New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-31
THE LONDON BROKER.
HIS Life as Pleasant as AHyf COM
nnPrc1nL Cnreer. Z

Comparatively speaking, a London brokers' lifs
is a happy one. says The Century He has more
less pleasant offices and If he Industrious. he
is TO be found there from 10 to or 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
but official business hours are from II 10 o'clock
Bargains before after these hours cannot bs
Officially recorded on the marking boards The
vestment 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 returns 10 his Office where II times are slack
write his letters and read the papers and
mediate how provide his clients With what they
all want per cent investments with gOvernuen1
security. The life OF a broker with a good invest
nent business is about as pleasant as any CONNER
Ciai career can be- He walks between his office and
the Stock Exchange several times Z day. and his
occupation is neither sedentary nor fatiguing- He
brought into contact only with MS own clients
and In the house ne can select the Jobhers ha
chooses to deal with
The general public have very vague ideas aooue
the differences between brokers and joDbers- II e
has money TO invest and desires 20 buy GER
tain securities ne must employ a broker He can
not deal direct with jobber. The broker wtll-giva
his advice, Il asked for, and on receiving IN
structious 70 invest say 500, in consols, he viii
walk into the House to the consol market, select
, dealer and ask FOR price on ave cOnsoHs The
dealer makes a price. wide or close" as the
state or the market viii permit. say S-s914, which
means that he is ready to buy at 90 and sell at
geH The broker replies that re buys at Ss5- re-
Turns to his office and delivers a written contract
70 the client The dealer steps into the centre OF
his particular market and challenges 1t the middle
price 9SIs The theory Is tEat some other oroker
has been selling ConsoIs al 80 10 another DEALER
the Two dealers meet and the stock changes hands
at ses both joobers getting one-eighth or / per
cent On the market This Is the theory and IL
IN business could be conducted on such quiet and
respectable terms the Stock Exchange would Do a
YER, nice place for jObbeTs- As q matter or tacts
the market often goes against them and they can
rot undo their business except at q loss ms
broker gets his commission anyway and Ms NE
is much less wearing joboer with a large capital
ar his disposal generally makes money much more
rpidIv than . broker unless the latter IS IN touch
with high finance. There is an enormous mass OK
investment business transacted in the Stock TX
change In London. far more than in any other
money market Of the world. but there are good
r,lr,- brokers 10 do it, and the membership or the
House would show rapid reduction II specuIatiFa
business were diminished. a member Of the pubic.
if he chooses. can speculate through an OUTSIDE
broker q "bucket shop keeper, but the man VINO
does this would buy gold brick at sight Ninety
times out of a hundred he would lose his money