The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-28
THE HELTENHAM
i Press was entrusted
with the Illuminating and
Binding Of the farewell
letter presented yesterday
to Maurice Grau.
$50 Fifth Avenue
Southwes, Corner 10,h Stree.
THIS GREAT CITY, NEW YORK.

THIS GREAT CITY, NEW YORK.
The Wealth II Has and the Greater Riches
II 10 Drawing In.
In the principal room Of a newly opened
building downtown 10 Q table perhaps
twenty feet long. The right 70 sit at this
table 10 rented out among the men who
use the building and have paid to transact
business therein. The rent OF a section
Of the table varies according TO the space
occupied.
For . four-foot piece the fee 10 5000 Q
year. Atwo-foo, length costs 81 ,s0o or half
as much. The width Of the desk 10 perhaps
two feet and half.
Payment carries no other privilege than
the right TO sit there between the hours Of
10 In the morning and In the afternoon,
i've hours In all, on six days week except
on public holidays: 90 that the rent
amounts. roughly speaking. to $3.50 an hour
Tor four feet OF space. Just enough for
one sitter with comfortable elbow room.
There may be higher rentals elsewhere
In the world. II there are. the fame OF
them has never reached these parts.
Yet there 10 the keenest competition to
pay this rent; and that the payment Of 1t is
exceedingly profitable to the lessees would
be realized II THE Sun were to estimate the
incomes Of few Of the men who compete
to give 30 much for the right TO seat an
employee in this particular spot.
The building is the new Stock Exchange.
Tho table is the arbitrage desk. There,
every day. between 10 o'clock In the morn
ing and In the afternoon, sit a dozen or
more men. alternately idle and then scrib-
bling away for dear life. Behind them arc
the cable Offices where news OF the fiuctus-
tons in the stock markets abroad comes
in red hot. from the other side Of the world.
When New York Central. say, IL selling
In this market at Isl, IL may at the same
time be quoted at fraction higher or lower
in the London stock market. Suppose It
10 a whole point higher In London. By
selling the stock in London at that crucial
moment and buying 1t here. the arbitrage
broker profits ono point on each share.
less the cost Of transporting the stock to
the buyer on the other side Of the ocean.
and commissions on the transaction, II
there are any. This is where the profit
in the arbitrage desk comes in.
The rent Of the desk is only the merest
fraction in the enormous revenues Of the
Stock Exchange. But it is an indication, q
golden mote In the currents Of Wall Street,
showing the tremendous wealth conoen-
trated there, the millions that pass out,
and the millions more which come In. dur
ing every minute Of every week day.
Barely one hundred years ago, when Lon
don was In her prime and Paris had been q
great city for centuries. few brokers met
daily under big tree in the sylvan street
which then was Wall Street In the newly
British colony Of New York. and did q
modest stock business OF q few thousand
shares daily. On . single big day not long
ago tho transactions OF their sucoessoS
reached nearly three and . half million
shares.
The new brokers are doing business In
steel and marble palace. which has cost
5000 900. Their wealth, at q conservative
estimate, Is placed at nearly half billion
dollars. A new member Of the Exchange
must pay solely for the right to do business
there (exclusive OF dues, gratity fees,
and such minor trines a. 5000 foot annual
rental for q clerks seat at a desk> at least
$50 900, often moro. The value Of these
rights Of the Stock Exchange seats u BY
itself not less than q. 800 900.
You might elaborate on these figures
endlessly to try to give an idea Of this enor-
nous wealth. this world Of business. con-
centrated in Wall Street. There are offices.
mere private Offices, In some buildings
whose occupants pay eS a square foot for
desk room. The fees OF the Stock Exchange
itself will pay OF its initial cost in year
or two.
Round about II have grown up other
exchanRes-a minor rival in stocks, another
for grain and produce, Others for cotton,
coffee, metals, all the things men can trade
in. And all OF these are houIishing. Out
eide In the street q crowd Of men throng
the roadway buying and selling stocks
which for some reason or other are not
included in the dealings Of the big Exchange.
In time-nobody sees how yet, but 1t will
come, 90 the experts say--these will form
still another exchange with q costly building
Of their own.
And where q few domestic securities
only were dealt In under q tree. you can
now buy somewhere In the street stocks Of
any kind, issued In this country or any
other There 10 Q market for Uncle Sans
own bonds for British consols and equally for
the shares OF the gas company whose chief
asset is a Law suit. The increased prosperity
Of the whole country has stimulated the
stock market till IL has outgrown all BOUNDS.
Yet this IL only one phase Of the business
life Of this city, which u making 1t more
and more every year the supremely best
market for the rioh mans Investments
and for tho poor mans brains and labor.
Here, II you have wealth. 70 the place to
increaee it--always supposing that you
have strength and capacity greater than
your competitors. Hero you may live
well yet still work to the best advantage.
Here, in this great city. the golden door OF
opportunity 70 never closed.
OBITUARY.