The record-union., 1893-09-28

stood the other day a man with pale face
and dark hair, and keen, restless eyes
that indicated an alert. nervous DISPOSE
ton He was looking out of the window
at the crowd passing by, but evidently
his thoughts were elsewhere, for every
now and then he would start nervously
and bring his fist down on the window
sill as though to emphasize some argu-
ment. When he had repeated this pam
tomime several times he turned to the
veteran, who was seated not far away,
and said energetically:
''Old man, pve closed up every deal [
had on, and pve concluded to quit for the
rest of the summer There isn't enough
going on to pay for fellows time, and
might as well be off enjoying myself as
sweltering around here. Pl engage
passage for England tomorrow. Come
along"
81 envy you, my boy" returned the
veteran, slowly; but Pm not so fortu
nate as you. I've got to stay behind and
watch and nurse my deals or III wake
up a bankrupt. I'Il take a bottle with
you, though, before you sail"
The first man nodded and smiled, and
q few moments later went out into the
street and took cab uptown. The vet
eran closed his eyes for moment, says
the New York Sun, as If to aid his re-
flecting powers, and when he opened
them again he said with hearty emphasis:
I'D rather see that man gamble than
witness the finest dramatic performance
since Garrick. If l could play poker the
way heUIoes l would be Indifferent about
my birshright."
'Who is he?" asked a bystander, one
not acquainted with Wall street and its
deings.
Ills name," returned the veteran, sis
not essential. He is a room trader. Do
you know what that is ?"
The curious man admitted his ignor-
ance.
4 room trader" said the veteran, sis
product of Wall street only. He can be
found nowhere else-at least, not in the
state of absolute perfection in which he
exists here. He is a man who combines
energy, qulcknesS and keenneSS with
GOODNESS and decision; who can be as
salln as a sphinx or restless as wildcat,
sccording as one or the other serves his
purpose best; who can do things which
would be dishonorable in others without
sacrificing his own dignity who can
abandon what may appear to be golden
opportunities without a regret and,
above all, who possesses what is some
times called a sixth sense-the power of
divining the intentions Of others before
they are more than half formed. He is
full of antagonistic attributes. He may
be petty and yet courageous, theorist
and yet practical; square III his dealings.
yet tricky.
1.-The room trader spends all his work
ing time on the exchange, and it is his
object to read the purposes of other mem-
bers and anticipate them. He might
sometimes be called a spy, for no means of
getting at the intention of other brokers
is neglected. If a room trader sees a
flo Of
Exchange reading an order from Gus
toner, he will ascertain the nature of that
order if it is possible thing to do, and
there are many who wouldn't hesitate at
reading it over the brokers' shoulder.
That may be called playing the spy and
other dishonorabe things, but it doesn't
alter the fact. Neither IS the average
room trader above following a broker
around TO watch him. If he sees that the
broker is going to buy or sell certain
stock, the room trader anticipates him.
OF course he may be fooled sometimes,
but that doesn't happen often.
The broker cannot always buy large
amount of stock from an individual. He
has to pick it up in small lots here and
there. AS soon as he begins to buy the
room trader is after him. The broker
may dodge and squirm, but, like the old
man of the sea, the room trader won't al
loyA him to escape. The room trader fol-
a
Jersey mosquito, and his work is as fully
devilish as that bird of prey's. Naturally,
the room trader is not popular with the
other brokers on exchange, and some-
times there are unpleasant exchanges of
compliments; but all that amounts to
nothing. The room trader is too skillful
to be caught in any act of spying that the
broker can prove, and mere suspicion,
or even conviction, on the part of the
broker, unsupported by proof of dis
honorable conduct, would not be su1fi-
cient even to base a complaint to the
governors on. Besides, the average
broker is not an angel, and can't afford to
throw many stones.
LIKE A POKER PLAYER.
"To large degree the room trader is
like a skillful poker player. Before he
can acquire much success he must have
experience with the other players. The
veteran room trader is like the veteran
poker player. He knows all the others
in the game, and has learned by little
signs now and then TO read their hands.
If the broker has an order to sell large
block of ST. Paul, the room trader who
sees him hanging around the st. Paul
crowd knows it just as soon as he sets
ewes on him. The broker may not have
made sign or said word, but the room
trader penetrates the mark, reading what
is going on in the mind of the broker by
others. Every man of keenness who
plays poker constantly with the same
crowd will learn after a time to detect, by
the way his companions bet or hold their
cards or act, what kind of hands they
have. The room trader meets practically
the same brokers daily, and he learns to
know them as the poker player knows
his companions.
zone of the most successful of the room
traders will plunge into crowd and be
able in a second to tell whether the mar
ket is going up or down, or, what is
equivalent. whether the crowd is going
to buv or sell. With him it is really a
power of divining. he has the courage
OF his convictions, too, and | may as well
say that the room trader who hasn't the
courage to back his ideas won't last long.
If the one l refer to has q feeling that the
price of stock is going up he jumps in
and buys up block of it before any body
else can talk. If he thinks it is going
down he sells it just as quickly. OF
course, if he makes mistake il Is costly.
but those are the gamblers chances,
which every room trader must take. As
matter OF fact, the man usually wins.
When you come to figure it down the
room trader is almost certain to make
money. He doesn't take half the chances
that the speculator does, and if he would
leave ordinary speculation alone he
would be all right. One room trader is
credited with making 100000 year.
zone OF the advantages that the room
trader has over the other brokers lies in
the fact that he is always on the exchange.
That enables him to take advantage of
any incident that might affect the market
more quickly than those can who start
from their offices after receiving the in
formation. News spreads very quickly
on the street, and any event likely to af-