No More Seats

Last week the members of the New York Stock Exchange killed by an overwhelming vote a proposal of the governing board to increase the exchange membership from 1,100 to 1,125 (TIME, Nov. 9). Out of a total of 941 votes cast, only 268 favored the measure. The reason was not far to seek. At present every exchange member knows that his "seat" is worth in excess of $130,000. Should more seats be added, the laws of supply and demand would function to lower that value. No exchange member wishes his "equity" to be affected. Therefore the present excessively heavy movements in securities on the exchange (TIME, Oct. 26, et seq) will continue to take place without an increase in the number of the opulently seated. The Governing Board's proposal was the first of its kind in 44 years.