The daily gazette., 1881-01-26
STOCKS AND BONDS.

WILLIS on. .wALL.sTREET WOLVES TO sE
CURE BUsINEss-THREE GLASSES OIL
OPERATORS Iron WHOM THE BRO.
KERs PREY--THB DIFFkRENT MODE
OF WORKING THEM.
Boston Herald: Wall street broker,
say that there 10 double If not three
fold more speculation than there wa,
four years ago. Then the average
Lumber of shares sold daily In the stocL
exchange was 1G0 900 to 15O, 900. II
is now counted dull day when 3OO,.
600 shares are not sold, aud in the OK.
citement of tue great upward move-
meDt last winter, 900, 900 was The dali,
average, and Que day the number
touched zoe, 1000. Lately it has been
over 500, 900 several times. This in
crease brings with it many changes in
the street. The stock exchange has
become too small to accommodate the
1900 members, and a new building il
going up. Seats in the exchange.
which two years ago were quoted at
$4,000, are now worth $21, 200. The
increased number of customers who
watch the tape from 10 a. m. until 3
p. m. have compelled half the brokers
la the street to enlarge their offices.
Indeed, the offices of some of the lead.
ing firms have come to be curiosities.
because of Innovations. For years the
typical brokers' Office in Wall street
was small room in a dingy base
ment, with desk for the proprietor
and another for his assistant, who COM
bined the duties of clerk, bookkeeper
and boy. Quotations came at rare
intervals over telegraph wire, aud
were registered ON a receiving slip,
The customers were not many, for the
craze had not taken hold Of people.
The brokers' Office of to-day is suite
of rooms. Let us look into one. Ii
occupies two full Broadway fronts, and
extends through to Exchange court.
One side is devoted to customers and
the general Office, in which the MEM
bers of the firm have desks, and the
other, separated by partition, is
taken up by fifteen or twenty book.
keepers, clerks, cashiers and assist.
ants.
The front room for customers has
an inlaid oaken floor, put together In
squares of tasteful workmanship. The
walnscoting, which extends half way
to ceiling, is of cherry, and the paper
above 1t IL tit for Fifth avenue draw
ing room. In one CO ner is fireplace
in which hickory logs blaze in cold
weather, aud above which is a mantel
OF rare design and beauty. The furni-
ture is of cherry TO match, and uphol-
stertd in leather. But for the regular
tick, tick, tick of the gold and stock |
indicator, as IL registers the prices
upon the tape of white paper. YOU
might think that you were in club |
room. The rear room, which is also
open to customers, is carpeted with
Brussels. The desks are massive cher
ry, and the couches and easy chairs
are OF the same, with leather uphol,
stery, But for the business look given
by the desks, you might think you
were III drawing room. Another in
1icator rattles out prices here also.-
ust before noon colored attendant
moves about with considerable alacrity
and as the chimes of Trinity Church
lar overhead ring out the full hour he
.rnndles aside the cherry doors of the
lunch reom and discloses well ar
ranged table on which are salads, cold
meats, oysters, and other good things.
customers are expected and invited to
uncn there as the firms guests, and
he table remains until Q O'clock
This Office is visited daily by about so
men, young and old, who are interest
ID IN the m market. Some come at the
beginning of the days business. and
emaln until it closes, They speculate
or livelihood, and are content to
axe small profits ON their transac.
ions. Oilers step in for an hour or
more, gel the run OF prices for the day
md are OIL to their regular business.
still others come and 90 at regular in
eryals. Among these fifty men are
hree classes of operators. The first {
'uy or Sell stocks at what is called
ong range. When stocks are very
NV they buy, intending to hold them
Inttl they get very high. This NAV
'e Tor two, four, or six months, but il ]
makes no difference to the long range 4
perator how sluggish the movements. {
10 has convinced himself that prices
10 to be higher, and he waits for the .
dVance as patiently as a hunter waits i
Or game. Neyei theless, he is com. /
elled to keep close watch on the {
ialket, for unforeseen breakers NAV {
ome Iolling in upon him at any mo-
lent. The operator at long range is
Dntent with no profit of less than ten
81 cent. on par value, and usually he y
Itends to get fifteen or twenty. This
ass of operators is the most success.
Il of ali who buy or sell in Wall II
rect. a
HIS transactions are few, but when
takes profit it IL a big one. In a.
lne last stocks were very low COM p
'red with the previous February .
ices, and the long-rauge operators ali ee
vested. Those who bought 1000
ares of ot. Paul, for instance. at 65 SC
I'd held it until the both of September re
ID chance then to sell it for 95. at ci
advance of thirty peints and a prof pt
of $50, 900. Ii they held until No
mber 24th, they might have sold tif- Isl
sn points higher. A second class OF OF
orators trade on the fluctuations of IA
ew days. They are called stormy so
trels, aud they comprise great ma nc
'lty Of the street spectators. Ex- ei'
fience teaches that, while the ten
ncy of prices may be upward or m' m
10 marked degree, stocks IL
ctuate lightly in their rise or fail. tn
an advancing market, as a rule. IN
cks will 60 up steadily two points. -,