New-York tribune., 1912-04-21
Curb Man Tells How He Cleaned
Up $350,000 Without
Sleep or Shave.
LoNDON'S LOSS HEAVIEST
Recent Boom Considered Weird
by Wall Street in It's Sen
sational Features and
Excitement.

shares came the story of L. P Cartier
who has been the central figure IN the
feverisb trading in the stock on the
curb for the last few days. Of how he
had cleaned up $500 900 or $3J00O0. The
loss will fall the heaviest on London
speculators, who had done most OF the
bvvjng according to Mr.. Cartier.
About ninety-six hours behind In
sleep and without a shave for three
Gays. this little curb broker said yester-
dsy that he had gladly withdrawn from
Tho frenzied scenes of the curb market
without a share Of the Marconl stock 10
his oup uersonal credit, and with pracu'
callv all his snug fortune in the bank
He hurried 10 Washington yesterday al
,ernoou 10 see his wife and babies, from
whom he had been separated for TWO
weeks he said. and 10 get little rest
FROM a humble and temporary ONCE ~
No. ~ Brcad street where the Caruer
business was done. he said he had ar
ranged TO remove 10 the larger quarters
on tho Gfth floor Of the same building
facing ON Broad street, which is now &C.
cuped by the firm Of Dick Bros. q CO.
Mr. Cartier informed most of the imam
cial bureaus OF the newspapers yester-
DAY. that he had something to talk
about. The newspaper men found hin
IN an unpretentious back room OF euro
firm where he had taken up temporary
reservation He showed an ardent de-
Sire 10 tell all the facts in his case lie
began by saying:
Ie1{. T,rf
have had scarcely any sleep for ninety
six hours. YOU will all bear witness %
the fact that have not had a shave for
three days"
The reporters responded that they
would swear to that.
On the Firing Line All the Time.
The wrinkles you see in my trousers,
Mr. Cartier continued. "are due 10 fold
ing them inside my boots while on the
curb during the hard rains last Tues
day I had to be on the firing line all
the time and had no time to get them
pressed. l know there may be stories
printed about this whole thing being an
other South Sea Island bubble, with me
as the bubble, and want 10 tell you all
me 1dCIS anu set lllLSS oil olbIiN' oio
willing 10 go before a notary and swear
10 anything l say, and have instructed
my cashier to let you see any or all OF
my books to prove all the actual trading
did in Marconi stock
The brokers' invitation to look over
the books was magnanimously declined.
He continued:
With the assistance of my associates
estimate my profits Of the last few
days at between 100000 and $4,000
all from trading in MarcOn stock. 1t
al came from straightaway dealers
profits, actual buying and selling, with
no personal speculation element, and
never executed an inside order the whole
time. How was it done? Principally
through the ignorance of some Of these
people In Wall Street, who are always
reactionares when a good thing comes
along
They wouldn't believe that the Mar
conf Western Union deal was going
through. and they failed to see the possi-
hi,tieg in anything that looked like wire
less stock took the chance. announced
uny self as 2 specialist in such stock and
the business came my wsy-that was all
there was to It. London buyers paid me
g.. $40 and So a share for the Marconi
stock above tho price quoted on the
New York curb
Mr.. Cartier said he first entertained
rrenouitiou that there would be some
thing doing In American Marconi stock
when he picked up the Easter edition
of morning newspa per and noticed the
advertisement OF proposed arrange
meut between the English Marconi com
rsny aud tho Western Union company,
whereby the latter would handle Mar
conf messag ges. The same paper devoted
page 10 eUlogy Of Marconi, the in
ventor, and Mr. Cartier made up his
mind he said. that so much free adver
tising in ono direction meant campaign
IN Marconi stock.
Mas the Logical Thing to Expect.
The deal between the American Mar
conf company and the Western Union
was the logical thing to expect, and so
he got busy and advertised his speciality.
with most satisfactory results.
American Msrconi company from ST.
6S2, 800 TO $10O00,00o, which has re-
Gently been approved, also afforded an
opportunity TO trade profitabiy i'm both
the old and new stock. Owners Of the
old stock are 10 receive fve shares OF
new for one OF old, and have the priv
iege OF subscribing for practically all Of
the remaining new stock at par
One of the peculiar features of the
Marconi boom was the wide difference
between the price Of the old stock of $50
par value and It's equivalent in the new
shares which. are to be issued in May. |
This wide difference has made possible
srbitrage operations between the two
issues, which have made small fortunes |
fSr some curb traders. The new shares, !
which have q par value Of s., have sold, |
when Issued for over $16 during the |
recent boom. The old stock went as
high as $3.50 Two years ago it sold for
81 share.
Yesterday the slump came, and the old |
American Marconi shares took a long
toboggan slide. Closing at 345 on Fri |
day, the stock opened yesterday at 275, |
sold UP to $50, and then rushed down. on |
heavy offerings, to 150. AT the close 1t |
Vas offered at $50, with no bid. The |
new stock followed the decline and sold |