Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-10-16
The y. Y. Stock Exchange.

STRANGERS visiting the Stock Exchange
always express surprise at the youthful
ness Of the men by whom the enormous
business Of the place is transacted. Hear
ing SO often of the money-kings of New
York, and naturally picturing to them
selves sOlid-loOking men well on in mid
die life, as the bulls and bears of the great
stOck-market, they are astonished at find
ing merely a multitude of young men,
most OF whom have the appearance OF
clerks, and any one of whom will, on the
slightest prOVocation, yell at an unknown
visitor like a Comanche Or Apache saw
age. The magnates Of the street, who are
the men we all read of in the newspapers,
are hardly ever seen in the Exchange, and
some even are not members of it. They
generally remain in the background, con
coct their plans in little private offices,
and issue instructions to their various
brokers, as a general issues orders to his
subalterns on the battlefield One of
these magnates may have half dozen
brokers employed in the Exchange at the
same time, without one of the six know
ing that five others are executing orders
from the same man that employs him. 1t
is by the secrecy of their operations that
the leading bulls and bears achieve par
ticular success; and, IN order that there
shall be no leakage of information, they
keep all their plans and purposes to
themselves. The whole number of brok-
ers who have the privilege of trad
ing in the Exchange is about one
thousand, while the number of oper-
ators recognized as leaders prob
ably does not exceed twenty five or thirty.
These are the captains who organize and
conduct campaigns; the others are the
rank and file who do the Neutrality-suspicious.
ing and goring, Or growing and squeez-
ing, according to their classification under
the signs of Taurus and Ursus
A broker desiring to become member
of the Exchange is required to undergo a
sort of inGuisition before a committee, in
order that his qualifications may be de-
termined. He must also make full
statement Of his business affairs, and
satisfy the committee that he is in a
proper financial condition. If he passes
the examination successfully, he must
then purchase a seat in the board, or, in
other words, pay for the privilege ofmem-
bershlp. This privilege is an expensive
one AT the present time a seat costs
from eight to nine thousand dollars, which
must be paid before the purchaser can do
any business in the Exchange. A year
ago the price was from four to five thou
sand. The value of seats varies accord
ing to the demand. If a broker fails in
business, he can neither use his seat nor
sell it until his affairs are settled; the seat
is held as part of his assets, and may be
sold for the benefit of bis creditors TAX.
ing the number of seats in the board al
one thousand C'seat," by-the-way, is a
missioner, for seats would only be in the
way during the daily battles on the floor
and the price OF each at nine thousand
dollars, the total value Of membership in
the Stock Exchange is found to reach
nearly million dollars-an increase OF
one hundred per cent. within a year
1pp}et0Rs J0at7nnt.