Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-25

the foregoing estimate, and there were also
gains from loans of money and dealings in
outside securities, etc. There are commits
sion houses whose expenses for offices.
wages, leased wires. telephones, etc,
amount to $1,000 to $1,000 per week and
perhaps more. Their business must be i'm
mense to enable them to reap profit over
and above these expenses. Yet one broker
age house is said to have earned million
dollars in its business in a single year. In
the active transactions of 1901 it is known
that some brokers We're carrying much
as $GO,0C0,eO worth of securities for GUS
toners. Such of these securities We're
not deposited with banks as securities for
loans to brokers We're kept in safe deposit
vaults under the stock exchange.
1t is one of the familiar but picturesque
spectacles of the street to see broker fol-
lowing box containing his securities to
these deposit vaults. the box being usually
carried by two clerks under the Watchful
eye of the broker.
The offices of a large commission house
are commodious and sumptuously fur
nshed The customers room is like the
lounging apartment in big club. 1t is
furnished with easy chairs and tables. with
racks filled with papers and pamphlets and
cases containing books of reference. The
stocks and news tickerS are always con-
spicuous and usually there is on the wall
a great board on which quotations of
active stocks are recorded they are re-
ported by the indicator.
The Curb Market.
The commission firm is commonly COM
pCsed of two or more members. One part
ner attends to the execution of orders In
the board room and another to the office
affairs There may be more work than the
partners themselves can attend to. and in
that case other brokers are engaged. Large
houses also have representatives on the
produce cotton and stock exchanges, as
well as in the curb market. The latter is
collection of brokers who meet every day
in Broad street and deal In securities not
listed by the stock exchange This collec-
ton of brokers doing business in the open
air in all seasons and in all kinds of
weather is perhaps the most interesting
sight which the financial district affords.
There are special reasons why they prefer
to do business in the street rather than in
a room The stock exchange is very strict
in prohibiting its members from transact
ing any business with any similar institu-
ton in New York. Thus there is a great
gulf separating the stock exchange and
the consolidated exchange. No member
of the former will have any dealings In
for the latter. Now the brokers in outside
securities while in no way doing business
in competition with the stock exchange.
wish to avoid even the appearance Of that
evil and so without habitation or name do
their work in the open street. Several hun
dred of the leading houses are represented
in the curb market. and one member Of the
exchange actually finds it more profitable
to devote his time to the outside than to
the inside market.
The stock exchange broker must possess
qualities of no mean order. He must have
strength of physique and lungs, must be
clear of eye and alert of mind. He must
thoroughly understand the intrinsic values
and market prices of all the stocks and
bonds. and he must be able to analyze re-