Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1903-07-23
THE LONDON BROKER.
His Business ms Pleasant ms Any
Commercial Career Can he.

Commercial Career Can he.
Comparatively speaking, London
brokers' life is happy one, says Cen
fury. He has more or less pleasant
Offices, and, II he Is Industrious, he is
to be found there from 10 to 3 or g
o'clock every day Of the year except
Stock Exchange holidays and his
months vacation in the summer. The
Stock Exchange opens at 10 O'Clock
and shuts at f. but official business
hours are from II to 3 o'clock. Bar
gains before or after these hours can
not be officially recorded on the mark
ing boards. The investment broker
therefore does not deal till II o'clock
when he goes into the house. walking
round the market, collecting prices
and cleaning information while he
does his bargains. After that he re-
turns to his office, where, If times are
the papers and mediate how to pro
vide his clients with what they all
wants per cent investments with gov.
eminent security. The life Of bro
ker with a good investment business is
about as pleasant as any commercial
career can be. He walks between his
office and the Stock Exchange several
times a day, and his occupation is
neither sedentary nor fatlguing. He
Is brought into contact only with his
own clients, and In the house he can
select the jobbers he chooses to deal
with.
The general public has very vague
Ideas about the differences between
brokers and jobbers. If man has
money to invest and desires to buy
certain securities he must employ a
broker. He cannot deal direct with a
tobber. The broker will give his ad-
vice II asked for, and, on receiving in
structions to invest, say, $4,000 IN con-
soils, he will walk into the house to the
consol market. select dealer and ask
for q price on "fvo" consols. The
dealer makes price wide" or "close,'
as the state OF the market will permit
say 99-99h, which means that he is
ready to buy at 90 and sell at 00A The
broker replies that he buys Mt 99A re-
turns to his office and delivers n writ
ten contract to the client. The dealer
steps into the center Of his particular
market and challenges at the middle
price, 991s The theory is that some
other broker has been selling consols
at 90 to another dealer; the two deal
ers meet and the stock changes hands
at 99h, both tobbers getting one
eighth of l per cent on the marke,
turn. This is the theory, and II al
business could be conducted on such
'"iot and respectable terms the Stock
GAnge would be a very nice place
'rhbers. As matter of fact the
" often goes against them and
cannot undo their business ex
,"Il at Il loss. The broker gets hif
commission anyway. and his life 1
much less wearing. A jobber with 6
large capital Mt his disposal generally
makes money much more rapidly thar
q broker unless the latter IL In touch
with high finance. There IL an enor
nous mass of investment bushes!
transacted in the Stock Exchange II
London. far more than in any otheI
money market in the world, but Their,
are good many brokers to do it, ant
the membership Of the house would
show a rapid reduction If speculative
business were diminished. A membe
Of the public, If he chooses, can specu
late through an outside" broker,
bucket shop keeper" but the mai
who does this would buy gold brlcl
at sight. Ninety times out OF hun
bred he would lose his money.