The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-07-26
said 40 old broker Of New York to Tri.

Said an old broker ~ New fork 10 iTt'
B.ns reporter the other day:
.Tbe outward evidences OF the increased
mania for speculation among Americans
floubtless strike an occasional visitor more
particularly than they do us unhappy hoou'
sks. The growth has been gradual TO US; u
Is before our eyes all the time, while you com
ing down after an absence Of year OF TWO
sec M glance the great change and develop
ment Of the business"
"The development has recently Oeeu iu''
mense. mss Il nois" was asked.
Fxiraordinarv IN every respect. Take
n first as 10 the number OF brokers now en-
eaoed in the immediate vicinity OF the
Stoek Exchange. There are l,lOO on Tue
iist. 10 which number the seats 10 the hA-
change are limited, but the number actua'y
enoaoed az mariners and employees OF iDose
havinc seais form small army. probably
each name en- the list represents five or SIX
other hungry, eager, pushing, rushing,
crushing, aud feyerish gamblers in stocks.
mean that number Of actual agents-mep
who do not speculate with their own mo-.
ney, but make their living of the brokers
percentage for investing for others. Be-
side these are innumersbie clerks, Wbom
you seldom see or bear, and runners,
whom you are constantly seeing. Ine
number OF these workers has Deen largeIy
increased by the systematZing OF bust
mes, and the regulations which require stock
deliveries 10 be made within certain hours.
IL is hard TO guess at a total OF those employ
ed in merely conducting the brokerage buSl'
ness. Then you must also remember that
there has been an increase in the number OF
exchanges. There are now two Mining EX-
changes. recently established, and all these
bindings around here are tilIed Win TEL
lows trying TO make a living out OF the
brokerage on mining stocks. Ii is amazing
how thew manage 10 make q living, or TO pay
their rent even. Why, some OF those OLD
bindings between Exchange Place ana
Wall street, which ron through from Broad
way TO New street, Just back OF The Stock
Exchange, are perfect boDanzas to the own
ers, who have fitted them mp into small and
cramped offices at enormous rents."
"PeIiect hives Of industry, suppose"
the reporter yenurtd.
The answer was q look OF pity aud con-
tempt for The evident ignorance OF the re-
porter.
"They neither spin nor toll"
"But fleecef"
ABOUT THE NEW YORK BROKERS.
"No: the brokers have increased in re-
spec,abihty and responsibility as well as IN
numbers. especiay In the last few years.
This has been owing largely TO the greatly
augmented value OF seats In the Board OF
Brokers and the limitation OF the number
OF members to LOO. When i bought a
seat in 1851 there were three hundred IN the
Board, aud l paid $500 for my seat. Du-
ring the war the number ran up to about
1000 and the yalCe Of seat to 80 600. In
1865, | think il was, the number was limit
ho Fartoo af N
not then taken was $4,000. l believe
some seats were sold at that time by the
owners for about $500, but after while
the vacancies were all taken up at
$4,000 each. The last sale OF which |
heard By retiring member was for S32 800.
OF course men owning such valuable fran
chises, as you might say, are very careful
not to run any risk OF forieitng them by
shabby evasioDs OF responsibilities or re-
pudiatiOn OF orders, as was formerly done.
IL involved, they hasten TO lay their case
before The Board to avoid penalties and to
save their seats. The consequence is that
business between brokers and their Gus
toners Is much more carefully and honestly
conducted than il formerly was. Besides,
the specuator can watch the fluctuations Of
the market through the gold and stock
stickers' as closely as the broker himself,
and thus he Is not forced to depend so alb
solutely as formerly on the judgment or the
reDresentation Of his broker as TO closing
out his account and the prices obtained.
Disputes on this point used formerly TO be
the great cause OF trouble between brokers
aud their customers, and brought most OF
disrtpute on the former"
INCREASED MAGNITUDE OF TRANSACTIONS.
" Has there not been a great increase in
the magnitude OF the transactlonsg"
s'The most wonderful part OF the whole
business! We deal in millions where we
dealt In thousands few years ago, Trans
actious iDvolyipg the control OF lines OF
railway many hundred OF miles In length
and stocks away up in the millions are
every. day occurrences. Syndlcates OF half
a dozen bankers take up at single grab
greater loans than the Government at first
feared to appeal to The whole nation TO
take as war measure. The individual
speculstors who used to come down into
the street for a oyer say once a week,
are here now every day, and they buy or
sell thousands OF shares where once they
dealt in a few hundred. Once, too, 1t was
their custom te deal exclusively In favor
ite stock, much as one might bet on single
card at faro; now they study the state OF
the general market and deal In several
leading stocks at the same time, 'bulling
or .bearing' all rs the state OF the market
influenced them."
al Has the class OF spectators changed"
sITUsED To De CALLED GAMBLING.
every greatly. 1t used to be called
gambling in Wall street. and many people
avoided speculation because they felt that
il was risky to trust brokers, as well as
something akin 20 the disreputabie to deal
on margins. Now merchants and manutac-
tuners who never thought few years ago OF
INDUCING in any other except their legiu-
mate business take almost daily 'nyeIs' in
stocks Then there is another important
class newly inuoc1Isled with the mania
for Specializing. mean the lawyers.
OF late years The courts, and con-
sequently the lawyers, have played
important parts In the great transactions Of
the street, particularly In railway operations,
and the lawyers have been led into specula-
ton as thousands OF Others kaVe been before
them. Add through the lawyers their
clients have come TO take a hard. 1t is q
very iufecttous disease, you must know.
Never had IL! Bat you are young yet -
with smile and coItemPtuous sbrug OF
the shoulders.
III suppose 1t Is true thst congressman,
and Legislators, and Government officials are
large specnlstorsT~
"Skey not only nearly all speculate, but
they speculate heavily. II WIS not always
so; tRs ideas as 10 the proprSetv Of usseials
In possession Of Legislative aud Government
secrets aud plans are much less rigid than
formerly. When member 3 Congress or
the Legislature knows, or thiIkls he knsw /,
what 4 committee will report on bill
likely 10 affect the money or stock market,
-. -