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construed as constituting any estate in esse which can be mortgaged or pledged for the payment of any debts; but it shall be construed as the solemn agreement of every member of the Stock Exchange to make a voluntary gift to the family of each deceased member, and of the Exchange to collect and pay over to such family the said voluntary gift; it being understood and hereby expressly declared that the provisions of this Article XXXI of this Constitution shall only be in force in, and apply to, cases of death which shall take place after its adoption.

SEc. 6 It is hereby made the special duty of, and enjoined upon the Governing Committee of the Exchange, to increase the surplus revenues of the Exchange, as far as possible, by rigid economy of expenditures, and by increase of receipts in every legitimate way, for the purpose of accumulating a fund to be styled the “Gratuity Fund,” to be administered and applied as hereinafter directed.

SEc. 7. The management and distribution of the Gratuity Fund and the execution of the provisions of this Article, shall be under the

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42 THE CHICAGO STOCK Exchange

charge of the Finance Committee of the
Exchange.
It shall be the duty of said Finance Commit-
tee to keep securely invested all moneys paid
to them for the Fund, together with the annual
interest and the accretions arising from the
same. They shall have power to adopt such
By-laws as they deem needful, subject to the
approval of the Governing Committee, and
they shall make an annual report of the condi-
tion of the Fund to the Exchange.
On the election of each new member by
transfer or otherwise, there shall be levied and
collected, in addition to the transfer fee, the
sum of ten dollars ($1o.o.o.), to be paid into the
Gratuity Fund.
As soon after the adoption of this Article as
convenience of the Treasurer will allow, the
Treasurer of the Stock Exchange shall pay to
said Finance Committee the sum of five dollars
for each member of the Exchange yearly, said
payment to be charged against each member
and collected with his other dues when they
next become payable.
Sec. 8. The provisions of this Article shall

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BY-LAWS.

ARTICLE I. --~ HOURS OF BUSINESS.

Section I. The Exchange shall be open for the transaction of business upon every business day and, except as may be changed by order of the Governing Committee, shall be kept open from . m. until 2 o'clock p. m., except on Saturdays, when it shall be open from Tú a. m. until 12-m. A / 2. 222.

Dealings shall be limited throughout the entire year to the interval between the hours above named, unless otherwise ordered by the Governing Committee, and a fine of ten dollars for each offense shall be imposed upon any member who shall directly or indirectly make any transactions in Stocks or other Securities before or after those hours, in the Exchange or its vicinity. Sec. 2. The Exchange shall not be closed at any time, save as hereinabove provided, except

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