Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1907-02-07
CrO BE CONT1NUED)
STOCKS I'M WALL STREET.
The Machinery That starts when n
Broker Gets mn order.

Broker Gets nm order.
1t is so easy TO buy stocks II one has
the money that few persons realize
the wonderful machinery that Is set in
motion when such purchase is made.
1t is interesting to trace the stock
through all the channels OF Wall street.
The best way TO get this before the
outsider IL to take an imaginary case.
Jones, Ia Buffalo, goes into the branch
office of Il Stock Exchange house lie
is met at the door by Il boy, who takes
him to the manager Jones says, II
want to buy 100 shares Of steel com
mon at 40" and gives his check for
S4.O125O. The order is sent 10 the
bookkecper. who checks it .. X: then
to the order clerk. who sends it to the
telegraph roOm. whence il is sent over
the private wire. Engaged a. $4,000 a
year. to the main office in New York
city.
There It is received and sent to thc
the order clerk, who gives it to a tclc-
phone boy in the Office, who telephones
It TO the stock Exchange to IL boy
there, who carries the order to the
broker who ruShes 20 the steel post"
and buys the stock. He gives a record
Of the purchase to page on the floor
who carries it to the telephone and re-
ports to the office. Another page takes
report to the telegraph operator who
sends ii out on the ticker A report
also goes TO the exchange register
where the sale Is recorded In great
book for future reference.
When tie report is received in the
brokers' Office. it Socs 10 the order
clerk who reports it TO the telegraph
operator. who wires the notice Of the
purchase to the branch Office, where
the customer Is notified. Then he re-
ports it to the record clerk. who re-
cords it in the proper book. Then II Is
reported to clerk vino writes out a
notice. which is mailed to the custom
err. Then the notice of the purchase is
sent to the stock clerk. who records 1t.
Next day the man who sold the stock
Sometimes another man who had moth
ing TO do with the sale sends the stock
This Is determined by the clearing
house whose system Is simple and
docs away with innumerahle actual dc
liverieS OF stock. Clerks figure out who
Is to receive stock, 50 that all the de
liverles do not have to be made, but
only the balances due.
When the stock Is received il is paid
for by the cashier 1t is then entered
from the blottrr to the caShbook ana
then posted in the ledger.
Then the certificate Is sent to the
transfer agent, where a new certificate
Is made ont in the name OF the owner.
then 10 the pIlnter who completes it.
The check with which the stock is
paid for is deposited IA the brokers'
Buffalo account and goes through the
clearing house th"re to be returnc..
to the bank upon which it IS drawn.
The manager Of the branch Office
draws his check and sends it to New
York to the Mah Office. 1t l., denoSit.
ed goes through the clearing house ana
IS eventually returned u the bank upon
which ii VAS drawn.
To handle this business there nro Fl
hundred or NOR" messengers on the
floor Of the Stock Exchange, there are
telegraph operators, bank clerks, mes
scngcrs and transfer agents
The purchase affects millions. Tho
orders are written upon paper made by
the manufacturers OF paper, who en-
pl0y hundreds of mcn.
The printers bought their presses
from the makers, who bought their iron
from the steel corporation. The tele
graph company bought its wires from
the steel and wire companies, who
bought the copper from the Amaga-
mated Copper company. Each Of these
concerns employs thousands Of men,
and without these and many Others this
100 shares OF stock could not have been
bought, 80 1t can be seen that the
whole country Is affected by the buying
and selling Of stocks in Wall street.
st. Louis Post-Dispatch.