Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1916-07-06
VAST LOTS OF GRAIN SOLD HI
SIGNS.

anywhere in the world is to be found in
use in Chicago BETWEEN the hours Of
$50 a. m. and l90 p. IN. each week day.
Its characters while only nine in NUM-
Der. are of such far-reaching importance
that thousands Of dollars are involved
practically every time one of them is
made.
This system Of communication is the
means by which the brokers ON the
Chicago board of trade conduct the
buying and selling of grain on the omen
market. and is unlike the method used
on the floor of any other exchange in
the world This sign language has de-
Neloped with the growth of the hoard
and its use has long since become It
necessity. The turmoil and hurry hurly
resulting from a thousand traders seeking
to attract attention in the excitement of
the hour, added to the click Of hundreds
of telegraph Instruments and the noise
Of a small army of messenger and err
rand boys scurrying about, makes ar
ticulate speech practically impossible
Then, too, the eye is quicker than the
ear. and the signals given with the hand
or by a gesture of the head mean ~
much as a telegram to the party adj
dressed and frequently permits the clos
ing of a trade when, if time had been
taken I'm an attempt to reach the side
of the party making an offer. some change
might have taken place in the market
and the opportune moment would have
been lost
The sign manual of the pit trader is
simplicity itself. For instance, wheat
l., .-y,'l ,1nr ., s..
the eye Of some one opposite in the PIT
Who has 10000 bushels to sell, and signals
that he will take the 80" wheat at 90.
The seller. in reply. holds up his right
hand with the index finger extended
horizontally. indicating that he wants
\ cent more than the price quoted. or
g0is cents. The buyer motions acceptance
and signals back rs" The selle" and
buyer then note on their cards sold
so at Is Jones" and Bot 80 at i, smith
respectively. the number of bushels
bought and sold always meaning 50
many thousands. After leaving the ri,
the two traders meet and checA the
operations.
All prices are indicated by the hand
and fingers when held in "A horizontal
position. The hand displayed vertically
refers to quantities, each extended
finger meaning $500 bushels up to -
coo for the entire hand. Whether the
grain is being offered or bid for is
shown by slight motion Of the hanc
to or from the trader making the signal
The official reporter stationed i'm eact
pit sees all this signaling, and, parity
! ty observation and partly on information
given him by the traders. notes the
latest prices and gives it to telegraph
| operator at his side to he put on the
| ticker" Thus the price of grain /!
| made every moment Of the session anc
transmitted to all markets of the world
While the visitor who sits in the gal
| lery overlooking the floor, and w" un
derstands nothing of what is going on
below. is likely to he impressed viii
the thought that he is looking at thu
vitals Of a lunatiC asylum, there is real
/, no other business so well organize
that one man will accept a nod and
shake of the finger for thousands o
dollars without argument. This means
that it is a business embedded in honor
! No contract. either written or oral, Il
more binding than the contracts to which
n member of the association Is party
No informality, no absence of loga
technicalities, will avail under the rule
of the association to ahsolve man iron
| | ndeviating compliance with every tern
| and every feature of his business ohliEa
ton. Every pretext for the avoidanc
of such obligation is brushed aside by
jury. not % "A court, but of bushes
nen.-Robert II. Moulton in Leslie's