Evening star. [volume] (Washington, D.C.) 1854-1972, 1882-05-17

the alert and handsome WASH Conner is the
head. Conner does not do Jay Eould's busk
ness, and could not, since his operations would
De detected at once, but he distributes Gould's
work among the brokers Of his or Gouid's Sc
lection. There IL great saving in q partnership
OF this kind, since one broker can do business
for another for commission of 50 on 10eshares.
White an outsider must pay broker S1250 on
each l Ioo shares Rufus Hatch, Familiarity known
as Uncle Rufus" is not a member, though he
was once. After he opposed the Western Union
consolidation and
MADE HIS BIG PILE
thereby, he sold his seat. The reason generally
imputed and never denied is that thereafter it
would have been inviting sudden and certain
financial death at the hands of Could to have
remained In the board. The two are bitter enc
mics. Russell Sage. the third greatest operator
In this country, is a member. He is the heaviest
operator in the membership. One of his big
operations was the sale of Cyrus w. Fields ele-
waited stock a couple of years ago. But Russell
Sage is said never to have entefed the Stock
Exchange building. Membership with him is
solely matter of economy. Jim keene ia not
member, but has his business done through Sam
Boocock, who does belong to the Exchange.
Vanderbilt's operators are Daniel T. Worden.
Eugene Thompson, T. b. Freeman. Breeze L
Smith, and Sam Barton, all big and busy opera
tors.
The members, otherwise, are pretty generally
divided into factions. each with its leader. Fer
r.
the German element in the exchange. c. J.
Osborn Is the
LEADER OF GREAT BAND
Of shrewd operators. among whom may be
mentioned Addison Kamack, w. L. Scott, ex-
chairman of the democratic national committee
ID. p. Morgan Henry N. Smith, the millionaire,
and dozen others. Then there is the Windsor
hotel gang, in which kamack is again conspic-
uous, but which, unlike the 23d street gang.
business IA
23d street gang. as it is called, has for its head
quarters the Cumberland house, and operates
wholly by means Of the telegraph.
glossary Of the terms which, taken together.
constitute the mystic language Of the Exchange,
would fill volume Of itself, and that volume
would have to be constantly revised and en-
larged. Yet the methods of transactng bust
Ness on the street are not 80 difficult to compre
bend, except when one comes to the lntricacies
of puts" and ''calls' and privileges" and
these there is no room and but little use to de-
scribe. Stocks are usually bought and sold
either leash" regular way" ''seler three" or
''buyer three" These methods constitute nearly
the entire business Of the street. cash trans
action does not differ from the purchase of a
pound of tea at a grocery. The regular way'
is, however, the general way. Suppose Mr.
Perkins believes Lake Shore stock Is going to
advance in value. He determines to speculate
He goes to the Office of broker and states his
purpose. He is told he must pay down 10 per
cent on the par value of the number of shares
he trades with. He gives an order for the pur-
chase of 100 shares of Lake Shore at 100. and
pays down 81 600. This is called ''the marsin''
1t secures the broker against loss He signs an
order reading thus:
: NEW YORK, April 80, 1882.
John Smith Co., brokers, No. ITO Wall
street, New YORK: Buy for my risk and account
100 shares OF Lake Shore al 100
tSignedl - PERKINS
<.................
A memorandum of this is sent either to the
broker On the floor of the Exchange. or he takes
memorandum OF 1t when he starts for the En-
change in the morning. He fills the order,
IF HE CAN,
at that figure that day. Otherwise he holds the
order until he can. Let us suppose he buys the
shares at 100 the first day. The rule is that the
broker of whom he buys must deliver the
stock the next day before or by 2:l5 o'clock
in the afternoon. Before he has delivered
it he gets from Mr.. Smith, Mr.. Perkins
broker, check for $4,000 on Mr.. Smiths
bank. He sends his boy with 1t to
tied in hia own bank. 1t ia then just ten times
as much the property Of Broker Smith, as it is
OF Perkins. the spcculatOr. Perkins, in the
meantime. must write another order to some
such effect as this: Sell at los and stop at co.
that is, he limits his profit tOan advance of points
and his loss to adecine of point. Suppose Broker
Smith, having knowledge Of this order buys
the stock On the FIRST day in the morning. and
sees it advance to 1O5 in the afternoon. He sells
1t then at 105, and the next day, when it Is de-
livered to him by the broker he bought it of, he
must deliver it again to the broker he sold it to-
He would then have cleared $500, and deducting
his commission Of $3.50 for buying and
$3.50 for selling. would hand Perkins, his
customer, the 81 900 he deposited and the S475
profit. for it is not at all likely he would charge
him any interest for that day. If, however. as
is generally the case he had been obliged to
carry the 100 shares of stock many days while
waiting for it to rise to 105 he would charge
Perkins the interest on $40, OG0 for the number
of days he carried it at 6 per cent per annuin.
If Perkins bought the shares "seller three he
would mean to give the broker the option Of
delivering 1T on either of the three days follow
ing the purchase. This would save Perkins the
interest but would give the broker an oppor-
tunity to add to his profit, because, ben.
ordered to buy at 100 he might IN the course of
the three days be able to buy at 96 but would
pay at 100. ''Buyer three" Is where the bu, er
can demand delivery of the stock at any time
within three days, but must take 1t and pay for
it by the third day.
THERE Is STILL ANOTHER MARKET PLACE
in the Stock Exchange. 1t is called the bond
room, but is at the same time and primarily
the governors room. 1t Is big and hand
somey appointed room, IN which the forty chairs
OF the governors are arranged like seats In an
amphitheater upon an inclined plane. Here
from the presidents rOstrum, occurs every
morning what is known as 1.-The CALL" relating
only to bonds, but different in no otherwise
from the call of other securities by which the
Stock Exchange is formally opened at 10 o'clock
each morning 1t consists In the rapid reading
OF the roll of the "iisted securities" and the
bids and offers of the brokers who want to buy
or sell these securities In response to the call OF
the chairman, constitute the opening prices Of
each day. The bond room is q duh place nova
days. and, although the opening fornalty is
regularly observed. transactions are few and far
between. The prices of the large dealers fix
the market quotations. and the large dealers
virtually mOnOpolize the speeulatiOns in bonds
which are too slow and steady going and offer
too little opportunity for gambling to satisfy
the stock brokers'
Dr. LamsOn,s Confession.
From the Pan Mall Gazette.
Or. Lamson wrote a letter Yesterday in which
he virtually admits himself guilty of the MUIR
der, and explains the state OF mind into which
he had fallen through the constant injection of
morphia and other sedatives. The letter was as
follows:
M DEAR MR.-I feel it my duty to yeu and all
my friends, and especially to my own f9Iaiiy and
relations, to say a few words in tn. ; my last
hours upon earth In reference to the O,iense for