The Stock Exchange from WithinVan Antwerp, William C. (William Clarkson)
History
The Stock Exchange from Within
Van Antwerp, William C. (William Clarkson)
New York Stock Exchange; Stock exchanges
Naturally, certain securities are more active than others, and
here there are the largest crowds. As the limits surrounding the
trading-posts are but vaguely defined, one crowd will sometimes get
mixed up with another, whereupon confusion results, and good-natured
if earnest appeals are heard to “get out,” and “get over.” Into one
of these struggling masses a broker with an order or a trader with
an inspiration literally hurls himself; each sound in the jargon of
voices, which means only Bedlam and Babel to the visitor, is to him
perfectly understood. He may be pushed this way and that, or tossed
aside, or hidden altogether by bigger men who surround him, yet he has
no difficulty in determining the price and in doing what he came there
to do; all this with surprising celerity and accuracy. The business
done, he hastens to his telephone, makes his report, and is ready for
the next order. The manner in which some of these transactions take
place between brokers has long been a subject of praise. A word, or
a nod, or an upraised finger, or a tap on the arm, and hundreds of
thousands of dollars change hands without a scrap of writing or a
witness. A magazine writer thus describes it:
One pastime of the American public is the manly sport of throwing
mud. A shovelful of scandalous mud--a clean white target, and many
a reputable and disreputable citizen is having the time of his
life. We bespatter our philanthropists, our statesmen, merchants,
lawyers, and divines. We vilify our art, our architecture (I take
a hand in that sometimes myself), our literature, or anything else
about which some one has spoken a good word.
One of the time-honored institutions of our land--one which has
never ceased to be the centre of abuse--is the New York Stock
Exchange. Here conspiracies are organized for robbing the poor
and grinding the rich; so despicable and damnable that Society is
appalled. Here plots are hatched which will eventually destroy
the nation, and here the Gold Barons defraud the innocent and
the unwary, by stock issues based solely on hot air and diluted
water. Here Senators are made, Congressmen debauched, and judges
instructed--even plans consummated for the seduction and capture of
the Supreme Court. All this is true--absolutely true--you have only
to read the daily papers to be convinced of it.
There is one thing, however, which you will not find in the
daily papers. It is not sufficiently interesting to the average
reader who needs his hourly thrill; and this one thing is the
unimpeachable, clear, limpid honesty of its members.
Public-domain text, read in full here on John Shaqi.
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