The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1884-08-15

j |" Are they expected to record every
transaction that occurs?" said the
brokers' male companion. cit does
} not seem possible that they should be
able to do such q thing amid all oi
: this noise, confusion and scrambling."
u OF course, they do not get all oil
the sales" replied the broker. "I
presume they do not get one quarter
of them, but they get all they CAP, and
their reports show pretty accurately
the condition of the market. Some
days when the trading is uncommonly
lively the reporters don't get more than
one out of every ten sales that are
made"
DO all members of the Stock Elk
change get richP" suddenly PROFOUND
ed the girl with the pink hat. FIT
The young broker cast searching
look into the demure face of the ques-
toner. Seeing nothing there to lead
him to doubt the sincerity of the ques-
ton, he looked thoughtfully up at the
ceiling and pulled his mustache saw
agely. After while he answered:
my unwavering regard for the truth
compels me to say that all of the men,
bers of the Stock Exchange are not rich
at present. Many of them, in fact, are
feeling too poor to hold their seats
With a few noted exceptions. the men,
bers of this board have Jared rather
badly during the past year or two
Brokers who deal in securities on COM
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 years
ago was worth $500 Now member
ships are selling at S2l, 900 and 1922, 600
each, and during the recent panic L
understood that seat was sold for
$4,000. Brokers that used to live at
the rate of $4,000 to $40. 900 year
are now exercising the most rigid
economy. Why. half-a-dozen fellows
that 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."
Elbow much are the brokers paid for
buying or selling stocks for other
people3'' inquired one of the party.
SIN the usual run of business a brokers'
commission is 1 per cent. each way.
When he buys 5000 worth of stock for
a customer he charges | per cent. on
that amount. Ii he sells the same stock
he charges commission of 1 per cent.
for making the sale. 1t occasionally
happens that one broker will have more
huS hn hon
such is the case the fortunate broker
gives some other broker a job, and
divides the | per cent. commission with
him. Then there is what we call the
two-dollar brokers' members who
work without capital and buy and sell
in the Exchange at the stated rate of 81
for each loo shares"
Bang! bang! bang! went the Chair
mans little black wooden hammer on
the metallic block that forms part of
his high desk. There was barely per-
ceptible diminution in the noise of
voices. and about one-fourth of the
brokers on The floor rushed pcll-mell TO
the desk. A score of them ran liz the
steps at the side and crowded in behind
the Chairman and around him and his
dignified lieutenant. Several little slips
of white paper were handed to the
Chairman, and as he read brief notices
from them the men in front of the desk
pressed up as closely rs possible in their
eagernesS to hear. After each notice
the Chairman would raise his hammer
only TO let 1t fall with clatter in ODE
dience to nod or shout from some
frantic broker in the crowd.
'.What is the matter nowg' asked
the three ladies in unison: HAS some
body failed?"
''Oh. no." was the young brokers' re-
ply, at is 2:l5 O'clock-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. NJ, 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,
un1er the rule, are important and sig |
nificant, but as general thing they
imply either temporary Inconvenience
or forgetfulness.
II noticed" said one of the ladies,
as the party turned to leave the gallery, !
''that one of those tall posts down there I
has card upon it with the word |
Loans Does that mean that when
ever brokers are in need of money they !
can 90 there and borrow some?"
"No, indeed promptly answered /
the broker. 1.-The loan crowd that /
clusters abou. that post have stocks and |
not money to lend. They are prepared !
to accommodate brokers with loans OF 4
securities at daily rates of from ! to l, /
2, 5 or per cent. The loaning rate of .
any active stock, of course. depends al !
together upon the transa ut ons in that
stock. Sometimes borrower has to ,
pay an eyorbitant rate for the use of .
stocks which he IS obliged to have to /
meet sudden call made upon him by /
somebody to whom he has sold stock i
without delivering it. Such an occa-
sion is called a squeeze.
81. What is 'bull?'" suddenly asked
the maiden with the pink hat.
"A bull is a person who has Sc
curities to sell, and wants the prices of
everything to go up"
What is 'beara
A bear is pe.~o. who sells Sc
curities that he has not got, with the
understanding that they are to be de-
livered at some future time, and he
wants the price to go 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