The Arizona sentinel. [volume] (Arizona City [Yuma], Yuma County, A.T. [Ariz.]) 1872-1911, 1885-11-21
IN THE STOCK EXCHANGE.
The Mode of Trading Prevailing in Thai
Great Institution.


tions of New York stockholders defies
ordinary comprehension. On February
%. 1881, 721, S03 shares of stock on the
REGULAR list were sold on the floor of
the Exchange, S48.940 shares on No.
vember 22d, 1882. and 1922. 4O7 in the
week ending March 26. 1881. The
largest single sale recorded is that of
w. H. Vanderbilt to a syndicate of
American and foreign bankers and rail-
road operators. Public sentiment be-
ING decidedly averse to the control of
the New York Central Railroad by a
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 thirty million dollars.
One hundred and fifty thousand shares,
at 120. were sold outright, and the OPP
ton of hundred thousand more at the
same price was subsequently taken by
some purchasers. The securities daily
bought and loaned are paid for by
checks on city banks. The yearly bust
ness of the New York Clearinghouse
exceeds fifty billion dollars, and the
principal part of this is from the trans
actions of the New York Stock EX-
change. The London system of settle
ments twice month by the payment OF
differences has failed of adoption in
our chief money mart, and is
certainly neither so safe no so judi
ious as that of cash payments.
The methods of business in this Ma
tional monetary institution are precise,
81
$50 a. m. the members may enter the
Board Room; at ten the gavel of the
presiding officer announces that it is
open for business; at p. m, precisely,
it is closed. A fine of fifty dollars is
imposed for each off nse in public trad
ing before OF after these hours. and
any contract thus made will not be rec
ognized or enforced by the Governing
Committee.
Collected in groups, like spring chick
ems in a rural boarding-house keepe s
hen-yard, New York Central, North
western, Milwaukee and St. Paul, be-
ing special points of attraction, 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 ungovernable,
broken only by the deep bellowings of
broad-chested sons of Boanerges. And
thus for five long hours the tempest
RACES, with accompaniment of fitting
forms, fierce gestures, uplifted hands,
tossing heads and other ineXplicable
Commissions that shroud the innocent
spectator in appalling mystery.
Here and there are lndi-
viduals cool and collected as if
in church, but they only throw the an
archie uproar into more striking relief.
'Mad, sirsi-mad as March hares!"
But there is wondrous method 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 moment; every ear is attent to
what the owner wishes to catch. The
brokers take il all in, sometimes buy
and sell without looking at each other,
so familiar are they with each others
voices; cry out while scribbling memo
randa, Take EN-" ''Sold," II bought
500 of YOU at g." and afterWard report
to principals who the active traffickers
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, lighter loud and jokes prac
teal. The bids and offers to sell are in
telligible. Between bond calls the
brokers who deal III these securities
transact business in one corner of the
Board Room, to which they descend by
an elevator, with the stock-broke S from
whom they receive orders. There the
voices of the traffickers are torn into
tattere shreds of sound, whic convey
no more meaning to the uneducated ear
than the gutturals of so many Choctaws.
At times the noise is terrible, especially
IN panics.
Heard by participants in the crush
ing throng. the sounds are distinct
enough. "Five hundred New York
Central1 at s. at A." ''Take EN-"
shouts a buyer. Zone hundred TChi.
cago & Northwestern at "a, cash."
Eighty three and three-quarters for
1O0," with shake of uplifted hand from
buyer. ''Sold," rejoins the seller.
'.Five thousand Northern Pacific Pre-
ferred1 at AZ. buyer 30" I'm give Al
for the lot" Sold" Hundred Lake
Shorel at J, buyer g." 'Three-e ghths,
seller 3, for 100" delaware, Lacka-
wanna & Westerly ''-aoy part of
1000 at ], cash." ''One hundred at
T." Il will give III for 500"
Chicago, Burlington & Quincy.
s'Sold the lott ''rn give + t412I for
3OO'' New Jersey Centrar. ''rn loan
2OO." IN take 100, fat Fifty
[Rock Island1 at '104." Hundreds at
+" "rn sell 500 more" Tale 'em, ="
Give it 500 more.'' sold" whats
the price?' (Lake Shore). Three
eights-9." "What 81" why, 65s."
"1'll give for 1000" "Sold the lot"
Bids are monosyllabic as possible.
Names of stocks are not voca.lized in
the localities where the stocks are sold.
Brokers want 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 delivery is made on the same day
at or before 2:15 p. M, or in the regular
wGy, when delivery is made on the day
following, or on time, usually three,
ten. thirty or sixty days. More fire.
quentlv option sales are for three days
when stock is cliqued they may be for
thirty or sixty days. In option sales the
delivery of the stock within the speci-
fed time may be at the buyers option
OF at the sellers option. 1t must be
within sixty DAYS at the longest. In all