Weekly commercial herald. (Vicksburg, Miss.) 1884-18??, 1886-01-01
BULLS AND BEARS.
THE BUSINESS DONE BY THE NEW
YORK STOCK EXCHANGE.
h Methods Of Business Precise and
Positive = Five Long Hours Of
Raging Tempest -Brevity
tho Soul OF Trade.
IHarper's NIaga7ine.l

fies ordinary comprehension. Feb. %,
1881. 121, sos shares of stock on the regu
lar list were sold on the floor of the ex-
change; 848, $40 shares Nov. %, 1882,
and 1922, 407 in the week ending March.
rs. 1881. The largest single sale recorded
is that Of W.. Ii. Vanderbilt to a sYndi-
cate of foreign and American bankers and
railroad operators. Public sentiment be
ing decidedly ayerse to the control Of the
New York Central railroad by a sin
gle family, he. in Difference to it,
sold less than half his interest in it.
But what he did sell amounted to the
cnormou sum of $50, OJ0. 090. One hun
bred 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
paid for by checks on CITY banks. Tho
yearly business of the New York clear
ing house exceeds $50 00), 000. 900, and
the principal part of this is from the
transactions of the New York stock ex-
change. The London system of settle
ments twice q month by the payment Of
differences has failed of adoption in III
chief money mart, and is certainly neither
so safe nor SO judicious as that of cash
payments.
PRECISE BUSINESS METHODS.
The methods of business in this ma
tional monetary institution are precise.
positive, and suited to its nature. At 9:0J
o. IN. the members may enter the board
room; at 10 the gaveI of the presiding
otcer announces that it is open for bust
ness; at . p. IN. precisely it is closed. A
fine of $40 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 10 groups, like
spring chicken in a rural clearinghouse
keepers hen yard. New York (%cntral,
Northwestern, Milwaukee d. st. Paul.
being special points of attraction, no
sooner does the gravel fall than a dozen
blending thunder storms break loose.
The air is rent by explosive cries, shrieks,
yells, boots, irregularly rising and falling
in gusts ungovernablc, broken only by
the deep hellowings of broad-chested sons
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.
eXplicabIe confusions that shroud the
innocent spectator in appalling mystery.
MAD AS MARCH HARE3.
Here and there are individuals cool and
collected as if in church, but they only
throw the anarchic uproar into more
striking relief. Mad, sirs!-mad as
March hares!" But there is q wondrous
method in their madness. Each offers
the stock lie has to sell - it loudly,
number of shares. price. Buyers name
the price and conditions they bid for de
sired stocks. Hundreds are vociterating
at the same moment; 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 ia
miliar are they with each others voices;
cry out while s%crihbling memoranda:
"Take EN-" "sold;" IL take 50) of
you at g." and afterward report 10
principals who the active trafickers were,
thus supplying them with data foc guess
ing 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
corner of the board.rOom. to which they
descend by an elevator, With the stocl-
brokers from whom they receive orders.
There the voice Of The ira ckcrs are torn
into tattered shreds of sound. which CON
vev no more meaning to the uneducatea
ear than the cultural Of so many Choc,
taws.
THE DIN OF BATTLE.
At times the noise is terrible, especially
in pan'cS. Heard hy participants in the
crushing throng, the sounds are distinct
enough. Five hundred Ncw York CeY.
trail Mt Sat 4 " Take en-. shouts
a'buycr. "Orehundrcd Chitago North
western al 81, cash " "Eightvthree and
three quarters for 100, with shake of up
lifted hand from the buyer. "Sold, " re,
ern Pacific preferred at ~, buyer 30. "
IN give Al for the lot, " "sold. " Hun
dred Lake Shore at buyer 3. "Three.
Fights. seller 8. for 100. "Any Dela-
ware, L~ackawanna & Westernl part of
1000 at ] cash.. "One hundred at .. "
II will give III for 500" IChicago, Bur,
lington & Quincy. "sold the lot. p" all
give I All for 200" New Jersey Central I.
"Ill loan 200. " "Ill take 100 fat "
FIFTY Rock Island at 100. " "Hundred
at T." all sell 800 more " "Ill take
'em " "Give it for 500 moreP" "Sold.
"What's the price," Lake Shore
"Three, eiehts-1." "What W" "Why,
f5t" "Ill give / for 1000" "Sold the
lot"
BREyITY THE SOUL OF TRADE.
Bids are monosyllabic as possible
Names of stocks are not vocalized in the
localities where stocks are sold. Prokers
waste no breath in trading. All o4ers
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, OIL
in the regular way. when delivery is made
on the day following or on time. usually
8, 10, or so days. More frequently option
sales arc for three days; when stock is
cliqued they may be for 30 or GO days.
Option sales the delivery of the stock
within the specified time may be at the
buyers option or at the sellers option.
It must be within 90 days at the longest.
In all option contracts extending over
three days twenty-four hours notice mus
be given, not later than 2 p. m. before
securities can be delivered or demanded