Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-02-27
NEW YORK STOCK EXCHANGE.
Bv FREDERIC J. FIASKIN

mans features. Disputes seldom occur.
Sometimes the broker trusts 10 his
marvellous memory. but more often he
scr:bbles few cabalistic characters on a
pad. tears the leaf off and filings it to his
firms clerk who j. lowering on the out
skirts Of the crowd" and who promptly
telephones the buy or sell" 10 the
head office
inen also. as each transaction is con-
Guided. the amounts and prices are noted
bS attendants of the exchange. who stand
by each crowd. They transmit them to
Telegraph operators whose cages are dot
ted around the room. These quotations
are AT once put on the wires OF tn. auth
oiiZed ticker companies having the
privilege, and flashed into brokers' offices,
banks. trust companies and railroad of
n@es all oret the country and the world.
The results come out in the long and
snakN tapes III every interested quar-
Yer IN every city in the land Then the
total OF these daily dealings. with high
ct or low est. or BID and asked
arc nhaiiN printed in the evening and
morning papers following
May l.. 1892 the stock exchange sig
named ITS one hundredth anniversary
ny adopting a system of clearing
setting mutual debts and credits between
members in the leading stocks traded
n on tie board This system secures
Tor STOCK exchange members the same
economy of time and money that the
rank clearing house does for banks.
only part of the most active stocks
are handled under this plan The balance
or the buying and selling is still con-
Quoted under the old method of actual
denIereS All stocks or bonds purchased
on 'he stock exchange. except i'm the
case of those subject to the clearing
plan. must be delivered and paid for by
purchasers before 2:1I pm of the sue
ceedlng day These deliveries are usually
made by lads from fourteen to sixteen
years of age. who are intrusted with
millions in negotiable securities or certi-
fed checks. Losses by carlessness or dis
honesty seldom or never occur and many
OF those messenger boys ultimately
graduate into successful brokers or even
Napoleons Of finance.
Trading in stocks has developed a
peculiar jargon. An outsider apt to lose
his money is
Stock Market Language Ia b.
a Peculiar Jargon. n anu ''e Ne
makes with his brokers as security for
his dealings is margin Operators who
buy stocks in expectation of rise are
bulls and are long" of the market.
Those who sell stocks in anticipation of
buying them back at a lower figure are
bears, and are short of the market;
that is they have sold stocks for de-
livery which at the time they did not
own, and have to cover or buy them
back to complete the transaction 4 de-
cline is known a slump" When it
Immediately follows an advance il is a
reaction" an advance coming on the
heels of decline being rally" \ de-
Ginning market is weak and it's con-
verse strong while undecided but ac-
tive trading is .'feverish," and period
when the public comes in and buys stocks
recklesslJ. causing prices to advance
rapidly, is a BOOM" Pools are tenn
pcrarT associations of spectators or
traders to boom depress some par
ticular stock. Unloading" is dumping
securities on the unwary at top prices.
Wash sales" which prohibited by
the rules of the exchange. are really fic-
brokers for the purpose of rigging the
real activity i'll some particular stock.
The New York Stock Exchange has
been both lauded and vilified in recent
years. but a truthful estimate compels
the conclusion that its economic useful
ness is that it furnishes facilities by
which Il regular and constant market for
the securities of the stable corporations
is maintained. a market never without
buyers or sellers. and one in which re-
liza bic quotations can be obta ned without
difficulty or delay.
TOmOrrOw-THE NATIONAL GRANGE.