, 1885-11-28
BULLS AND BEARS.
THE BUSINESS DONE BY THE NEW
YORK STOCK EXCHANGE.
IHarper's Magazine.

IHarper's Magazine
The cash value Of the annual transac.
tons Of the New York stock broker de-
fies ordinary comprehension. Feb. -.
1881, 12l. aO3 shares Of stock on the e
lar list were sold on the floor of the cx.
change; s4S. $40 shares Nov. %. 1882.
and 5.022, 407 in the week ending March.
26. 1881 The largest single sale recorded
is hat OF W.. II. Vanderbilt to a syndi-
cate Of foreign and American bankers and
railroad operators. Public sentiment be
ing decidedly averse to the control of the
New York Central railroad by a sin
gle family, he. in Difference to 1t.
sold less than half his interest in It.
But what he did sell amounted TO the
enormous sum Of $50. 900. 600. One hun
dred and fifty thousand shares at 100 were
sold outright. and the option of 100. 600
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 clear.
Ing house exceeds $50. 900. 600. 900. and
the principal part of this is from the
transactions OF the New York stock ex-
change The London system of settle
ment twice a month by the payment of
differences has failed Of adoption in our
chiof money mart. and is certainly neither
so safe nor 80 judicious as that of cash
payments.
PRECISE BUSINESS METHODS.
The methods Of business in this ma.
tional monentary institution are precise,
positive. and suited to its nature AT g.0j
a. m the members may enter the board
room; at 10 the gavel of the presiding
ulcer announces that Il is open for bust
ness. at 3 p m. precisely It IS closed. A
fine Of $50 is imposed for each offense in
public trading before or after these hours,
and any contract thus made will not be
recognized on enforced by the governing
committee Collected in groups. like
spring chicken IN a rural boarding house
keepers hen yard. New York Central.
Northwestern. Milwaukee & St Paul.
being special points Of attraction. no
sooner docs the gravel fall than a dozen
blending thunder storms break loose
The air is rent by explosive cries. shrieks
yells, boots, irregularly rising and fallinf
in gusts ungovernable. broken only b.
the deep bellowings Of broad chested sonl
Of Boanerges. And thus for five long
hours the tempest RACES. with accompani-
ment of fitting forms. fierce gestures. up
lifted hands. tossing heads and other in.
explicable coufusions that shroud tho
innocent spectator in appalling mystery.
A AS MARCH HAREs.
Here aud there are individuals cool and
collected as II in church. but they only
throw the anarchic uproar into more
striking relief. Mad, sirsl-mad as
March haresl" But there is a wondrous
method in their madness. Each offers
the stock he has to sell-cries il loudly.
number Of shares. price. Buyers name
the price and conditions they bid for de
sired stocks Hundreds are vociferating
at the same moment every ear Is attent
to what the owner wishes to catch. The
brokers take 1t all in. sometimes buy and
sell without looking at each other. so ia
miliar are they with each others voices:
cry out while scrihbling memoranda
Take en- sold Il take 500 of
you at o." and afterward report TO
principals who the active trahlckers were.
thus supplying them with data for guess
ing at the trend of the market, In the
boaj room comparative order reigns All
are seated. { OCCASIONALLY manners are
free. laughter loud. and jokes practical
The bid and offers to sell are Ineligible
Between bond calls the brokers who deal
in these securities transact business in one
corner Of the board-room. to which they
descend by an elevator. with the stock
brokers from whom they receive orders.
There the voice of the ira lickers are torn
into tattered shreds of sound, which con.
vey no more meaning to the uneducated
ear than the cultural Of so many Choc.
taws.
TsE DIN OF BATH.
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 Cen.
trail at Sat 4 Take en-. " shouts
a'buyer. @Oneh hundred chicago & North.
western at 81. cash. - "Eighty-three and
three quarters for 100. " with shake of up
lifted hand from the buyer. "Sold, - re-
oins the seller. Five thousand North.
ern Pacific preferred at 42. buyer 30. y
IN give 4 for the lot - "Sold. " ~Hun
dred Lake Shore at buyer 3. " Three
Fights. seller 2. for 100. - ANY lDela
ware. Lackawanna & Western part OF
900 at cash. zone hundred at
will give III for ~ rChicaro. Bur.
lington Il Quincyl "sold the LOT. . aIil
give l4iflfor 90" New Jersey Central.
Ill loan 200 ~I1l iake 1O1 at
-Fiftv Rock Island at 100 - Hundred
at " ~I1l sell 500 more @Tn take
en- Give 1t for 800 morcg" sold f"
" hats the price," lake shore
Three eights-f." "What p" why.
IN give e for 1000. sold tie
hHIfiih lHb NOiL OF TRADE.
Bids are ~monosyllabic as possible
Names of stocks are not vocalized in the
localities where stocks ers sold rockers
waste no breath in trading All o ers
made and accepted are binding The
securities on the free list are not called
unless asked for. Sales arc either for
cash, in which case delivery is made on
the same day at or before . 10 n m. or
In the regular way. when deliverr Is made
on the day following OF on time. usually
3, 10, or 60 days. More frequently option
sales arc for three lays: when stock Is
cliqued they may be for 20 or 20 DAYS
Option sales the delivery Of the stock
within the specified time may be at the
buyers option or at the sellers option.
I must be within 90 days nj the longest.
10 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
This Actre.s' BrarNet
Dosfou Herald