Middletown transcript., 1897-09-11

<gdH w ~ this country, the
lI " heart Of our CON-
! TT mercial body, q
place Of large transactions, were the
sums that change hands every day
amount to the biggest kind of for
tune. But there is one thing about
the famous street very interesting to
the young American which he proba-
bly, does not know. This is the fact
that it is the greatest place in the
country for boys. Boys work is an
important part of the work that goes
on in Wall street, and there are more
boys to the square yard here than in
any other part of the metropolis with
: its zoe, 900 boy population.
1t may be said in explanation that
when broker refers to Wall street, or
s'the street." as he is apt to call it, he
included not only the narrow thor
oughfare in which General Washing
ton stood when he took the oath as
first President of the United States,
but also Broad street, New street and
the lower part Of Nassau street, which
branch off from Wall on either side.
This district is occupied almost en-
tirely by the offices of brokers and
spectators who deal in money, stocks,
and securities, and it is all known as
Wall street. 1t doesn't cover very
much ground, not more than three
acre lot altogether. 1 haven't taken
an exact census of the boys who work
there, but it is safe guess that there
are between 1900 and 1000 Of them en-
ployed in the offices within this narrow
space. "What do they all find to doP"
A young man who is now the cashier
in one of the most prominent firms in
the Stock Exchange, but who began
his work as an errand boy in this same
Office ten years ago, shall answer:
''Most boys start in when they are
Is or 49," said this young man, "and
they usually begin as stock runners.
A runner in Wall street parlance is
hoy who delivers stock. In ordinary
business, unless there is special agree-
ment to the contrary, the stock sold on
certain day is delived on the day fol-
lowing. The time for these deliveries
ends each day 2:15 Fifteen seconds
before the quarter the tickers which |
announce the quotations of the ex-
change in all the offices stop. Then
they go 'Tick-tock, tick-tock' until !
they have told off the fifteen seconds. |
After the final 'tock,' buyer is not |
bound to receive stock which he has
contracted for unfil the following day,
and if it is offered TO him he will u.s.
ually refuse it. That means that the |
firm holding the stock must keep it |
over uutil the following day. They |
are then compelled to mypothecate the
stock, that is. they borrow money Oh
it, and it costs them one days interest.
AS the amount involved is frequently
large, The sales often being in thous-
and share lots, this interest charge |
may easily amount to SIS or $1,000, or
even more, and becomes considerable
item.
"We'll say that the broker whose
runner am, yesterday sold TO another
firm 1000 shares of certain stock. OIL
course. he didn't have the stock in his
immediate possession at the time, but
be has until 2:15 to-day t. deliver it.
Very likely the stock does not reach
our office until O'Clock or little af-
ter. Then boy, runner for some
other firm, dashes in with the shares.
They are thrown on the desk and the
bookkeeper runs rapidly over them. .jot.
ting down the numbers on memoran.
dunn slip. The shares are thrust into
my hands and away go to the buyers
Office, well knowing that if I don't get
there by the time that tick. tack is
struck off on the ticker it may cost my
employer $50. You see the possibili-
ties for quick work in such a situ-
alton, and it often happens that for
the few minutes around 2:15 p. m. the
runner becomes the most important
figure in the Office, one after another
of the clerks leaving their tasks as the
seconds grow fewer and fewer to
watch the boy dash away and perhaps
to lay small wager as to whether he
will be on time.
"You will readily see that the first
th ing required of a runner is to be-
come perfectly familiar with the street
and to know the location of every Of
fee. With little experience the boys
become wonderfully proficient in this ,
and you can't ask wide-awake boy |
the name of single man regularly do
ing business here that he won't be able !
to answer at once, not only with the |
street and building, but also the floor |
and the exact location of the office {
which that man occupies. Consider !
ing that there are some 500 firms here,
that means good deal of information |
to be carried about in a small boys /
head, and is in itself an education in I
memory.
Il remember a mistake which !.
made in my earliest days as a runner. ,
One thousand shares of Northwest .
were to be delivered to Benedict. The /.
stock had NOT come in at2 O'Clock, at .
five minutes after. at ten, and the
was waiting to check the /.
numbers, and stood by the door wait
ing to rush away and repeating 'Bene-
dict' to myself with the number Of the