The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-11-13
The New York Stock Exchange.
THE PUBLIC BOARD.

Correspondence of the Boston Post
There is one institution in New York |
which ought no longer to lack historian.
The prominent part it has played for many
months the fortunes it has furnished,
alternately foundations and wings-tlle
serlO-cOmic and cOmcO-seriOus sides of its
existence-the magnitude of its operations
aud the motley character of its operators
all point out tue Public Stock Board as
one of the most remarkable institutions of
this city.
This "Public Board' is an intensely
democratic affair. 1t owes its existence to
Mr. A. q. JerOme-One of the heaviest
| bull operators in the street-a man at
whose nod numser of the fancie rise
and fall, but whose mods and winks were
alike powerless to secure his admission to
membership in the "Old Board It is
said that he has repeatedly offered as high
as SIC, 900 for seat among the So called
fossils (where one thousand dollars is the
initiation fee); but, fearful of the conse-
qnences of letting such bull into their
China shop, they refused his offers, and
regularly blackbaled his name when pre-
scented. Mr.. Jerome at last conclud-
ed that some thinps could be done
as well as others, and set himself about Or
ganizing an opposition Stock Exchange,
which would furnish bold operators, like
himself, cOngenial surroundings, where all
could move untrammeled by red tape and
unfettel ed by fogies and fossils He started
the Public Board" fixed the member
ship fee at twenty-five dollars Gnstead of
-, ho ofbn
board), and hired room in an eligible
locality. This room, being a basement,
and somewhat gloomy, was early christ
ened 1.-The Coal Hole" and, of course,
attracted the sneerS and slurs of the swell
mob who arrogated all the responsibility
of the profession in the regular board.
But, by its very popular management
and democratic manners, the Public
Board soon drew to itself a membership
numbering nearly three hundred, the
membership fee was advanced to 800,
and more favorable location offering, the
institution was removed to the large room
on the ground floor of No. IS William st
where are now held two crowded sessions
every day. No connection is permitted
by the Old Board with the new, and one
OF its rules is that expulsion shall be Wis
tied upon any member who buys or sells
at the Public Board.
As simple speculation this establish
ment is q wonderful success, for, after
paying all the expenses, including the sal
AIRY OF the President. Secretary and sub
Ordinates, Mr.. Jerome enjoys from it an
income of twenty thousand dollars per
annum.
Would that we could affirm that all the
members Of the Public Board are fine
looking men but candOr cOmpels us to
talter here; in point of fact, the majority
of those who swarm about this hive of
humanity, are Manufactured set. Moses
and Shylock and Pagan are numerOusly
represented in the membership; while
many face meets the eye which sends
your hand instinctively to the place where
your pocket-book ought to be. Bankrupt
merchants, mostly of the dry goods per-
suasion, haunt the spot, driven hi:her
by desperation, or hopeful, it may be,
OF picking up suddenly a few hundred
thousands, with which to square off with
the world and thus leave the legacy
of an honest name to the loved ones at
home. Others there are who frequent the
Public Board, whose passion is to play at
football with fortune, and to experience
the inevitable alterations of wealth and
want. Other some, like the founder and
engineer OF this money-lnaking machine,
are men of character and means, sharp,
shrewd, quick, and cool witnal, whose
faces have no muscles, whose eyes, like
dead men, tell no tales, to whom "oper-
atlng" has become second nature, at once
q profession and a science ;-men who
have brains enough to form resistless COM
Dlnatl0ns and money enough to defy sue
cess1ully the most determined opposition.
VI such are the two or three broth
ers Jerome, and John NJ Tobin, whose
manlpulations of Michigan Southern, Pa
clflc Mail, Harlem and Hudson river shares
have put millions into their pockets and
made their names the synonyms of saga
city and financial ability. As evidence Of
their wealth and their wariness it NAV be
statea mat the recent "panic," although
startilngly sudden and immensely disas-
trous to hundreds of Wall street operators.
has had no perceptible effect upon this
particular clique, whose overthrow and de-
struction it was specially and confessedly
originated to accomplish. Specializing.
themselves, to the extent of perhaps ten |
millions daily, they have seen their fel- |
lows topqled over by scores-many of them.
like Lucifer, to rise no more-while with |
comparative ease they have "kept the
noiseless tenor of their way" making the
necessary financial connections amid the |
widest fluctuations and the most doleful
Vaccinations.
But word about the Public Board
when at work. Language is powerless to
describe the sessions of this Stock Ex-
change. The confusion of tongues at
Babel would seem pantomime, or mere
dumb show, alongside of this scene of
confusion worse confounded' One
wonders that the President survives a sim
gle session of that bowling, yelling, snap
ping, snarling mob of money makers. /