The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-23
OF The aCURB'
A Collection Of Youths Of Astonish-
ing Nerve in the Wall Street
kindergarten.
The Sidewalk Stock Market Of New
York Where Northern securi-
ties Fluctuates.
correspondenoe 81 me yournal.

JleS ElucLuaLcS.
Correspondence Of The Journal
New York, May 22.-One OF the least under /
stood OF all the elements Of the New York imam
cial world is the curb, stock market, To any |
one unacouainted with Wall street and its Ways
the curb market Is deep, dark mystery. People |
away from New York who happen to know that |
Northern Securities in dealt IN only on the curb
may imagine that the market must somewhat
resemble the stock exchange. They may imag-
Inc that quotations are established In much the
same routine way as the big board. In fact
they invest the curb market with characteristics
that 1t has not and never had. They give 1t dig
nifty and age. All these things are quite wrong.
The curb market ID collection OF youths
ranging from 16 to 40 years OF age, VINO zeal
in almost anything you could name, ana IN an
unconventional and oft-hand way: there y
change They do things in way peculiarly
thier own. $50
About 10 minutes to 10 the boys begin to gath
err on the steps Of the Broad exchange, the huge
twenty-one story building on the corner OF Broad
street and Exchange place. II one happens
around there at that time he hears many wonaer
full conversations about horse races, tneaters,
down town cafes and other kindred subjects, but
very little about stocks or bonds. It Is against
the rules to talk shop out Of hours. They all
know one another and there is generally good
deal Of good atured chat going the rounds
sharp at 10 o'clock they get out in the middle
Of the street and divide up Into little knots.
Each Of these little groups has q specially. one
Of them looks litter the market m pa
ciac Packing. Another tries to make fortune
in American Can. Every man in each OF these
groups Is quite confident that he knows more
than any one else about his particular pet
Noise and Confusion.
when the trading is very brisk the crowd pre-
sents lively scene. Every one ts shouting out
what he wants or rushing to oher MS STOCK ~
At.Sk Sskn n
can understand them. They use short terms Tor
stocks and they only quote the fractional part
of the prices. For instance. II Northern securi
ties opened at 9oh, the only prices TO oe neaae e
in the crowd are u, u, Is, ETC., until the STOCK
moves either down to 90 or up to par, after Wn1cn
the fractional prices win begin again. Inere s1s
no way Of recording the prices and sales excepl
as the brokers keep record OF them. someuMes
a young broker will tell his friends that ne mas
an order to buy 50 much Of certain stock' say
s, 900 shares. The financial papers nave tnelf
men in the crowd of course and 1t Will conse.
| quentiy appear in the newspaper RECORDS Ina Ina
Northern Securities was dealt IN IN the hrst
hour to the extent Of 5000 shares 1t is imme-
diately apparent that the record Is never COM
+ lete. @ .o,,.
exchange houses. Most of the big houses mad
men out on the curb during the Nortnern oesu-
! rites excitement to watch the course OF tne
market. For the first time in history curD
| stock really led the stock exchange. Old mem.
hers Of the exchange mingled with the crowd OF
| boys the curb.
| Raids on Merger Stock. .;
! There ar. three or four cases on record where
In the sharpest traders In the big exchange came
out and smashed the rurb market al TO pieces
| on Northern Securities. Notable among tnese
| ..iumped on Northern Securities right at the
| close OF busy market and sent 1t down points
| in ten seconds. There was lot OF exclteMens
on the curb that day: 1t happened that 10. o., OF
! oHA> hoi
l field thinking business practically over TOT the
| day. When Samin's raid came 1t brought THESE
! bows back in hurry and they rallied the stocK
2 points 50 quickly that the big broker from the
| insf,e quite failed to make his turn The one
thing the raid did do was to show that tnere wers
| half a dozen boys the curb who had orders
I from cup above to look after the fortunes OF
! Northern Securities
+ j, p. Morgan's Youthful Aide.
i The ereenest and most innocent looking boy
| in the crowd seems to be the main FACTOR "
the Morgan support of Northern Securities: BE
fore the decision came out this young Fellow de
welcomed d habit Of fooling his eontFeres thls
way: Some trader would come out TO- the CROW.
lind offer to sell Northern Securities at say 1oo
This youth would promptly bid Tor II ABOUT !oo
and he would make 30 much noise about his bid
ding that he would fairly rattle the crowd: Con Con
i, seauently the trader who was onerlng the stoc,
would withdraw It. Then me soun assd nsUne
> would 60 to him on the qulet ana III coAluei'ia
:Tsill, keep this quiet, but will give you 10
/ for that stock
!, The broker who had orders to sell at 1o6 wou
refuse the offer, but the chances were about ~ .
!. that he would confld to all his curp 1rlenu
, something like this: ar, ~.
.nron,ny N has great big order to MI belo o
!, | 1oe I wouldn't sell too much. believe there
something doing y =.
r 1he CONSEQUENCE was that this youth was tn
: biggest factor in the advance OF the stock aooV
106 before the adverse decision came out an
> Incidentally acquired name for himself on tn
. ! curb When the stock broke on that dec1slon
. 81, one Of the biggest operators on the exchnng
!; rushed out to the curb and offered any part
], 20 900 shares at that figure. This astonishln
youth who is not more than IL years old, an
y who looks like an animated wax doll, quietly r
), marked s-
: ..sold. I'll take the 10000" g.
i, The big operator Immediately withdrew n
offer and to this day has not been seen IN II
;; curb crowd.
Another Embryo Napoleon.
Another lad who has made a name Tor htmse
a in the Northern Securities campaign is your
s. Jack oliver He made a name by going brok
!. 4 He sold Northern Securities for every dollar
= was worth at 95. When it started to 60
r. from that figure he rushed into print about J
determined to let the public know that. Mort
ern Securities was not worth 30, and that
4 Il h,s ,.oroy 10 ri0hf away. He WAS t.