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.
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