Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-03-09
LONDON'S STOCKHOLDERS
THEIR ODD AMBITIONS AND VARIED
METHODS.
They Are Much Like Their American
Fellows In Minor Details, Though
Differing Much in Some Points.

London stock brokers have little in COM
mon but a desire to avoid publicity. The
individual member must not advertise his
business, and he shrinks from advertising
himself.
The New York broker rejoices to see his
name in print. but the London broker be-
fore vouchsafing the barost information to
a newspaper reporter, insists upon a prom
Use that his name shall not be mentioned.
This modesty, however, only holds good
SO far as the stock exchange is concerned
and it is doubtless due largely to that mys-
ferrous fear of the autocratic committee,
which only finds parallel in the school
boys awe of his master or in Russian
editors Difference to the censor. He likes
to see himself mentioned in society para
graphs-he is even suspected of OCCASION
ally seeking this-and he enjoys the publici-
ty that comes from sport. speechmaking,
subscription lists and prospectuses.
Old Style and New.
Stock brokers have changed much with
the times. There used to be a saying that
broker always looked as If he had been
turned out of a handbook, and in those days
he was much like his fellows. being content
with small business, and regarding HIM
self as we'll off with income which now
some of his clerks would despise. He did
his business on conservative lines; he liked
to stick to investors, and by cold-Watering
speculators-especialy spectators in a
small wayne did much to encourage the
bucket-shop. with its tapes, it's cover, its
knavery and its false hopes.
All that Is now changed. Stock brokers
have more than doubled their number. and
competition has brought down their COM
missions. They encourage their clients to
speculate by all legitimate means. and they
frankly confess that they cannot live by in
VeStment alone.
They no longer dress in kind of uniform
and many do not don the topper until
they reach their offices and come on pa
rade. The bandboX is discarded. One brok-
er will desire to look as if he has been
turned out of stable, another if he Is
sparing few minutes from the river;
third as though he despises the tailor and
all his ways. There are, of course, still
many left who ape the fashions; but they
wear distinct West End air. and comport
themselves in the house like SO many
Venetian masts
Pushful Invaders.
The stock brokers' method of getting on
in the world are wonderfully varied. There
are still left a few of the old-fashioned
school who live by Investing money, and
only speculate for old clients. and then
with half frown of disapproval. But they
are diminishing yearly, and they are forced
to Increase their incomes by that left
handed encouragement of speculation which
is known as taking in stock This means
that they pay for and take up stock for
other brokers who have clients who want
to carry over. They get their steady to 6
per cent for that sort of thing, and this,
added to the 1000 or 1900 a year that they
make by commission, ena bIes them to face
altered circumstances with serenity.
Pushing, scratching grabbing brokers,
however, are on the increase.
They are mostly young men, who have
brokers
decided to start for themselves They must
not entice their employers clients away,
or they would get into trouble with the
committee, but there are ways Of evading
this which they do not hesitate to employ.
There Is more than one firm in the stock
exchange now which has Scratched quite
big business together. but they always
live in fear Of their dustheaps being OBJ
liberated by the first serious slump.
Their Methods.
The pushing broker never lets his clients
rest He calls on them, telephones to them,
writes and telegraphs to them, until for
very shame they give him an order. That
is his opportunity. Having bought the
stock, he watches its every movement, and
earns the gratitude of the investor by his
ceaSeleSs solicitude.
There are a couple of firms of Society"
brokers, who are credited with doing bust
ness for none but Smart people They
have fashionable half-commisson men at
tached to their offices, and they can mostly
make good speculation hum for time
They are watched with interest by the job
bers, who are wary about making prices"
IN things they do not understand. There
are also hunting brokers, who do much of
their business following the hounds and
have worked up solid connections mainly
by talking fox.
are not unknown but it is believed that
they have unusually worrying time
with clients who have applied for shares
only to find that the promises of the pros
pectus are not always kept. An air of
hopeful suavity Is an absolute necessity to
a broker of this kind.
The promoting stock broker, however If
he is big-minded enough to rise above the
grabbing tendencies Of the moment, has
ever before him the prospect Of becoming
an issuing house" This means that his
firm may become the means Of introducing
a loan for small state or municipality to
the public. 1t is somewhat giddy height
to strive after as 1t brings him in direct
competition with bigger city guns alto
gether.
Specializing brokers are perhaps the CEN
tiers of chief interest in the stock exchange.
They must have particular qualities They
must be quick, noisy, resourceful, with
touch Of the bully. and an expressionless
face. They do not, as a rule, do much
small" business, but they run up prices
with remarkable celebrity and an air Of con-
viction that dismays those who are against
them. They are always cock-sure and ire
sistible; but they have a troublesome way
of booming stock to shaky level and
then walking out Of the house and leav-
ing 1t to gravitate by itself They trespass
somewhat on the domain of the dealer, and
they are not so much popular as feared.
After Little Turns.
The jobbing stock broker is as small in
his methods as the specializing broker is
big. He is always for making little turns,
which keep his clients in a hungry condi-
ton Of wanting more. He is not sufficiently
well placed to get good information, but he
gets to know enough to make him some
times right, SO far as quick little move
ments are concerned. He is a harassing
person altogether, and he is distinctly the
product of the overcrowded state Of the
stock exchange. Ten years ago he had no
place.
There are a few generous brokers who
will make allowances for clients who have
been unlucky, and there are also mean
brokers who will never forego a sixpence.
There are brokers who are Sin the SWIM"
and have always reason to give for every
movement that takes place; while there are
boring brokers who know nothing, but who
cannot divest themselves of the belief that
1t is their duty to explain things to clients,
even although they know nothing about