The value of memberships in speculative exchanges, like the price of speculative commodities and securities themselves, usually rises before and during a period of business prosperity. Recently, in Manhattan, two new records for exchange memberships were made: 1) In the New York Cotton Exchange, $35,000 was paid for a "seat"; later two bids, one at the same figure and one at $37,000, were made without calling forth any offers. 2) On the New York Curb Exchange, a seat brought $10,000—also a new high price for all time.
Seats on the New York Stock Exchange have not yet attained their record of price...
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