The New York Stock Exchange in the Crisis of 1914Noble, Henry George Stebbins
History
The New York Stock Exchange in the Crisis of 1914
Noble, Henry George Stebbins
New York Stock Exchange
"A very pleasant feature of the work was the cordial cooperation
encountered on all sides. Helping hands were extended everywhere. The
newspapers gave many 'reading notices,' and special advertising rates,
and the news bureaus printed any and all notices as and when
requested. The Stock Exchange Library Committee and the Secretary's
Office placed their typewriting, multigraph and circular printing
facilities at the Committee's disposal, furnished the rooms with
desks, chairs, etc., and supplied all necessary stationery. The Stock
Exchange force of telegraphers and other employees practically in a
body volunteered their services, and those selected were of great
assistance in preparing the card index system, which was used and
found to be practical and eminently satisfactory. Appreciated
assistance was promptly tendered by The Telephone Clerks' Association,
The Association of Wall Street Employees, and The Wall Street
Telegraphers' Association.
"Several cases of sickness, some very serious, were taken care of by
Dr. L. A. Dessar, who gave free medical service to all applicants
recommended by the Committee, and provided hospital treatment when
required. The declarations made by the applicants demonstrated beyond
any question that the number of men, women, girls and boys for whom
prompt assistance in procuring employment was imperatively necessary
had been greatly under-estimated, and evidenced an absolute argument
endorsing the reasons for the Committee's existence.
"Many who applied were not in immediate need of money, but wanted
employment, which the members of the Committee sought for them by
individual solicitation of everyone they knew, or knew of, who were
employers, and also by careful, judicious and timely advertising in
the daily papers. Such satisfactory results were attained, that up to
date of this writing, (May 15, 1915), of over seventeen hundred
applications received, permanent positions were secured for about
seven hundred at rates of compensation that were distinctly
gratifying, all conditions considered. Two hundred and thirty were
placed in temporary jobs for periods ranging from a few days to
several weeks, a number of them being re-employed two or three times.
Four hundred and ninety, having been taken back by their former
employers, withdrew their applications.
"Numerous positions obtained for applicants while the Exchange was
closed were in lines other than Stock Exchange business, and Wall
Street clerks notwithstanding their recognized efficiency being, so to
speak, specially trained, it was often found to be difficult, even
impossible to make them fit the kind of work to which they were more
or less strangers. In view of the fact that this circumstance made
the accomplishment desired necessarily slow, the outcome demonstrated
that it was reasonably sure.
Public-domain text, read in full here on John Shaqi.
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