Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-07
LIVELY NEW CURB MARKET
Lincoln Penny Opens Strong, Weak
at Noon. Close Irregular.
TODAY IS LAST DAY OF ISSUE
Heavy Selling Of One Million Of
New Coins Drops Price
From 1-2 to I 81.
The Copper Market.

iss 900 H E,.s sv CSC G &c s ca
CLOSING PRICES.
Bid. ............ 3-.c Asked ....... 3-5o
Market report-Steady and strong at opening
hut weak undertone developed toward noon. with
NEW YORK. August 7-Llncoln COP
pefs were the feature of the curb market
yesterday.
A big percentage of our young popu-
lation which has gone into the game Of
finance suce the coinage of the new
cents "bulled" the market heavily when
the subtreasury opened. buying up all
they could and selling them on the street
| at prices that fuctuated all day.
The market opened steady and strong.
with Lincoln the star stock and selling
| on the curb three for a nickel. With the
advent of inexperienced brokers the prices
took tumble and before closing were
| extremely irregular.
Newsboys who found speculation in
the new cents far more profitable than
selling papers bulled the market from
the start. At noon many bears were
| willing to buy at two for a nickel But
competition became too keen and Lin
coins dropped off a point, selling at three
'or five. Toward the close of the session
bears were taking them at seven for
a dime
How yer sellin' Lincoln" chirped a
| newsie at Wall and Nassau streets TO a
gang of bulls, displaying trayful of
bright, shining Lincoln heads.
Got advice from Hartman to sell 'em
short, came a retort. Dropped a point.
Were goin' two fer nick: now deyre
down to tree fer de same price. Amt
goiE' any lower, so you better buy while
yuh got de chanct.'
Hundreds Were in Line.
| While the newsboys monopolzed the
market prices remained at the top notch
| figures that characterized the first days
business. But other boys heard of I'M
| told wealth to he had in the speculation.
When the subtreasury doors were opened
| yesterday morning hundreds of urchins
| were on hand in invest in copper.
Many youngsters who were making
| their debut in the money market were a
| trifle dubious at first, fearing the compe-
ution was SO keen that their inexperience
| in trading would find them at the close
with their stock on hand.
But you can't lose. nohow, Mickey"
a lad explained to a tiny companion
standing in the long line that stretched
| through Pine street to William and
| thence down to Wall. It's money Jest
! tn same. A hundred cents is bone.
a cartwheel. or as good as greenback;
/ SO what yer a-Scared off,
1 Of the thousands VINO SIOTmed InS
/ subtreasury doors yesterday, most were
| enterprisng young financiers. Fights en-
/ sude when boys who had exhausted their
supply attempted to worm their way in
near the head of the line 1t took sew
| enteen policemen 10 quell disturbances
that broke out. -,
There were so many prospective buy
| ers and the battles started so suddenly
| that it was hard for the bluecoats to
| ferret out the offenders. But wherever
| there a. rumpus all hands were
| dragged out of line. Straightway the in
| nocents raised a howl OF protest. but
| that availed nothing. Then ensued
| scrambles to get places at the end OF
| the long line.
Scattered to Find Trade.
| The young money brokers. upon get
| ting a supply Of one hundred two
| hundred coppers. scattered throughout
| the city and offered their stock for sale
| wherever crowds collected. On all the
| principal thoroughfares. from the Bat
| terry to Harlem, the young J. P. Morgans
were ION the job, and for the most
| part selling the Lincoln heads went
| swiftly.
| Only one young money broker ar
rested. Patrolman James Collins brought
| Isidor Feildman into the Tombs court for
| unlawfully peddling Lincoln cents at
Wall and Nassau streets. Magistrate
Corrigan delivered dissertation on the
| evils speculation. ana tflen tOtQ. the
/ policeman he would lose less time if he
| shooed the money brokers away. instead
of arreSting them.
| The subtreasury received 100000 OF
| the new cents yesterday, and the last
batch will be sold probably today. In
| dividuals could buy 81 each, while banks
| got SO apiece As the mint has coined
26,O00,O0O of the pennies. 1t is likely there
| will be enough to go around but the
young embryo brokers are plunging like
| Joe Letter in the wheat pit and want TO
make hay while the sun shines. BY
closing time yesterday 600 900 cents had
been distributed at the Subtreasury.
Bulls Driven to Cover.
The pronounced bear feeling that set
In late in the afternoon soon drove the
bulls to cover. and from two for five
the cents dropped to five for seven
cents. There was a slight recovery
when report spread that the Secretary
of the Treasury was going to call in all
the Lincoln heads. but weakness de-
veloped again when the rumor was
shown to be false.
1t was reported last night that some
of the big bulls were overloaded and
expected this morning. Around Park
row and other resorts for newsies there
| was excitement as this report gained
credence, and one young trader was
HeHFu OHtTlllS ali Ills SibCh DIT par. n
dozen bidders gathered around him
ca gerly and he unloaded quickly. Then
| it was learned that the report was a
clever trick designed to make some OF
the lambs come forth to he Shorn
Before the order of Secretary Mac
Neagh promulgated many enter
priSing youngsters had gone short of
the market, promising delivery yester-
day. and il their eagerness To
cover that really kept the price from
dropping to par.
Gee. We guys don't know enough ter
get in outen de rain. All de fly kids
| is buzzin' round sellin dem new PEN
MES an half my customers says to-
night dey don't want papes less'n
| | kin git 'em some NV dem Lincolns'.
Gee I'm wishin' / was der Teller down
| ter de Treasury. I'd get fixed right, |
would an all desc fall guys I'D have
ter come my way for papes an pennies.
But | guess dell fergit about 1t soon
an be handin' me over Lincolns fer
extras. Say, boss. got one Nv dem v.