Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1890-03-28
words without having heard on articulate

words without having heard an articulate
sound.
When on 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 q memorandum of the transaction.
These men, OF whom there is one for each
pit, are the official reporters OF prices.
Il portion of the floor is rallied of,
and here may be seen more than 100 teIe-
graph operators engaged in receiving and
sending dispatches. One man, the Of
fetal telegrapher, occupies a commanding
position ind sends out, for the benefit of
the commercial world, actual transac-
ton the moment they are closed. It 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 hugo dials
upon which are indicated the fuctu atoms
of the leading commodities. This is done
by hands, as on o 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 actu' v 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. II the
price advances, aud A sees fit to demand
his goods, he makes a profit, which is set
tied by paying the difference in money. If
the price declines the seller will be the
gamer. Thus the transaction is only n
wager as to the fluctuations of the ar
ticle within a given time.
Margins are certain sums. so much Der
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 beon swept
away by fluctuations the fortunate party
may call for an increase, which the other
must put up if he wishes to maintain his
credit.
1.-THE first day of each month, unless it
chances to fall Oh Sunday or a holiday.
is the day for settling the Transaction 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 hitler and thither'
handing slips Of paper to others. These
are IN reality warehouse receipts, which
show that the commodity is stored at n
certain place and subject to the order of
the owner. These receipts, being nepotia-
BILE, are banded from one to another and
made to do service manytimes 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 100, 900
bushels OF corn may be made to settle
differences aggregating many millions.
1t is only recently that deliveries were
made on the board. Not very long ago
different offices. Settling day then pre-
sented a lively scene. Young men, gen
orally destitute of coats, flew rather
than ran through the streets, lodged
vehicles, darted into buildings, vauited
up flights of stairs, and tumbled down
again in a mad endeavor to deliver their
receipts before the striking of the omin-
GUS bell upon the Board of Trade Build
ing, which marked the close of the bust
ness day. Many a broken ARA or other
serious injury has been thus received.