File:Wall Street guide - (1902) (14597799129).jpg

Identifier: wallstreetguide00jlmc (find matches)
Title: Wall Street guide /
Year: 1902 (1900s)
Authors: J.L. McLean & Co.
Subjects: Stock exchanges
Publisher: New York: J.L. McLean
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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. They preferto stay out, just because they started out under theimpression it was to be a fine afternoon. NEW YORK PRODUCE EXCHANGE. New York has five well-established exchanges, theNew York Stock Exchange, the Consolidated StockExchange, the New York Produce Exchange, the NewYork Cotton Exchange, and the Coffee Exchange, alloccupying buildings owned or constructed for theirspecial uses. Their operations are on similar lines, andmany firms hold memberships in two or more ofthem, this being especially true with regard to thestock exchanges and the Produce Exchange. Theyare absolutely independent of one another, but inevents involving the general welfare they exert aunited influence of vast importance. The ProduceExchange owns one of the finest structures of itskind in the world, having cost, in 1884, $3,178,000.The income from rentals alone is over $200,000 perannum, and the exchange now has a gratuity fund,for the benefit of the heirs of deceased members,amounting to over $1,000,000.
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WALL STREET GUIDE. 23 PUTS AND CALLS. A word of explanation as to the real meaningof Puts and Calls and their workings is not outof place here. A Call is a privilege to buy stocks,grain, cotton, or other speculative commodities at agiven price, within a certain specified time, and a Put is the exact reverse, or a privilege to sell ata given price, within a specified time. The business of dealing in Puts and Callson stocks in Wall Street, outside of loaning money,may be said to have been almost the life business ofRussell Sage. At any rate, it was he who made thisparticular line of Wall Street business prominent,and undoubtedly a large part of his fortune is a re-sult of these operations. In order to illustrate the exact workings of Puts and Calls, we will have to go into detail, and foran illustration we will say that you have reason tobelieve that Union Pacific stock will sell much higherin the near future. We will suppose that the stockis now selling at 98, and that you buy a Callon

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