Milford chronicle., 1907-02-01
STOCKS IN WALL STREET.
The Machinery That starts When a
Broker Gets an Order.

Broker Gets an order.
1t is so easy to buy stocks if one has
the money that few persons realize
the wonderful machinery that is set in
motion when such a purchase is made.
1t - interesting to trace the stock
through all the channels of Wall street.
The best way to get this before the
outsider is to take an imaginary case.
Jones, in Buffalo, goes into the branch
office of a Stock Exchange house. He
is met at the door by a boy, who takes
him to the manager. Jones says, Il
want to buy 100 shares of Steel COM
mon at 49," and gives his check for
| $4,O12.50. The order is sent to the
! bookkeeper, who checks it o. K; then
to the order clerk. who sends it to the
telegraph room, whence it is sent over
the private wire, engaged at SO, 900 a
year, to the main office in New York
city.
There 1t is received and sent to the
boOkkeeper, who o. KS it, sends 1t to
the order clerk, who gives it to a tele-
phone boy in the office, who telephones
it to the Stock Exchange to a boy
there, who carries th1 order to the
broker, who rushes TO the "Steel post
and buys the stock. He gives a record |
Of the purchase to a page on the floor,
who carries it to the telephone and re-
ports to the Office. Another page takes
a report to the telegraph operator, who
sends 1t out on the ticker. A report
also goes to the exchange register,
where the sale is recorded in a great
book for future reference.
When the report is received in the
brokers' office, 1t goes to 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 1t in the proper book Then 1t Is
to a clerk, who writes out a
notice, which is mailed to the custom
er. Then the notice of the purchase is
sent to the stock clerk, who records IT.
Next day the man who sold the stock
lends it to the purchasing broker.
another man who had moth
ng to do with the sale sends the stock
This is determined by the clearing
louise, whose system is simple and
Ices away with innumerable actual de-
iveries of stock. Clerks figure out who
) to receive stock, so that all the de-
lveries do not have to be made. but
My the balances due.
When the stock is received 1t Is paid
Or by the cashier 1t is then entered
rom the blotter to the cashbook and
len posted in the ledger. =
Then the certificate IS sent to the
'ansfer agent, where a new certificate
made out in the name of the owner,
len to the printer, who completes it.
The check with which the stock is
aid for is deposited in the brokers'
uffalo account and goes through the
caring house there to be returned
the bank upon which it is drawn
be manager of the branch Office
avs his check and sends it to New
ork to the main office. 1t is deposit
|, goes through the clearing house and
eventually returned to the bank upon
lich it was drawn.
To handle this business there arc a
inbred or more messengers on tie
or Of the Stock Exchange, there are
egraph operators. bank clerks mes
myers and transfer agents.
The purchase affects millions. The
lers are written upon paper made by
manufacturers Of paper, who en-
" hundreds of men.
The printers bought their presses
IN the makers, who bought their iron
m the steel corporation. The tele-
lph company bought its wires from
steel and wire companies, who
lght the copper from the Amalga-
ted Copper company. Each of these
Icerns employs thousands of men,
without these and many others this
shares of stock could not have been
light, so it can be seen that the
ole country is affected by the buying
selling of stocks in Wall street.
Louis Post-Dispatch