Westward with the Prince of WalesNewton, W. Douglas (Wilfrid Douglas)
History
Westward with the Prince of Wales
Newton, W. Douglas (Wilfrid Douglas)
Canada -- Description and travel; Windsor, Edward, Duke of, 1894-1972
On this platform men in shirt-sleeves prowled backwards and
forwards--as the tigers do about feeding time in the Zoo. They, too,
had super-hearing. From little funnels that looked like electric light
shades they caught the tick of the messages, and chalked the figures of
the latest prices as they altered with the dealing on the floor upon a
huge blackboard that made the wall behind them.
At the same time the gods on the rostrum were tapping messages to the
four corners of the world. Even Chicago and Mark Lane altered their
prices as the finger of one of these calm men worked his clicker.
When the Prince entered the room the gong sounded to close the market,
and amid a hearty volume of cheering he was introduced to the pit, and
some of its intricacies were explained to him. The gong sounded again,
the market opened, and a storm of shouting broke over him, men making
and accepting deals over his head.
Intrigued by the excitement, he agreed with the broker who had brought
him in, to accept the experience of making a flutter in grain.
Immediately there were yells, "What is he, Bull or Bear?" and the
Prince, thoroughly perplexed, turned to the broker and asked what type
of financial mammal he might be.
He became a Bull and bought.
He did not endeavour to corner wheat in the manner of the heroes of the
stories, for wheat was controlled; he bought, instead, fifty thousand
bushels of oats. A fair deal, and he told those about him with a smile
that he was going to make several thousand dollars out of Winnipeg in a
very few moments.
An onlooker pointed to the blackboard, and cried:
"What about that? Oats are falling."
But the broker was a wise man. He had avoided a royal "crash." He had
already sold at the same price, 83 1/2, and the Prince had accomplished
what is called a "cross trade." That is he had squared the deal and
only lost his commission.
While he stood in that frantic pit of whirling voices something of the
vast transactions of the Grain Exchange was explained to him. It is
the biggest centre for the receipt and sale of wheat directly off the
land in the world. It handles grain by the million bushels. In the
course of a day, so swift and thorough are its transactions, it can
manipulate deals aggregating anything up to 150,000,000 bushels.
When these details had been put before him, the gong was again struck,
and silence came magically.
Unseen by most in that pack of men on the steps the Prince was heard to
say that he had come to the conclusion that to master the intricacies
of the Exchange was a science rather beyond his grasp just then. He
hoped that his trip westward would give him a more intimate knowledge
of the facts about grain, and when he came back, as he hoped he would,
he might have it in him to do something better than a "cross trade."
Public-domain text, read in full here on John Shaqi.
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