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I "..'■■ 'i r ^'I's 
 
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 ^OVA SCOTJ4 
 
 PROVINCE HOUSE 
 
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CONSTpifTIOW AkD BY-LJVV^^, 
 
 C>:'t 
 
 AND 
 
 EiJ P B X F O P HHiA. ^ 1 6 N S , 
 
 Fi^r Year ending 3lst Beer,, f874. 
 
 -Am 
 
 ifULIFAX,' NOVA SCOTIA. 
 PRINTED BY JA8. BOWES & SONS, BEIJiOBD BOW. 
 
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 THE 
 
 Hi^LLIF^X 
 
 Stock Exchange. 
 
 (Founded January 1, 187 4-) 
 
 r\ 
 
 N 
 
 CONSTITUTION AND BY-LAWS, 
 
 AND 
 
 
 REPORT OF OPERATIONS, 
 
 For Year ending 31st Deer., 1874. 
 
 HALIFAX, NOVA SCOTIA. 
 PllIXTED liY JAMES BOWES & SONS, BEDFORD ROW. 
 
 1875. 
 
 11*1 11 Ml. 
 
 ««nppB»iiii (iwinii) 
 
As 
 
 .(o 
 
 1874-75 : 
 
 W. MYERS GRAY, President. 
 
 A. FORREST, Jii , Sec'y & Trkas. 
 
 JOHN D. NASH, 
 
 HUGH HARTS HORNE, 
 
 JAMES FARQUHAR, 
 
 W. L. LOWELL, 
 
 M. B. ALMON, 
 
 WILLIAM TWINING, 
 
 J. C. MACKINTOSH, 
 JAMES FORREST, 
 
 JAMES W. HUTT, 
 
 JOHN LYLE, 
 
 JAMES S. MAC DONALD- 
 
 Board Room : 
 
 YouxG Mens' CiinisxiAN Association Buir.nixc;. 
 
 Days of Meeting : 
 
 Monday. "Wednesday, Friday, 
 
 At 12 o'clock. 
 
 '•sa 
 
 V, 
 
 9-1^^ 
 
 ,:il 
 
 tP00m^mSmmmmm0ii wi m i . n * A-iwall'^" ■"♦^ 
 
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 4tii January, 1875. 
 
 Gentlemen, — 
 
 This day twelve months ago we met for tlie fir.st time, aud 
 altlioiij^h under the constitution of this Association, the annual 
 meeting will not take place until the third Monday in April, I have 
 thought to-day a suitable time to lay before you the result of our 
 year's operation, and I would suggest the propriety of amending 
 the constitution, so as to bring the annual meeting about this time 
 in the year. 
 
 Taking into consideration that the year 1874 has been marked 
 by general stanrnation of business of all kinds throughout the 
 world, and such depression of trade in Halifax as has probably not 
 been its lot for many years, I think we have great reason to con- 
 gratulate ourselves that our Board has been so far successful that 
 its transactions in Stocks have, during the year, amounted in the 
 gross to over half a million of dollars, viz: $631,313.92. 
 
 The following is a concise statement of how this amount is 
 arrived at, viz : There have been sold — 
 
 ■Shares. 
 
 STOCK. 
 
 IliKliust 
 Hate. 
 
 Lowest 
 I.'nte. 
 
 AvcrBgo. 
 
 Amounting to 
 
 4395|Halifax Banking Co 
 
 130 
 
 125 
 
 127 
 
 Sill, 658.00 
 
 178|Bank of Nova Scotia 
 
 150 
 
 125 
 
 141.4 
 
 50,346.00 
 
 4()9|Bank of B. N. America.. 
 
 155 
 
 1411 
 
 148.87 
 
 169,899 67 
 
 198,Uniou Bank of Halifax... 
 
 150 
 
 137^ 
 
 142 
 
 11,248.10 
 
 609 People's Bank of Halifax. 
 
 150 
 
 135 
 
 140 
 
 17.063.30 
 
 355 Merchants' B. of Halifax. 
 
 141,i 
 
 128 
 
 135.65 
 
 39,360.40 
 
 132 
 
 Com'l Bank of Windsor.. 
 
 128^ 
 
 125 
 
 120.56 
 
 6,082.40 
 
 5 
 
 Bank of Montreal 
 
 184 
 
 
 
 1,840.00 
 
 22 
 
 Merchants' B. of Canada. 
 
 122J 
 
 117 
 
 
 2,629.00 
 
 
 ^410,726.87 
 
 Insurance Companies. 
 
 14 
 
 190 
 
 145 
 
 19 
 
 33 
 
 Halifax Fire Ins. Co — 
 Acadia Fire Ins. Co — 
 N. 8. Mut. Fire Ins. Co. 
 N. S. Marine Ins. Co... 
 Union Marine Ins. Co... 
 
 101 
 
 100 
 
 100.^ 
 
 125 
 
 99 
 
 113.2 
 
 102 
 
 100 
 
 100.5 
 
 80 
 
 00 
 
 63.5 
 
 60 
 
 54 
 
 58.3 
 
 561.20 
 4,323.10 
 2,908.00 
 1,760.70 
 1,424.95 
 
 NpH 
 
."> » 
 
 w 
 
 Debentures. 
 
 Shareii. 
 
 STOCK. 
 
 IllKlK'at 
 Kate. 
 
 I,<l\VC«t 
 ItDtU. 
 
 Averagi-. 
 
 £21,400 
 
 $46,100 
 
 18,700 
 
 4,800 
 
 Provincial Stg 
 
 City Hjilifax... 
 
 106 
 
 103 
 
 104 
 
 95 
 
 99 
 
 88 
 
 100 
 
 90 
 
 103.1 
 100.1 
 
 Citv School 
 
 102.4 
 
 Dartmouth Town 
 
 
 392 
 
 7 
 
 100 
 
 15 
 
 5 
 
 Miscellaneous. 
 
 Halifax Gas. Co .... 
 Starr Manuf'j; Co ., 
 Chebucto M. R. Co. 
 
 Temp. Hall Co 
 
 Col. Market Co 
 
 Skating Rink Co 
 Total 
 
 152 
 
 90 
 
 91 
 
 90 
 23 7i 
 
 75 
 
 13G 
 83 
 
 75 
 
 145.1 
 86.7 
 
 Amounting to 
 
 15107,374.02 
 
 46,167.50 
 
 19,155.62 
 
 4,350.00 
 
 22,754 20 
 
 6.075.00 
 
 2,275.00 
 
 240.00 
 
 1,187.50 
 
 30 00 
 
 $031,313.92 
 
 The transaction.s comprised in the above Statement, have of 
 course been numerous and varied, and, as miglit have been antici- 
 pated, misunderstandings have during tlie year occasionally arisen, 
 but it is worthy of note that such misunderstandings have invari- 
 ably occurred through the fault of Pj'inciples, and not by any care- 
 lessness, neglect or other misconduct on the part of the lirokei-.s, 
 and I am happy to be able to add that at the present moment there 
 is no contract recorded on the Secretary's Book.s which has not 
 been fully performed and completed. 
 
 Our adoption of the ad vahrcm system of buying and selling, 
 instead of the old fashioned specific price made at (lie same time 
 that we established the Stock Exchange, prejudiced many against 
 us, and some time must yet elapse no doubt before that prejudice 
 will be entirely removed, but the discrimination and judgment now 
 displayed in the prices offered lor, and the steady and gi-adual rise 
 and fall of the diflfercnt Stocks, in contrast with the former wild 
 buying and eccentric fluctmitions, all indicate that the .system is 
 working well, and as it is becoming better understood, is also 
 becoming more highly appreciated. ***** 
 
 I remain. Gentlemen, 
 
 Your obedient servant, 
 
 W. MYERS GRAY, 
 
 Frenident. 
 
 To the Members of the 
 
 Halifax Stock Exchange. 
 
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CONSTITUTION AND BY-LAWS 
 
 OF THE 
 
 HALIFAX STOCK EXCHANGE. 
 
 consrsTiTTJTionsr. 
 
 AuTiCLK I. — The title of this Association shaH be the " Halifax 
 Stock Exchange." 
 
 Aktici.k II. — The OtRcers shall be a President and Secretary- 
 Treasurer. 
 
 .-■i^ 
 
 -.*,: 
 
 AuTiCLK III. — The President and Secretary-Trep.rnrcr shall 
 be elected by ballot at the Annual INIeeting whicli shall be held on 
 the third IMouday in April, and shall continue in ollicc until their 
 successors arc appointed. 
 
 Article IV. — The duly of the Prosi<lont shall be to sec that 
 the provisions of the Constitution and By-laws are enforced. lie 
 "^hiill preside over the proceediuiis of the Board and be ex-oilicio a 
 uiondior of all Committees. If ab.'^ent. any member present, 
 named by the Board, shall preside. 
 
 Articlk V. — The duty of the Secretary-Treasurer sludl be to 
 receive and take charge of all monies, and render statement of the 
 funds at the Aniunil IMeetinji:: and at such other times as the Board 
 may require, and as Secretary to record in the book of minutes 
 the proceedings of the Board, and to take charge of books and 
 other documents of the Association, if absent a Secretary pro d'ui 
 may be appointed. 
 
 AiJTiCLi': VI. — The name of every Candidate for admission 
 \uust be sjibmitted to the Board by one mend)er and sec(»uded by 
 iniother at the ordinary meeting of the lioard — on that day fort- 
 night said candidate or candidates shall be ballotted for. the name; 
 having been posted meantime in the Board-Room. One Black 
 ball in five shall exclude. The President ^hiill declare the result 
 ot the ballot. 
 
— J^- 
 
 (fi) 
 
 Article VII. — Every applicant for membeivsliip must bo of the 
 iv^Q of twenty-one years, and liave been en;:;agecl in the city as n 
 Stock-bioker at least six montlis prior to application — and if 
 elected, must pay the entrance fee of Si 00.00 before taking his 
 seat at the Board — which fee shall in no instance be varied. 
 
 AkticM': V'III. — The Annual s\ibscriptiou for each individual 
 member shall be $5.00. 
 
 Akticlio IX. — No notice for altering Constitution or By-laws 
 shall be acted upon without a lapse of at least seven days after 
 notice of motion has been submitted in writing. 
 
 Akticlk X. — No party to a contract shall be compelled to 
 accept a Principal other than tiie member olfei'ing to contract, 
 unless the name proposed to be sul)stituted shall be satisfactory, or 
 shall be declared at the time of making the offer. 
 
 AitTicLK XI — All transactions made at the Hoard on any one 
 day arc to be paid for before 2 1*. M. on the day of the next 
 meeting of the Board, unless otherwise stipulated at the time oi 
 sale. 
 
 AhticlI': XII. — Any member reported to the Board for refusing 
 to comply with the foregoing Kules'or with the By-laws may have 
 ji hearing before the Board, and if the Board decide that the com- 
 plaint is proved, two-thirds of tlie nuMubers present may, if he 
 persist in his refusal, declare him no longer a member. 
 
 Ahtici-i: XIII. — All members shall submit disputes to be 
 settled by arbitration, each disputant to ciioose a member of the 
 Board as Arbitrator, and in case of non-agreement, the arbitrators 
 to choose an umpire, and the decision of the arbitration to be final. 
 
 f r 
 
 ..■iy;',-u*VvWMis 
 
 a-; iii<.^w?' 
 
i^ 
 
 r7) 
 
 BY-rjA."ws. 
 
 1. — The hour of business shall be noon each Monday, Wednes- 
 day, and Friday ; 5 minutes grace will be allowed before opening 
 Ihe meeting. 
 
 2 — Reading the minutes of the preceding day (other than those 
 of the purchases and sales), if called for before the regular business 
 begins. 
 
 3. — Notice of Election. 
 
 4»— Calling the regular lists of stocks; reports; resolutions; 
 motions ; and such other business as may properly come before the 
 Board. 
 
 5 — Reverting to stocks by request of members. 
 
 6. — Placing stocks on regular list. No stocks or bonds shall 
 be placed on the list, except by a vote of a majority of members 
 present, and on payment of a fee of $25.00 for the same, prior to 
 its being inserted. 
 
 7. — Quotations of Stocks shall be for one or more shares. 
 
 8. — All contracts falling due on Sunday or on statutory holidays, 
 shall be settled for on the following day. The Board will be 
 closed on statutory holidays. 
 
 0. — All offers for Stocks, made and accepted, sliall be binding 
 whether called bv the President or not, and in case there arc two 
 T)r more claimants for the purchase or sale of Stocks, the President 
 may decide Ihe same or he may appeal to the Hoard for their 
 dt'cision. If any appeal be made from the decision of the Presi- 
 dent, and the appeal be seconded by one member, the question 
 shall be put to vote. 
 
 10. — All interest on Bonds and Debentures and dividends on 
 Stocks to go to the buyer unless otherwise stipulated. 
 
 11. — The last dealer shall have tlic call if the Stock be imme- 
 diately repeated. 
 
 12 — l)iscusslc7is. No member shall be allowed to speak more 
 than twice without permission of the chairman, nor shall any 
 member interrupt another while speaking. 
 
 13. — In all discussions arising at the Board the presiding officer 
 shall not participate, but wishing to do so he shall call some other 
 person to the chair. 
 
 14. — Fines. Any member interrupting the chairman while 
 railing the Stocks, by speaking or otherwise, shall pay a fine of 
 not less than 25 cents nor more than $10 00 for each offence, at 
 the discretion of the chairman, from which there shall be no 
 appeal, and levying of fines shall rest exclusively with the presiding 
 officer. 
 
!r,^-.." 
 
 .m -pwr' 
 
 15. — No sinokin;^ sliull be sillowed in llio Board room, 
 
 1(5 — Any member who shall absent himsell' from the Hoard 
 Avithont leave, for the period of one year, or who shall nei^leet to 
 ])ay ills fees for that period after havinj; been notified by the pro- 
 per ofli(.'er, shall no lon;^er be considtM-ed a inembcr. 
 
 17. — Shonld any member ne;il(!('t to fulfil his contraot on the 
 (lay it becomes due, after having been dnly notified, the party 
 contracting; with him shall; after jiiviiiLT notice of his intention, 
 employ one of the officers of the lioard to purchase or sell the 
 stock (as the case may be) at the first session of the Board, on the 
 day following accounting with the membur in default for any sur- 
 plus, or charging him with any defficiency. 
 
 18. — Each and every meml)er shall report publicly to the 
 Boai'd the name of every [)ei"son who shall \io!ate liis envfagement 
 with him as a broker. And it shall bo the duty of the Secretary 
 to keep a book for the purpose of registering the name of every 
 person reported as a defaulter, and the name of the broker who 
 shall complain ; there to remain until any loss that the broker 
 may have sufl'ered be li(piidated. So long as the name of the 
 defaulter continues registered upon the books of the Board, no 
 meml)er shall execute or cause to be executed any business for 
 liim nudcM' pain of immediate suspension. 
 
 ID — Any member of this Board uniting with any other organi- 
 zation where Stocks, Bonds, &c., are dealt in, shall cease to be a 
 member of this Board. 
 
 20. — The rate of commission for buying or selling shall be not 
 less thiin one-half of one per cent, on the whole amount of each 
 transaction. Any member violating this rule, shall upon convic- 
 tion be suspended for a period of not less than sixty days, and 
 upon a repetition and conviction shall l)e expelled. 
 
 21. — No member shall be allowed to publish the t msactions 
 at the Board in the newspapers or elsewhere, (except in his own 
 otiice. ) with his name attached, nor to advertise in any way any 
 of the Stocks on the Board. 
 
 22. — The ConstitutFon and By-Laws shall be subscribed by 
 each member of the Boi\rd, who thereby binds himself to abide by 
 them. 
 
 2.">, — Tf any member shoidd be ex])elled on account of any vio- 
 lation of the foregoing Constitution or l>y-Laws, he shall forfeit all 
 subscriptions and entrance fee paid by him to the Board. 
 
 
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