| Show Explains Value of Security Markets Tho The romance romance and history o of the I exchange ha has been briefly brley dis- dis disCussed dis discussed cussed and wo we will now no turn to the tho specific machinery At the tIme of ot beginning the tho exchange was entirely devoid of accessories with the exception of ot the barest necessities Sine Since th the tim time of ot In Inauguration In- In Inauguration Inauguration It has ha risen front from nothing to a very complex and won wonderful erful machine dedicated to the service of ot the public Much ot of the tho o of tho th exchange has been handed down In terms peculIar to brokerage circles circle and to the th present day Jay a membership ot of this body Is called culled a seat sat on the exchange This term has bas fol tol fol- fol followed followed lowed the orIginal arrangement wherein the th embers rn-embers were seated much In the tho same sam manner as a financial senate during the th hours ot of trading but with th the coming of the tho bo new era Inventions and with Increased pressure of ot action on the th floor the member now has little opportunity to sit alt now HOW IT WO KItS The Th modern market markeL Is divided Into three major parts I 1 the floor where contracts are made tor fot the purchase and sale of ot se- se se and the lending of stocks stocka I and mone money 2 the clearance y tern wherein the contracts of ot the I days day's trading are aro ar settled and cleared by operations op similar to those of banking clearing houses an and 3 the commission houses and their branch correspondents In all parts part of the country The Th present stock lock exchange building houses house the largo large board boardroom boardroom boardroom room where whelo the business Is actually transacted In addition to various committee rooms and the th smaller offices A A spacious luncheon club occupies th the floor above In the basement of ot the building are ar the ortices of ot the thC stock exchange Clearing corporation and th the chine ex-chine ex cx- cx change vaults vault probably the th largest and b best st protected sate af deposit vaults In the world 00 TELEPHONES From the visitors gallery one oncan can look down upon the floor where the 20 trading posts are placed at which certain stocks are traded In and fringing the th floor are arc 50 odd booths which form the connection between the tho brokers broker's representative and the central offices office of ot the tho th firm From these thee Wall street offices vat private private vate telegraph wires wire stretch themselves them them- selves elves to all parts part of ot the tho country thus linking the tho smallest communIty community ity liy with the great grant market markeL Two ot of the tho th walls wall of ot the big bis room con con- contain con contain tam tain wIndows window under which run the visitors galleries and on the theother theother other two walls are r placed the large black or signal boards upon which from front time timo to time white numbers flash nash Each representative on the th floor lisa Ilas ha a number and when wh n It Is necessary In tb time the transmission of ot an order for tor him to get In touch with his tele- tele tele telephone phone operator In the booth his Is flashed and he be h sees cec his hisman hisman hilman man for tor his hi Instructions In tho th northeast corner of ot the room three booths booth are aro ar partitioned tor for trading In United States government foreign and American railroad and Industrial bonds De- De Between Be Between tween tho the stock ost on the th floor tour four telegraph stations are arc ar noticed from which the sales ales are ar reported to the th headquarters headquarter of ot the tho th ticker companies and aro are put on stock tickers all over the tho th land MISTAKES JU S SOne One On of ot the th most picturesque moments of ot the exchange day Is Isto isto lato to be bo seen at tho the time of ot the tho op opening On the th floor there are roughly a thousand people all allm m members or of ot the th cx- cx chance The Tho brokers are grouped about the po waiting posts posts The Th tel tel- tel tel-ephon ephone clerks are aro ar busy In th the booths booth receiving orders order to buy and soil and the th board is flashing on one white number after another u broker brokers to their booths A low hum bum of ot conversa conversa- conversation conversation tion fills tills the room and a II strange trane tension tills fill the tho th air for tor orders have accumulated overnight In the brokerage houses house and the tho th opening Is generallY very energetic Sud- Sud Suddenly Sud Suddenly denly exactly at 10 o'clock a brass gong Is truck struck and the th market has opened Instantly In a roar of ot fills the room and brokers brokel rush to the tho crowds about the th posts then theft to the tb telephones telephone and back to the booths booth Hundreds ot or brok brok- brokers brok- brok brokers ers swarm together shouting bids and offers otters nn and waving their hands In the air tor for attention 1 CONFUSION At first sight eight the th onlooker will think a bedlam of o madmen has broken loose loo-it loo e but upon following the actions of one on in Ito be will see e that the th energetic mass Is composed of ot active but very or- or orderly ordeny or orderly derly deny units performing their work with wonderful dl dispatch atch and effi ett- efficiency clency In spite spit of ot the th apparent state tat of ot confusion and distraction thousands and thousands of ot shares are arc bought and sol sold each day with witha a negligible number of ot standings stan and error errors When only n a fractional mistake ml tak may mean lit lit- literally lit literally hundreds of ot dollars dollar lost It ItIs itis Itis Is Imperative that mistakes must never J exist exist J A Hoil Hogle Co |
