More Seats

Last week the Board of Governors of the New York Stock Exchange approved an increase in the number of "seats" from 1,100 to

1,125. This action is said to have been taken as a result of the terrific demand for more memberships created by recent record breaking dealings on the Exchange. And it is confidently expected that each of the new seats can be disposed of at the record price of $135,000, paid for a membership sold a fortnight ago. This would give the Exchange $3,375,000 new working capital; a sum which the Governors probably feel they would have difficulty in realizing at a moment less opportune than the present.

It is said that this step will involve a change or amendment in the constitution of the Exchange, which has fixed the membership at 1,100 since 1881.

In 1869 there were 533 memberships which were increased in that year by admitting "The Government Bond Board" (173 seats) and "The Open Board of Brokers" (354) ; making 1,060. When 40 new members completed the total which has remained constant for 44 years, they were knicknamed "The Forty Thieves." A man who paid tne then fabulous price of $15,000 for his seat, was dubbed "King of The Forty Thieves."

A record price for a seat on the New York Curb Market was established last week, when Bartlett H. Hayes sold his membership to Frank J. Hardiman for $24,000.