The Portland daily press., 1872-02-12
THE PR ESS.
MONDAY MORNING. FEB. 12, 1872.
[From the New York Commercial Advertiser.1
Eli Perkins as Broker.
THE SECRETS OF THE sTREET-How THEY
DO IT-PUTs, CALLS, SHORTS, LONG
ovERING-PRoMINENT OPERATORS.
FIFTH AVENUE HOTEL, Feb. 7.

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CovERING-PRoMINENT OPERATORS.
FIFTH AVENUE HOTEL, Feb. 7.
Leaving our pocket books in the safe at the
Fifth Avenue, / started with my Uncle Con-
slider for Wall street again this morning. We
were invited to confer with all the brokers at
Delmonico's restaurant, and learn from them
the inns and outs of the profession. The res
taurant was quite empty at ten O'Clock, but
soon the bankers and brokers began to collect
to attend to their regular restaurant business
The stock brokers generally took stock ale,
and the .'scalpers" took ''whisky skim
The members generally stood around, told
stories, guessed riddles, or took stock in Abiel
Heywood's patent alarm candle.
''Mr Perkins," said one of the brokers who
wore nice suit of clothes, ''we should like
to make you and your uncle members of the
New York Stock Exchange. We consider
your action yesterday in refusing to leave
your $40, 600 margin on the street, as an in
stance of remarkable foresight. We think
you would make a successful OPERATOR
''Are any tools required to work with ?''
asked my uncle.
sob! no SIR" said the man, smilingly, ''all
you will need will be case of steels pens, an
eraser, quire of paper, and book Of blank
checks; $5 will fit you out"
''Let's join, ''Eli," said my uncle, looking
over his spectacles and feeling in his pocket
for an extra -.
We joined.
After spending me more time at Delmon-
ico's, we went over to confer with Brother
Drew.
''How long have you been here, Brother
Drew?' asked my uncle.
''Forty years, Mr.. Perkins,"
81 should like to know, confidentially,"
said my uncle, ''what proportion of operators
on the street eventually bust up and retire
to the aims house?'
''Waal, I calculate about ninety-eight out
of one hundred fizzle out and bust" said Mr.
Drew.
''What becomes of the other two?'
'They get robbed, waylaid, or bust blood
vessel.''
"Then the reason they are called brokers is
because they break up everybody, and finally
break up themselves ?'' asked my uncle.
''That is evidently the reason" said Mr..
Drew, scratching his head.
] now turned to some young brokers and
asked them if might make some inquiries
before l invested my money on the street.
Certainly, we will give you all the infor-
nation in our power" they replied.
''Well, " said l, ''tell me, upon your hon
ors, how many kinds of operators there are
upon the street?'
'There are," said very devout-looking
broker with white necktie-''there are four
classes the Bankers and Brokers proper, the
Executive Brokers, the traders sometimes
called Guerillas or Scalpers, and the Goats"
"What are the regular Bankers and Brok-
ers ?''
''They are the regular dealers in stocks,
who do not go into the Stock Board them
selves, but who buy stocks, pay for them, and
carry them. They are represented by such
Henry Clews & Co., Scott, Strong & Co.,
Osgood Brothers, Cecil Stout d Thayer, Os-
borne & Chaplin, Van Schaick, Musgrave &
Co., Glendenin, Davis & Amory, Drake
Brothers, Rufus Hatch, Kid, Pierce & Co.,
Jameson, Smith & Cotting, &C., &C."
''What are Executive Brokers?"
"They are those who go from one office to
another soliciting orders from the regular
bankers and brokers', and execute the orders
given by the regular bankers and brokers'
Among the street brokers are Eugene Bogert,
J. C. Young, VIM. Heath, known as the
American deer; A. Fl. Combes, known as the
giant; Mo- Mitchell, Robert A. Kane, and
John W. Brown, who compose the Gilsey
House syndicate also Minis & Carey, Harry
Nichols, and Aaron Wolff
"What are the traders, otherwise called
GuerllaS or Scalpers?"
''They are brokers who remain permanent
ly in the stock-room. They are among the
lunatics. They are solid, well-known men,
who turn from 200 to 500 shares of stock just
to make an eighth per cent. They speculate
entirely upon the present transient state of
the Market
''Why do you call them 'scalpers? ?''
because they scalp their eighth per cent.
right Off of a stock, and then let the regular
fellows have it. For example, if John Quig-
ley sees some broker filling an order for Rock
Island stock, he Immediately buys a few hun
dred, scalps out his eights per cent. and lets
the regular fellow have it. Johnny Hunter is
the great American scalper ON st. Paul. He
don't permit any one to buy or sell any st.
Paul stock unless they pay his regular scalping
tribute of an eighth per cent. They are some
times called the eighth per cent. chasers. The
most reliable and the heaviest scalpers, men
who scalp right and left-scalp everything
and everybody in the Stock Room-are Isaac
Sherwood, Commander-in-Chief, assisted by
10. Stevens, James Wilson, Jim Oracle, HI.
A. Patterson, Mr.. Dotger, known as the
''Artful Dodger," Fred. Nathan, Montifore
Isaacs, Harry Cross, Billey Henriques,
known as the "Great American Market
Masher, and"
'Hold! How does Mr.. Henrique spoil the
market?' asked.
"Well," said the Committee of Brokers, eff
Billy Henriques should see an innocent man
trying to buy New York Central at 90, he
would offer 9S4 for it, and if poor fellow
wanted to sell Lake Shore at 913, why Billy
would offer it at 81, just out of pure kindness,
and to mash the market The most cold
blooded 'scalper' is called Northwest Barlow.
Leroy Nichols and George Dickinson have
been prominent scalpers, but they have now
joined the Goats. Mendez Nathan and Sam
Post don't let pleasure interfere with their
little eighth per cent. when they can help it.
These scalpers are most all rich, and they
generally live in elegant brown-stone man
sions."
Snow, gentlemen, what is Goat or
Gutter-snapper asked.
''The Coats" they answered, "are COM
posed of busted up scalpers. Many of them
have been magnates. Sometimes they are
spectators of moderate means. They deal
in puts and calls and make small from $5
to 5000 bets ON the rise or fall of a certain
stock before specified time. They generally
smoke good Partfgas, have their boots black
ed twice day, talk about Vanderbilt and
Drew, and then go in and dine off of six
cents worth of crackers.
"Their favorite occupation is to stand OPP
posite the Gold Room and bet ON the rise or
fall OF the gold indicator. The most promi-
nent among the goats are the Rev. Mr.. Gano,
from Jerusalem, Mr.. Haskins, land Mr.. Open
helm. Gano peddles books, or does any
thing uptown till he gets little money,
which he invests Immediately in the street
Mr.. Oppenheim appears at intervals, after
great fires, with diamonds and jewelry, which
he sells to the brokers ON Change. Now and
then he gets upa diamond rattle, and with
the results, operates On the street."
''What is put ?''
''Suppose Erie is 81 to-day, and think it
is going down, l say to you, will give you
S100 for the privilege of putting it at 30 any
time within 80 or 60 days-that is put. If
| it goes to 2S, buy it in and put it to you for
80, making per cent.
s'The wording of put is as follows:
February 8, 1872.-For- value received, the
bearer may put to me one thousand shares of
Lake Shore at 81, on or before February 80
1872. JOHN SMITH"
''What is call, %
''In the same case suppose think Erie is
going up. say to you, if you will let me