The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1907-01-25
STOCKS IN WALL STREET.
Ehe Machinery That Starts When a
Broker Gets an order.

Ehe Machinery That Starts When a
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 purchase is made.
It is 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 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
$401250. The order is sent to the
bookkeeper, who checks it O. X; then
to the order clerk, who sends it to the
telegraph room, whence it is sent over
the private wire, engaged at $4,000 Il
year, to the main Office in New York
city.
There it is received and sent to the
bookkeeper, who o. KS it, sends it to
the order clerk, who gives it to tele-
phone boy in the office, who telephones
it to the Stock Exchange to a boy
there, who carries the order to the
broker, who rushes to the 'Steel post
and buys the stock. He gives 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
q report to the telegraph operator, who
sends it 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 it 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 it in the proper book. Then it is
reported to a clerk who 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 it.
Next day the man who sold the stock
sends it to the purchasing broker.
Sometimes another man who I'd moth
ing to do with the sale sends he stock.
This is determined by T. clearing
house. whose system IL ,imple and
does away with innumer lie actual de-
liveries of stock. Clerks figure out who
is to receive stock, so that all the de-
liverles do not have to be made, but
only the balances due.
When the stock is received it is paid
for by the cashier. 1t is then entered
from the blotter to the cashbook and
then posted in the ledger.
Then the certificate is sent to the
transfer agent, where new certificate
is made out in the name Of the owner,
then to the printer. who completes 1t.
The check with which the stock is
paid for Is deposited in the brokers'
Buffalo account and goes through the
clearing house there, to be returned
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 main Office. 1t is deDosit-
ed, goes through the clearing house and
is eventually returned to the bank upon
which it was drawn.
To handle this business there are a
hundred or more messengers on the
floor of the Stock Exchange. there are
telegraph operators, bank clerks, mes
sengers and transfer agents.
The purchase affects millions. The
orders are written upon paper made by
the manufacturers of paper, who en-
ploy hundreds of men.
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 Amalga-
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. so it can be seen that the
whole country is affected by the buying
and selling of stocks In Wall street.
st. Louis Dispatch