The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1884-08-14

mission usually look for their profits to
buyers outside of the regular Wall
street community of spectators. 1t has
been long time, however, since any
outside buyers have sent in orders. The
general public seems to have grown
suspicious of Wall street. A member
| ship in the Stock Exchange three wears
4 ago was worth $50, 600. Now member
ships are selling at $21, 00) and $22, 600
each, and during the recent panic ]
understood that a seat was sold for
500, 900. Brokers that used to live at
the rate of $4,000 to $4,000 a year
are nov exercising the most rigid
economy. Why, half-a-dozen fellows
that l know have got the retrenchment
fever so bad that they will wait around
a corner for ten minutes for one of those
cheap. yellow cabs to take them up
town"
GLOW much are the brokers paid for
buying or selling stocks for other
peopleP' inquired one of the party.
''In the usual run of business a brokers'
commission is per cent. each way
When he buys 5000 worth of stock for
a customer he charges / per cent. on
that amount. Il he sells the same stock
he charges q commission of ! per cent.
for making the sale. 1t occasionally
happens that one broker will have more
business than he can handle When
such is the case the fortunate broker
gives some other broker a lob, and
divides the 1 per cent. commission with
him. Then there is what we call the
'two-doliar brokers', members who
work without capital and buy and sell
in the Exchange at the stated rate of s.
for each 100 shares
BanUi hanoi hanoi yvppt tho CI,o;~
mans little black wooden hammer on
the metallic block that forms a part of
his high desk. There was a barely per-
ceptlble diminutiOn in the noise of
voices. and about One-fourth of the
brokers on the floor rushed pell-meU TO
the desk. A score of them ran up the
steps at the side and crowded in behind
the Chairman and around him and his
digniiied lieutenant Several little slips
of white paper were handed to the
Chairman, and rs he read brief notice;
from them the men in front of the desk
pressed up as closely as pOssiblei in their
eagerness to hear. After each notice
the Chairman would raise his hammer
only to let 1t fall with a clatter in ODE
dience to q nod or a shout from some
frantic broker in the crowd.
''What is the matter now?'' asked
the three ladies in unison: HAS some
body failedP'
''Oh. no. was the young broker re-
ply, lit is 2:15 o'ciOck-the delivery
hOur-and securities are being bought
and sold under the rule for monde
livery. The rules Of the Exchange pro-
vide that where securities are sold in
the regular way all deliveries must be
made before 2:15 p. M, and when the
deliveries are not made by that time
the contracts may be closed under the
rule after due notice to the defaulting
party. Sometimes these transactions,
under the rule, are important and sig
niticant, but as general thing they
imply either temporary Inconvenience
or fOrgetfuluess. -
II noticed, sad one of the ladies,
as the party turned to leave the gallery,
''that one of those tall posts down there
has card upon it with the word
Loans. Does that mean that when
ever brokers are in need of money Uncy
can go there and borrow some?"
''NO, indeed" promptly answered
the broker. The loan crowd that
clusters about that post have stocks and |
not money to lend. They are prepared
to accommodate brokers with loans of
securities at daily rates of from / to l,
2, } or 4 per cent. The loaning rate of
al dCJlfC SbCCks Oh course. QGDGQQS al
together upon the transa tons in that
stock. Sometimes q borrower has to
pay an exOrbitant rate for the use of |
stocks which he IS obliged to have to |
meet a sudden call made upon him by |
somebody to whom he has sold stock |
without delivering it. Such an occa-
sion is called squeeze.
~ What is a 'bull?''' suddenly asked |
the maiden with the pink hat.
"A bull is person who has Sc
curities to sell, and wants the prices of |
everything to go up"
''What is 'bear?' -
"a bear is a person who sells Sc
curities that he has not got, with the |
that they are to be de-
livered at some future time, and he |
wants the price to 90 down, so that he
may be able to buy as cheaply as pos
sible the securities that he must de-
liver"
Having acquired all of this informa-
ton the young brokers four friends
walked Immediately over to the Sub
Treasury, and asked Mr.. Acton to lee
them see the gold and silver yaults.-N
I. Times.