The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-23
BOYS IN WALL STREET.
Work Done By Bright Youngsters In
the Great Money Market.
II ROBERT Earl.

Every wide-awake American boy has
heard OF Wall street. In a more or
less hazy way he understands that il
is the great money market of this
country. the heart Of our commercial
body, place OF large transactions,
where the sums that change hands
svery day amount TO The biggest kind
II fortune. But there is one thing
about yhi5 famous street very inter
eStlng 10 the young American which
he probably does not know. This is the
fact that II 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 phere are more
boys TO the square yard here than in
any other part Of the metropolis with
its geo. 900 boy population.
It may be said in explanation that
when a broker refers 10 Wall street, or
the street" as tie is apt 10 call it, he
includes not only the narrow thorough
fare in which General WASHINGTON
when he took the oath as first president
Of the United States. but also Broad
street, New street and tlle lower part
of Nassau street. which branch off
from Wall on either side. This district
IS occupied almost entirely by the Of
fees of brokers and Spectators who
deal in money, stocks, and securities,
and it is all known as Wall street. It
doesn't cover very much ground. not
more than a three-acre lot altogether.
J haven't taken an exact census Of the
l,oys who work here, but it is a safe
guess that there are between l 500 and
20e0 of them employed IN the offices
within this narrow space. What do
they all find TO do?" 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 wAen they are
10 or 16," said This young man, and
they usually begin as stock runners. A
runner in Wall street parlance is a
boy who delivers stock. In ordinary
business. unless there is a special agree
ment 10 1le contrary the stock sold on
a certain day IS delivered on the day
following. The time for these deliveries
ends each day at 2:l5. Fifteen seconds
before the quarter the tickers which
announce The quotations of the eX-
change in all offices stop. Then they
go Textbook, textbook until they
nave told off the Is seconds. After the
final 'tOck' a buyer IS not bound TO re-
celve stock which ne has contracted
FOR until the following day, and il 1t is
offered to him he viii usually refuse il.
That means that the firm holding the
stock must keep il over until the fol-
lowing day They are then compelled
20 hypothecafe the stock, that is, they
borrow money or il, and it costs them
one days interest As the amount in
volved IS frequently large. the sales
often being n thousand share lots, this
interest Charge may easily amount 10
s. or 800, or even more, and becomes
a considerable item
Wen say that the broker whose
runner l am yesterday sold TO another
firm 1000 shares OF certain stock OF
course he uidn't have the stock in his
immediate possession at the time, but
he has until 2:l5 today to deliver It. /.
Very likely the stock does not reach
our office until o'clock or a little after
Then boy, a runner for some other
firm, dashes IN with the shares. They