The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-04-12

Tbig is the last Of three stories de-
-eribinR how the NeT fork 5tgek III, III
how Inc country at large keeps in touch
WITH the heart Of the great specuiatiFe
and financial system in wall street
BgVEA Service
NEW YORK, April l2.-The bust
ness Of letting the rest Of the coun-
try know just what is happening on
the floor OF the New York Stock
Exchange is one of the most fasci-
mating, important and spectacular
parts oil the chain Of activities that
90 10 make up a day in Wall Street.
High speed transmission OF news
has been brought to its greatest de-
telopment for this phase OF the ex-
changes business.
Tt is vital that brokers and their
customers, scattered all over the
nation, know promptly what is be-
ING done In the exchange-and the
methods devised to spread this in
formation are complicated and in
teresting.
Shoppers Garry News
AS the business on the floor gets
under way. an observer will notice
the ticker reporters idling about the
racing posts-"snooping' about.
When one of these men hears
sale, he makes a note Of it and
runs to one Of the five ticker trans
mitter operators on the floor. These
operators pass the news on for use
ON the ticker machines, and 1t is
rclayed instantly to brokers offices
all over the country.
Telephones, of course, are in ire
mendous use. On a busy day there
viii be a million phone calls received
and sent out from the exchange.
Most recent OF the inventions to
save time i'm the dissemination of
news is the high-speed ticker-an
affair that writes 900 characters in
a minute. These tickers write the
complete reports, in highly abbre-
Waited code, so that brokers and
their customers everywhere can
know exactly what is happening on
the floor the moment that ii hap
pens.
Messages Go on Tape
These messages go on paper
APE less than an inch wide A
sort Of moving picture screen is
erected high On wall, and the So
called trans lux" system projects
The figures ON it,
Now. with opening of the days
business by the striking of the brass
gong, hundreds OF orders to buy or
to sell certain quantities of stocks
for customers must be executed i'm
mcdiately. to get a favorable deal
These orders have been ping Up
throughout tie nigh.
AT a trading post a broker calls
out to the surrounding crowd that
he viii sell 50 many shares of such
stock at SUCh a price. Instantly
some other broker in The crowd
shouts back an ofTcI and that deal
is closed
AldSEtu AtIbSS NHllOn
The official reporter hastily makes
note OF The sale and ne runs to
one Of the ticker trausnitters and
turns over the facts to the operator,
who writes out details Of the sale on
"a tape This is flashed direct to
New York members offices and also
70 the telegraph offices. where it
goes to the ticker machines in
several hundred cities. The news
also goes to The screens on the trad
ING floor for all buyers and sellers
there to see.
From that first record of that
first sale at opening of the trading
day. the tickers continue to grind
out their grist of reports through
out the day and the screens show
q constantly moving report of the
transactions
Recently the pressure OF orders
has beer SO overwhelming that stock
t.Ckers have been unable to issue
these reports rapidly enough.
Tickers Sometimes Lag
In some cases the tickers have
been two hours behind their sched-
UIe, so that a prospective buyer or
seller could not know. by watching
The tape, exactly what price his
stock last brought on the New York
trading floor
When 3 p. m. comes. the chief re-
porter again sounds the brass gong.
which means that ali trading must
cease instantly.
Millions of dollars worth of Sc
Curities and payments for the same
are started on their flights around
the country by the United States
airmsil service. thus saving sub
stautial sums in interest which
would have been lost to the Senders
If slower methods were to be used.
The room is usually cleared by
o'clock and then a working force
arrives TO sweep out the clutter OF
papers Strewn all over the big floor
Two hours later g five-ton truck
IS driven to the rear of the Ex-
change building and it hauls away
a full load OF scrap paper.
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