Show NEW NEWYORK YORK STOCK EXCHANGE By Frederic J. J Haskin F riME l four l nl Independent nt broker brok brok- er erI met Informally mahly on May Ma Ia 17 1792 under H H. t l tree rN I opposite what hat Is 18 now 0 O 0 Wall all street and 1111 MI signed n fin an agreement to charge chare rates rate of lon This Ihl doc doc- is IK still In ton c and ancl marks tk the funding founding of or th the New York stock ox- ox Meetings l worn wern thoreau thoreau- held Inh Intermittently as is oc occasion oc- oc casion easlon at nl attlio tho ho old routine coffeo cot cof- 1 feo house hou- corner Wall nil and Wat Water r streets But BUl it Il was wa wasS S not until 1817 that a 1 formal form ll and permanent perma nent ora organization i watt waR effected on substantially substantially sub sub- uh- uh t tin present lines lints Tho The first rell res- res l hoard boardroom room was th tho thic merchants cx- cx cha 11 Ft In J js 1853 the organization removed Vt I t to tc the tho corner of or Beaver 1 anti and Wall a 11 streets anti and fin finally BlI In 1565 took possession pos session of the pr pres- pres s- s ant nt silo alto on Broad lr street t. t wh where rf the building underwent additions and alterations until the present magnificent structure was er erected eted In the course of or an average n days day's trading In a ar an active market on OH the thew New w York stock exchange shares of or stocks ma may change hl ha hands hand These at th their lr par value of ot per share represent represent rep rep- resent a total value of But Buton Buton on oil 1111 single lc momentous days us ItS In Itt the tho financial nUn flurry of or I 1007 1917 i or during turin tho the Northern Pacific squeeze R on Black HI ck Monday In 1903 tho the total transactions have mounted as 8 high as shares In 1910 a normal year the tho a aggregate sales footed tooted up nearly Strange Stran-o to sa say tho ho New cw York stock exchange Js Is not nOl Incorporated being a strictly voluntary association governed go h by a a. regular constitution and bylaws It Is directed by IW a It president vice president prell- prell dent treasurer secretary and b by a 1 board of governors consisting of or forty men Tho The membership Is 18 now 1100 S Scats or nr memberships pass by hy sale eale or transfer trans trans- fee fer el and may be he bequeathed In case of or death The price of ot seats feats fluctuates seemingly In distinct ratio with tho the total yearly earl transactions of or the tho exchange It It- It self The hl highest hest price was wal touched In 1903 1909 when was paid but seats scats were wera sold as low a lUll as In 1901 and In 1900 In 1823 the initiation fee was 10 It Is now 2000 A purchaser purchaser pur pur- pur- pur purchaser chaser of ot a seat scat must be bo approved by bya a It committee on admission slon and a most rigid standard of ot business ss probity Is d de de- de mended In case a member falls faUs defaults de d. faults or is sold out his s seat at may be besold besold sold gold for the of the tho creditors creditor The annual duos dues arc are only 50 with a n. death assessment of 10 on every surviving l member this latter sum going to form fonn forma fonna a fund from which life insurance Is paid to heirs of ot deceased members VI Visitors with pass s pisses passes are admitted to the gallery and from rom this anta vantage point may look down on a yelling disheveled and apparently craz crazy mass mas of traders Th The uproar is 18 appalling the confusion seemingly Inextricable Yet there thero Is 15 order In all this chaos At one end is the lie chairman's rostrum from which he ho calls tho the exchange to order and announces announces an an- tho the opening o of business at 10 I n. n a m. m each working day and declares the sessions closed at 3 p. p m m. From Fret this rostrum notices s are art read concerning admissions deaths failures or other format formal communications Up to 1875 the whole list of stocks was as regularly called from rom this rostrum several times dall dally daily thus giving opportunities for quotations quotations quotations quo quo- and bids But the system proved too cumbrous and was ultimately abandoned aban aban- Around the main floor runs a R stout Rt steel el railing with openings s at Intervals Within tho the space thus are desks and telephones for or clerks belonging to brokerage e houses this privilege costing a a year ear The vast space beyond the railing Is IB sacred to members member of ot the ex ox- ox change Woe Voe betide the unhappy outsider out out- sider dei who eludes the doorkeepers and wanders upon the tho floor The Tho Instant ho lie hoIs lieis Is spied d a crowd of brokers yelling like Comanche Comancho braves will surround him HI ills His hat will he be Jammed over o his e eyes cs his clothes torn to ribbons as he is tossed and hustled from rom group roup to group and finan finally flung Into the street coatless natless dazed and breathless Nor are tho the members more mora merciful to their own kind wh when n Initiating a n new member or making war ar upon tho the offending straw hats which arc taboo after September 1 i At such times the fun un Is fast ast and fu tu- tu rious There Chore Is al a always a fun loving or sporty contingent In tho the exchange which can be relied upon to start something whenever cl business Is hI slack This Is es especially es- es the tho case on Christmas and Now Years Year's eves oI when a a. mild species of ot carnival takes place on the floor with perhaps a grote grotesque quo procession or sonic some bizarre ceremony at which the governors govern govern- ors On who wisely 11 wink Another feature of the celebration Is iR the Christmas Christmas Christmas Christ Christ- mas box for the exchange employees ees to which m members contribute royally In good times and bad the amount for or distribution distribution distribution tion running well Into the tho thousands thousands giving ing to o each employee e a hand handsome ome bonus Despite the deafening uproar and ap apparent apparent apparent ap- ap parent confusion business on tho the floor noor of the stock exchange e Is really conducted conduct conduct- ed od in an ord orderly rl manner mannel and according to strict rules The vast ast arena arona Is la studded studded stud stud- d ded d with Iron posts bearing the names o of leading stocks such n as Erie Eric Steel Lackawanna Penn Pennsylvania N Y Central In other places platts or comers corners some particular security will willII bo he II regularly dealt in Transactions between buyer and seller are arc thus Invariably made In iii Inthe Inthe the particular crowd and in tn the presence presence pres pres- ence once of ot perhaps a a. hundred other brokers dealing In th the same amo stock The first bid or offer otter has priority until superseded ded by bya a higher or lower quotation Individual brokers h have v different mod modes s of or making their bids bId known known known-by by an hand had by hy opening the fingers or b by voice yoke alone Those Toso peculiarities become as RS well wel known know as an tho the mans man's features Disputes seldom oc occur ur Sometimes tho the broker trusts to his marvelous memory but more often oron he scribbles a fc few cabalistic characters on a pad tears the loaf leaf Ia off or and flings It I to his clerk who Is hI hovering on the outskirts of the crowd and who promptly telephones the bu buy or sell sel to tho ho head office Then also as each transaction is concluded con con- eluded d. d the amounts and prices are rc noted by attendants of the exchange who stand tand standby standby by each ench crowd The Thc They transmit them to telegraph operators whose cages rAge are dotted around the room These quota quota- ions arc are at El once dice put pitt pil on the wires wire of I lie authorized ticker h having ln the lie privilege and Unshod Into oi- oi lc tc flees hankH trust companies tho the country and railroad rail railroad rail rail- rai- rai and road offices 8 all ill over or roar OtC The results come om out nut In I tue he lon long and snaky y t tapes Ir p ul I In every fery quarter ip In very every city In the lant land land- Then Thon Mm the tH total tola 0 of these daily d. 11 t dealings wih with highest higher or lowest or 01 hid hi und and asked are arc finally printed In tho the evening oven even on e ing nail and morning papers following foll On nul May IR 17 1892 1592 th the tho stock stack chan c O signalized Its ils one inc hundredth anniversary sar sary b by adopting onO H a My system t m of clearing offsetting mutual debits and credits credi be between ho- ho tW tween wren n members In tho the ln IN loading leading stocks tr traded In on nn tho the hoard board This system se secures secures se- se members thin tho cures for stock exchange echan e m same economy of ot time and mono monny that lust tho ho hank bank clearing ing house hO 1 does for rol banks On Only a part of or the mn most t active t stocks arc nr handled handl 1 ii d under this plan The balance of or ortho the tho most active stocks stock arc handl handled rl r this plan Tho TIui-i balance Ire of th the buying did and soiling selling r In Is still conducted under tn lie th old method of sti actual 1 deliveries All Al stocks or bonds purchased on th the tho stock Block flock ex exchange exchange ex change except pt In th the ease case of those subject subject sub sub- to In th the clearing plan must b be hO s delivered ered erld and paid for by h purchasers before h forc 21 21 p. p m m. of the succeeding day Those These deliverIes K aro are o usually made by lads Ids from 14 1 to 16 years of or age who are with wih millions In n negotiable Jot securities H or certified d chocks checks Losses b by carelessness or dishonesty seldom or never nOver occur and of or boys hoys ultimately many messenger graduate Into Ru successful brokers or oven Napoleons of finance c Trading In stocks has haR developed de a I peculiar pe pe- pe- pe culiar Jargon An outsider apt to lose 1014 cular lila Ills money Is a lamb and the ho d deposit pO I I ho makes with his brokers as security for or lila Ills dealings Is margin Operators Operator who buy stock In expectation of ot a A rise are aro hulls and and are aro Ril Ion long of or th lie tho mar mar- ket Those who sell stocks in anticipation tion ion of ot buying them ba back k at a f lov losser loer or fi figure uro am aro bears beal and are arc short o ol of the market that is they have hA sold stocks for or delivery delvery which at the tho the time the they did not lint own and have hac to cover or bu buy them hack back to complete completo the transaction A decline Is known as K a a. slump slump When hen It Immediately follows an advance It Is a reaction an advance alvance coming on the lie heels of a decline heinz heln a raly rally A declining market markot is weak ak and Its Is converse converse converse con con- verse stron strong while undecided but ac active active ac- ac tive lye trading Its Is feverish and a period when the tho public com comes comos In an and buys bus stocks recklessly causing prices pries to a advance valce rapidly rapidly rap rp idly is a boom Pool Pools are temporary tempo lompo- lAmp lAmp- associations of or speculators or r trad- trad erds to boom or some Hom Rm particular stocks Unloading Is dumping securities ties tics on the unwary at top prices Wash sales which are prohibited by the rules of ot the exchange are nrc really realy fictitious tran transactions between different brokers for or the purpose of ot rl rigging me te market or creating an apparent hut but unreal ac activity uc- uc In some particular stock The Now York stock exchange e has lias been boci both lauded and vilified In recent years CRr but a truthful estimate compels th lie tho conclusion con con- elusion that Its Is economic usefulness l is that lint it furnishes facilities bv liv which a arC rC regular 11 r and constant constan market for or tho the S se securities so- so s of ot tho the staple corporations is ts maintained a market never ne without huers buyers buy hu- ers era or sellers and one ono in which r reliable quotations quotation can be obtained without difficulty dif dlf- or delay Tomorrow Tomorrow The The National Grange Crang |