Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1868-09-25

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The following chapter from advanced
sheets of the forthcoming work viii give
some inca Of its character: ~ -.
CHAMBER OF THE BOARD OF BROKERS. ,a
This controlling institution is entered
from Wall street and Broad. It is mar
BILE building, Of great elegance. The
Gold Room, where the daily sales take
place, is one Of the most brilliant rooms
in the city. The vaults are models of se-
curity.r They have in them two hundred
and fifty safes, each secured by indepen-
dent locks, which have in them million
combinations No two locks are alike
Each member of the Board of Brokers has
safe assigned to him. In these vaults
repose the treasures of the millionaires Of
New York. The board was organized in
1894. At one time the entrance fee was
fifty dollars It is now three thousand
dollars. A candidate is put on probation
for ten days. His financial honor must
be without q stain. Application must be
made through some well-known. member,
and the fact is made public. If no objec-
tlon is made, ballot Is bad. Fourteen
black balls defeat an election. The ini-
tiation fee is put high, that none but men
Of capital and honor may be admitted
The rules are extremely stringent. A
violation is followed by summary election.
Every contract is made on honor. and
must be kent to the letter or the nartv ;s
expelled, whoever be NAV be. For 10
stance, hundred shares Of Erie are sold
| at the board by one broker to another. -
The seller delivers the stock, and takes
/ in payment the check of the buver. The
lbuyer cannot nav till he has delivered the
stock to the customer who ordered Il =
But the check will he made GOOD before
three o'clock Millions Of stock mass dali
Ily from one hand to another in this way.
Dnr;np all the years of the er;stenca, If
the hoard INIT one member has hee,n .found
guilty Of fraud Some Of the sbarn bold
operators. who bull and bear the market.
cannot get into the board at anv nrice.-
They would give ten thonsand dollars to
become members. Their financial repu-
tation is bad. and thew cannot enter
These mem operate through members of
the board. * .tilsas -
- AN INSIDE VIEW =. -.------ =.
On aniarin.r small
ante-room, where their tickets are exam
ined. They are then admitted into Gold
Room. It is as elegant as wealth and
taste can make it. The stuffed arm
chairs are inlaid with gold. .fhe walls
are covered, with green silks Tapped in
heavy, folds, instead of paper The cell
ing is elaborately painted. chandeliers
hahg around. The presidents seat is
magnificent. The president has no sala-
~. His position is one of honor: The
work of the board is done BY the first
vice-president. who from ten to one calls
the stocks and declares the sales. For
this monotonous service he has salary of
seven thousand five hundred dollars q
year. The second vice-president presides
over the second board and has three thou-
sand dollars a year for his work. A re-
gular stock list is made out. No stock
can be sold at the board that is not on the
list. Guarantees are required from al
parties who offer stock and none can be
put on the daily list without the vote Of
the board. . At high Change The room,
that will hold thousand, is packed. J In
front Of the presidents desk is . deep ba-
sin, called the cock pit. In this basin is
an oblong table, fastened to the floor by
iron clamps. Without this, the excited
crowd who huddle together in. the cock
/ pit would trampIe each other to death.
Daily some stock excites the market. 3
It's unexpected rise or fall produces ia
tense feeling. The lists Of stocks are sus-
lually quietly sold without attention. The
exciting stocks are well known, and when
called, arouse the whole chamber. Chairs
are abandoned. men rush pell-meH into
the cockpit, and crowd, justle, push and
trample on one another. They scream
tout their offers to buy and sehsa They
speak ell at once, yelling and screaming
Hike hYenas. The scene is very exciting.
Pandemonium is not wilder, or more dis
orderly. The presiding officer stands
erect cool and silent. Several hundred
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