Newspaper Page Text
PAGE EIGHT
No Time Is Lost When Joe Doakes
Decides to ‘Play’ the Stock Market
The intricate channels
through which orders for se
curities pass within the walls
©of the New York Stotk Ex
change are described below.
This is the second of four
articles giving an intimate
glimpse of the inside work
ings of the greatest stock
market in the world its pulse
now quickening with the re
turn of better business condi
tions.
" By WILLIS THORNTON |
NEA Service Staff Correspondent
NEW YORK—The typical 11'uns‘-‘§
action o 1 the New York Stock Ex-|
change begins far from the “fin
aneial district”, travels to New|
York, passzes through the mael-|
storm of the Stock Exchange, and|
goes out again in completed form|
to the place where it started. The'
excharge is the mill through which|
passes the grist of the nation’s
dealingg in stocks.
Tet us suppose that Joe Doakes,|
fowa grocer, wants to sell that,
hundred shares of General Mo-j
tors which he has bought, putl
away, but not quite forgottén|
about. He wants cash to buy a
new accounting system for the |
store. own in Atlanta, Ga., thero‘l
gits in a broker’s board room one,
Col. Boakes, who thinks General |
Motors may go up, and wants t(r,
buy some. |
And In 5 Minutes The Deal’s Made
Getting Doakes and Boakes (u—i
gether for the deal is what the
stock exchange is for. ‘
Doakes goes to, or telephones, |
to his broker, whose firm is a,
member of the New York Stock,
Exchange. “I want to sell 100
shares of General Motors,” says
Doakes. “All right. Have your stock|
certificate here this afternoon”|
says the ‘“customer’s man” with
whom Doakes - dezls. Within five
mirutes the customers’ man calls‘l
Doakes back and reports that his;
stock has ben sold. But a great|
deal has been happening in that|
five minutes. !
" The Towa branch office of the|
stock exchange firm sends a mes-,
sage over its private leased wire)
syétem to its New York office to|
sell 100 shares of General Mu(ors.}
The New York office relays the
order immediately by its direct
telephone to the Stock Exchangc.l
"There a ‘“telephone clerk” takes
the message, and flasheg the num-‘
ber of the firm’s “floor broker”
on the clacking annunciator board.l
If he doesn’'t come immediately a
page is sent to find him, with a
notation of the order, Or he 151
pages in the smoking room by
a public addresg system. But.b(_--!
ing on the job in a split second is
that floor broker’s job. He almost}
always gets the order immediately,
Getting Together on Price for Stocks
The floor broker rushes to the
“trading post” where the “Gien-.
eral Motorg crowd” congregates.!
Every group in the stock ex
change is referred to as a ‘“crowd”
Even in the bond market which
‘geethes in an even wilder disorder
in a room adjoining the stock ex
change floor, you find the “Foreign
crowd” or the “Liberty crowd,”
consisting of the men especially in
terested in dealing in that kind
of bonds.
"At the trading post where the
“General Motors crowd” is gath
ered, the floor broker inquires the
current bid and asked prices on
G. M. Perhaps it is offered for
sale at 70, while buyers are bid
ding 69 5-Bths, By an elaborate
machinery, those bid and asked
quotations are available to any
split second, completely up-to-the
minute,
Since Doakes wants to sell and
wants to sell now, he ig offering
his stock “at thé market,” that is,
n.i whatever price is current when
the order is received. So the hroker
representing him offers Doakeg’
100 shares at 68 7-8, an eighth
Jower than the lowest price at
which anyone else is offering it.
Somewhere between that priee
and 69 5-Bths, the last bid price,
he gets together with another floor
broker, who has Boakes' buying
order, say at 69 3-4. When their
offers meet, Doakes' broker shouts
usold!n
Inforiming Doakes and *World
About Deal
* And the transaction is com
plete. BEach broker sends a nota
tion to his “telephone clerk” of
the sale, price and broker with
whom he has dealt. These tele
phone men notify their New York
offices by direct phone wire, These
offices in turn by private wire
notify their branch offices, who
tell Doakes and Boakes respective
ly that their deals are made. Some
times the whole circuit is com
pleted within one minute,
"But in the meantime, as soon
as the sale was made, a reporter
noted it on a slip ¢f paper, hand
ed that slip to a tube boy, who
shot it by pneumatic tube to the
fifth floor of the building. There
an operator transcribed the stock,
amount, and price, on a ticker
tape, and within a minute or two
800 tickers all over the world are
ngn.lng the sale.
. When the floor broker asked
for the current quotation on Gen
eral Motors, he called on the ser
viceg of another group of 120 young
women hidden away at the top of
‘the building. There in a long row
these young women, headphones
‘clamped about their ears, eyes
glued on a quotation board of a
dozen or so stocks, answer in
quiries on up-to-the-minute bia
and-and-asked prices. The board
is kept posted by other young wo
men - who are constantly in touch
with “quotation boys” on the floor,
‘who plug in portable telephones
whenever there is a change in hids,
and keep the ‘“quotation room” in
formed instantly. Those girls an
swer 17,000,000 requests for quota
;m every year.
~ How Transaction Is Completed
L the transaction between
oakes and Boakes is not quite
)leté, There js still the ac
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tual transfer of the stock certifi-!
cate. Doakes bréught his stock;
certificate around to hig bx‘uk(‘,r‘S!l
that afternoon. The branch nfficei
airmailed it to their New Yorx|,
office immediately, for the sale
pledged them to deliver the ac-|.
tuall stock ‘“before 2:15 p. m. Of'l
the second following full ‘business |
day.” {'
The New York office sent it,'!
with others like it, to the Central
Delivery Department of the Ex-|
change, which is run like a post-“
office. Bach member firm sends ||
to the department the certificates
it has fox delivery to other firms."
They are sorted out, and then thel‘
messenger returns to the office;
with the certificates other flrmst
have brought in destined for his
firm. .In a single day, 46,000 such!
deliverieg hav been handled. |
[ With the legal transfer of thel
certificates, and with the payment
,of Doakes money for Doakes'z
stock, the exchange as such hasi
nothing to do, Those matters are
adjusted by the member flrms!
themselves, Only indirectly, as it
makeg regulations govering thel
conduct of members, does the ex
change touch on such matters, |
Members Also Trade For Selves
While the transaction between
IDoakes and Boakes hag been called
a “typical’ one, all stock exchange!
ltransactions are mnot like that.
|Members of the exchange may
|also, of course, buy and sell stockg
for themselves, Many members be
§long for that specific ‘reason, so
that in their large dealingg in
stocks they will not have to pay
commissions to a broker, By be
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coming members, they conducl'
their own dealings dirfectly with
other members.
Many members are «concerned
chiefly with this kiknd of dealing
and have little or no business as‘
broker for the public. Approxi
mately 20 per cent of the sha.res!
tradéd on. the exchange are in|
cluded in direct transactions be
tween members. |
It is when a member does both
kindg of trading, for his own ac-|
count, and for customers, thati
relations grow complicated. De
spite regulations - aimed at pre-!
venting any member from “beingl
on the opposite side of a deal"l
from a client he is representing,;
ithe movement to segregate the-ae’
‘these two kinds of dealing contin-'
!ues to be active. |
i e bl i
- NEXT: What the New York |
' Stock Exchange is, and some of |
'the things it is not. '
l i ooy
l TREASURY POSITION g
WASHINGTON .—(#)—The - posi- |
'tion of the treasury December 81:
' Receipts $10,059,647.56; expend—’
[itures $12,442,022.01; balance sl,-
1905,950,818.38. Customs receipts for‘
the month $38,697,852.72. ‘
Receipts for the fiscal year
‘(slnce July 1) $2,158,305,452.90;
i expenditures $3,652,829,118.41, (ln-\‘
lcluding $1,425,965,830.74 of emerg- |
|ency expenditures; excess of ex
lpendltures $1,394,523,665.61. Gross
debt $34,406,920,961.66, a decrease
‘o[’ $9,43,693.26 under the previous
day. Gold assets $11,257,581,5662.82,
llncluding $26,498,144.23 of inactive
gold.
Field Activities of
Conservation Service
Are Greatly Enlarged
Field activities of the Soil Con
servation Service in Georgia were
considerably enlarged during the
past figscal year, it is revealed in
the annual report of H, H. Ben
nett, chief of the service, to the
secretary of agricarture, received
here today. ’
The number of demonstration
projects in the state was increased
to 5 and the area of privately own
ed land under cooperative agree
ments was increased to 129,400
acres. A total of 9 CC@ camps
are assigned to the Soil Conserva
tion Service in the state.
From a technical standpoint, the
demonstration brogram of the ser
vice remained unchanged during
the year, continuing the introdue
tion of such beneficial farming
practices as strip cropping, con
tour . tillage, contour furrowing
terracing, woodland and gully
planting and the retirement 01
steep slopes and badly eroded areas
from cultivation.
In cooperation with the Georgia
Extension service, practical infor
mation on erosion contro] was
made available to farmers through
out the state,
Experience and scientific experi
ments have proved that farming
practices that conserve goil and
water have a directly beneficial
effect on the control of floods and
the alleviation of drought condi
tions, Bennett says m the report.
The upland soils of g watershed
he points out, constitute a storage
reservoir capable of absorbing or
retaining enough water to prevent
or at least greatly reduce, critical
floods in lower drainageways,
which are due in large part to con
centration in stream channels of
rapid surface run-off. Proved and
adaptable procedures to hold water
in the soil are now available, the
report adds.
| BITTER BATTLE
WASHINGTON.—(P)—The bitter
electoral battle of last November
(has been renewed, woman-fashion,
!by the capital's 30 debutante
{daughters of administration critics
i:md supporters.
! The social “cut” in thei weapon.
' Half a century of tradition says
{each of the season’'s debutantes
Ishall entertain all the others. .-
| But four whose fathers have
plenty of money and no New Deal
’interests are ignoring the invita
tions of the other 26, whose fath
-lers have more regard for the ad
ministration.
l “We want nothing to do with
{those New Dealers,” is their battle
jery.
I “It’'s deplorable,” said Mrs. Wil
liam Laird Dunlop, jr.. who has
lbrought out most Washington buds
for 11 years,
| “Tradition says the season's buds
should entertain in a group. It
(seems to me that a lady is a lady
no matter to whom she speaks.”
THE BANNER-HERALD, ATHENS, GEORGIA
Candidate for Mama’s Beauty-Title
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B G RESEER
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Miss' America of 1935, who was Miss Henrietta Leaver of Mc-
Keesport, Pa., presents a candidate to succeed her in the beauty
ranks—her. own new baby daughter, Patricia Lee, Miss Leaver,
now Mrs. John Mustacchio, left a quiet existence in McKeesport
to win the beauty title and the fame thut goes with it! > Then she
created a sensation by refusing to allow a nude statue of herself
to be exhibited publicly. In preference to possible fame on screen
or stage, she chose a housewife’s role, and now motherhood,
Cummings Recommends Legislation to
Make Federal Law Enforcement Easier
WASHINGTON —(AP)— Attor
ney General Cummings recom
mended to congress today legisla
tion intended tp make federal law
enforcement easier. :
At the same time, he said, in his
annual report for the year endec
last June 30, that there had been
a “gratifying decrease” in Kkidnap
ings and that “some of the coun
try's most notorious criminals” hac
been caught.
To meet “one of the most press
ing problems” in criminal law en
forcement, he urged extension of
the federal registration of machine
guns and other heavy arms to pis
tols and revolvers,
Other proposals by the attorney
general, aimed chiefly, he said, at
speeding =up judicial procedure,
were:
Permit a defendant to waive in
dictment and be prosecuted “by in
formation.”
Require notice of an alibi defense
before trial.
Permit comment on the failure
of a defendant to testify.
Abolish appeals in habeas cor
pus proceedings which arise from
cemoval of a defendant from = the
listrict in which he was arrested
o that in which he was indicted,
Permit deposition—questions and
nswers taken down outside of
:ourt for use in evidence—in erim
‘nal cases, “subject to safeguard
ng the defendant’'s rights to be
‘onfronted with the witness against
him "’
Declare one spouse a competent
witness against the other in crimi
nal cases.
Despite hte reported general de
crease in the crime rate, Sanford
Bates, director of the bureau of
prisons, reported an inerease of 1,-
(00 priscners during the year.
The report of J. Edgar Hoover,
director of the federal bureau of
investigation, spoke of “notorious”
riminals who had keen captured
and mentioned as outstanding
achievements of 1936 inauguration
of the National Folice Academy
and estatablishment of the national
stolen property file.
Fingerprint records, Hoover said,
led to the identification of 5,731
Hollywood Gossip
BY PAUL HARRISON
NEA Service Staff Correspondent
HOLLYWOOD—Around the stu
dios almost everybody will ack
nowledge that Charles Oelze gnd
Robert Sanders are the best Com
edy property men in the business.
‘“Yeah,” says slim, beak-nosed
Oeize, “we’ve made about every
thing, I guess.”
“Sure,” echoes Sanders, who is
pudgy, “we been working as a
team for 15 years.”
They have spent all that time
filling orders for special contrap
tions and thinking up idiotic me
chanical ideas of their own on the
Hal Roach lot. Before they teamed
up, Oelze was a circus chariot
driver andq Sanders was a property
expert for vaudevillg acts,
' The boys don’t mind revealing
tricks of their trade. They like to
‘talk. “Remember the time we had
'to make a frog spit’? asks the
‘thin man. “Yeah,” says the fat
Lone. “We tried teaching the frog,
but it was no go. So we put the
old boy out of his misery and rig
geq him up with wires and put a
tiny rubber tube in his mouth—"
“And I did the blowing,” Oelze
recalls. “Then there was that tur
key we had to blow up because
the script said it was supposed to
be filled with yeast instead of
dressing. That was a tough one—"
A Bust
“Until we were able to make a
turkey out of rubber,” Sanders
chimes in. “We stuffeq it with
sawdust and real gravy and pump
ed air in through g 5 bpipe in ite
neck. She sure exploded. We had
to make a lot of things that look
ed natural, but—"
“Like the automobile a long
time ago, in the days when the
studio couldn’'t afford a real one
because it had to be smashed to
smithereens. We buily the whole
thing out of cardboard, on a balsa
wood frame—"
“And it looked so real we buill
three others and sold ’em to an
other studio. I liked some of our
trick effects best, like the time we
rigged up a fake ocean so Patsy
Kelly could fight an underwater
duel with a swordfish. She didn’t
even get wet. We built a big glass
tank only 10 inches from front to
back, and put goldfish in the tank,
and Patsy behing it. We shot the
scene—"" :
“__right through the glass,” in
terrupts Oelze, “and the goldfish
looked like monsters, and the
swordfish was made of rubber and
worked with wires.. But speaking
of rubber fish—"
Splatter Experts/
“Haw!—you mean about the
trained seals”, chuckles Sanders.
“That was another picture where
we were using rubber fish, ‘and we
fugitives in 1936 as compared with
4,403 in 1935.
During 1936, Hoover added, 31
kidnapers were convicted on evi
dence gathered by federal agents.
WEDNESDAY, JANUARY ¢, 193
had to put strips of tin j, som
of them to keep ’em from Curlin.
up. There were also a coup, ogl ]
seals — real ones, worth 35000'
apiece. Charlie throws one of 'lhe'
seals a rubber fish by mistay, ang
he gulps it down. We wepe Dretyy
worried—"
“—on account of rubbep iSn'g"
very digestiblc “and we didnt
know whether the fish hag tj, i
it. So we fed the seal ahoyt a.
quart of castor oil.”
“But T ain’t sure yet,” Commenty
Sanders gloomily, “that we gave jt
to the right seal.”
“Maybe the man would like to
hear about the things ey,
thrown at actors,” suggests Oelze,
‘“‘Pies anq eggs and all that. We
have always favored lemon Dieg
because they splatter better,
About eggs—"
Name Your Flavor
“With eggs, we blow ’em first
‘and then fill ’em with mayonnaig,
so they will stick instead of run,
When we make oil or paint for 4
comedy seqlience, we make it wity
a glycering base and then flaygp
it so the actors won't holler tgg .
much when they happen to get 4
mouthful. = Stan Laurel likes pep.
permint hest—"
“—anq Oliver Hardy goes fop
wintergreen. We're kind of proyg
of the plate glass window g
make for comedians to jump
through. They're candy-—just thin,
clear sheets of sugar candy,
Speaking of inventions, though,
that automobile—"
“You mean the car we rigged up
with fenders that curled out and
pickeq up pedestrians? It alsg
‘had a boxing glove on a stick that
jumped out and punched road
- hogs”
' When he isn’t building gags for
‘the studio, Sanders builds models
of old sailing ships. Oelze takeg
care of canaries. He has 75 of
them.
“I guess,” said Oeize, or maybhe
it was Sanders, “that we're both 3
little nuts.”
SUPERIOR COURT IS
RE-CONVENED TODAY
A suit filed against John Burns,
negro, by his wife Mamie Burng
involving what she claimed way
an interest in a house and lot and
furniturg threatened #o tie wup
Superior court today but just as a
long list of witnesses was ready to
be called an agreement was reach«
ed and by a directed verdict the
woman was awardeq half-interest
in the house and recovered furni
ture she claimed. Burns had filed
a suit for divorce against his
wife and she in turn sued him for
the property.
The court took a recess Tuesday.
A jury earlier today granted
Mrs. Fred Saye the final decree in
a divorce suit against Fred Saye.
IS EPILEPSY INHERITED?
CAN IT BE CURED?
A booklet containing the opinions of famous
doctors on this interesting subject will be
sent FREE, while they last, to any reader
writing to the Educational Division, 551
Fifth Avenue, New York, N. Y., Dept. J-286