Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1869-10-15
The New Ysrk Sold Exchange.

Subsequently they purchased tickets Of admission
to Gilpin's News Room. for which they paid 80
per aunum. and there they traded in gold, buy
ing and selling There we're then no orglniza-
ton, no officers, nor rules Of proceeding, and
contracts could not in many cases be enforced,
Whereby persons buying and selling sometimes
sustained heavy loss, for the reason that some
men, who were honorable and would take gold
when they bought it, would find themselves in
possession Of it without being able to pass it to
persons to whom they had sold it, and therefore
they had to sell it out az a reduced price ltwas
out Of this state Of things that the organization
Of the New York Gold Exchange arose, which Will
have been ia existence FIVE years next Nay. The
building now occupied by the Board was origin
ally built for mercantile purposes, and remodel
lei
At certain specified hours each day the mem
hers Of the Exchange assemble in their room 20
buy and sell gold. None but members are al
mittei % these privileges, though a gallery Is
set apart In which spectators may locate Them
selves TO witness the Transactions. The Presi-
dent, or one o.. the Vice Presidents, stands al a
desk with q heavy Eayei in his hand TO preser.e
order. The cretaries busy themselves record
ing the transactions made. Two Lines Of tele-
graph connect the room With all parts Of the
world, and constantly announce the dnctuatious
oi lie AlAIAe'. AuotAeI lHe7lioIS '''1Sl aPl'0
arrangement flashes the uings Of every change
in'O A'' 'ue
anu oloA'ls v'-- ~ ,l' ''-e
ni'IiLi''i'n lN Il 'e'-'7 i-'lA'i on an el'''
Slip of paper. ) crowd 0t two or three hum
drei excited men-broaers or their representa-
uve--is gathered To- the circular enclosure Ii-
rec-.v IN front 0f the Presidents desk.
The moment business commences q general
hutbut breaks out Every one present shouts
h.s wants or nus usIos'Iloh al 'ne 'oP Oh ms
voice. anu al s-,!, at 'uI 1li o..s.lei ~
: gol-'-' ~ ., ~ - .-.
- -. i1-..-f1.,.,t - -. 50
I'-I .. -.t.i.,- - g., -
~ --.-.,-e-. ,b'-,.,,.i .. ..Sll - -
-. 60 -. -.-.-,-. .-r.. d. .ts -..-,
3. --..-..- ,l,l--g.,I 10 . b.-f-, - sbo,,tsI
3. 81. -t,... ...I,t. ., ..-,.- --.-., s,.+t..-
-. ..,t.L.t. ee,..-5 .-rl,, .t.,,,,s -.,
- en- p, - ,re So - -.
-. g.. 81. -, ~ -, r., - .lf
5..arl:--tl, ~ -,,s, ts rs-,e-,ra-sJ 10 ,b1se
- T.; s..-i.-., .l;-, ID r. -
- .t. -. ~ - IN
No.. - - The mi 30 - ~. ~
80 t.,- -,s-.i, tho fr..,tior ,tqa tb. -,n7r nm
1l .r- -55, - a., mi ..,+ Man. - ,b.
-.--..ra1 o.. ..,-....l.-.. -'.. -, :. -.
.t.t.. 3. .-. ..l,--.-.r -. ..-.- .---1-r -
So Wi,u the quarter. half i've ei-h-h-' or sew
e'Zftl-. u rae -t-- price N'- i"- t-9' am
dealer "isnes 10 n.'ihie 90 - ne cIies oat,
lhlTiy OF more frequently 4"o-
Ia the Excnanse there are 10 settlements
made Aooody -iops 10 receive money or de-
liver gold smith s Jones o-ier malt a million
AZ ~ brown Ni.liauis cry GUY, so-I
,..,.,- f-..g i--fs...rra- "a --,ir- ..,,.r-...-
-. 49,. ~ .f.--...f. So ,L. - - H..
t.ty. AZ The close O., The hz-hlnse, The i-rner
goes To- the latter s .ilce and gives MN ticket
ior The gold Al the TRANSACTIONS % the DAY are
settled IN tins manner, AMI t1ea each dealer
makes up statement ot What be has bought or
sold, OF both, during the day. the various prices
gwen OF recelvet, the value u each TRANSACTION
10 currency, ant the gross amount due TO or
from h'm 90 The day s oIerttons Inis state
meut, accompanied ny the tickets given and
received, Is sent 70 the 'a-i Clearing House
When all the statements are ID, ihe officers of
tie Clearing House couutre one with another.
and verify them. Then q balance Il struck
tetscen each dealer ana all the orhers, and the
gross amount due 20 or from each one is settled
~ once and in enc payment, the Clearing House
distributing 60 each creditor his total dles. ami
collecting ffo % each debtor his total indebted
ness.
Frequently lellsrs, tempted by the high price
l7.vAIla- and the prospects OF decline, sell
more z !t -h.n they have got, trusting 90 nilEe
u7 ,le i-laen-y when the f-ire falls. such
-,'-'''s 'le S',1 ~ 7-,.'' anu '-o
N1, N' s-''' eAl-.! '-e '--- .-'''
-e A'7 s'-' '' pay pms -- ,--l1'-.y N--- ~.
i"e contrary 'uc leA-eI "l' Has -.it lL AtAl
sI H'.- "a, ie''
c'in' III o'A SION '' s4ppes'''liou'
pei'ei % 'e dei'eTed or receiver out merely
iAe Inference between Jne price III 'le 'lLAe me
Transaction "As eu'eIel in'o anu 80 tAe uine 'i
ielyer!
y AA 'u.siitF loAee-'es % Aesiit 90 dao1.t 10
E1-t or stocks lie mus' 20 % p oro Ger and en-
pley him TO maAe the trans 4euons- we VIII
suppose tn1i gold Is selling at l7t MI Jonn
smith thinks the frice vi. soon advance, AMI
tlAt anying now he can sIeeNE m'ke q good
'l'Hs 90 ~ - .i 'i-' l'- ~
'u5' N' ~. -'-.-- i-, AZ
s'.S'' I''' II.s -'.i WI. ''i 80 -
wv lH oul''-'l l.' 'i'@'' o" a." j"
uA.'7r'ANe '-7 p i' I'i iH''g9 'i'- 'l, ,N ~
p'' up Is l1''-'u' D., '"'' r. '.'''n per .,-- ''
'A.- sum - w. i'' 'I - per esn'-"s 'A' e,''e
may .'- '- >'o-As ~ am 30 Per ceit Is IRE
gueutiy demanded In the case supposel, Mt
Suith Is called upon To deposit with the uroAe5
his celtihei cheek Tor ea2,5uu, being nve Per
cent on the currency value oi the god TO be
bought Tins Is the " margin on which he
purchases hat million OF gold Inc orcaer
makes the purchase and pays for II IN full. lie
then Jakes the gold eer;iheates he receives to a
bank aud deposits them As collateral for loan
20 replace the money he has invested IN the per-
alton. If the market price Of gold atvances,
NJ Smith may emaln the nomira owner Of
Sj@,0JJ slia As long as he pleases. He Is
long to that amount When he thinks gold
will advance no higher, he orders his broker to
sell The broker sells, We viii suppose. 81 l3j,
and realizes 500, 900 in currency With this
sum he first PAYS his loan at the bank. and re-
ceiyes back the certificates. Then he deiucts a
certain percentage for his services in buying and
selling, and interest on the full amount, less the
margin. for the time the gold was carried -