The Portland daily press., 1885-10-24
[R. Wheatley in Harper's Magazine for No

In the New York Stock Exchange.

III tf10 NEW YIN StOCh EACffdHSCs
The cash value of the annual transactions
of New York stockholders defes ordinary
comprehension. On Feb. 25, 1881, 721,303
shares of stocks on the regular list were sold
on the floor of the Exchange, S47,940 shares
on November %, 1882, and 1922, 407 in the
week ending March 26, 1881. The largest
single sale recorded is that of w. 81. Van
derbilt to syndicate of American and for
eign bankers and railroad operators. Public
sentiment being decidedly averse to the con-
troll of the New York Central Railroad by
single family, he, in Difference to it, sold less
than half his interest in it. But what he did
sell amounted to the enormous sum of three
million dollars. One hundred and fifty
thousand shares, at 120, were sold outright
and the option of a hundred thousand more
at the same price was subsequently taken up
by the same purchasers. The securities
daily bought and loaned are paid for by
checks on city banks. The yearly. business
of the New York Clearing-hous exceeds
fifty billion dollars, and the principal part of
this from the transactions of the New York
Stock Exchange. The London system of
settlements twice month by the payment Of
differences has failed of adoption in our
chief money mart, and is certainly neither so
safe nor so judicious as that of cash pay
mentS.
The methods of business in this national
monetary institution are precise, positive
and suited to its nature. At $50 a. M, the
members may enter the Board room; at 10
the gavel of the presiding officer announces
that it is open for business; at 3p. M, pre-
- IL &C. 0f do11o 10
imposed for each offense in public trading
before or after these hours, and any contract
thus made will not be recognized or enforced
by the government committee
Collected in groups, like spring chickens
in rural clearinghouse keepers hen-yard,
New York Central, Northwestern, Milwau-
kee and ST. Paul, being special points OF at
traction, no sooner does the gavel fall than
dozen blending thunder storms break loose.
The air is rent by explosive cries, shrieks,
yells, boots, irregularly rising and falling in
gusts ungoyernable, broken onl y by the deep
bellowings of broad-chested sons of Boaner-
ges. And thus for five long hours the tenn
pest RACES. with accompaniment of fitting
forms, fierce gestures, uplifted hands, tossing
heads, and other inexplicable confusions
that shroud the innocent spectator in appall-
ing mystery Here and there are indiyidu-
ais cool and collected as if in church, but
they only throw the anarchic uproar into
more striking relief mad, sirs mad as
March hares p But there is wondrous meth
cd in this madness. Each offers the stock
he has to sell-cries it loudly, number OF
shares, price. Buyers name the prices and
conditions they bid for desired stocks.
Hundreds are vociferating at the same mo-
ment; every ear is attent to what the owner
wishes to catch. The brokers take it all in,
sometimes buy and sell without looking at
each other, so familiar are they with each
others voices; cry out while scribbling
memoranda, Take 'em, /" "Sold," Il bought
800 of you at 81 and afterward report to
principals who the active traffckers were,
thus supplying them with data for guessing
at the trend of the market. In the Bond
room comparative order reigns. All
are seated. Occasionally manners are
free, laughter loud, and jokes practical
The bids and offers to sell are Ineligible.
Between bond calls the brokers who deal in
these securities transact business in one cor
ner of the Board Room, to which they de-
scend by an elevator, with the stockholders
from whom they receive orders There the
voices of the traffickers are torn into tattered
shreds of sound, which convey no more
meaning to the uneducated ear than the gut
turals of so many Choctaws. At times the
noise is terrible, especially in panics
Heard by participants in the crushing
throng, the sounds are distinct enough. Five
hundred New York Central at Sat- a..
''Take 'em,'' shouts buyer. zone hundred
[Chicago and Northwestern at 81, cash."
"Eighty-three and three-quarters for 100"
with shake of uplifted hand from buyer.
''Sold," rejoins the seller. Five thousand
Northern Pacific Preferred at AZ, buyer 3d.
'sTll give Al for the lot" Sold" Hun
dred Lake Shorel at J, buyer B." Ihree-
eighths, sellers, for 100" Delaware, Lack
awanna, and Western ANY part OF 1000 at
/. cash" zone hundred at g." Il will give
III for 500 Chicago, Burlington, Quincy.
"Sold the lot" "TH give { ALI for 3O0'
New Jersey Central. 'Ill loan 200, "I'n
take 100, fat" Fifty [Rock Islandl at lob"
Hundred at g." ''I'n sell 500 more i" Take
'em.'' s'Give it for 500 more" Sold"
whats the price?" Nake Shore. Three
eighths--a" "What 81" 'sWhy esq., "I'll
give 4 for 1000" Sold the lot" Bids are
monosyllabic as possible. Names of stocks
are not vocalized in the localities where the
stocks are sold. Brokers waste no breath in
trading. All offers made and accepted are
binding. The securities on the free list are
not called unless asked for
Sales are either for cash. in which case de-
livery is made on the same day at or before
2.15 p m.,, or in the regular way, when delly-
cry is made on the day following, or on time,
usually three, ten, thirty, or sixty days More
frequently option sales are for three days;
when stock is cliqued they may be for thirty
of the stock within the specified time may be
at the buyers option or at the sellers OPP
ton. 1t must be within sixty days at the
longest In all option contracts extending
over three days twenty-four hours notice
must be given, not later than p. m, before
securities can be delivered or demanded