The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1885-11-26
sTOCE1-TRANsACTIoNs.
Cash Valuo OF Annual transactions In the
Now York Stock Exchange.

The cash value of the annual trans-
actions of New York stock-brokers de-
mes ordinary comprehension. On Feb.
70, 1881. 721,S03 shares of stocks on
the regular list were sold on the floor
OF the Exchange, 848. $40 shares on No
vember %. 1882, aud 8. OPP, 4O7 in the
week ending March 26, 1881. The
largest single sale recorded is that of
w. II. Vanderbilt to syndicate of
American and foreign bankers and
railroad operators. Public sentiment
being decidedly averso to tho control
OF tho Now York Central Railroad by
q single family, he, in deference 10 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 l2O. were sold outright. and tho OPP
ton of hundred thousand moro ut
tho same price was subsequently taken
up by the same purchasers. The secu-
rites daily bought and loaned nre paid
for by checks on city banks. The
yearly business of the New York Cloar-
ing-house exceeds fifty billion dollars.
and the principal part of this is from
the transactions of the New York
Stock Exchange. The London system
OF settlement twice q month by tho
payments of differences has failed of
adoption in our chief money mart, and
is certainly neither SO safe nor 50 judi
cious as that of cash payments.
The methods of business in this
national monetary institution arc pre-
cise. positive, and suited to its nature.
AT $50 A. NJ. the members may enter
the Board Room; at 10 tho gavel of the
presiding officer announces that it is
open for business; at T. H., precisely,
it is closed. A fine of fifty dollars is
imposed for each offense in public trad
ing before or after these hours, and
any contract thus made will not be re-
cognized or enforced by tho Governing
Committee.
Collected in groups, like spring
chickens in rural boarding-house
keepers hen-yard, New York Central,
Northwestern, Milwaukee & St. Paul,
being special points of attraction, no
sooner does the gavol fall than dozen
blending thunder-storms break loose.
The air is rent by explosive cries,
shrieks, yells, boots, irregularly rising
and falling in gust ungovernable,
broken only by the deep bellowings of
broad -chested sons of Boanerges. And
thus for five long hours the tempest
RACES, with accomplishments of fitting
forms, fierce gestures, uplifted hands,
tossing heads and other inexplicable
COMMISSIONS that shroud tho innocent
spectator in appalling mystery. Here
and there are individuals cool and coll
lectcd as If in church, but they only
throw the anarchic uproar into moro
striking relief. Mad, sirs!-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 nalno
the prices and conditions thoy bid for
desired stocks. Hundreds are vocifer-
atlng Mt the same moment; evory ear
Is attent to what the owner wishes to
catch. Tho brokers take it all in, some
times buy and sell without looking ut
each other, so familiar are they with
each others voices; cry out while scrib-
bling memoranda, Take 'cm,"
Sold. " Il bought 500 Of you at 97,"
and aitcrward report to principals who
tho active trat1ickers were, thus sup
plying them with dsta for guessing at
the trend OF the market. In the Bond
Room comparative order reigns. All
arc seated. Occasionally manners arc
free, laughter lond, and Jokes practical.
Ihe Dlus and offers to sell are INTELLECT
bic. 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
voices OF tho trailickers are torn into
tattercd shrcdS OF sound, which con-
Ycy no moro meaning to the uneducat.
cd ear than the gutturals of SO MANY
Choctaws. At times tho noise is terri.
bic. especially in panics.
Heard by participants in tho crush
ing throng, the sounds arc distinct
enough. "Fivo hundred TNew York
Ccntral] at Sat A." "Tako EN-"
shouts 81 buyer. "One hundred rChi-
cagO and Northwestern at 81, cash" "
''Eightythree and three-quarters for
1O0," with shnko of uplifted hand from
buyor. ''Sold," roj joins tho seller.
Five thousand Northern Pacific Pro-
ferred ut AZ. buyer 80" "Pll give Al
for tho lot" Sold" Hundred ILako
Shore] ut }, buyer s." "Three-cig ghths,
solIer 3, for 100" delaware, Lacka-
wana, and Westerly any part of
1000 at J cash" "One hundred at T."
II will give III for 500" Chicago,
Burlington, & Quincy. sold the lot"
'Pll give I [4l3] for 3Oo." (New Jer-
soy CentreO "l'Il loan 2O0." "I'll take
100. fiat" Fifty [Rock Island] at
'104." Hundred at g." "I'll sell 500
moro" Take 'cm.' "Givo it for
500 moro" Sold" What's tho
pricoP" Oake Shore). "Three-eighths
y" What 81" why. 64s." "I'n
give : for 1000" Sold the lot" Bids
are monosylIabic as possible. Names
Of stocks are not vocalized in the To-
calitics where the stocks are sold.
Brokers waste no breath in trading.
All offers made and accepted arc bind
ing. The securities on tho free list are
not called unless asked for.
Sales are either for cash, in which
case delivery is made on tho same day
at or before 2.15 PM. or in tho repu.
lar way, when delivery is made on tho
day following, or on time, usually three,
ten, thirty, or sixty days. More fre-
quently option salos are for three DAYS:
when stock Is cliqued they may be for
thirty or sixty days. In option sales
tho helivoru nf tho otooLr x,;tL;. A..