The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-04
Nearly Sky Million l'oIlsrs Annusl'y Con-
trbI.ea 10 Wal tr ct Brokers'
THIS YEAR Ix'tcItD 10 elAr LAST
Month of January shows Handling Of
More Than One million shares .
Experimentation Defended.

Pitts6urg Disratch.
New York.--lSeen disappointment Will
re felt among the members Of the New
York stock exchange If the volume Of
business does not average 100000
shares q day this ou.rSn, year, 1901. II
ran nearly 100000 snares a day during
tie last eighty days OF 1900. Thus lar
In 1901 the ayer-ge has been hsatily in
excess of the 1,oJU, 0U0-sbare expec .alion.
The stock exchange can worry along on a
good deal less than l,0U0.O00 shares day,
hut 1t has hid its appetite whe.tei by
the tremenao4s activity OF the past four
nlon,hs, and would regret very mucn to
see trade sarivel 10 the average OF dog
day staen4tisn.
Transactions aggregattng 1,UO0,OoN
shaies uay neau SllJ,UVU In coin1nls-
SONS. On eOmx,ieteu trAnsact.ons TIE
cuil.li.issi- n is az Tao rae VI 10 FER lvv
sna. es--Si@.JO LOT the buying and stz.5O
Ior the seLlrg. figuling vn the basis
VI l,vUu,VOe snareS day. the memoirs
or tie eacaaLge wo.Id (be Ia receipt vi
aa income o. 942o,vvv every business day
Atom eGnhilssi~ns ai.ne. Iuere ale 3JU
G@s-ness Gays an a year, wh.ch would
.----"e Sne AIA@al totai le,e nue afom ld.t
slAsie svG.Ve to,IJVv,VVV. ColnuilGs.un
H. ISIS AIAae AtalIy Alucl la Iu.eresL
S-''- 60 ~ iaoheJ e4ns Io3 VA in tne "a. y
4|S ~ etoGaS a. t-ey ~ al vo4l.l,. siU1s,
all" eAis s-v,vLV,Ovv ) ti Ia .eseAee
Al Al tnat sVur.e. ana ye. ne aa,ieaats
10 fIs4.su " ~ 'onvVV,UVV. 1Adt eAor-
A. 90 49,, p4us nealIy a4,vVV,UvV iLr ie,e o.
AaS 'ss~ihls, 10 "Aac .ne pdDi.c l,a! d into
t-o bsII -L.evs SAME DoIU4e :. ,ias d
.-ause 10 break even" on is spe.uia-
tiuLe.
tte sock exchange members do not
m1he al. ILLS AAnIe.se sun Ia clear
ttOht. Far fiom IL. Tier EXPENSES are
In pr p ltion 10 the Magnitude OF tle
busiuess Transacted. 1nere are len
~ lists d-ins ID Commission business on
the eAcn~nae whoee oll..e espeAs1s aie
a lees. SIJv 9Jv year; tfty that ran
aoout SlOV,tUU year; seveuty live belong
10 lie Soo,vuU U.aes, lou 10 the Sap.,UJ
Grass snd qroOaoly $50 who offile ex-
lenses viii Approximate Si0,OUJ snnual-
y. Tlere are auout 500 non residen aad
i-aN 1--WE II en1Sts, M an equal nam .e,
OF room taders ana 81 Brokers, Jr LrI-
he.s VI o execute rdes Tor feilow-mein.
~ and onm ssion t4ousls. The total
membership was orls inally 1lO0. Ii Is
Shaving below that limit. AL
tod, the c-st o. nia,ntaining tae eS-
change ard machinery connected thers-
with for the transact en- Of he bus ne.s
oI buying and re Ing OF sc urides is not
far fiom s25,CO0.UUO annually. The an
feren,e loeawt en- tact sum ana the lager
am u1t men 4 ne l--S5s SOC, J00--Gnay be
counted as pr. dit and returns on the tlu
ana CAPT ] employed
II Is emil ely safe to assume thar 50
per cent OF the profit garnered ID Wall !
street en- stock exchange dealings M |
stocks gres TO fifty CT the big houses. |
i,ur'ns the entire period OF activity from !
the md le OF last October down TO date |
Y has been no uncommon thing for sim
gle concerns to trade in 100000 shares
Gay for ! ny sire ches Three houses, |
With the hypienafed hahitat New York
Chl ago, averaged 30 900 to 12O, 900 snarps
a day fer straight sixty days One OF
the gIeit firms which Occupies an entir.
nocr ~ sty-scraper near the exchange
averaged $4,000 shares a day for a snlI
longer period, and was obliged Ia ti,rn I
away trade for the simple reason II cou,s
nHt handle the business. There was a
ltm, to It's physiral capacity. and thar
limit hal been rea he'd
une very active ami cous9icu 7us house
Win a branch office to accomm ojate its |.
clients. aid b1slnas.
rs large as the firm last men toned
-hough not so evenly distributed al 10
-lme. II was ierky. irregular business
,oiessal some days ami light Others
mere are hrins whose names are seldom
iysIo OF outside of the Wall stree. d,s-
rict, and who are, by personal renuest
iever mentioned In the bulletins ana
Jews sheets scattered about the Offices
VINO handle upendous orders. Thro,pb
mem slit the orders OF the Morgans ana
tocKe'ellers and the real kings Of thej
'Teet' II suits their purpose 10 keen In
ne background. They shun publicity be-I
ause they find 1t interferes with thai
'umlort and With their plans to have
hsm operations heralded Broadcast
ar9usn the news agencies. They find III
ieuth an embarrassment They do
na mmo business and reap the reward
M that is all they want. {
~ tns foregoing no account has been
aNen OF commissions on honis. althnuss 4
nany stock houses have BOND depsrt {
asn.s' ana hn1 them very proiltabis. So
luch OF tina trade Is handed BIZ blnk s
~ trust companies however. that there
sems no way Of getting at what should
s,, aseulsea 70 the several classes OF con
erhs engaged In the spSclaI y. In
anety OF ways Wall street ami ylnia,ty
~ os onS me public tron pr baby SIS
Oo'oOS year in commissions. In crest
~, y course, the public gets its nnoneJ
acs 10 profi:s ON It's deals In the sto X
,iuS,a IN that line It's Judgment is In 8
s,..ofe; ~ never makes mistakes. Suebl
'.s me ease, It does not besruige tn
,oasss outlay required to break INTO ~ II
Mt II the public lost $50 y 0'ner
=