The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-05
ON FIVE DOLLARS MARGIN.
H4RD-UP SPECTATORS WTyyTyG OK
LOSING ON A SMiLL SCILE
The Primary School In which nrc Learned tho
Mysteries OF Wall street-M Mechanics and
Clerks Hacking their Opinious or Luck.

Mysteries OF Wall street Mechanics and
Clerk. Hacking their Opinious or Luck.
Lake Shore co."
Two men jumped up rs the clerk read the
above quotation from the stock indicator. took
out little contract slips printed on blue paper.
thrust them through the glass window OF black
walnut partition Mt the end of the room. and re-
ccivcd their margin and proilt. The profit on
each of these transactions was GA cents. the
margin s..
This transaction. which the reporter saw, was
only one of many Of similar kind that took
place yesterday in an Office in Broad street. 1t
WIS one of the now private stock exchanges, con-
Quoted exactly as tho regular exchange Is, with
some necessary notifications. Last spring the
first Of these was opened. and business Hooked
to it. Brokers saw In II la new way Of coming
money from Spectators. and also OF greatly in
crcasing speculation. There are now four Of
these supplementary stock exchanges. three in
Broad street and one in New street. Ono was
opened only n few days ago. and has done n
rushing business ever since.
The Office where tho above transaction took
place is roomy one in the busiest part of
Broad street. On the wall is huge black
board like that which has wcaried so many
cycs on the stock exchange. Near by is a stock
Indicator. and the quotations are transferred
from it to the board by n clerk who also shouts
them out IN very penetrating voice.. Ihr"e
rows Of ra1y chairs thirty IN roy; fq ,,,6 6h@
end IL the private Office. into which ngood many
margins go. some to come back with inc prolit
and others to remain. The general features ri
all of these exchanges resemble this one, and.
although saturday s II dull day ON the street.
th'se wore crowded with customers who o.
cup'"d the chairs. eagerly watching the black
board. and now and then jumping up to make
or flush some contract
" l. this business success ?" the reporter
asked the proprietor.
doing to-day. and 1t Is duh compared to some
:. DO you cut into III Stock ESchgnge2"
don't speculate there. Ia tact We shall benefit
the Exchange. We are supplementary to il.
That is. W. DO u business that isn't done in the
Exchange To- any extent.
" In what way"
well th"rc are n good many mon who want
To speculate and don't eXnctly know how. They
are AFRAID to risk much. and so don't 80 in. But
they ran come here and buy Just as small lot
~ sell ns they want TO. They can afford to risk
r9sn it l. 9 kind q priwGry school ?" ,oro
with stock speculation. and go from here to the
larger field IN the regular Exchange. That is
the way that we shall benefit the business gen
~ hat class OF men come hcrc?"
- Most OF tn I'm are not regular Spectators,
havo got perhaps -. so. So or s2O that they
arr wiling to risk. Now. generally the smallest
/ shares. and their money isn't margin enough
for that. 50 they can now come over here and
/ put up their margins and operate on them cX-
| utly ~ they would with a big lot. There are
/ some fellows here with plenty OF MONEY.
watch the market. and when they think they see
/ "a point. invest a little.
! Bat some OF these men look like mechanics
We'll. there arc some of that kind who run in
/ for u few minutes. and speculate So or slOworth
/ Just then a trembling old man. with big sill
| vrr-lpwcd spectaclcs and "a very much battered
/ six hat. thrust contract toward the propri-
-" amt much acquainted yet he said with
/ the way you do
why bought five shares of the Delaware,
| La klwanna. and Western. and IL -One up :.
You want to close do your
Yes. might as wolf and be safe"
OF course. Just sign your name to the con-
trnr. hand II in at that window. and get your
The old man did SO. and smilingly put his
| profit in nm old leather wallet.
| " W i'll YOU describe that operation. so that m
idea may be got of the way you do business ,"
Tint is his first venture. He'll try again.
He bought i've shares or ordered me 10 10 II.
and put NJ his margin Of on" per cent s.. The
.toet wont, up 4, and he closed, he got his
/ margin and profit less my commission
" 1T tho sam as the STOCK Ex.hange-l-l6.
/ stall raise 10 4. when they do. We don't pro-
pv,s, to run n opp9siton.'
We inn nullly tncm. lucN can increase
their margin II they wish. but the understand
| ing Is tnut the TRANSACTION closes Itself when
! the margin runs out. without any notification
/ from Us. II has been noticed for a long time
/ that very large number Of persons would bc
GLAD % speculate Il they could do So in n small
/ way. uni.thes" private eVchnn-,"s nave met the
demand perie tly When n Is generally under
stood thu Iumh,r Of transactions viii be- i'm
! men-e. oven II the amount is not lqrsc. But a
| man has chance ~ max ing "A few dollars every
day with very Little cAsh. aud the loss ii any he
can stand.
some OF the members Of tho Stock Exchange
do not favor this primary school" at all. BE-
sides the advantages il oilers 10 men who have
only "A few dollars to use 1t practically allows
men To be- their own brokers. II Is rumored
that an attempt will be- made to deprive thes
private exchanges Of the stock indicator, but
the throat does not brighten the latter. They
say that it cannot DE done. Hs tho Western
Union is an Incorporated company. and can
make no discrimination Of that kind. Even If II
did. messo n..rrs could speedily bring the quo
tat'on- from the Stock Exchange So slccess-
ful hay" III, So rX-hangr, become that there ID
"A probability that one will soon bee openrd IN
the uoighporhood of IN" A-tur House. and II
that succeeds. another one is to be started near
IWcaty-thlTd street.