The daily morning journal and courier., 1901-07-10

Loans of Two or Three Thousand
 Stockbrokers-Hund of Millions
 Handled in a Year by One of Them
 Loans That Are Paid for and Others
 That Are Not.
 In Wall street the money broker is
 rather an important parsonage. He is
 the man who brings the borrower and
 the lender together. His business is
 distinct from any other in Wall street,
 and, as a rule, it returns handsome
 profit
 There are 2.000 or 5000 stockholders
 in the Wall street district, but there
 are only about half a dozen money
 brokers who make a speciality of lend
 ing money for the banks and the bank CTS. It is practically true that all the
 millions of dollars lent by the banks
 on the Stock Exchange are handled by
 these six men. And one of them does
 as much business as all the others com-
 bined, or more. His name is Howard
 F. Buckingham. He is little chap,
 with reddish brown hair and mustache
 and sharp black eyes which look out
 through his eyeglasses.
 From the time Frothingham reaches
 Wall street in the morning until he leaves there in the afternoon he moves
 about the district as if he were. hung
 on springs. He has short nervous
 stride, and when in motion he appears
 to be always in a hurry He is a fine X Interpretation of the American term hustler. He numbers among his clients
 -11 u. k p Cnr
 with Stock Exchange membership, and every bank or banker having money to lend knows and has confid- ence in him.
 Frothingham has followed the busi- ness of a money broker ever since he was a very young man. As he is not much over 45 to-day he has been in the business probably about 25 years But whatever the time he has been engag- ed in the business, he has been in it long enough to have accumulated very considerable fortune, and it is said that his income is s50,000 year.
 A man who lends anywhere from $5000O0 to $1O,000,000 in day is per son of some importance among the men with whom he works and does business. If you ask Frothingham to tell you something of his methods and to tell you how he won the place he now holds among money brokers he will very likely reply that that is matter of private business and that he won't discuss it. There are other folks in Wall street, however, who now and again find this little money broker an Interesting subject of conversation. The other day the president of one ot the largest banks in town was talking to a Sun man about Frothingham. This banker probably knows the money broker as well as any other man in Wall street When the banker was asked if Frothingham's business netted d handsome income the banker said: sSI Met a handsome income? Well, I Should say it did. The entire capital he has invested is a clear head, good pair Of legs and the confidence alike of lenders and borrowers. l never bal anced his books so I don't know to cortime how much he makes in any one year, but it would be a pretty safe bet that he makes more than $50000 year.
 .sThere are six or eight other money brokers down here, but Buckingham does as much business as all the rest put together And he's a hustler, l tell you. One great advantage he has over his competitors is that he is a mem- Der of the Stock Exchange. In times when money is in demand on the floor Buckingham can go right down there among the men who want to negotiate loans and more business in ten min- iutes than most of his competitors can do in an hour ff t n hing like this: He gets to his office between B and 3 o'clock in the morning, and, after looking over his mail and giving | as few directions, he sets out for a tour Of the banks and of the offices of men ! who always have money to lend. He will come into me. for instance, and I | will look over the loans which we have | maturing on that particular day. I will | then do a little ciphering, and deter mine how much if any money I care | to lend that day. He makes a note of it on his pad, and sprnts for an- other bank, where he does the same thing.
 4s.Then he goes down on the Exchange | and finds out what the needs of the | trokers are. Smith wants to borrow | $1OO coo and Jones $500000 and Brown s1 .OOo O00 Frothingham tells Smith or Tones or Brown that he can accommo- date him at such a rate, and if the terms are accepted he takes the order for the money as he would take the or der for the purchase or sale of stock.
 s'He may or may not notify us that he has lent money for us to this, that or the other firm or individual. He has absolutely nothing to do with the security offered, never sees 1t and nev- er asks any questions about it. All that is attended to by the people for whom he lends the money
 "A short time after Smith or Jones or Brown has borrowed some money from us through Frothingham a mes senger from the house comes in here with a big brown envelope bearing the nane of the firm which is doing the and marked with the amount If the loan. The envelope contains the which the borrowers wish to put up as collateral.
 s.Borrowers from banks know pretty waJ1 what kind of security banks will accent. and we don't usually have to ,a+,,rn any of the collateral offered. However. I examine the collateral and ,4 want more of one security and less if another I tell the messenger ana ne poes hack to his principals to have the .s..++ar adiusted satisfactory. In most