiaM E. BRIGHT STANWOOD G. BRADLEE CrARLES A. COLLINS GEORGE A. RICH, Treasurer Terms Expire 1930 WiLLiaM H. CrarFLIN, JR. HATHERLY FOSTER, JR. Joun F. DoyLE WALTER JACKSON Terms Expire 1931 Marx R. HODGES WiLLiam B. Long Henry HORNBLOWER ARTHUR C. WISE Members Adams, Chatles P. Admitted September 4, 191¢ Adams, L. Sherman Admitted January 31, 1918 Adams, Weston W. Admitted January 23, 1929 Anthony, Arthur C. Admitted July 31, 1902 Arnold, W. Richmond Admitted May 18, 1928 Bache, Jules S. J. S. Bache & Co. Admitted December 13, 1904 Baker, Edward H. Curtis & Sanger Admitted May 6, 1929 Bartholomew, William F. Clark, Childs & Co. Admitted July 30, 1917 Bennett, Stephen H. Admitted December 28, 189+ Besse, Harry W. Admitted June 20, 1927 Bolles, Richard F. Admitted April 7, 1898 Bowen, James W. Admitted July 20, 1894 Boyden, Charles Admitted September 8, 1904 Bradlee, Stanwood G. Admitted December 27. 1923 Name Firm Kinsley & Adams Office Worcester. Mass. 70 State Street 73 Water Street Townsend, Anthony & Tyson 15 State Street Arnold, Sears & Co. 68 Devonshire Street 42 Broadway, N.Y. 33 Congress Street 10 Post Office Square 53 State Street 53 State Street 35 Congress Street J. W. Bowen & Co. 53 State Street 50 Congress Street 10 Post Office Square [ 26 | Name Bradley, Edward M. Admitted March 11, 1929 Brannan, William J. Admitted March 2, 1926 Bright, Elmer H. Admitted October 18, 1918 Bright, Horace O. Admitted April 8, 1919 Bright, William .E. Admitted October 15, 1886 Brown, James Admitted July 2, 1903 Brown, Waldo M. Admitted November 5, 1928 Brown, Walter J. Admitted June 7, 1906 Bryan, James Taylor Admitted July 31, 1917 Burr, I. Tucker, Jr. Admitted September 30, 1926 Buss, Walter H. Admitted March 14, 1927 Butterfield, Charles B. Admitted May 4, 1893 Cahill, Richard M. E. Admitted December 21, 1925 Claflin, William H., Jr. Admitted May 29, 1924 Clark, F. Haven Admitted January 13, 1920 Clark, George C. Admitted December 20, 1928 Collins, Charles A. Admitted January 9, 1905 Colwell, Francis Admitted December 16, 1927 Cousens, Foster Admitted January 31, 1930 Crocker, Percy G. Admitred April 13, 1922 Dabney, Frederick L. Admitted January 3, 1928 Davis, Foster B. Admitted August 21, 1916 Frm Office New Haven, Ct. With Hayden, Stone & Co. 87 Milk Street Elmer H. Bright & Co. 84 State Street Elmer H. Bright & Co. Bright, Sears & Co. Brown Brothers & Co. 84 State Street 53 State Street 59 Wall Street, N.Y. 84 State Street 53 State Street Logan & Bryan 42 Broadway, N.Y. Burr. Gannett & Co. 52 State Street 53 State Street 53% State Street With Estabrook & Co. 15 State Street Tucker, Anthony & Co. 74 State Street Scudder, Stevens & Clark Clark, Dodge & Co. Collins, Breed & Sharp Colwell & Co. Downer & Co. 10 Post Office Square 61 Wall Street, N.Y. 82 Devonshire Street 209 Washington Street 53 State Street Percy G. Crocker & Co. 35 Congress Street 53 State Street Davis & Davis Providence, R. I. [27 1 Name Dy, Office Dean, James Admitted April 15, 1909 Downs, Jere A. Admitted August 19, 1918 Doyle, John FE. With Lee, Higginson & Co. 70 Federal Street Admitted May 2, 1922 Farrington, George E. (Deceased) Admitted April 15, 1914 Fay, S. Prescott Admitted December 3, 1909 Fernald, George A. Admitted December 17, 1885 Flint, Lester E. Admitted November 23, 1925 Foster, Hathetly, Jr. Admitted September 6, 1910 Gagen, Thomas F. Admitted August 18, 1924 Gilbert, Edward W. Admitted November 4, 1893 Giroux, Archibald R. Admitted March 31, 1930 Goldthwaite, Vincent Admitted January 2, 1924 Goode, Edward F. Admitted February 6, 1928 Goodnow, William N. Admitted May 2, 1892 Goodwin, Homer Admitted November 4, 1897 Griffin, James F. Admitted February 7, 1927 Griffith, Norman H. Admitted January 23, 1911 Gunn, Irving E. Admitted March 25, 1929 Hamlin, B. Nason Admitted August 23, 1897 Hamlin, Edward M. Admitted September 7, 1916 Hamlin, Russell E. Admitted January 28, 1919 Harris, George B. Admitted December 4, 1902 201 Devonshire Street Hayden, Stone & Co. 87 Milk Street 1 Federal Street 85 Devonshire Street 53 State Street 140 Federal Street 10 Post Office Square 45 Milk Street 60 Congress Street 24 Federal Street 53 State Street Post Office Square 140 Federal Street 111 Devonshire Street [28] Name Hayden, Charles Admitted October 8, 1892 Haynes, Edmund B. Admitted December 21, 1925 Hibbs, William B. Admitted December 4, 1919 Hodgdon, Howard W. Admitted January 2, 1924 Hodges, Mark R. Admitted October 1, 1920 Holmes, Edwin P. Admitted November 4, 1929 Hornblower, Henry Admitted July 12, 1888 Hornblower, Ralph Admitted March 13, 1919 Hovey, Chandler Admitted January 10, 1910 Howard, Francis A. Admitted April 7, 1919 Jackson, James Admitted October 31, 1927 Jackson, Malcolm N. Admitted February 26, 1923 Jackson, Walter Admitted February 19, 1900 Jacobs, Harry E. Admitted August 8, 1919 Johnson, Manuel J. Admitted May 14, 1928 Johnson, Mitchell Admitted December 5, 1921 Kelley, Charles S. Admitted January 15, 1912 Kelly, Michael A. Admitted December 4, 1919 Kitching, Edward J. Admitted August 24, 1925 Lee, Frederic M. Admitted December 24, 1926 Lee, George Cabot Admitted December 4, 1919 Lee, John E. Admitted April 11, 1930 Firm Office Hayden, Stone & Co. 25 Broad Street, N.Y E. B. Haynes & Co. 19 Congress Street W. B. Hibbs & Co. Washington, D.C, Care Elmer H. Bright & Co. 84 State Street Schirmer, Atherton & Co. 79 Milk Street Hale, Waters & Co. 199 Washington Street Hornblower & Weeks Hornblower & Weeks Chandler Hovey & Co. Gray & Wilmerding William Schall & Co. 24 Federal Street 201 Devonshire Street Wrenn Bros. & Co. 24 Federal Street Jacobs, Williams & Co. Laidlaw & Co. Chase & Co. Sanford & Kelley 50 Congress Street 26 Broadway, N. Y. 19 Congress Street New Bedford 70 State Street E. J. Kitching & Co. 75 Federal Street Lee Brothers Lee, Higginson & Co. 53 State Street 70 Federal Street Lee Brothers 53 State Street [20] Name Leland, Herbert ( Deceased) Admitted July 10, 1902 Long, Harry V. Admitted August 7, 1878 Long, William B. Admitted March 18, 1909 Lotd, George F. Admitted November 22, 1878 Lund, Charles G. Admitted December 6, 1915 McMahon, James F. Admitted June 11, 1928 Merchant, Leon E. Admitted January 11, 1930 Minot, James J., Jr. Admitted November 28, 1924 Monahan, Edward C. Admitted April 16, 1929 Montgomery, William P. Admitted June 12,1928 Montgomery, William P., Jr. With Chase & Co. Admitted December 27, 1921 Moran, John J. Admitted February 11, 1913 Moseley, Frederick S. Admitted March 20, 1882 Mott, Louis P. Admitted January 2, 1924 Niles, Nathaniel W. Admitted June 7, 1926 O'Donnell, James E. Admitted December 21, 1925 Paine, Stephen Admitted October 14, 1929 Parker, Augustin H. Admitted January 6. 1921 Parker, Chauncey D. Admitted January 29,1919 2arkinson, John Admitted November 9, 1908 Peterson, John H. Admitted March 18, 1930 Phelan, James J. Admitted February 16, 1897 1! in gro L. P. Mott & Co. Leon E. Merchant & Co. Jackson & Curtis R. A. Gallagher & Co. L. P. Mott & Co. Paine. Webber & Co. F. L. Dabney & Co. Hutchins & Parkinson Hornblower .. Weeks [ 30 | Nice 10 Post Office Square 10 Post Office Square 53 State Street 24 Federal Street 80 Federal Street 1 State Street 19 Congress Street 50 Congress Street 50 Congress Street 19 Congress Street 53 State Street 50 Congress Street BO Federal Street 53 State Street 80 Federal Street 82 Devonshire Street 10 Post Office Square 150 Congress Street 33 State Street 60 State Street 60 Congress Street Name Phillips, Walter B. Admitted June 10, 1892 Pierce, Lincoln W. Admitted February 13, 1929 Pigeon, Richard Admitted October 2, 1919 Pitcher, Osborne H. Admitted January 28, 1927 Pitman, Harold A. Admitted May 27, 1890 Poot, Stearns Admitted January 7, 1929 Power, John R. Admitted June 6, 1919 Prince, Frederick H. Admitted November 28, 1881 Proctor, George N. Admitted January 6, 1910 Rantoul, Neal Admitted December 27, 1921 Rich, George A. Admitted October 13, 1898 Rich, W. Carlton Admitted October 16, 1928 Robertson, M. Wilson Admitted March 7, 1924 Russell, Arthur M. Admitted September 14, 1925 Shaw, Alexander Admitted January 24, 1928 Soule, George H. S. Admitted September 14, 192¢ Southgate, Ray E. Admitted October 25, 1923 Stevens, Samuel] W. Admitted March 7, 1912 Stonemetz, Harry M. Admitted July 22, 1921 Thorndike, Joseph J. Admitted November 6, 1903 Thotnquist, Carl J. Admitted November 5, 1908 Tifft, Lewis E. Admitted May 14, 1926 a Estabrook & Co. EF. H. Prince & Co. Proctor, Cook & Co. EF. S. Moseley & Co. Raymond, Rich & Co. Hines, Robertson & Co. Russell, Baldwin & Co. H. C. Wainwright & Co. J. W. Bowen & Co. Thorndike & Allen Tifft Bros. Office 50 Congress Street 100 Milk Street 15 State Street 30 Federal Street 53 State Street 84 State Street 10 Post Office Squate 1 Ames Building 50 Congress Street 50 Congress Street 53 State Street 50 Congress Street 60 Congress Street 30 Federal Street 60 State Street 45 Milk Street 24 Federal Street 45 Milk Street 53 State Street 53 State Street 53 State Street Springfield, Mass. [31} Name Tobey, Walter P. Admitted April 1, 1930 Todd, Charles Lee Admitted August 2, 1915 Todd, Charles Lee, Jr. Admitted December 27, 1927 Van Everen, Horace B. Admitted April 3, 1928 Webber, Ralph B. Admitted February 7, 1927 White, Gordon K. Admitted January 20, 1928 Whitney, Geoffrey G. Admitted April 7, 1904 Whitney, George Admitted January 27, 1925 Wiggin, Russell B. Admitted July 16, 1903 Williams, Ralph E. Admitted October 17, 1927 Williams, Robert W. Admitted January 3, 1908 Williston, James R. Admitted July 22, 1889 Winsor, Alexander Admitted December 2, 1926 Winsor, Kennard Admitted January 4, 1912 Wise, Arthur C. Admitted October 7. 1915 its 49%, Moors & Cabot Frederick C. Adams & Co. Watson & White Whitney & Elwell J. P. Morgan & Co. Jacobs, Williams & Co. J. R. Williston & Co. Kidder, Peabody & Co. Wise, Hobbs & Arnold Office 84 State Street 111 Devonshire Street 111 Devonshire Street 10 Post Office Square 53 State Street 31 Milk Street 30 State Street 23 Wall Street, N.Y. 53% State Street 50 Congress Street 53 State Street 53 State Street 115 Devonshire Street 115 Devonshire Street 15 Congress Street STOCK EXCHANGE CLEARING HOUSE Committee ARTHUR C. Wise, Chairman Joun F. Dovie Mark R. HoDGEs FRANK R. NICKERSON, Manager Leo R. CAMPBELL, Assistant Manager SECRETARY'S OFFICE GEORGE A. RICH, Secretary FRANK R. NICKERSON, Assistant Secretary STUART L. RICH, Assistant Secretary MARGARET C. CURRAN, Personal Secretary MARIE OLSON, Personal Secretary JouN F. ROOD, Superintendent 2] J [& ' 2 Abteiluna | Bibliotack } Do, a 3 % ~ 1 L IY a? 1] 206308034508 50 Fe o 3 j eX > 0 NY A m th » Cr N r~ —t 0 - sy = = f = a oO “ o FY oO NY - — o} 0 g and one about two in the afternoon, although the second oard was sometimes omitted. It was not until 1885 that seats n the Boston Stock Exchange were abolished and continuous -aily sessions from 10 A.M. to 3 P.M. were instituted. While 1e time for opening the “Boards” was fixed, the termination as uncertain, sessions running until the transaction of all busi- :ss had been finished, so that in busy times the first session n almost up to the opening of the second. Prior to 1885, the President of the Exchange opened each ssion and, taking up each stock in which trading was per- itted, “called” each stock in turn. Upon the call of a stock, members having orders in it would state their position d endeavor to effect transactions. When all had been ac- :mplished, the President would then proceed to call the next >ck, and so on through the entire list. At stated intervals, all isiness would be halted until the Secretary of the Exchange, 10 kept a record of them, would read over the list of com- sted transactions up to that time for verification. In the event any dispute, business was again suspended until the Presi- ft, upon a vote of the members present, could decide upon 2 rights of the matter. Transactions originally were private and it was not for a dec- e after its founding that the Stock Exchange gave to the press quotations. ‘The continuity in the membership of the Exchange has been e of the features of its history. Although within four years its centenary, the men who have at any time been members brein have scarcely exceeded eight hundred and fifty, and the hs of two of the founders are active members at present. [157 > - | Q rn > 3 bl AM ™ = w > mom 9] © on ~