Virginia citizen. (Irvington, Va.) 1891-1921, 1908-05-22
STOCKS IN WALL STREET.
The Machinery That starts when q
Broker Gets an order.

The Machinery That starts when .
Broker Gets an Order.
1t Is so easy TO buy stocks IL 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 Is to take an imaginary case.
Jones, In Buffalo. goes into the branch
ofiice OF Stock Exchange house. He
Is met at the door by a boy, who takes
him TO the manager. Jones says, az
want to buy 100 shares OF Steel COM
mon at 40" and gives his check for
*4.Ol2.50. The order is sent to the
bookkeeper. who checks il o. X; then
TO the order clerk. who sends il TO the
telegraph room. whence il is sent over
the private wire, engaged at So, 900 u
year. to the main office in New York
city.
There Ii Is received and sent TO the
bookkeeper, who o. ks il, sends IL to
the order clerk, who gives Ii to tele-
phone boy in the Office, who telephones
IL 10 the Stock Exchange to boy
there, who carries the order to the
broker, who rushes TO the steel post
and buys the stock. He gives a record
or the purchase to page on the floor,
VINO carries Ii to the telephone and TO-
ports to the office. Another page takes
a report to the telegraph operator, who
sends IL out on the ticker A report
20
where the sale is recorded In a great
book for future reference.
When the report is received In the
brokers' Office, II goes to the order
clerk, who reports il to the telegraph
operator, who wires the notice of the
purchase to the branch Office, where
the customer is notified Then he re-
ports IL TO the record clerk, who re-
cords IL In the proper book. Then il ID
reported 10 clerk, who writes out a
notice, which Is mailed to the custom
sr. Then the notice OF the purchase Is
sent 10 the stock clerk, who records it.
Next day the man who sold the stock
sends 1t to the purchasing broker.
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
does away with innumerable actual de.
hveries OF stock. Clerks figure out who
Ii to receive stock, so that all the de-
hveries do not have to be made, but
only the balances due.
When the stock is received 1t Is paid
Tor 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 a 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 I'm the brokers'
buffalo account and goes through the
clearing house there, to be returned
to the bank upon which 1t Is drawn.
The manager OF the branch Office
draws his check and sends it to New
York to the main Office 1t Is deposit.
ed, goes through the clearing house and
10 eventually returned to the bank upon
which IL 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.