The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-18

While these and other we'll known
Wall street leaders secured a large slice
of this growth in values, a greater por-
ton of it fell to small stockholders all
over the country. Much of that has
since found its way into Wall street for
investment or speculation.
Rush to Invest.
A sharp increase in prices naturally
means a rush for investment. As soon
as the people through the country with
a few hundreds or few thousands to
invest saw the trend of the market,
they hurried to buy. Orders poured in
on the Wall street brokers actually
faster than they could fill them. The
business of the exchange increased I'M
til the daily record of sales was d
million and a half shares. on the final
Monday of January the high-water
mark in the volume of business was
reached. On that day 1,721 900 shares
were reported sold on the exchange.
The excitement was intense, the up
roar furious, and it is probable that at
least $4,000 shares went by default in
the prevailing excitement.
The handling of a million and three
quarters shares of stock in the five
hours during which the exchange re-
mains open means that business is car
ried on at d. terrific pace. 1t means that
near 5000 shares change hands every
minute of that time, or 100 for every
second.
Even with this remarkable record the
brokers were unable to fill the orders
of many of their customers.
Millions In Commissions.
This rush of customers for all sorts
of investment stocks brought a golden
in, fe-i fn he
The ordinary Wall street broker is not
the man whose name is met frequently
in the columns of the newspapers, who
travels in special cars and a private
yacht. He is an honest, quiet, hard
working member Of the community,
who fills his clients orders and takes
his commissions, whether they are l
per cent or Z of 1 per cent on the
amount. The prosperity of the great
majority of the Wall street community,
therefore, depends directly upon the
amount Of business done. When sales
amount 10 a million and a half shares,
commissions are at least S3Oo,OOO. If
this sum were divided equally among
the / 1900 members of the Wan street !
contingent, ii would mean tririe OF
500 daily for each one.
AS a matter of fact, the bulk of the |
is divided among d much |
smaller number. During the height of |
the season the big firms, like Flower &
Co, and Henry Clews & Co, took in /
from $4,000 TO so, 900 daily in this man.
ner, while Individual brokers were sat
isfied to make from $500 To $500 per
day.
Even an income of $500 per day does
not make a millionaire in one season,
but it goes a long way in that direc-
ton. Many of the brokers who made
Investments on their own account are
able TO retire now with the assurance
IF being able to live on their incomes
ior the remainder of their lives. Some
IF them will do so; others will go back
20 Wall street and speculate until they
ose their present fortunes.
one man who has retired is l.. Il.
ralcott, who was one of the best known
brokers' IN the street. He had an
frequently To his friends that
lie would leave the street as soon as he
vas worth a million. The friends shook
heir heads and smiled. Talcott might
BECOME a millionaire, they said. but
lie would never leave Wall street.
When the boom struck the financial
market last winter, however, Mr.. Tai ,
otis dream was realized. He was
Worth million, and soon after the first ;
# January he closed out his interests, '
aid goodby To his friends and sailed
way to Europe. His fortune was
made mainly from the profits of his
business, and there are many
theirs who have become possessed of ,
100000 or 100000 as result of the
eason's prosperity. Altogether the toll |
eVied by Wall street on the immense ,
-olume of business transacted during ,
he past four months cannot fall short ,
f SIS, 600 900.
While the rise in values and the vast ,
mount of business transacted have ;
'een two causes of the uneXampled
in the money world. there is .
third source OF income which has ;
both of them. That is the !
usiness of promoting" of forming !
rusts and combinations. of floating
ew companies. There never has been /
season like the one just closing for
he business of promoting. Everything
rom bicycle to mineral paint, and from
ertilizers to chewing gum, has been !
ut into combinations. Within the past I
ear four billions in new securities i