The stockbroker1’s praises are never sung; if he has good qualities, one seldom hears of them. Doctor Parker once defined the Stock Exchange as the “bottomless pit”: Doctor Johnson said a broker2 was “a low wretch”; politicians vie one with another in painting him a parasite3 and a social excrescence. Impatient idealists who would take a short cut to perfection assert that he is of no real economic value, and would enact4 laws to restrain him. In the novels and on the stage he becomes sleek5, cunning, convivial6, and slippery, while there is ever about him a rank smell of money and a Machiavellian7 sublety that enables him to get something for nothing. Without understanding him and without comprehending his devious10 ways, we feel somehow that he lacks what Lord Morley calls “original moral impetus,” and that in some mysterious way there is a stratagem11 lurking12 in all his actions. When he enters the stage or the story we say:
Something wicked this way comes.”
262 Members of the Stock Exchange are more or less familiar with Baron15 Munchausen and Mother Goose—for if rumor16 be credited both these characters live in Wall Street—so they accept with good humor the epic17 touch of playwright18 and novelist who thus take poetic19 liberties with them and their profession. But the iron enters into their souls when you term them non-producers and parasites20, and long into the night they will debate it with heat, bringing down the lath and plaster on their detractors with the heavy artillery21 of all the orthodox economists22, and painting in gloomy colors the picture of a commercial world without its great Exchanges.
At such times they become very earnest, and the listener, who perhaps never thought of it before, comes away at least partially23 persuaded that society as it is constituted to-day will have to undergo a very decided24 transformation25 before it can get along without the machinery26 of which these maligned27 persons are so important a part. It has stood the test of time; it has come to stay; its fundamental idea, economy and utility in trade, began with the Agora of ancient Greece and the Forum28 of Rome. If there is something apocryphal29, then, in the tradition that derides30 the profession, here at least is evidence of its early origin, its growth, and its power of endurance. In any263 case, membership in the Stock Exchange is to-day the ambition of good citizens everywhere, and affords to many a father a solution of the question at once difficult and important, “What shall we do with our sons?”
There are arguments against such a career, of course, just as there are against all roads that lead anywhere this side Utopia, but nevertheless, a man with capital, average intelligence, and good health, daily contributing by his labor31 to the silent forces that ebb32 and flow within these walls, can do well on ’Change without sacrificing anything that makes for self-respect and without diminishing in any degree his value as a useful member of the community. Moreover, he is free from things sedentary and is brought into daily contact with men and affairs that broaden and instruct him. He becomes a thinking and observing person, one whose mind never becomes atrophied33 for want of material on which to feed. He must be equipped with patience and philosophy to enable him to endure, without losing his nerve, the long periods of dulness that are a sorry part of the business, but he will not complain of wasted days if he learns to know that waste time, like waste material, may be converted into valuable by-products; that just as manufacturers are vigilant34 in turning their scrap35-heaps264 into commercial utilities, so, in his daily economy the Stock Exchange member may, if he has the right stuff in him, turn the ashes, slag36, and refuse of the hour into things of practical value. Once he has learned to do this, the novitiate has surmounted37 the most serious obstacle in his profession.
His days on “the floor,” as it is commonly termed, will bring him in contact with many different types. He will find here all that is finest in human character, and many withering39 things that are most fatal to it; these he may find anywhere, because there will always be men who carry all sail and no ballast, “men who cannot believe life real until they make it fantastic.” But the Stock Exchange is a great leveler; infallibly its swift analysis of character will search him out, weigh him and measure him, and place him just where he deserves to be. Nowhere else among business men does this silent and sure appraisal41 of worth find a more perfect result. It has nothing to do with the size of one’s purse nor the blue in one’s veins42; it takes no account of what a man has been nor of what his ancestors were. Commercial honor is what counts, and within these four walls it is raised to a high plane and maintained with reverence43. They live a touch-and-go life, with quick changes and nerves265 all in action, but they make no mistakes when they analyze44 character in their great crucible45.
Those brutal46 aphorisms47, “money talks,” “might makes right,” “whatever is, is right,” and all similar phrases, become meaningless in the matter-of-fact subordination of externals that one witnesses daily on ’Change, where life is stripped of all save elementals. It is character that “talks” here, not money; if might makes right, it is the might of decency48 and not of brute49 force or “pull”; whatever is, is “right” only so far as it conforms to the code of gentlemen and exalts50 the square deal. Unless a candidate understands this in its fullest sense, and is determined51 to make it his goal, he had better avoid the Stock Exchange. Conversely, we find in this critical atmosphere another reason why honorable men are ambitious to become members, for it is something inspiriting to have won the discriminating52 approval of a critical assembly abounding53 in experience and guided by good traditions.
The New York Stock Exchange is an association and not an incorporated body. It resembles a club in its organization, and hence through its governing board it exercises a control over its members that could not be maintained by differently constituted authority. From the moment a man signs that Ark of the Covenant54, the266 constitution, and thereby55 becomes a member, he places himself, his partners, his customers, his employees, his books and all his business affairs unreservedly in the hands of the Board of Governors. This body, which is composed of members of the Exchange, is chosen in classes of ten, by the full Board at an annual election. It consists of forty members, divided into eleven standing8 committees, of some of which the President, Vice-President, and Treasurer56 are also members.
It has been urged in times past, by those who have not understood the peculiar57 powers of this Governing Board, that the Stock Exchange should incorporate in the manner provided by law, and thus place its affairs within the control of the State authorities, so that if mistakes occur and wrongdoing becomes evident offenders59 may be dealt with by the legal authority vested in the Courts. But the essential point altogether missed in this suggestion lies in the fact that the absolute power vested in the Board of Governors, by the existing plan, gives the Stock Exchange authorities vastly greater control over its members than any law on the statute60 books could possibly give. The Hughes Commission, which went thoroughly61 into the affairs of the Stock Exchange in 1909, recognized this fact, and its report emphasized the267 point that if changes were necessary they should come from within the Exchange itself, because of the broad control vested in it by its constitution.93
The manner in which the Board of Governors handles offences as they occur, and the way punishment is meted62 out, would not have a constitutional leg to stand on if, as an incorporated body, offenders could invoke63 their legal privileges. Under its present organization, for example, the Board may, if it sees fit, intercept64 and cut off a member’s telephone connection; it may dictate65 with whom he may or may not do business, and in its wisdom it may determine how, when, and where that business shall be conducted. If it were an incorporated body and each offender58 could resort to the courts in instances such as I have cited, what would become of its rules, and how could the Exchange authorities maintain its absolute determination to protect the public at all hazards? Under the existing system, which true friends of the Exchange and of the public may well wish to see maintained, the governors are enabled to find the direct way and the common-sense way, without being blocked by a jungle of legal technicality. They are not to be delayed268 or restricted by alibis66, by pleas of immunity67, or by States’ evidence, nor are they to be interfered69 with by the rain of legal writs70 through which an accused man, in the courts, may twist and double and block and delay the punishment for his sins, if sins there be.
Wonderment is often expressed by men in other lines of business at the severity of the punishment sometimes inflicted71 by the governors in this autocratic control. To expel or even to suspend a member, and thus bring upon him great pecuniary72 loss as well as disgrace, all because of an offence which might go unpunished in other professions, naturally seems to an outsider to be unnecessarily severe. The answer to this is, of course, that the governors, recognizing their great duty, accept as a public trust the power and the ability to maintain it. No matter whose head is hit, the rules will always be vigorously enforced because they are designed to protect the public—a public, I am sorry to say, that has not always tried to understand what the Exchange stands for. That is why no statute of limitations can interfere68 to protect any one of its members from the penalties that attend a departure from the straight line of business morality. A rigid73 enforcement from within is the only efficient way, and no one who knows the governors and their arduous74 labors269 on behalf of the principle for which the Exchange stands can ever doubt it. The members themselves, no matter who is punished, are a unit, and an enthusiastic unit, in upholding the disciplinary action of the governors every time.
The best course for a young man to pursue who wishes to become a member is first to spend a year or more as clerk in a well-regulated broker’s office. The business is by no means intricate, and there are details with which he should familiarize himself. If in future years his partners are absent, he can then go over his firm’s books and acquaint himself, as he should, with all its affairs. A dishonest partner could ruin him, or, what is worse, disgrace him, for the governors recognize no distinctions as between partners, nor is ignorance accepted as an excuse. Office partners who are not members of the Exchange do not always understand the rules, nor the rigorous spirit in which they are enforced, and just as the Board member is held accountable for his partners, so he must pay the penalty for their misconduct.
This means that a member must choose his partners carefully, must familiarize himself with what they are doing, and must know how to read every entry on the firm’s books. Then, too, it is immensely satisfactory to one who has270 been on the floor all day and more or less out of touch with his office details to learn of his own knowledge each day, before he goes home, just where the firm stands. He looks over the customers’ accounts, the loans, and the nature and amount of the firm’s unemployed76 resources, including its balances at the banks. Such a man sleeps well, and reduces to a minimum the anxieties that, at critical times, make of this a nerve-racking occupation. It is all simple enough, and in the modern methods of office economy in bookkeeping he can do it without loss of time. Above all other considerations, such a man knows his business thoroughly from top to bottom, and he should not think of investing his capital on any other basis.
Perhaps a word will not be amiss regarding partnership77 agreements. A Stock Exchange commission business is one that should be conducted like any other business—that is to say, reserves should be laid aside and surplus balances created for the inevitable78 rainy day. That this is not done by all brokerage houses in the way it should be done is due to the curious habit that has grown with the years, whereby stockbrokers79 spend their money, uptown and down, with a lavish81 hand. Too many men of the younger generation thus give hostages to fortune in their private extravagances by “drawing down” their credit balances271 as fast as they accrue82. “Easy come, easy go,” seems to be the guiding principle, and when hard times come, as come they must, debit83 balances are created that soon eat into capital account.
No hard and fast rule can be laid down to meet conditions like these, but the best method I have seen, and the one most wisely designed to avoid mishaps84 for beginners, consists in a partnership agreement by which each member of the firm may draw a monthly sum, worked out to meet his normal requirements, and no more. All that remains85 is then turned into capital account, where it draws interest, becomes a producer, and grows by what it feeds on. I have in mind a firm of young men who some years ago resorted to this method of compulsory86 saving, with such success that, despite the vicissitudes87 of the passing years, the members comprising it are now all wealthy, attributing their good fortune wholly to this wise and provident88 copartnership agreement.
New York Stock Exchange memberships are obtained in only one way. Having assured himself that he can meet the requirements of the Committee on Admissions, and having provided himself with two sponsors, the candidate enters into negotiations89 with the secretary of the Exchange for the purchase of a “seat,” as it is termed. As there are only 1100 members, and as272 the membership is always full, he must either purchase the seat of a deceased member, or make a bid sufficiently90 high to attract a seller. He may, of course, subject to approval by the committee, inherit a seat or acquire it by private transfer, but the customary process is to buy openly through the secretary, a salaried officer of the Exchange, whose authority in matters of infinite detail is such as to make him a mighty91 power in executive affairs. Thereupon he pays over the purchase price, together with an initiation92 fee of $2000, and presents himself and his sponsors before the Committee on Admissions.
This committee first calls his proposer, and then his seconder, and they are subjected to a careful inquiry93 as to how long they have known the candidate, and whether in a business or social way; his qualifications for membership, his health, his character and reputation, and his previous business experiences are all subjected to a microscopic94 scrutiny95. His sponsors are also asked if in the ordinary course of business they would accept his check for $20,000.94 If the answers273 to these questions prove satisfactory, the candidate himself is summoned and put through a similar examination. As his name has been publicly posted on the bulletin board for two weeks, anything detrimental96 concerning him will probably have been communicated to the authorities before he is examined, but if not, provided he proves satisfactory and the particular department of Stock Exchange work which he proposes to undertake meets with the approval of his inquisitors, and provided also his partners are not objectionable, he is elected to membership after he signs his name to that magnum opus, the constitution.
The price paid for memberships in recent years has varied97 widely with the condition of the times and the state of the stock market. In the halcyon98 days of December, 1905, and the opening months of 1906, there were several transfers at $95,000, the high-water mark. Following the panic of 1907 seats declined in December of that year to $51,000 and rose again in 1909 to $94,000. The only dues are $100 annually99, together with $10 voluntarily paid by members to the heirs of each of their deceased colleagues, but this amount is, under the regulations of the Exchange, limited to $150 annually, the balance, if more than fifteen members die in any one year, being paid274 out of reserve funds. The sum of $10,000 which thus accrues101 to the heirs of deceased members is, of course, much cheaper than any other form of insurance. The Exchange is enabled to maintain it by the $10 contribution as described, and the general fund is kept intact because the 1100 members actually contribute $11,000, of which the extra $1000 is set aside as a reserve, which is prudently102 invested.
If we accept the fallacious argument that a thing is worth just what one can get for it, there can be no argument as to the value of Stock Exchange memberships, but that is not the way to approach the subject. It may be said with certainty that no matter how much has been paid in the past, or how much may conceivably be paid in the future, a purchaser who devotes to his business the same time and labor that he would devote to any other business in which a similar capital was invested will always be able to earn a good return. Those awful periods of stagnation103 will appear now and then, and accidents in the shape of losses will occur and return again to plague him, but, nevertheless, the hard worker will find no cause for complaint when he sums up, let us say, a five-year average. This is demonstrated by the fact that it is only on rare occasions a Stock Exchange member changes his vocation104,275 which is another way of saying that memberships are held at high prices because holders105 are prosperous and will not sell.
In considering the value of Stock Exchange memberships it is important to include the “unearned increment” that goes with them. Despite all that may be said against it by members themselves, who in dull times denounce their calling with cynical106 extravagance, membership carries with it certain undefined advantages. It is a centre of the financial world in America; the business is one that quickens enterprise and encourages adventure; it undeniably gives a man a certain standing and character among his fellows; he is always abreast107 of the times, his hours are not long, he acquires habits of deduction108, analysis, and observation that sharpen his wits and give zest109 to life; he is surrounded at all times by a great storehouse of wit, wisdom, and experience, and from the very nature of his business he is often brought into contact with important news of which he can take advantage and which may lead to highly profitable opportunities for investment or speculation110. He would be less than human if he did not avail himself of such opportunities, and the business would lose much of its enjoyment111; indeed “the tranquillity112 of dispassionate prudence113” of which Goldsmith276 speaks may easily be carried too far on ’Change.
When a newly elected member makes his appearance on the floor he is taken to the rostrum by one of his sponsors, who introduces him to the Chairman. That formality concluded, he is greeted by shouts of “New Tennessee,” and is instantly surrounded by a howling mob of young members bent114 on initiating115 him. The origin of this war-cry, “New Tennessee,” is an enigma116 one would like to solve, but it is lost in obscurity. Even the board-room antiquarians have no clue. One of the members tells me that his grandfather, who was a member of the old Exchange that stood at the corner of Wall and William streets in the early 1830’s, often told him that the phrase was in use then, just as it is to-day. Its early origin, at least, is thus established, and one’s curiosity concerning it is proportionately increased. However it originated, it remains the popular slogan, and when a shrill-voiced member in any part of the room cries out above the din9, “New Tennessee,” there a crowd of the boisterous117 younger element gathers to welcome a new member.95
To-day, thanks to the prudence of the Committee277 of Arrangements (which has charge of the board-room discipline), the hazing118 of new members is confined to harmless pranks119, but up to a year ago the process was a severe one. Newspapers rolled into clubs were used to beat the novitiate over the head; he was pelted120 with everything within reach; his collar and tie were torn off, and after a hundred strong young men had thus jostled and mauled and pounded him all over the room, he was a sorry sight. It began to be felt, after a peculiarly severe hazing of this sort, that something might happen one day to bring reproach upon the Exchange and sorrow to the members themselves, so the committee wisely put a stop to the practice.
When the new member settles down to serious work he will find open to him several different methods of doing a brokerage business, and in this respect the New York Exchange differs widely from those abroad. In London, for example, there are but two classes, jobbers121 and brokers80, to only one of which a member may belong. Until very recently the distinctions between the two classes were but vaguely123 defined, and even now frequent undercurrents of resentment124 are aroused between them because of the alleged125 encroachments of one class upon the domain126 of the other. In Paris, where the seventy278 Agents de Change enjoy an absolute monopoly by government authority, there is very decided opposition127 by the less fortunate members of the fraternity, and there are many who predict that the friction128 and dissatisfaction which monopolies arouse in this day and age will sooner or later bring about a reformation of the French system.
Here there are no such distinctions, and no friction. A member may be any one of several different kinds of brokers, or he may be all of them at once, if his arms and legs will stand the strain, and if his financial resources will enable him to meet the losses arising from mistakes. These mistakes are a sorry part of the business, and they are bound to occur every now and then, no matter how careful a man may be, but I have observed that they come about most frequently in the case of men who try to do too much.
A man may, if he chooses, become a partner in a commission house, and confine his time to the execution of orders for his firm’s customers. For these services his firm receives and is compelled to collect, by the rules, a commission of one eighth of 1 per cent.—that is to say, $12.50 per hundred shares. Or he may be a “specialist,” and establish his headquarters at some one spot in the room, and do nothing but execute orders entrusted129 to him by his fellow-members in the one279 stock or group of stocks situated130 at that particular spot. For his services in these transactions he receives a commission of two dollars per hundred shares, to which is added $1.13 if he is required to “clear” the trade—that is, to receive or deliver the stock. The latter is called “three-and-a-shilling business,” or “clearance business.”
The vocation of the specialist is one that causes frequent comment and ill-merited abuse. It has been charged that he sometimes exercises arbitrary power in executing his orders, and complaint is heard that the price at which he deals is not always a fair price. My observation is that four times out of five the fault lies, not with the specialist, but with the broker who gives him the order. The latter has been trying to do too much, he has held the order in his hand whilst engaged elsewhere in the hope of saving the commission for himself, and then, when he has “missed his market,” turns the order over to the specialist and shifts the responsibility to his shoulders. This is scarcely fair, and it simply should not happen. The customer protests at the delay and at the price; he is told the specialist is responsible, and straightway another voice joins the chorus that holds the specialist in abhorrence132.
Like the chairman of the House Committee of280 a club, the specialist is made to bear everybody’s burdens; he is the target for all the criticism that any one chooses to hurl133 at him. And yet he is one of the most useful and indispensable features of the Exchange machinery. Without him there would be no market whatever in very many securities; like the London jobber122, he is constantly on the spot, ready to take chances by creating at his personal risk a market where none may have existed. If it be urged that the specialist should not speculate, but should confine himself solely134 to executing the orders on his books, it may be answered that in such a case he would often be useless, for in many instances the orders on his books are insufficient135 in volume to establish a close market or anything approaching it. By reason of his speculations136 a market is created; without them it may not exist. He speculates, therefore, for the same reason that jobbers in the London market speculate, and dealers137 in wheat, cotton, and wool. Like them, he must have goods on hand to supply the demand, and in the purchase of these goods (securities) he speculates, legitimately138, on the hope or belief that buyers will appear.
If the new member chooses, he may become what is known as a “two-dollar broker,” with a roving commission, executing orders for members281 in any part of the room at $2 per hundred shares. The “two-dollar man,” as he is termed, is a hard worker above his fellows. He labors75 for a minimum wage; he must work every day or forego his revenues, for he cannot delegate his orders to any one else and receive a commission for these vicarious services. He takes big risks, because he has many orders from many different houses; the least inattention means loss. I have known one of these two-dollar men to lose $10,000 on a mistake on a 500-share order from which his commission was but $10. He is supposed to be a mine of information concerning floor gossip; his value to the houses that employ him lies quite as much in his ability as a newsgatherer as in his skill as a broker. He is on the jump every minute. The one redeeming139 feature of his business is that he has no office responsibilities, and none of the burdensome—and sometimes painful—duties that attend the stockbroker’s relations to his clients.
There are perhaps fifty “odd-lot” brokers on the floor, and a member may, if he pleases, take up this branch of the business. It has to do with the buying and selling of fractional lots of securities, on which no commission is charged because the peculiar nature of this business enables the broker to trade against his commitments as282 they arise, and thus obtain compensation for his services in the resultant profit. In a small way the odd-lot broker, like the specialist, resembles the London jobber. One of the houses that confines its operations to this “odd-lot” business has nine partners, seven of whom are members of the Exchange; another has seven partners with six board-members. The fact that two such houses should have a million dollars invested in memberships, to say nothing of the large sums employed as capital, speaks eloquently140 for the volume of business they are called upon to handle.
This business, which includes fractional lots of securities from one to a hundred shares, is one of the most important on the floor, since it represents, very largely, the purchases and sales of an army of small investors141 all over the world. To such customers, very properly, the Stock Exchange gives the best it has, safeguarding their interests with quite as much care as it bestows142 on the greatest of market operators. The handling of all the odd-lot orders that accumulate in a busy day, the skill required in the office-machinery, the vigilance of the floor expert, and the foresight143 necessary to conduct the trading operations of the firm make this a most fascinating business.
Another field to which a member may turn is that which has to do with transactions in bonds.283 The “bond-crowd,” as it is called, makes its headquarters on a platform under the east gallery. There are about fifty of these “bond-men,” and the compensation paid them for their service is the same as that paid on stocks, ten thousand dollars in bonds being reckoned equivalent to 100 shares. As there are twice as many bonds as stocks listed on the Exchange, one would think a larger number of brokers than this little coterie144 would be required to handle the transactions, but, despite this disparity in the relative size of the lists, it so happens that very many of the listed bond issues are rarely dealt in, and hence there is no surplus business. Moreover, brokers from all parts of the room are constantly executing their own bond orders without having recourse to the assistance of brokers who make this department a specialty145.
Still another opportunity presents itself in the business of arbitraging146. The arbitrageurs stick closely to the rail along the south wall, where there are pneumatic tubes connecting with the cable offices downstairs. Their business is one that calls for the utmost speed, since it involves taking advantage of fractional differences that arise from time to time in the prices of stocks that are listed on foreign Bourses as well as on the New York Stock Exchange. Thus Canadian284 Pacific may sell at 270 in London and at the same time at 269? in New York, and as an excellent cable service keeps pace with these fractional differences, the arbitrageur may buy in New York and sell in London and receive a confirmation147, all within three minutes.96
Because of its complexity148 and its risks, arbitraging is not a business that appeals to beginners on the floor. One must have reliable colleagues on the foreign Exchanges who are constantly watchful149 and alert, and who are moreover possessed150 of sufficient capital to finance large transactions. In addition, there are labyrinthine151 difficulties to surmount38 in the way of commissions, interest charges, insurance of securities in transit152, fluctuations153 in the money markets abroad and at home, cable tolls155, letters of confirmation, rates of foreign exchange, settlement days, contangoes, and many other matters. Unless a man has had a long experience in the difficult art of arbitraging, he had better shun156 it or prepare for trouble.
Finally, in determining what branch of the Stock Exchange business he will undertake, a member must consider that numerous and shifty285 contingent157 known as “floor traders.” These gentlemen afford an interesting study. They do not accept orders; each man is in business for himself. They entertain no illusions, and they recognize no alliances with each other. Each one follows his own inclinations158, and does not permit himself to be moved by tips, or rumors159, or gossip, or sentiment. He scoffs160 brazenly161 at all forms of “inside information.” His power of observation is keen, and his habit of analysis and deduction is wonderfully developed. In the surging crowd around an active stock he sees things with microscopic eye, and acts with surprising promptness; once his conclusions are reached, speed and agility162 are relied upon to do the rest. Age cannot wither40, nor custom stale, his infinite variety. He is a bull one minute, and a bear the next. He is intent, resourceful, suspicious, vigilant, and ubiquitous. He asks no quarter, and gives none. Now he is sphinx-like, deaf, inscrutable and impenetrable; now exploding with the frenzy163 of battle. You may stand and chat with him, and he may seem to listen to you. In reality he does not hear you at all. His roving eye is elsewhere, his mind is intent on other things. In the middle of a sentence he may leave you abruptly164 and go tearing from crowd to crowd like a thing possessed, the incarnation of energy.
286 Visitors in the gallery who look down upon the scene on the floor in active markets, when all the Stock Exchange elements just described are striving at their utmost, come away in wonderment. The scene is one they do not understand. Such tumult165 is foreign to anything in their experience, and in their failure to recognize the economic forces at work in the animated167 panorama168 before their eyes they are prone169 to form superficial and erroneous opinions. The disorderly nature of the work seems to impress the visitor forcibly, yet the Stock Exchange is perfectly170 orderly; transactions involving millions come and go without the slightest friction. Nothing could work more smoothly171.
It does not occur to the uninstructed spectator that mighty forces are here at work in establishing values; that the object of the Stock Exchange is to safeguard investors; that it is the one unobstructed channel through which capital may flow from sources where it is least needed into those where it may be most beneficially employed. The casual onlooker172 often gives no thought to the high standard of commercial honor that is maintained here; he does not realize that his own affairs, whatever they may be, would face a serious situation were this very important part of the modern mechanism173 of business to suffer287 interruption. And so it sometimes happens, in his hazy174 and nebulous impressions of the Stock Exchange as gathered from the visitors’ gallery, that this man’s mind is fertile ground for the seed which may be sowed there by every genteel humbug175, demagogue, or quack176 whom he chances to meet.
It may be admitted freely that the facilities afforded by Stock Exchanges, like all other great public utilities, are sometimes foolishly or dishonestly abused, but by no stretch of the imagination can such abuses attain177 to the mischief178 done by those who would deceive people into the belief that the Stock Exchange, because it deals with large affairs in a large way, has some improper179 quality about it. Many minds, many hands, and many hours of patient labor have been bestowed180 on the making of the chronometer181 which is a vital part of a great ship; yet a child may “put it out of business,” and destroy the ship’s company.
That these observations apply to the New York Stock Exchange need not be elaborated when we consider that one third of our nation’s wealth is represented by its securities; that there are two million owners of them; and that, through the widespread publicity182 of Stock Exchange quotations183 the world over, all these owners are given gratis184 the epitomized288 judgment185 of experts as to the value of those securities each day and their prospective186 value in the future.97
The Stock Exchange is open for business from 10 A.M., to 3 P.M., and on Saturdays from 10 to 12 noon. The broker reaches his office between 9 and 9:30 A.M., looks over his correspondence, makes a mental note of the general status of the firm’s affairs, glances at the morning’s news that is rapidly reeling off the ticker, reads the prices cabled over from the London Stock Exchange which has been in session four hours, and thus in a general way acquaints himself with what may be expected at the opening of the New York market. The two-dollar broker and the specialist do not concern themselves greatly with such matters, and frequently they go directly to the floor without stopping at their offices.
By 9:45 A.M. the Board is beginning to present a scene of animation187. Of the 1100 members not more than 600 are in attendance, and often not more than 400; indeed, there are members who have never once entered the room. But the attendance is increased by the presence of some 230 pages in uniform, wearing five-year service stripes, of which the sleeve of the superintendent289 is adorned188 with eight; 30 telegraph operators, whose business it is to hurry from place to place gathering189 quotations as they occur, and sending them out over the ticker, and by 550 telephone clerks who occupy the long booths on the west wall, where private lines connect members with their offices.
These clerks are not permitted to go on the floor. Their employers, who rent the telephones from the Exchange, pay $50 annually to the institution as a fee for each clerk. As their duties are extremely important, involving the transmission by ’phone of orders and reports that often run into millions, it will be seen that this small army of private line operators is of necessity highly trained. An instant’s relaxation190 or inattention, or a failure to transmit promptly191 and correctly the verbal messages entrusted to them, may conceivably lead to confusion and losses of great importance.
At each of the sixteen posts in the room, from twenty to forty stocks are situated, and another group covers the north wall. Once a position is assigned to any security by the committee in charge, it is seldom moved elsewhere, and thus, although there are nearly six hundred different issues of securities, the broker soon learns the location of each one and turns automatically in290 that direction when an order reaches him. At each of the posts, and along the north wall, the specialists in these various groups of stocks are at work before the opening of the market, entering the day’s orders in their books, some with the rapid energy that betokens192 an active opening, others with an indifference193 that spells dulness in their particular line.
At Post 4, in the northeast corner, there is also an ante-market gathering, for this is the spot where stocks and money are borrowed and loaned. This “loan crowd,” as it is called, was formerly194 the gathering to which one turned to gauge195 the market position of the bear party, since the borrowing of stocks by “shorts,” as done here, furnished an index of the strength or weakness of that interesting element. But of late it has lost its ancient prestige as a guide in such matters, because in order to hide the information sought, borrowing of stocks on a large scale is now done privately196. This “crowd” has been the scene of some tremendous excitement, as in the Northern Pacific corner of May 9, 1901, when the price soared to $1000 per share and the shorts were trapped, and on that day in October, 1907, when money, after loaning at 125 per cent., was not to be had, for a time, at any price, although brokers with the best collateral197 would have paid291 200 or 300 per cent. for accommodation, and ruin stared every one in the face.
As the hour of ten draws near, activities increase. On the south wall the arbitrageurs are busy deciphering their code messages and distributing orders, many hundred telephone bells are ringing in the long booths where clerks are hastily writing their messages; crowds of visitors gather in the gallery, while beneath it the bond-brokers prepare for their labors; indicator198 boards on the north and south walls, like great kaleidoscopes, display and hide their number with the same electric suddenness that seems to characterize everything and everybody—then bang! the gong rings, the chairman’s gavel falls, and another day begins. Yesterday is embalmed199 with the Pharaohs; they never speak here of what has happened, but only of what will happen—and this is a new day.
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 literally200 hurls201 himself; each sound in the jargon202 of voices, which292 means only Bedlam203 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 manly204 sport of throwing mud. A shovelful205 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 vilify206 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 conspiracies207 are organized for robbing the poor and grinding the rich; so despicable and damnable that Society is appalled208. Here plots are hatched which will eventually destroy the nation, and here the Gold Barons209 defraud210 the innocent and the unwary, by293 stock issues based solely on hot air and diluted211 water. Here Senators are made, Congressmen debauched, and judges instructed—even plans consummated212 for the seduction and capture of the Supreme213 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 unimpeachable214, clear, limpid215 honesty of its members.
When you buy a house even if both parties sign, the agreement is worthless unless you put up one American dollar and get the other fellow’s receipt for it in writing. If you buy a horse or a cow, or anything else of value, the same precaution is necessary. So too if you sign a will. Your own word is not good enough. You must get two others to sign with you before the Surrogate is satisfied.
None of this in the Stock Exchange. A wink216, or two fingers held up, is enough. Often in the thick of the fight when the floor of the Exchange is a howling mob, when frenzied217 brokers shout themselves hoarse218 and stocks are going up and down by leaps and bounds, and ruin or fortune is measured by minutes, the lifting of a man’s hand over the heads of the crowd is all that binds219 the bargain.
What may have happened in the half hour’s interim220, before the buyer and seller can compare and confirm, makes no difference in the bargain. It may be ruin—possibly is—to one or the other, but there is no crawling—no equivocation—no saying you didn’t understand, or “I was waving to the man behind you.” Just this plain, straight, unvarnished truth, “Yes, that’s right—send it in.”
If it be ruin, the loser empties out on the table everything he has in his pockets; everything he has in his bank; all his houses, lots, and securities—often his wife’s jewels, and pays 30, 40, or 70 per cent., as the case may be.
294 What he has saved from the wreck221 are his integrity and his good name. In this salvage222 lies the respect with which his fellows hold him.
Every hand is now held out. He has stood the test, he has made good. Let him have swerved223 by a hair’s breadth and his career in the Street would have been ended.98
Of course mistakes and misunderstandings do sometimes occur, and these are the banes of the broker’s life. He will lose $500 with equanimity224 on a personal venture, but he will howl in distress225 over a loss of $25 on a mistake, and apply to himself a lurid226 mosaic227 of epithets228 because of it. The one merely shows bad judgment and is one of the little amenities230; the other he feels is stupidity. At such times the stockbroker adopts Talleyrand’s bold hyperbole when he heard of the death of the Duc d’Enghien, “It is worse than a crime; it is a blunder.”
When a “mix-up” occurs in a crowd, as when four or five men make claim to having supplied a bid simultaneously231, everybody produces a coin and “matches” on the instant. It is a case of “odd man wins,” and no time to lose. The market may be active and differences of seconds may spell losses of thousands. In less time than it takes to tell it, everything is adjusted and forgotten. But sometimes a mistake occurs295 which is not discovered by either party until after the market has closed. A man may think he sold 500 shares, for example, whereas the buyer has only 400 on his book. In a case of this sort, the discrepancy232 is covered “at the market” next morning and the loss or profit is divided. Differences between members are seldom irreconcilable233, and when they assume serious proportions any third man will act as arbiter234 and speedily settle them. It is a significant fact that the Committee of Governors selected to arbitrate disputes is rarely called upon. Rarely, too, is there acrimony or hard feeling. The use of epithets is forbidden; to call a man a liar14 means prompt suspension. And so they live on raw nerves, with incidents occurring daily that add to the strain, yet ever with good-humored acquiescence235 toward whatever fortune deals out to them, and with generous camaraderie236 one to another.
As the day advances on ’Change, news and gossip and rumors of all kinds pour in, and to these the active broker must devote a large part of his time. It is astonishing to what extent the public, or that part of it that lingers in brokerage offices, calls for news from the floor. The demand is insatiable. “What do you see over there?” “Who is buying Steel?” “Who is selling union?” “What’s the news in Copper237?”296 “What do you think of the market?” These are the messages that come over the wires all day long, not merely from the New York offices, but from Montreal, Boston, Chicago, St. Louis, and many other points. And no matter how busy the floor broker may be, time must be found, somehow, to reply to every question as best he may, for at the other end of the line there is a customer waiting to hear from him.
Just why this customer yearns238 for news from the floor has always been a mystery to me. What does he expect to learn? What value attaches to a list of names of brokers who buy or sell Steel, when everybody knows that really important principals in these matters invariably hide their hands? All the significant news of the day is printed on the news tickers and reaches the customer’s eye before the broker or the floor knows anything about it, yet never an hour passes but he is importuned239 to “say something” about what is happening on ’Change, although half the time nothing whatever is happening. The climax240 of this sort of thing is reached when the floor man is asked to predict the future course of the market, a request that reaches him a dozen times a day. Now, in the name of common sense, what does he know about whether the market is going up or down? How can a man who is297 swimming with the current tell how fast he is going? If he were a seer who could foretell241 such things he would have all the money in Wall Street, in which case he wouldn’t remain a broker very long.
Just watch him; he is as busy as a man can be; his hands are full of orders, his head is occupied with many anxieties, his eye is on the indicator board, or scanning the room; arms and legs are working as fast as nature will permit; he must concentrate at all times. His ears ring with the strife242 of the room; all sorts of rumors, many of them ridiculous, are hastily whispered to him; “boos” and groans243 from the bears, shrieks244 and yells from the bulls—this is the sort of thing he hears all the day long. How can he form an opinion when thus distracted? He stands too close to the picture; he lacks perspective. What such a man thinks of the market isn’t worth anything; indeed, he does not “think” at all except about executing his orders, and heaven knows that is enough to engross245 him.
Answering all the questions that come to him over the wires is the hardest task, and the most distasteful thing the floor man is called on to do. He knows that he doesn’t know anything; from his point of view no information is better than misinformation. He feels with Josh Billings, “It’s298 a mitey site better not 2 no so mutch than 2 no so mutch that ain’t so,” but nevertheless he must continue to express views and theories and opinions and predictions, whether he likes it or not. Some of his oracular utterances246 are illuminating247. “Market is going down,” he replies, “because there are more sellers than buyers.” Inexorable logic248.
There was old Y——, who used to talk to his customers sitting near his office window, which faced Battery Park. He was a shifty professor of finance who never was known to hold the same opinion of the stock market two days running. “This market,” he said one day, “is going away up, crops are good, money is easy, railroads are rolling in wealth, and—look over there”—pointing to a line of immigrants walking through the park from the landing place—“the brawn249 and sinew of old Europe coming over here to develop our resources.” The very next day the market had what is called a “healthy reaction.” Quite unmindful of his consoling prophecies of yesterday, old Y—— looked at the tape and said, “This market is going away down. Crops are poor, money is tight, railroads are in a bad way, and—look over there”—pointing to another procession of immigrants—“the scum of Europe coming over here to rob our American laborers250.”
299 If that portion of the public which buys and sells stocks often has its little joke at the expense of brokers, so also brokers in their turn frequently have cause to laugh at their clients. “Cheer up,” was the message sent over the wire by a hopeful broker to a despondent251 client; “cheer up, the market can only go two ways.” “Yes,” was the reply, “but it has so damn many ways of going those two ways.” During the rubber boom of 1910 on the London Stock Exchange, a broker wired to a client in Ireland, “Rise in bank rate considered likely,” to which he received a prompt reply, “Buy me five hundred.” A telegram came over a private line one day last summer from a customer in Montreal. It was a deadly dull period, when, owing to the indifference of the public, stockbrokers were not making expenses. “What are you chaps doing over there?” said the telegram. “Why don’t you start something?” to which the floor member replied, “Read St. Luke 7:32.”99 This must have been the same member who, when customers were few and far between, hastily ’phoned his office partner, “Put all our customers into copper,” to which his partner replied with grim resignation, “He won’t be down to-day.”
300 When the gong rings at three, the day’s work on ’Change is at an end, and the shouting and the tumult dies. It is then 8 P.M. in London, and there in the Street hard by the Exchange, even at that ungodly hour, brokers and jobbers in the “Yankee” market are still at work in all kinds of weather. “The American market,” says the (London) Quarterly Review, “continues, as a rule, to deal up to 8 P.M. (5 P.M. on Saturdays), when the cable offices on this side close down. Up to that time wires are coming in continually from New York with orders and prices; and a man would be ill advised to undertake jobbing in the American market unless he has a splendid constitution and lives within easy reach of town. Every year the Yankee market levies252 a death-tax upon its members through the medium of pneumonia253 and other complaints brought on by long exposure in the Street after official hours; and very little is done to provide these late dealers with adequate accommodations or shelter.”100
Before leaving the Board after the official close, the broker will stop for a moment at the loan crowd to borrow or lend his stocks, after which he spends a half hour or so in his office, going over the events of the day with his partners and customers, and familiarizing himself with the day’s301 doings. The specialists, floor traders, and two-dollar men, many of whom have no partners and no office staff, will go directly home, loitering perhaps for a late luncheon254, or something stronger, at the club upstairs, or at a famous café across New Street. When times are brisk it is not an uncommon255 thing for partners to remain at their offices until a late hour, and clerks are often on duty until the small hours of the morning, spending what is left of the night at a nearby hotel in order to save time.
Holidays are not numerous on the Stock Exchange, being limited to the days set apart by law, and to very rare occasions in dull times when by petition of a majority of the members a Saturday half holiday is granted by the governors. It is felt, very properly, that special holidays should be granted but rarely, because the intimate relationship of the banks to brokerage houses is such that whenever the banks are doing business large borrowers should always be prepared to meet calls that may be made upon them. On the London Exchange, what with bank holidays and the festival seasons of the Church of England, the stockbroker has many more holidays than his American colleague.
Life on the Stock Exchange is by no means unpleasant. It is not the idle pastime that many302 writers picture it, with easy hours and long intervals256 for luncheon, nor is it the depressing and nerve-destroying centre that many of the members would have us believe. One may certainly linger over the midday meal for hours—for that matter one may absent one’s self altogether—and conversely, one may worry and fret257 over the day’s vexations until life becomes unpleasant for him and for every one near him. But by far the larger number find their work as congenial as earning the daily bread may be, and vastly more diverting than many of the sedentary occupations in other lines of business. Elsewhere I have said that the long periods of dulness on the floor constitute the most serious obstacle the broker has to meet. Accustomed to physical activity and with a mind inured258 to occupation, he chafes259 under a stagnation that is foreign to his habits and desires, until worry—the disease of the age—claims him for its own. Almost every broker’s wife knows what I mean. It becomes a habit with such a man; unconsciously he grows “bearish” on his business, on himself, and on his associates, and at such times he is an awful bore.
The essential thing for a man to bear in mind who finds himself growing into this mood is that nature abhors260 a vacuum. His mind is empty because there is nothing to do; he must therefore303 find something to do—some mental occupation that will banish261 from his mind the worries that beset262 him. In order to do this many members of the Exchange carry some light reading in their pockets for use in an idle hour; at the spot where the National Lead Company’s securities are dealt in the specialists maintain a compact circulating library of all the magazines and periodicals; others spend idle moments pouring over a pocket chessboard; the Reading Railway post has a constantly increasing collection of all kinds of puzzles, riddles263, problems—anything to keep the mind active on the principle of similia similibus curantur.
The newcomer on the Stock Exchange will do well to fortify264 himself in some such way, for it may be accepted as gospel truth that the paralyzing effect of worry in this peculiar environment will inevitably265 lead to hasty actions, mistakes, and errors of judgment, unless the victim learns early in the game how to arm himself against these misfortunes. One word more: When the day’s work is done, the young member must learn Doctor Saleeby’s great lesson, that a round of the links, or a set at tennis, or any other form of outdoor diversions so dear to the youngster’s heart, will not of themselves suffice to banish cares.
He has now become a thinking animal; he lives by his wits, and he suffers from the worries incidental304 to brain work coupled with responsibility. I have just said that nature abhors a vacuum—in his case this especially applies to his mind. Care and worry are not driven away merely because he has made his “round” in 80 strokes—they must be pushed out by something else, something more than mere229 play or sport per se. What he requires is a new mental interest, not merely to serve as a counter-irritant for the worries of to-day, but as an investment for all the years that are before him. He must have a “hobby” of some sort, no matter what, so long as it is a mental occupation which he does for the love of it—books, pictures, music, postage stamps—anything will do the trick so long as it occupies the mind and is done for fun. We old timers have only to look about us on the Board to see who the really happy men are, the men who are never nuisances. They are the men whose minds are not content with doing nothing.101
In the matter of creature comforts, members of the New York Stock Exchange have provided themselves with everything that gentlemen require. Their beautiful building, an architectural masterpiece and one of the city’s ornaments266, has often been described; here it is sufficient to305 say that nothing is lacking in the way of conveniences necessary to the physical ease of the members. Barbers, valets, messengers, and attendants of every description are on duty; a well-equipped hospital room is ready for emergencies; showers and needle-baths, smoking-rooms, lounges, writing-rooms, reading-rooms, coffee-rooms, and a spacious267 luncheon club, contribute their share to the refreshment268 of the outer and inner man. The luncheon club, which occupies the whole upper floor, is the last word in culinary perfection. In the lounging-rooms adjoining are all the magazines and periodicals, and the walls are covered with a collection of rare prints of old New York, together with mounted trophies269 of the hunt presented by sportsmen members. In other days before the Exchange built its present structure the club was housed in modest quarters across New Street and a few non-members of the Exchange were admitted to membership, but now its facilities are taxed to meet the demand, and membership is restricted to the Stock Exchange, although guests are admitted at all hours.
The atmosphere in the city is often trying in the summer months because of the excessive humidity, and extraordinary measures were resorted to in the construction of the building to minimize this unpleasantness on the crowded floor, where the306 presence of a large number of men in a greater or less degree of physical animation but adds to the general discomfort270. To meet this condition an air-cooling plant was provided—the first and the foremost example of its kind in existence, both in point of magnitude and in the exacting271 demands involved. By means of this remarkable272 triumph of mechanical skill, outer air at a temperature of say 90° is taken into the basement, eighteen hundred pounds of water (humidity) are squeezed out of it per hour, it is purified and cleansed273 through many walls of cheesecloth, the temperature is refrigerated down to 60°, and then, after again raising it to a point at which no dangerous results may affect a member passing in and out of the room, it is finally supplied to the great floor and again exhausted274 by methods that obviate275 drafts or dangerous currents of any kind. Aside from the members and attendants, the only person having access to the floor is the chief engineer who controls this remarkable air-cooling plant. A wizard in a way, it is curious to watch him threading in and out of the busy crowds, tasting and feeling the air which, under the black art of his necromancy276, turns intolerable conditions into others quite delightful277.
The history of the New York Stock Exchange has been written many times, and need be but307 briefly278 referred to here. Something approaching an organization was effected May 17, 1792, when, under a tree which stood opposite what is now 60 Wall Street, twenty-four “Brokers for the Purchase and Sale of Public Stocks” signed an agreement to charge not less than a commission of ? per cent. It was a day of small things; the national debt was but $17,993,000; there was but one bank in the town. Through the fragmentary data that has survived, we learn that occasional meetings of the brokers were held during the next twenty-five years at the old Tontine Coffee House, at Wall and Water streets. In 1817 the formal organization was effected and the meeting-place fixed279 at the Merchants’ Exchange, later the site of the Custom House, and now the property of the National City Bank. In 1853 the Stock Exchange moved to Beaver280 Street and in 1865 to its present situation. The “Open Board of Brokers,” a rival organization, was absorbed in 1869, and ten years later the “Gold Board” also joined forces with the parent body.
The development of the New York Stock Exchange in its early days was but a record of the country’s growth, and this in turn depended upon speculation. It was, indeed, speculation such as the world had never witnessed. How our308 western borders were extended as the railroads pushed onward281; how trade was stimulated282 throughout christendom by the discovery of gold in California; how the national debt expanded at the time of the Civil War; and how, after the war, construction went ahead at tremendous pace—all these served to fan the flames of adventure and enterprise, which are the bases of speculation. The panics of 1837, 1857, and 1873, severe enough to give pause to another and less vigorous nation, seem in the retrospect283 to have been but starting points for a fresh development of the national spirit—a spirit which owes to speculation the extension of frontiers, the bridging of waters, the unlocking of mountains, and the transportation of wealth. In this splendid work of conquering a continent the Stock Exchange has kept pace with the march of industry. It has supplied the one great central market for the expression of the country’s progress as measured by the country’s securities, and it will continue to do so as long as an evergreen284 faith in America exists among its people.
The Stock Exchange is often defined as the nerve-centre of the world, and, just as every happening of importance finds an instant effect on the market, so members instinctively285 apply to current events habits of close analysis and nice309 discrimination. A failure at Amsterdam may result in liquidation286 in Atchisons, long a favorite of Dutch investors; prolonged drought in the Argentine may increase our foreign shipments of grain; a great engineering project, like the Assouan Dam, may lead to handsome contracts for American steel-makers; any fluctuation154 in rates of foreign exchange must be watched carefully to see if exports or imports of gold are impending287; if a rich man dies possessed of large amounts of certain securities, sellers must be critically observed for evidences of liquidation by the heirs; speeches in Congress or in Parliament, or the unguarded utterances of statesmen, must be weighed and measured for their effect on the public mind; a great fire may lead to selling of investments by insurance companies; a revolution in Mexico may imperil American investments there; if there are political disturbances288 in the Balkans, the continental289 Bourses may be frightened; every move of the great foreign banks must then be watched closely, for the bankers to-day are the war-lords of creation, and so every event of importance the world over makes its impression on the Stock Exchange barometer290.
What is going on in the Transvaal or in Alaska, the latest outbreak in China, the areas of barometric291 pressure in the grain country, the ravages310 of the boll-weevil, the market in pig iron, the latest labor difficulty, the tendencies of Socialism, the cost of living, the outgivings of our law-makers—a knowledge of all these and many similar matters is a necessary part of the stockbroker’s trade, and serves to keep his mental activities considerably292 above the dull level of mediocrity. Naturally this sort of occupation gives a zest to life, and makes impossible the sedentary dry-rot which the impatient broker sometimes thinks is upon him. At any rate no Sherman Law can be invoked293 to prevent him from learning all there is to know about men and affairs; and just as he becomes trained in habits of inquiry, and proficient294 in using facts as stepping-stones to conclusions, so he becomes a valuable and useful member of the community.
Critics in what may be termed the impressionist school—accustomed to a free, instantaneous, and often meaningless handling of their subject—are prone to condemn295 the Exchange because the action of the market when large reforms in business are impending seems to imply hostility296 to those reforms on the part of members. This may be typical modern impressionism, but it is all wrong. If the market declines when, for example, a large corporation finds itself at odds297 with the law, the downward tendency of the securities311 affected298 is the result of natural laws with which stockbrokers have nothing to do. They are but agents. Ten thousand owners of securities throughout the land may simultaneously become alarmed and sell—a familiar psychologic phenomenon which depresses prices—but to say that this result expresses the hostility of the Stock Exchange to the enforcement of the Anti-Trust Law is nothing less than an evidence of critical strabismus.
The men for whom I presume to speak, far from being hostile or indifferent to the call of revitalized business morality, are quite as deeply imbued299 with the potent300 spirit of business reform as are the men who make the country’s laws. Careful, well-considered legislation that broadens and deepens the channels of American development, that provides adequate supervision301 and such publicity as will guard against selfish perversion302, is welcomed with gratitude303 by the Stock Exchange. Any thinking man ought to see at a glance that the very object of the Exchange’s existence is benefited by such laws, and prospers304 with their enforcement. The Cordage Trust, the Salt Trust, the Bicycle combination and the Hocking Coal episode are still bitter memories on ’Change; any law that will prevent a recurrence305 of these and kindred calamities306 is a law that312 strengthens the hands of every member and gives him fresh courage.
It would be difficult to find anywhere a more intelligent and interesting group of men than the members of the New York Stock Exchange. Some of them are men of peculiar personal charm, others are distinguished307 for especial ability in various ways, others are men with hobbies, nearly every one knows something that is worth knowing, and, what is better, talks of what he knows in the manner of culture. Given an idle hour with a wish to learn, and every dip of the net into the intellectual waters of this gathering brings up some new and delightful specimen308 to amuse and instruct.
The dean of the Stock Exchange, for example, who has been an active member for fifty-five years, and who is now eighty, spends several months of each year in exploring all the little nooks and crannies of the globe, remote and inaccessible309 places that are terra incognita to your casual tourist. He is a mine of information; to know him means, in a way, a liberal education. If you are fortunate enough to have an hour’s chat with him (for when at work on the floor he is quite as active as any other youngster), you will find yourself in contact with a traveler of rare charm and culture, who will take you into strange313 lands of which the mere existence is but a faint recollection of your schoolboy studies.
He will tell you, with all his delightfully310 fresh and buoyant enthusiasm, of Agra and its Pearl Mosque311, and of the surpassing beauty of the world’s architectural masterpiece—the Taj Mahal—with its marbles, its mosaics312, and its lapis-lazuli. He will take you into Thibet, the Forbidden Land, through the jungles of the faraway Celebes, into the least-known corners of the Straits Settlements, and to the lonely isle313 of Robinson Crusoe. On his vacation next year he is going to the Falkland Islands, somewhere down Patagonia way, and the year after a letter may come from him sent out from the headwaters of the Yukon, or ferried down the Congo from Stanley Falls. Wherever his fancy roams, there this adventurer goes; no thought of sickness or danger or difficulty is permitted to interfere with his delightful hobby.
Naturally, in the cosmopolitan314 atmosphere of the Stock Exchange tastes are catholic and run to wide extremes. One of the members is a student of Russian literature in all its phases; he can tell you of its folklore315, its peasantism, its liberal thought and its ethical316 ideals of society; Dostoyevski is his hobby and Melshin the poet. Beside him stands a man who has mastered the culinary art; the joy314 of his life is to prepare with his own hands, for the palates of his fastidious guests, dainty dishes and wonderful sauces that make an invitation to his table something worth having. One of the members is an animated concordance of Shelley, whom he studies with almost fanatical zeal317; another is a disciple318 of Heine, whom he adores. There stands a man who went into the heart of Africa as no white man had ever done—through Somaliland into Abyssinia, thence to Lake Rudolph to hunt elephants, south to Victoria Nyanza, and finally, after hunting all the wild game of the district, on foot to the West Coast.
Near by is a traveler fresh from Mukden, the scene of the world’s greatest battle; he can tell you, too, some curious and little-known details of the awful engagement at 203-Metre Hill. Our Civil War has its survivors319 in a dozen Board members of to-day. One of them was shot twice at Shiloh and lived to fight the Sioux; another was a captain under Burnside at Antietam, charged the bridge at the head of all that was left of his company, and was rewarded for conspicuous320 gallantry; another was shot through the lungs at the second battle of Bull Run and lived through the carnage at Gettysburg; another was thrice wounded at Gettysburg and again in the Wilderness321.
Here are some who charged up Kettle Hill and315 San Juan Hill in Cuba, and there are men who served in the navy throughout that war. Officers of high rank in the National Guard and the Naval322 Reserve, members of important public bodies, such as the Municipal Art Commission, the Palisades Commission, the Public School Board and the various hospital boards; mayors and other officers of suburban323 communities, sheriffs and deputy-sheriffs, presidents of clubs, wardens324 and vestrymen of churches, men beloved for their philanthropies, Oxford325 men, Cambridge men, Heidelberg men, graduates of all the American universities—with these and very many more like them, one is brought into intimate daily contact.
There is a legion of collectors, and these are always interesting people. One of them “goes in” for old silver, of which he has gathered a valuable display; many others collect prints, etchings, or paintings; another takes pardonable pride in his Elizabethan early editions, particularly his First Folio; another has published a standard work on the portraits of Lincoln, of which he possesses nine original negatives and many rare copies of negatives; others devote leisure hours to collecting porcelains326 and ceramics327 of all kinds, postage-stamps, coins, rugs, and tapestries328. You will find here men of bucolic329 tastes, with hobbies316 in farms and extensive country estates, where one grows rare orchids330 and another breeds highly prized cattle, or sheep, or horses, or dogs, or poultry331.
As you pause in the day’s work to listen to these interesting people talking of their pet diversions, you see why it is that hobbies are so necessary to the modern mind, and particularly to the worried mind of the Stock Exchange man. You see that the man who has nothing to divert him in leisure hours is becoming a really rare type, whereas the man of curious, busy, and active brain, who must have a hobby to be happy, is becoming more and more common. In this very marked tendency among the members of the Exchange there has been a great improvement within the last decade, and one, as I have said, that not only serves to banish the cares of to-day, but promises to become a valuable investment for the years that lie ahead.
There are some talented musicians on the floor, men who are not only proficient themselves, but who by their liberal support of all forms of music do much to encourage and maintain New York’s supremacy332 as a musical centre. Grand opera, the Philharmonic Society, the symphony orchestras, the choral organizations, and the army of virtuosi from abroad who have earned applause317 and money on these shores—all are accorded cordial support by Stock Exchange members. One of them gives rein333 to his altruistic334 tendencies by providing free concerts once a week for the submerged tenth in a crowded foreign quarter of the East Side.
In the realm of amateur sport and sportsmanship the Exchange has many enthusiastic devotees. There are several tennis champions, one of them holding a title in singles for seven years, and another a title in doubles for five years. Famous university oarsmen, football and baseball players, American golf champions, expert yachtsmen and commodores of fleets, four-in-hand drivers, polo players, horse-show judges, breeders and owners of famous stables, racquet, court-tennis, and squash champions, deep-sea fishermen and disciples335 of the placid336 Izaak, who lure166 their game from cowslip banks; hunters in every quarter of the world, motor-boat racers, swimmers, men of muscle and mind, men of brain and brawn, these are types that keep ever in mind the joie de vivre, the blue sky above, and all the stimulating337 enthusiasms of youth.
There is little need to speak of the New York Stock Exchange’s charities and benefactions, because these are well known. Scarcely a day passes that some one of the members does not318 ask of his fellows a contribution, however small, for a worthy338 charity with which he or the ladies of his family have come in contact, and invariably the mite100 is freely given, although there may not be time to spare to hear the story. The private and unostentatious benefactions of members go on at all times, and cannot be discussed here.
When the Titanic339 went down, a fund of $25,000 was raised in a day, and a committee of members of the Exchange was on the pier340 when the survivors arrived to do what could be done. The Mississippi floods met with a similar response; indeed, every great calamity341 that spells suffering and sorrow and need finds an instant expression of sympathy and practical assistance from the floor. In times of national gravity, such as an outbreak of war, the Exchange will always be heard from with its volunteers and its funds for equipping a regiment342; hospitals, churches, and all worthy charities well know that appeals are responded to with a zeal that is alike nonsectarian and generous.
Never in my experience on the floor have I heard a complaint from a deserving employee of the Stock Exchange. Salaries are wisely increased with length of service, pensions are given by the governors to aged131 servants; hospitals, medical treatment, nurses, and sanitariums are319 provided for the sick, and funds are supplied to families of deceased employees. A spirit of helpfulness, sympathy, and generosity343 is in the very air of the Stock Exchange, an absolutely fine spirit that takes pride, too, in caring for its own members who have been unfortunate.
Finally, let it be said that the Stock Exchange man is human. He knows the “rub of the green,” he suffers as all men suffer, but he does not complain, nor solicit344 odds. All he asks is fair play; a little patient study of what the Exchange stands for; a little better understanding of its usefulness in our commercial life; a little recognition of each man’s effort to uphold a high standard of business honor; a little of the cordial support which he himself, with stout345 optimism, extends to every worthy thing.
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1
stockbroker
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| n.股票（或证券），经纪人（或机构） | |
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broker
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| n.中间人，经纪人；v.作为中间人来安排 | |
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parasite
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| n.寄生虫；寄生菌；食客 | |
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enact
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| vt.制定(法律)；上演，扮演 | |
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sleek
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| adj.光滑的，井然有序的；v.使光滑，梳拢 | |
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convivial
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| adj.狂欢的，欢乐的 | |
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machiavellian
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| adj.权谋的，狡诈的 | |
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standing
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| n.持续，地位；adj.永久的，不动的，直立的，不流动的 | |
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din
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| n.喧闹声，嘈杂声 | |
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devious
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| adj.不坦率的，狡猾的；迂回的，曲折的 | |
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stratagem
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| n.诡计，计谋 | |
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lurking
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| 潜在 | |
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pricking
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| 刺，刺痕，刺痛感 | |
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liar
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| n.说谎的人 | |
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baron
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| n.男爵；(商业界等)巨头，大王 | |
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rumor
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| n.谣言，谣传，传说 | |
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epic
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| n.史诗，叙事诗；adj.史诗般的，壮丽的 | |
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playwright
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| n.剧作家，编写剧本的人 | |
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poetic
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| adj.富有诗意的，有诗人气质的，善于抒情的 | |
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parasites
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| 寄生物( parasite的名词复数 )； 靠他人为生的人； 诸虫 | |
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artillery
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| n.(军)火炮，大炮；炮兵(部队) | |
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economists
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| n.经济学家，经济专家( economist的名词复数 ) | |
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partially
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| adv.部分地，从某些方面讲 | |
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decided
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| adj.决定了的，坚决的；明显的，明确的 | |
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transformation
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| n.变化；改造；转变 | |
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machinery
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| n.(总称)机械，机器；机构 | |
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maligned
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| vt.污蔑，诽谤（malign的过去式与过去分词形式） | |
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forum
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| n.论坛，讨论会 | |
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apocryphal
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| adj.假冒的，虚假的 | |
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derides
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| v.取笑，嘲笑( deride的第三人称单数 ) | |
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labor
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| n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦 | |
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ebb
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| vi.衰退，减退；n.处于低潮，处于衰退状态 | |
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atrophied
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| adj.萎缩的，衰退的v.（使）萎缩，（使）虚脱，（使）衰退( atrophy的过去式和过去分词 ) | |
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vigilant
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| adj.警觉的，警戒的，警惕的 | |
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scrap
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| n.碎片；废料；v.废弃，报废 | |
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slag
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| n.熔渣，铁屑，矿渣；v.使变成熔渣，变熔渣 | |
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surmounted
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| 战胜( surmount的过去式和过去分词 )； 克服（困难）； 居于…之上； 在…顶上 | |
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surmount
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| vt.克服；置于…顶上 | |
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withering
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| 使人畏缩的，使人害羞的，使人难堪的 | |
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wither
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| vt.使凋谢，使衰退，(用眼神气势等)使畏缩；vi.枯萎，衰退，消亡 | |
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appraisal
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| n.对…作出的评价；评价，鉴定，评估 | |
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veins
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| n.纹理；矿脉( vein的名词复数 )；静脉；叶脉；纹理 | |
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43
reverence
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| n.敬畏，尊敬，尊严；Reverence:对某些基督教神职人员的尊称；v.尊敬，敬畏，崇敬 | |
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44
analyze
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| vt.分析，解析 (=analyse) | |
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crucible
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| n.坩锅，严酷的考验 | |
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46
brutal
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| adj.残忍的，野蛮的，不讲理的 | |
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aphorisms
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| 格言，警句( aphorism的名词复数 ) | |
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decency
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| n.体面，得体，合宜，正派，庄重 | |
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brute
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| n.野兽，兽性 | |
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exalts
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| 赞扬( exalt的第三人称单数 )； 歌颂； 提升； 提拔 | |
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51
determined
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| adj.坚定的；有决心的 | |
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52
discriminating
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| a.有辨别能力的 | |
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53
abounding
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| adj.丰富的，大量的v.大量存在，充满，富于( abound的现在分词 ) | |
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54
covenant
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| n.盟约，契约；v.订盟约 | |
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thereby
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| adv.因此，从而 | |
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treasurer
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| n.司库，财务主管 | |
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peculiar
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| adj.古怪的，异常的；特殊的，特有的 | |
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offender
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| n.冒犯者，违反者，犯罪者 | |
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offenders
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| n.冒犯者( offender的名词复数 )；犯规者；罪犯；妨害…的人（或事物） | |
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60
statute
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| n.成文法，法令，法规；章程，规则，条例 | |
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thoroughly
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| adv.完全地，彻底地，十足地 | |
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meted
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| v.（对某人）施以，给予（处罚等）( mete的过去式和过去分词 ) | |
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invoke
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| v.求助于(神、法律)；恳求，乞求 | |
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intercept
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| vt.拦截，截住，截击 | |
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dictate
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| v.口授；(使)听写；指令，指示，命令 | |
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alibis
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| 某人在别处的证据( alibi的名词复数 )； 不在犯罪现场的证人； 借口； 托辞 | |
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immunity
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| n.优惠；免除；豁免，豁免权 | |
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interfere
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| v.(in)干涉，干预；(with)妨碍，打扰 | |
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interfered
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| v.干预( interfere的过去式和过去分词 )；调停；妨碍；干涉 | |
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writs
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| n.书面命令，令状( writ的名词复数 ) | |
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inflicted
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| 把…强加给，使承受，遭受( inflict的过去式和过去分词 ) | |
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72
pecuniary
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| adj.金钱的；金钱上的 | |
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rigid
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| adj.严格的，死板的；刚硬的，僵硬的 | |
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arduous
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| adj.艰苦的，费力的，陡峭的 | |
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labors
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| v.努力争取(for)( labor的第三人称单数 )；苦干；详细分析；（指引擎）缓慢而困难地运转 | |
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unemployed
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| adj.失业的，没有工作的；未动用的，闲置的 | |
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partnership
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| n.合作关系，伙伴关系 | |
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inevitable
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| adj.不可避免的，必然发生的 | |
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stockbrokers
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| n.股票经纪人( stockbroker的名词复数 ) | |
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brokers
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| n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排… | |
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81
lavish
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| adj.无节制的；浪费的；vt.慷慨地给予，挥霍 | |
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accrue
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| v.(利息等)增大，增多 | |
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debit
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| n.借方，借项，记人借方的款项 | |
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mishaps
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| n.轻微的事故，小的意外( mishap的名词复数 ) | |
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85
remains
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| n.剩余物，残留物；遗体，遗迹 | |
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compulsory
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| n.强制的，必修的；规定的，义务的 | |
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vicissitudes
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| n.变迁，世事变化；变迁兴衰( vicissitude的名词复数 )；盛衰兴废 | |
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provident
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| adj.为将来做准备的，有先见之明的 | |
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negotiations
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| 协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过 | |
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sufficiently
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| adv.足够地，充分地 | |
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mighty
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| adj.强有力的；巨大的 | |
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initiation
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| n.开始 | |
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93
inquiry
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| n.打听，询问，调查，查问 | |
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microscopic
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| adj.微小的，细微的，极小的，显微的 | |
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scrutiny
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| n.详细检查，仔细观察 | |
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detrimental
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| adj.损害的，造成伤害的 | |
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varied
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| adj.多样的，多变化的 | |
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halcyon
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| n.平静的，愉快的 | |
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annually
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| adv.一年一次，每年 | |
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mite
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| n.极小的东西；小铜币 | |
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101
accrues
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| v.增加( accrue的第三人称单数 )；（通过自然增长）产生；获得；（使钱款、债务）积累 | |
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prudently
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| adv. 谨慎地，慎重地 | |
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103
stagnation
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| n. 停滞 | |
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vocation
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| n.职业，行业 | |
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holders
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| 支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物 | |
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cynical
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| adj.(对人性或动机)怀疑的，不信世道向善的 | |
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abreast
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| adv.并排地；跟上(时代)的步伐，与…并进地 | |
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deduction
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| n.减除，扣除，减除额；推论，推理，演绎 | |
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109
zest
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| n.乐趣；滋味，风味；兴趣 | |
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speculation
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| n.思索，沉思；猜测；投机 | |
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111
enjoyment
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| n.乐趣；享有；享用 | |
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112
tranquillity
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| n. 平静, 安静 | |
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113
prudence
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| n.谨慎，精明，节俭 | |
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114
bent
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| n.爱好，癖好；adj.弯的；决心的，一心的 | |
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115
initiating
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| v.开始( initiate的现在分词 )；传授；发起；接纳新成员 | |
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116
enigma
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| n.谜，谜一样的人或事 | |
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117
boisterous
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| adj.喧闹的，欢闹的 | |
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118
hazing
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| n.受辱，被欺侮v.（使）笼罩在薄雾中( haze的现在分词 )；戏弄，欺凌（新生等，有时作为加入美国大学生联谊会的条件） | |
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119
pranks
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| n.玩笑，恶作剧( prank的名词复数 ) | |
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120
pelted
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| （连续地）投掷( pelt的过去式和过去分词 )； 连续抨击； 攻击； 剥去…的皮 | |
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121
jobbers
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| n.做零活的人( jobber的名词复数 )；营私舞弊者；股票经纪人；证券交易商 | |
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122
jobber
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| n.批发商；(股票买卖)经纪人；做零工的人 | |
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123
vaguely
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| adv.含糊地，暖昧地 | |
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124
resentment
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| n.怨愤，忿恨 | |
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125
alleged
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| a.被指控的，嫌疑的 | |
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126
domain
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| n.(活动等)领域，范围；领地，势力范围 | |
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127
opposition
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| n.反对，敌对 | |
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128
friction
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| n.摩擦，摩擦力 | |
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129
entrusted
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| v.委托，托付( entrust的过去式和过去分词 ) | |
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130
situated
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| adj.坐落在...的，处于某种境地的 | |
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131
aged
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| adj.年老的，陈年的 | |
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132
abhorrence
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| n.憎恶；可憎恶的事 | |
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133
hurl
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| vt.猛投，力掷，声叫骂 | |
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134
solely
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| adv.仅仅，唯一地 | |
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135
insufficient
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| adj.(for，of)不足的，不够的 | |
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136
speculations
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| n.投机买卖( speculation的名词复数 )；思考；投机活动；推断 | |
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137
dealers
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| n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者 | |
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138
legitimately
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| ad.合法地；正当地，合理地 | |
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139
redeeming
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| 补偿的，弥补的 | |
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140
eloquently
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| adv. 雄辩地(有口才地, 富于表情地) | |
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141
investors
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| n.投资者，出资者( investor的名词复数 ) | |
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142
bestows
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| 赠给，授予( bestow的第三人称单数 ) | |
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143
foresight
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| n.先见之明，深谋远虑 | |
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144
coterie
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| n.(有共同兴趣的)小团体，小圈子 | |
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145
specialty
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| n.(speciality)特性，特质；专业，专长 | |
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146
arbitraging
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| v.套汇，套利（arbitrage的现在分词形式） | |
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147
confirmation
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| n.证实，确认，批准 | |
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148
complexity
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| n.复杂(性)，复杂的事物 | |
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149
watchful
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| adj.注意的，警惕的 | |
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150
possessed
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| adj.疯狂的；拥有的，占有的 | |
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151
labyrinthine
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| adj.如迷宫的；复杂的 | |
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152
transit
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| n.经过，运输；vt.穿越，旋转；vi.越过 | |
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153
fluctuations
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| 波动，涨落，起伏( fluctuation的名词复数 ) | |
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154
fluctuation
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| n.(物价的)波动，涨落；周期性变动；脉动 | |
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155
tolls
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| （缓慢而有规律的）钟声( toll的名词复数 )； 通行费； 损耗； （战争、灾难等造成的）毁坏 | |
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156
shun
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| vt.避开，回避，避免 | |
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157
contingent
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| adj.视条件而定的；n.一组，代表团，分遣队 | |
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158
inclinations
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| 倾向( inclination的名词复数 )； 倾斜； 爱好； 斜坡 | |
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159
rumors
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| n.传闻( rumor的名词复数 )；[古]名誉；咕哝；[古]喧嚷v.传闻( rumor的第三人称单数 )；[古]名誉；咕哝；[古]喧嚷 | |
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160
scoffs
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| 嘲笑，嘲弄( scoff的第三人称单数 ) | |
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161
brazenly
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| adv.厚颜无耻地；厚脸皮地肆无忌惮地 | |
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162
agility
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| n.敏捷，活泼 | |
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163
frenzy
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| n.疯狂，狂热，极度的激动 | |
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164
abruptly
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| adv.突然地，出其不意地 | |
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165
tumult
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| n.喧哗；激动，混乱；吵闹 | |
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166
lure
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| n.吸引人的东西，诱惑物；vt.引诱，吸引 | |
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167
animated
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| adj.生气勃勃的，活跃的，愉快的 | |
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168
panorama
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| n.全景，全景画，全景摄影，全景照片[装置] | |
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169
prone
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| adj.(to)易于…的，很可能…的；俯卧的 | |
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170
perfectly
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| adv.完美地，无可非议地，彻底地 | |
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171
smoothly
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| adv.平滑地，顺利地，流利地，流畅地 | |
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172
onlooker
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| n.旁观者，观众 | |
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173
mechanism
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| n.机械装置；机构，结构 | |
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174
hazy
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| adj.有薄雾的，朦胧的；不肯定的，模糊的 | |
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175
humbug
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| n.花招，谎话，欺骗 | |
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176
quack
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| n.庸医；江湖医生；冒充内行的人；骗子 | |
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177
attain
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| vt.达到，获得，完成 | |
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178
mischief
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| n.损害，伤害，危害；恶作剧，捣蛋，胡闹 | |
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179
improper
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| adj.不适当的，不合适的，不正确的，不合礼仪的 | |
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180
bestowed
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| 赠给，授予( bestow的过去式和过去分词 ) | |
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181
chronometer
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| n.精密的计时器 | |
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182
publicity
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| n.众所周知，闻名；宣传，广告 | |
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183
quotations
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| n.引用( quotation的名词复数 )；[商业]行情（报告）；（货物或股票的）市价；时价 | |
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184
gratis
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| adj.免费的 | |
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185
judgment
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| n.审判；判断力，识别力，看法，意见 | |
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186
prospective
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| adj.预期的，未来的，前瞻性的 | |
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187
animation
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| n.活泼，兴奋，卡通片／动画片的制作 | |
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188
adorned
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| [计]被修饰的 | |
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189
gathering
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| n.集会，聚会，聚集 | |
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190
relaxation
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| n.松弛，放松；休息；消遣；娱乐 | |
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191
promptly
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| adv.及时地，敏捷地 | |
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192
betokens
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| v.预示，表示( betoken的第三人称单数 ) | |
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193
indifference
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| n.不感兴趣，不关心，冷淡，不在乎 | |
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194
formerly
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| adv.从前，以前 | |
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195
gauge
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| v.精确计量；估计；n.标准度量；计量器 | |
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196
privately
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| adv.以私人的身份，悄悄地，私下地 | |
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197
collateral
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| adj.平行的；旁系的；n.担保品 | |
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198
indicator
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| n.指标；指示物，指示者；指示器 | |
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199
embalmed
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| adj.用防腐药物保存（尸体）的v.保存（尸体）不腐( embalm的过去式和过去分词 )；使不被遗忘；使充满香气 | |
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200
literally
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| adv.照字面意义，逐字地；确实 | |
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201
hurls
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| v.猛投，用力掷( hurl的第三人称单数 )；大声叫骂 | |
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202
jargon
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| n.术语，行话 | |
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203
bedlam
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| n.混乱，骚乱；疯人院 | |
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204
manly
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| adj.有男子气概的；adv.男子般地，果断地 | |
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205
shovelful
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| n．一铁铲 | |
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206
vilify
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| v.诽谤，中伤 | |
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207
conspiracies
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| n.阴谋，密谋( conspiracy的名词复数 ) | |
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208
appalled
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| v.使惊骇，使充满恐惧( appall的过去式和过去分词)adj.惊骇的；丧胆的 | |
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209
barons
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| 男爵( baron的名词复数 )； 巨头； 大王； 大亨 | |
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210
defraud
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| vt.欺骗，欺诈 | |
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211
diluted
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| 无力的，冲淡的 | |
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212
consummated
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| v.使结束( consummate的过去式和过去分词 )；使完美；完婚；（婚礼后的）圆房 | |
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213
supreme
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| adj.极度的，最重要的；至高的，最高的 | |
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214
unimpeachable
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| adj.无可指责的；adv.无可怀疑地 | |
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215
limpid
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| adj.清澈的，透明的 | |
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216
wink
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| n.眨眼，使眼色，瞬间；v.眨眼，使眼色，闪烁 | |
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217
frenzied
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| a.激怒的；疯狂的 | |
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218
hoarse
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| adj.嘶哑的，沙哑的 | |
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219
binds
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| v.约束( bind的第三人称单数 )；装订；捆绑；（用长布条）缠绕 | |
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220
interim
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| adj.暂时的，临时的；n.间歇，过渡期间 | |
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221
wreck
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| n.失事，遇难；沉船；vt.(船等)失事，遇难 | |
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222
salvage
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| v.救助，营救，援救；n.救助，营救 | |
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223
swerved
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| v.（使）改变方向，改变目的( swerve的过去式和过去分词 ) | |
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224
equanimity
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| n.沉着，镇定 | |
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225
distress
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| n.苦恼，痛苦，不舒适；不幸；vt.使悲痛 | |
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226
lurid
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| adj.可怕的；血红的；苍白的 | |
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227
mosaic
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| n./adj.镶嵌细工的，镶嵌工艺品的，嵌花式的 | |
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228
epithets
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| n.（表示性质、特征等的）词语( epithet的名词复数 ) | |
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229
mere
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| adj.纯粹的；仅仅，只不过 | |
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230
amenities
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| n.令人愉快的事物；礼仪；礼节；便利设施；礼仪( amenity的名词复数 )；便利设施；（环境等的）舒适；（性情等的）愉快 | |
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231
simultaneously
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| adv.同时发生地，同时进行地 | |
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232
discrepancy
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| n.不同；不符；差异；矛盾 | |
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233
irreconcilable
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| adj.（指人）难和解的，势不两立的 | |
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234
arbiter
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| n.仲裁人，公断人 | |
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235
acquiescence
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| n.默许；顺从 | |
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236
camaraderie
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| n.同志之爱，友情 | |
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237
copper
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|
| n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的 | |
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238
yearns
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| 渴望，切盼，向往( yearn的第三人称单数 ) | |
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239
importuned
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| v.纠缠，向（某人）不断要求( importune的过去式和过去分词 )；（妓女）拉（客） | |
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240
climax
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| n.顶点；高潮；v.(使)达到顶点 | |
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241
foretell
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| v.预言，预告，预示 | |
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242
strife
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| n.争吵，冲突，倾轧，竞争 | |
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243
groans
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| n.呻吟，叹息( groan的名词复数 )；呻吟般的声音v.呻吟( groan的第三人称单数 )；发牢骚；抱怨；受苦 | |
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244
shrieks
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| n.尖叫声( shriek的名词复数 )v.尖叫( shriek的第三人称单数 ) | |
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245
engross
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| v.使全神贯注 | |
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246
utterances
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| n.发声( utterance的名词复数 )；说话方式；语调；言论 | |
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247
illuminating
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| a.富于启发性的，有助阐明的 | |
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248
logic
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| n.逻辑(学)；逻辑性 | |
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249
brawn
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| n.体力 | |
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250
laborers
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| n.体力劳动者，工人( laborer的名词复数 )；（熟练工人的）辅助工 | |
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251
despondent
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| adj.失望的，沮丧的，泄气的 | |
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252
levies
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| （部队）征兵( levy的名词复数 )； 募捐； 被征募的军队 | |
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253
pneumonia
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| n.肺炎 | |
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254
luncheon
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| n.午宴，午餐，便宴 | |
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255
uncommon
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| adj.罕见的，非凡的，不平常的 | |
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256
intervals
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| n.[军事]间隔( interval的名词复数 )；间隔时间；[数学]区间；（戏剧、电影或音乐会的）幕间休息 | |
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257
fret
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| v.(使)烦恼；(使)焦急；(使)腐蚀，(使)磨损 | |
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258
inured
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| adj.坚强的，习惯的 | |
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259
chafes
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| v.擦热（尤指皮肤）( chafe的第三人称单数 )；擦痛；发怒；惹怒 | |
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260
abhors
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| v.憎恶( abhor的第三人称单数 )；（厌恶地）回避；拒绝；淘汰 | |
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261
banish
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| vt.放逐，驱逐；消除，排除 | |
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262
beset
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| v.镶嵌；困扰，包围 | |
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263
riddles
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| n.谜（语）( riddle的名词复数 )；猜不透的难题，难解之谜 | |
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264
fortify
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| v.强化防御，为…设防；加强，强化 | |
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265
inevitably
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| adv.不可避免地；必然发生地 | |
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266
ornaments
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| n.装饰( ornament的名词复数 )；点缀；装饰品；首饰v.装饰，点缀，美化( ornament的第三人称单数 ) | |
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267
spacious
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| adj.广阔的，宽敞的 | |
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268
refreshment
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| n.恢复，精神爽快，提神之事物；（复数）refreshments:点心，茶点 | |
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269
trophies
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| n.（为竞赛获胜者颁发的）奖品( trophy的名词复数 )；奖杯；（尤指狩猎或战争中获得的）纪念品；（用于比赛或赛跑名称）奖 | |
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270
discomfort
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| n.不舒服，不安，难过，困难，不方便 | |
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271
exacting
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| adj.苛求的，要求严格的 | |
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272
remarkable
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| adj.显著的，异常的，非凡的，值得注意的 | |
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273
cleansed
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| 弄干净，清洗( cleanse的过去式和过去分词 ) | |
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274
exhausted
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| adj.极其疲惫的，精疲力尽的 | |
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275
obviate
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| v.除去，排除，避免，预防 | |
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276
necromancy
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| n.巫术；通灵术 | |
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277
delightful
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| adj.令人高兴的，使人快乐的 | |
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278
briefly
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| adv.简单地，简短地 | |
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279
fixed
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| adj.固定的，不变的，准备好的；(计算机)固定的 | |
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280
beaver
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| n.海狸，河狸 | |
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281
onward
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| adj.向前的，前进的；adv.向前，前进，在先 | |
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282
stimulated
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| a.刺激的 | |
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283
retrospect
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| n.回顾，追溯；v.回顾，回想，追溯 | |
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284
evergreen
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| n.常青树；adj.四季常青的 | |
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285
instinctively
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| adv.本能地 | |
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286
liquidation
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| n.清算，停止营业 | |
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287
impending
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| a.imminent, about to come or happen | |
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288
disturbances
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| n.骚乱( disturbance的名词复数 )；打扰；困扰；障碍 | |
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289
continental
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| adj.大陆的，大陆性的，欧洲大陆的 | |
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290
barometer
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| n.气压表，睛雨表，反应指标 | |
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291
barometric
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| 大气压力 | |
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292
considerably
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| adv.极大地；相当大地；在很大程度上 | |
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293
invoked
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| v.援引( invoke的过去式和过去分词 )；行使（权利等）；祈求救助；恳求 | |
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294
proficient
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| adj.熟练的，精通的；n.能手，专家 | |
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295
condemn
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| vt.谴责，指责；宣判(罪犯)，判刑 | |
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296
hostility
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| n.敌对，敌意；抵制［pl.］交战，战争 | |
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297
odds
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| n.让步，机率，可能性，比率；胜败优劣之别 | |
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298
affected
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| adj.不自然的，假装的 | |
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299
imbued
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| v.使（某人/某事）充满或激起（感情等）( imbue的过去式和过去分词 )；使充满；灌输；激发（强烈感情或品质等） | |
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300
potent
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| adj.强有力的，有权势的；有效力的 | |
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301
supervision
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| n.监督，管理 | |
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302
perversion
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| n.曲解；堕落；反常 | |
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303
gratitude
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| adj.感激，感谢 | |
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304
prospers
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| v.成功，兴旺( prosper的第三人称单数 ) | |
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305
recurrence
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| n.复发，反复，重现 | |
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306
calamities
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| n.灾祸，灾难( calamity的名词复数 )；不幸之事 | |
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307
distinguished
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| adj.卓越的，杰出的，著名的 | |
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308
specimen
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| n.样本，标本 | |
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309
inaccessible
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| adj.达不到的，难接近的 | |
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310
delightfully
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| 大喜，欣然 | |
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311
mosque
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| n.清真寺 | |
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312
mosaics
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| n.马赛克( mosaic的名词复数 )；镶嵌；镶嵌工艺；镶嵌图案 | |
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313
isle
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| n.小岛，岛 | |
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314
cosmopolitan
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| adj.世界性的，全世界的，四海为家的，全球的 | |
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315
folklore
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| n.民间信仰，民间传说，民俗 | |
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316
ethical
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| adj.伦理的，道德的，合乎道德的 | |
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317
zeal
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| n.热心，热情，热忱 | |
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318
disciple
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| n.信徒，门徒，追随者 | |
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319
survivors
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| 幸存者，残存者，生还者( survivor的名词复数 ) | |
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320
conspicuous
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| adj.明眼的，惹人注目的；炫耀的，摆阔气的 | |
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321
wilderness
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| n.杳无人烟的一片陆地、水等，荒漠 | |
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322
naval
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| adj.海军的，军舰的，船的 | |
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323
suburban
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| adj.城郊的，在郊区的 | |
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324
wardens
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| n.看守人( warden的名词复数 )；管理员；监察员；监察官 | |
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325
Oxford
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| n.牛津（英国城市） | |
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326
porcelains
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| n.瓷，瓷器( porcelain的名词复数 ) | |
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327
ceramics
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| n.制陶业；陶器 | |
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328
tapestries
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| n.挂毯( tapestry的名词复数 )；绣帷，织锦v.用挂毯（或绣帷）装饰( tapestry的第三人称单数 ) | |
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329
bucolic
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| adj.乡村的；牧羊的 | |
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330
orchids
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| n.兰花( orchid的名词复数 ) | |
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331
poultry
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| n.家禽，禽肉 | |
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332
supremacy
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| n.至上；至高权力 | |
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333
rein
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| n.疆绳，统治，支配；vt.以僵绳控制，统治 | |
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334
altruistic
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| adj.无私的，为他人着想的 | |
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335
disciples
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| n.信徒( disciple的名词复数 )；门徒；耶稣的信徒；（尤指）耶稣十二门徒之一 | |
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336
placid
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| adj.安静的，平和的 | |
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337
stimulating
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| adj.有启发性的，能激发人思考的 | |
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338
worthy
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| adj.(of)值得的，配得上的；有价值的 | |
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339
titanic
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| adj.巨人的，庞大的，强大的 | |
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340
pier
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| n.码头；桥墩，桥柱；[建]窗间壁，支柱 | |
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341
calamity
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| n.灾害，祸患，不幸事件 | |
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342
regiment
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| n.团，多数，管理；v.组织，编成团，统制 | |
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343
generosity
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| n.大度，慷慨，慷慨的行为 | |
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344
solicit
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| vi.勾引；乞求；vt.请求，乞求；招揽(生意) | |
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