The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1885-12-10
STOCK-TRANSACTIONS.
Cash Value of Annual Transactions in the
New York Stock Exchange.


New York Stock Exchange.
The cash value of the annual trans
actions of New York stockholders de-
lies ordinary comprehension. On Feb.
%, 1881. 721,3 1903 shares of stocks on
the regular list were sold on the floor
of the Exchange. S4S. $40 shares on No
vember % 1882, ami 8 022. 407 in the
week ending March &c. 1881. The
largest single sale recorded is that of
W. II. Vanderbilt to Il syndicate of
American and foreign bankers and
railroad operators. Public sentiment
being decidedly averse to the control
of the New York Central Railroad by
a single family, be, 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 10, were sold outright. and the op-
ton of hundred thousand more at
the same price was subsequently taken
up by tie same purchasers. The secu-
rites daily bought and loaned are paid
for by checks on city banks. The
yearly business of the New York Clear
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 month by the
payments of differences has failed OF
adoption in our chief money mart, and
is certainly neither so safe nor SO judi
ciOus as that of cash payments.
The methods of business in this
national monetary institution are pre-
else, positive, ana suited to its nature.
AT g. so A. II. the mem bers may enter
the Board Room; TT 10 the gavel of the
presiding officer announces that it is
open for business; at P. NJ, precisely,
it is closed. A fine or fifty dollars is
imposed for each offenSe IN public trad,
ing before or after these hours, and
auy contract thus made will not be re-
cognized or enforced by the Governing
Committee.
Collected in groups, like spring
chickens in rural boarding g-house
keepers hen-yard, New York Central,
northwestern, Milwaukee & St. Paul,
being special points of attraction, no
sooner does the gavel fall than dozen
blending thunder-storms break loose.
Ihe air Is rent by explosive cries,
shrieks, yells, boots, irregularly rising
and falling III gust ngovernable,
broken only by the deep bellowings of
broad -chested sons of Boanerges. And
thus for five long hours the tempest
RACES, with accompaniments of fitting
forms, fierce gestures, uplifted hands,
tossing heads and other inexplicable
confusIons that shroud the innocent
spectator in appalling mystery. Here
and thnra ilIivinnalc
lected as if in church, but they only
throw the anarchic uproar into more
striking relief. Mad, sirsi-mad as
March harGS!' But there is wondrous
method i'll this madness. Each offers
the stock he mas to sell-cries it loudly,
number OF shares, price. Buyers name
the prices and conditions they bid for
desired stocks. Hundreds are vocifer-
ating at the same moment; every ear
is attent to what the owner wishes to
catch. The brokers take it all in, some
times buy and sell without looking at
each other, so familiar are they with
each other S voices; cry out while scrib-
bling memoranda, Take 'em,'
Sold, p" Il bought 500 of you at 81"
and afterward report to principals VINO
the active traifickers We're, thus sup
plying them with d2ta for guessing at
the trend of the market. In the Bond
Hoom comparative order reigns. All
are seated. Occasionally manners are
free, laughter loud, and jokes practical.
The bids and offers to sell are intelligi-
ble. 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 ock-brokers from
wAom they receive orders. There the
voices OF the trafiickers are torn into
tattered shreds of sound, which con-
yey no more meaning to the uneducat-
Ell ear than the gutturals of SO many
Choctaws. At times the noise is terri
bic. especially IN panics.
Heard by participants in the crush
ing throng, the sounds are distinct
enough. Five hundred New York
Central at Sat- t. ~ Take 'em,"
shouts buyer. .'Oae hundred TChi-
cago 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 Pre-
ferred] al ~, buyer 80" 'Ill give Al
for the LOT" Sold" Hundred lake
Shorel at ], buyer g." ''Three-eighths,
seller 3, for 100. j" delaware. Lacka-
wana, and Westerly any part OF
1000 at J cash." "One hundred at :. !"
Il will give III for 5O0' Chicago,
Burlington, & Quincy. sold the lot. "
''rll give ; [4l3l for 300" (New Jer-
sey CentraD "i5ll loan 200. - III take
loo flo ..Eift,- Tp,nl- I'll
'104." Hundred at j." "l'll sell 500
more" Take 'em. - Give it for
500 more" Sold" Whats the
price?" Oake Shore). "Three-eighths
d" What 8?" ''Why. 64s." "pll
give ( for 1000" Sold the lot Bids
are monosyllabic as possible. Names
OF stocks are not vocalized in the To-
calities where the stocks are sold.
Brokers waste no breath in trading.
All offers made and accepted are bind
ing. The securities on the free list are
noJ called unless asked for.
Sales are either for cash, in which
case delivery is made on the same day
at or before 2. ID PM, or in the regu-
lar way, when delivery is made on the
day following, or on time, usually three,
ten, thirty, or sixty days. More fire.
Guently option sales are for three days:
when stock is cIiqaed they may be for
thirty or sixty days In option sales
the delivery OF the stock within the
specified time may be at the buyers
option or at the sellers option. 1t
must be within sixty days at the long,
est. In all option contracts extending
over three days twenty-four hours
notice must be given, not later than 2
F. NJ, before securities can be delivered
or demanded.-E Wh6atteg,ip Har-
per'S Magazine for Norember.
Out West they have deIicacy in
dealing with personalities, even in