New York Stock Exchange

The New York Stock Exchange is an unincorporated, voluntary a ociation and while it is not a corporation neither is it a partnership. It exists, however, under a written constitution and by-laws. Neither the constitution of the New York Stock Exchange nor the rules and regulations of the London Stock Exchange in expre terms state the object for which those bodies were organized, but they are so manifest that a statement of them has not been deemed e ential. The New York Stock Exchange had its origin in an agreement dated May 17, 1792, by “Brokers for the Purchase and Saie of Public Stock.” By public stock was meant government securities; in other words, government bonds. At that time the brokers met and did busine under a buttonwood tree that stood in front of the dividing line between the present Nos.: 68 and 70 Wall street. In 1817 a constitution was’ adopted under the name “New York Stock and Exchange Board.” On ' January 29, 1863, the present name, “New York Stock Exchange,” was adopted. The membership of the New York Stock Exchange is limited to 1,100. The admi ion fee is $2,000, but this is in addition to the cost of a membership itself which depends on the “state of the market” for seats, as memberships are called. A membership is obtained by buying the seat of a retiring, deceased or expelled member. A member is elected for life or until he resigns or is expelled.