The Secrets of the Great City / A Work Descriptive of the Virtues and the Vices, the Mysteries, Miseries and Crimes of New York City

by James Dabney McCabe

THE STOCK EXCHANGE.

The Stock Exchange is located on Broad street, to the south of Wall street. It is a fine white marble edifice, extending back to New street, which is also taken up with brokers' offices. There is an entrance on Wall street, but the main building is on Broad street. It contains the "Long Room," the "The New York Stock Exchange," the "Mining Board," the now obsolete "Petroleum Board," and the "Government Board." All sorts of stocks are bought and sold in this building. "Erie" and "Pacific Mail" are the most attractive to the initiated, and the most disastrous as well.

The Chamber of the Board of Stock Brokers is a large, handsomely furnished apartment, somewhat like a lecture room in appearance. Each broker has a seat assigned to him. Outsiders are not admitted to the sessions of the board, but any one may communicate with a member by handing his card to the doorkeeper, who will at once call out the gentleman. The sessions of the Board are presided over by a President, but the work is done by a Vice-President, who from ten o'clock until one, calls over the list of stocks, and declares the sales. Each day a list of stocks to be put in the market is made out, and no others can be sold during the sessions. The Board has the right to refuse to offer any stocks for sale, and a guarantee is required of the party making the sale. The members of the Board are men of character, and their transactions are fair and open. They are required to fulfil all contracts in good faith, however great the loss to themselves, on pain of expulsion from the Board, and an expelled member cannot be reinstated. The entrance fee is three thousand dollars. Persons wishing to become members are required to make their applications at certain times. This is publicly announced, and if any one can bring and sustain an accusation affecting the integrity of the applicant, he is not admitted.

Ordinarily the sale of the stocks offered, proceeds in a monotonous, humdrum manner, but when "Erie," or "Pacific Mail," or any other favorite stock is called, each man springs to his feet. Bids come fast and furious, hands, arms, hats, and canes are waved frantically overhead to attract the attention of the presiding officer. The most intense excitement prevails throughout the room, and the shouts and cries are deafening. Sales are made with the utmost rapidity, and the excitement is kept up at the highest point as long as any thing of interest is offered. If a sale is contested, the president names the purchaser, and his decision is final, unless revoked by an instantaneous vote of the Board.

THE OPEN BOARD.

The Open Board of Stock Brokers meet in the second story of a handsome brown stone building adjoining the Stock Exchange. Their sessions are from ten until one. The business of the Board is similar to that of the Stock Exchange, and is dispatched with as much precision, quickness, and clamor.

THE GOLD ROOM.

Descending from Broad street to the basement of the building used by the "Open Board," we find ourselves in a long, dimly lighted passage- way, which leads us into a small courtyard. As we emerge into this yard, we hear a confused hum above our heads, which grows louder as we ascend the steep stairway before us. Passing through a narrow, dirty entry, we open a side door, and our ears fairly ache with the yells and shrieks with which we are startled. For a moment we think we are about to enter a company of lunatics, but we pass on reassured, and the next instant stand in the Gold Room.

This is a handsome apartment, in the style of an amphitheatre, with a fountain in the centre. A gallery runs around the upper part, and several telegraph offices are connected with the room. There are but few benches. The members of the Board are always too much excited to sit, and seats are only in the way. Though the main entrance is on Broadway, the Gold Room really fronts on New street. During the sessions of the Board, it is filled with an excited, yelling crowd, rushing about wildly, and, to a stranger, without any apparent aim. The men stamp, yell, shake their arms, heads, and bodies violently, and almost trample each other to death in the violent struggle. Men, who in private life excite the admiration of their friends and acquaintances by the repose and dignity of their manner, here lose their self- possession entirely, and are more like maniacs than sensible beings.

Few members of either the Stock or Gold Boards operate for themselves. They generally buy and sell for outside parties, from whom they require a guarantee at the outset, and charge a fair commission on the sale for their services. Members have confidence in each other, for they know that no one can afford to be dishonest. Expulsion and financial ruin and disgrace are the swift and inflexible punishments of bad faith.