Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1890-04-11
woEdg wItlout having heaEd an artieuIata

words without having heard an artieulate
sound.
When an offer is accepted the parties
make a note of the sale. At the same
time a man wearing a gilt-laced cap and
occupying an elevated box beside the pits
make memorandum of the transaction.
These men, of whom there is one for each
pit, are the official reporters of prices.
One portion Of the floor is rallied off,
and here may be seen more than 100 teIe-
graph operators engaged in receiving and
sending dispatches. One man, the Of
fetal telegrRpher, occupies a commanding
position and sends out, for the benefit Of
the commercial world, actual transac-
ton the moment they are closed. 1t is
upon these reports that the market is
said to rise or fall.
At the south end of the great hall, in a
conspicuous position, are huge dials
upon which are indicated the huctu atoms
of the leading commodities. This Is done
by hands, as on a clock, which jerk about
so rapidly that no one but an expert can
learn anything from them.
Although produce to the value Of many
millions of dollars is sold upon the board
for actual delivery, the great bulk of all
the business done Is OF a speculative ma
ture. A buys from B wheat, or other
commodity for future delivery. IF the
price advances, and A sees fit TO deman
his goods, he makes a profit, which is set
gs
/ the price declines the seller will be the
| gamer. Thus the transaction is only a
/ wager as to the fluctuations Of the ar
/ ticle within a given time.
Margins are certain sums, so much per
/ bushel of corn or tierce OF lard, depos-
/ tied by the parties to cover losses by
/ reason of possible advances or declines.
/ When the original margin has been swept
+ away by fluctuations the fortunate party
4 may call for an increase, which the other
must put up if he wishes to maintain his
/ credit.
/ @The first day of each month, unless it
/ chances to fall on Sunday or a holiday.
/ IS the day for settling the transactions of
/ the preceding month which have not
! been before closed up. The ruling prices
/ at the close of the preceding session
! form the basis Of adjustment. These set
/ Elements are made on the board. Young
men and boys fly hither and thither.
/ handing slips Of paper to others. These
/ are in reality warehouse receipts, which
/ show that the commodity Is stored at a
/ certain place and subject to the order Of
/ the owner. These receipts, being negOtia-
/ bic, are handed from one to another and
] made to do service many times over, until
they come at last to the hands Of the men
/ who are the real owners or Carriers OF the
[ goods. Thus, vouchers calling for loo, GOO
I bushels Of corn may be made to settle
differences aggregating many millions.
1t is only recently that deliveries we're
made on the board. Not very long ago
/ they were required to Be made at the
different Offices. Settling day then pre-
ssnted q lively scene. Young men, gen
/ erallv destitute Of coats, few rather
Than ran through the streets, lodged
/ vehicles, darted into buildings, vaulte6
cd fights Of stairs, and tumbIed down
again in a mad endeavor to deliver their
receipts before the striking Of the onin-
Gus bell upon the Board Of Trade Build
ing, which marked the close OF the busl-
ness day. Many q broken arm or 0theI
serious Eu5urv has been thus received