Evening star., 1903-09-26
and the financial pages of the general news


of Cyrus w. Field, has been utilized to the
utmost by Wall street. No other agency OF
publicity has brought the markets of the
world SO close together. The news and quo
.atons developing in one are, by its means,
instantly communicated to the others. All
are thus put upon contemporaneous basis.
Inc great benefit or this is plainly mani
Test No one market has an advantage over
announcer IN priority of news. The death OF
MCKINLEY was known in London as soon as
IN Wall street Early in the last century
tne news of the death OF Baron Roths-
child was communicated to England by car
rler pigeons. and. of course. those who re-
ceived the news first were able to profit by
II over others ignorant Of the fact. Before
the cable was established London quota
tons We're weeks old before they were re-
ceived in New York. News of some great
event IN Europe reached the streets weeks
aiter IL had happened Think of market
cohVulsed by news IA month old The situa-
tion might have entirely changed while
the news was travelling to New York
Uhquestionably publicity has the effect or
increasing the stability of the markets AS
notiAnS Is more bewildering and fearful
than' darkness. so nothing creates more dis
turDance than doubt. 1t Ia even worse than
the certainty of evil. for II we know what
to expect We nerve ourselves to meet
II, but uncertainty has a paralyzing enect
Quick Dealings With London.
London quotations were received In New
York as soon as cable communication was
such Intimate relations between them that
each has an immediate influence upon the
other Almost the first thing the Wall
street broker looks at when he reaches his
office in the morning is cabled quotations
from London. At am. It Is . o'clock IN
London, and the exchange there has had
then several hours of trading. In like
manner, the quotations of Wall street are
posted in London long after It's exchange
has closed, and often have a powerful er-
1ect upon Its market at the opening the
next morning. During the time of stimuli
taneous trading in New York and London
one cable Is set apart exclusively for ar
bltrage dealings between the two ex-
changes. 1t takes only about four minutes
to buy stock in one market and sell II In
another though to complete the transaction
message has to cross the ocean twice ana
pass through the hands of three operators
quick traders can take advantage of slight
~ varying prices In the two exchanges thus
TO BUY and sell by cable
The telegraph has of course widened i'm
mensely the scope of the stock market 1t
has given Wall street a constituency that
covers the continent. There are times when
the great bulk of the transa ctions OF the
stock exchange represent orders by tele-
eraph. When devastating storm inter
rupts teiesraphic communication Wall
street has dull day. Leading brokers
have branch offices in many cities and
these offices are commonly connected with
the home office in Wall street by private
wires. Some houses have five or six such
private wires; at least one has as many as
Twelve, covering practically every i'm
portant section of the country. These wires
cost money, but they bring in business
rhen they bring to Wall street much vaIu-
aple news from the outside world and carry
out of the street the news of it's stock mar
ket, the story of the rise and fall of prices
us Dig deals and corners, and the reports OF
It's fortunes made and lost, all of which in
turn inspires among the peopIe an eapar
ness for speculation and brings into the
street golden stream of orders
Enormous Transactions by Phone.
The telephone. another great tool of pub
licity was introduced into Wall street in
1893 two years after Bell exhibited his first
telephone in the centennial exhibition. IT
Is probable that nowhere else in the world
Is more important use made of this in
vention than in Wall street Every actIve
broker has private telephone connection
between his office and the stock exchanea
ana the bulk of the great TRANSACTIONS or
tHal institution, amounting to billions Of
dollars In years time are colveyed to the
eXchange over the telephone. Rarely is a
MISTAKE made few months ago broker
misunderstood his telephone order and sol5
when he should have bought The mJstaIxe
cost ms hrm several thousand dollars Such
mistakes. however. are no more frequent
than happen in oral or even written commul
nicationS.
The "Ticker."
The ticker is the most important OF the
agencies OF publicity that are strictly a tool
OF speculation. Before 1t was introduced
In 1867. quotations were carried by brokers
from Office to office, and there was more or
less uncertainty. well as delay 1t was
remarkable how active the speculation was
even under such primitive conditions. but
no Such market as Wall street has had I'm
lie idst three or four years would be pos
slpie without the stock indicator, or tick
er, as it is called. This cunniugly CON
triVed and industrious machine which
prints on long, narrow ribbon of paper
the sales and quotations as they are made
ha im Inc eSchahge, Is to be found in every
banking and brokers' office 1t is astouish-
ing now soon after the transactions are
made the record of them appears on tba
Iape. as the ribbon of paper is called.
Inc tape Is never more than a few minutas
Dehlnd the actual market The saIas ara
collected by corps of reporters. and the
record on the tape is made in abbrevfat tions,
For instance, "A 671s" would stand fnr 1ni
shares Of Atchison, Topeka and Santa 10
common stock sold at 67.S71b a share Thers
are upward of 1,S00 of these stock ticEerS
IN New YORK In addition, there are pro
duce. cotton and coffee exchange tickars
and other machines which print the nauS
OF the day in the brokers' offices on long
rolls of paper -'is
Wall Street ''News Slipsu
wall street. however. gets it's news chief
ly from the news slips" as they are
called 1t is not content with news twice a
day, In the morning and afternoon. IF
wants 1t hot from the griddle" as soon 40
1t develops. almost every minute of the dav
There are two great concerns in Wall street
dow. Jones & Co. and the New York
News Bureau-which supply this demand
They have< developed a wonderful system.
Inc news slips make complete neWspa-
per- not published all at one time but is
sued hundred times during the day, an
average of one slip every four miniites
Ihese news slips are delivered by an army
OF carrlers-bright active boys some OF
whom In time develop into clever clerks and
brokers'. No bankers or brokers' office is
complete without these slips. They put the
Wali street men in complete and instant
touch with everything that is going on In
all parts of the world that is of concern 10
business The slips are not mere brief state
ments or current news. Taken together
they constitute complete newspaper with
editorial comments and ALL
Ahead of Old World Cities.
Do rte d