The sun., 1893-01-21
BROKERS MUST BE QUICK.
There IL Little Time for Pouderiug VIII,
the Market Is Active.

AyounG broker who is well known on the
Stock Exchange stood in his office the other
day. idly looking over tho tape ns 1t ran from
the ticker. when his gaze was attracted by this
quotations
John Jones bought 500 Manhattan. 10
no name"
"Hellop' exclaimed tho broker "Jores
must have been ratified. Let's see. Manhattan
closed at LA. II he doesn't find his man he's
out $4,000. That will teach him lesson"
How did 1t happen ?" asked bystander.
Why. he forgot to take the other fellows
name. that's ALL l tell you. n man who attempts
to execute orders on the floor OF the Stock Ex.
change has got to keep his wits about him :
You hear OF the horscplay IN which some
members indulge now and then. but that's
only In very dull times. A little life in any
stock takes all tho foolng out Of every body on
the floor. and the man who doesn't want to get
singcd doesn't do any wool gathering about
that time. either. oncc bought 10000 shares
around the room-that is. from n number OF
brokers-and didn't make mistake. That Is
not an easy thing to do. You have got TO be
very cool and collected ma not forget your
calculations. The case is like this: Iou have
orders to buy so many shares OF stock Mt GER
tain prices. There arc about 600 or 700 men
on the floor from whom you must buy. You
have got to wait your opportunity. and when
somebody offers to sell at your price you have
got to jump In ahead OF everybody elso and
grab his offer. IL you are buying In 5000
10000 share lots the task is net so difficult.
b ut when you are buying in lGO or 300 share
lots you have got TO call up all your mcttle.
"A man should always take memoranda on
lects to do SO. relying upon his memory. he is
sure to get into trouble, That is how this man
Jones got lett. | have known men to forget
names and lricpa. too, | saw "A fellow rush %
his TELEPHONE the othcr r. Day anI tell the hoy I"
NV Gneand M HrS from ss he We yees Tns
telephone boy was dumfounded. bought
price did ho buy it at n As New England was
very active that day, his question was very
10 Johnson. the broker he'd bought the stock
from. and say: i say, old man; how about that
% %S SoT " ohnaon oh Hd Iy hsn. SI
III think ANYTHING about il: for he had forgotten
5Oif he had wanted to be dishonest. The stock
orened at +s that day. and went to 5o'o;
As matter Of fact men have to rely upon
each Others honor to large extent in these
sales. anyhow. Tho transactions are the work
to be relied upon in the excitement. Memo.
randa are of value. OF course. but sometimes
there are misunderslandngs IN spite OF them.
Sometimes when broker wants to get a large
amount of n certain stock at n certain price.
and the latter is changing frequently. he Will
can get, without stopping to make memoranda.
After ho has what he wants he tries to find the
sellers. 1t Is not wiso thing TO do. but occa-
sionully merely stopping to write few names
will lose the opportunity he is waiting for.
hsvS never knpwn %Hn on t.. lloer to
tions are by no means rare. When see II lot
iittle and write down ali their names. % the
price OF the st tock. and the amount offered by
each Then jump in and yell. I'm take ali
that stock None ot them & can crawl after
White. Whit ~ il doesn't tak me as long TO to make axe
the memoranda as 1t does to describe it.
brokers dsaGtfe T to nnsHct1n
Cured. II the amount invoIved. is consiiera-
committed: The latter viii then make u
to the best evidence it can obtain, in case OF
dispute, also. tho Chairman will order he
Of f. stock in dsT"s, to be sold under
loss may not DO increased by delay.
"Misundersta,ndincs nd T are pEe s9meimes very ex.
and and Another @ her yesd %Hs Pons rSsSsd s'i; 70 N;
day l met him and referred casually to the
stock l had bought Of him. Bought he
was hard Of hesrns nf Of conrss co hst
wasn't my fault. He had gve2 me the chance
To- TO-. execute a enstomer,s order and dd it;
gone up three points. it meant n difference OF
) 100. Fortunately. had u lot Of witnesses.
His offer to sell the stock at my price had at
the market called for. Sevep witnesses an-
peared for me. and the other fellow acquiesced
without a murmur.
Sometimes misunderstandings cost n great
deal more. 4 similar misunderstanding at
the opening Of the Exchange on last Friday on
Sost S te ssU %SS hs
tions., however. They attract SO much atten-
tion that man Is pretty sure s, to learn Of his
find 1t out. however. he tries to square himself
by buyi ng or selling. as the case may be. They
will make him pay for 1t. They have no mercy
will unite to roast him. Mistakes are ways
discovered at the close Of the day. because the
brokers, conn pare their transactions then.
he would lose all his nerve. But it is with
him as, 1t is with tho thorough poker
sidered. The broker, will buy. or sell million
dollars worth Of stock in half a second. Tho
difference of a fraction in the price may mean
not think dls Of that. for il he does he
G day viii AFFORD: H. must not burden
lie, can do is make his transactionms rs
at the best figures attainabe. and il lie stops to
think about how much money he might save il
likely to find himself in a bad way by, the time
to think that / was dealing to the extent OF
shares. I'd have been ratified good deal
can tell you. But 1t is with me as with all other
broke on the Exchange; stocks are consid-
swapping. buying. and selling them is only n
game at which ono eyerts his wits to make the
best bargains possible