The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-08
OFFICES IN THEIR HATS.

| 10 s9,o01 year. and in some cases they
/ Tar surpass these figures. They constitute
| the fringe of the skirt OF legitimate bust
| ness, but this does not mean that their
| calliEss verge on the questionable. On
The contrary. they are the gieaners-those
Who pick up the crumbs which fail from
| the banquet board of Dives. fer in the
downtown district many choice financial
morsels might so TO waste II il were not
fer these hangers-on.
Many of these oficeIess men are not
dependents. They have a worth OF their
| own irrespective OF the great game which
Is being played. aud IN which they are
sometimes called upon te act as pawns.
They 90 not need Offices. They are the
| nomads Of business. the ro0fless Arabs
who fold their tents with the opening
~ the business hours and keep ever on
the march. OF course. they have homes
those who earn enough To maintain house
noics OF their own But when they leave
their domiciies in the morning they can
claim no habltatiOn until they return at
ter the close of the days routine Some
times they tire of this officeiess exist
ence. and, for the sake OF adding fancied
responsibility 20 their callings. they cast
out a sheet anchor in the way az hiring
desk room with some established firm
Beyond the advantage Of thus having an
address 70 which mail may be sent, they
derive little benefit from this step
1t is estimated that there are between
500 and 1000 real estate brokers in New
York who belong TO this class. An Office
would be Of little advantage TO them
They are on the move from morning until
night hustling from one real estate firm
10 another, getting offers. making propo-
sitions, visiting various pieces OF proper
". Some have printed cards on which
appears an Office address. II YOU under
took TO look up the number it is quite
probable il would turn out 10 be the resi-
dence OF the broker. In ninet-nine cases
out Of one hundred he tells you he viii
call on you if you desire to see him again
instead of putting you 70 the trouble OF
looking him up.
1t is not out OF poverty that these men
are without offices. In the busy season
some of them earn commissions which
average 500 Il week. Others. of course,
have TO be content with a bare living.
with want staring them in the face at all
times. Yet these wanders are the keen
est judges Of realty values in the city
They know the history of every market
able piece of property from the Battery
to The Bronx. Many large transactions,
which mean tens of thousands, and oc-
casionally millions. 20 the principals, have
been set on foot and brought 10 a close
by these peripatetic brokers.
Another class of officeless go-betweens
which is indispensable TO the financial
world, is the pond broker. OF course.
there are bond brokers who are tenants
of the most expensive slyscrapers. But
the are others. keen-eyed. clear-headed
judges Of securities, who make the rounds
of these silyscTapers in search of COM
missions for putting new leases on the
market. II such bonds have no standing
at the time of issuance these brokers
proceed to talk them into the status Of de-
sirable investments. Their reward is the
difference between the asking and the
selling price, and il IS to their advantage
to make this margin as wide as posi-
BILE. Municipal traction, and waterworks
securities of western cities have found
their way into the safety deposit vaults
of big investors largely through the en-
ergy and eloquence Of these agents who
are so busy going around to the offices OF
other men that they would not visit their
own if they had them.
Some of these brokers are comparative
strangers in New York. wide-awake men
from other cities, who have tried In vain
to obtain connection with an established
firm here. They are experts on the sub
ject OF securities. but their only hope for
the time being is to become free lsnces."
1t is needless TO say the best are soon in
duced 10 abandon this precarious method
I of earning a livelihood for a position WITH
some reputable firm, but their places are
taken by others
Wall street is fun Of men without Of
fees. Some call themselves bulls and 9TH
ers do not hesitate to proclaim themselves
| bears. Cynical observers. however, pro-
nOunce them lambs" Day after day
they are found IN their seats in the bro
kers' offices by the time the ticker has
recorded the first sale on the Stock Ex
change. SoIemnly they blink at the fig
ures as they are marked up They can
get as excited as any one over the rise
and fall Of a particular stock. Some OF
the lambs are retired business men
who Ike 20 amuse themselves with the
fiction that they have not yet given Up
active participation in affairs. Others are
hangers on who do not make a trade once
month. Yet here they sit from ten
until three. ''pikers in a game which has
more fascination than the so-cailed sport
Of kings. Onices-they hav none. They
would not know what 10 do with them
Yet they livcsand breathe and have their
being. They have mouey-some of them
and audacious indeed would be the man
who would call these respectable-iooking
citizens Migrants.
on Bread street. where the curb market
holds its open air session. are some II
these nonadic husineSs men. They are not
many Most Of these brokers are repre-
sentatives Of established firms. and only
A few who deal in outside securities keep
their offices in their hats Only dire
stress Of poverty is responsible for the
latter condition for an office Is ne
cessity 20 the stock broker. whether he
deals IA hizh class listed securities or
Labrador Gas.
a different state Of affairs prevails on
New, street Here one finds the scuVel-
gers Of the street" the privilege
crowd. - vhora any crumb that fats
from the table IS acceptable Their srs-
sions are in the Open air, too. but their
transactions are not recognized hy the
Stock Exchange They deal in puts and
calls, spreads I'd "straddies IheY
died hard. the privilege men Their
last claim 70 stock Exchange respectable
itv was tor from thsn when they we're
aha udored by Russell sage Even after
privilege were barred - TIE Exchange
IL was common to deal in ''Russsn sage
privileges Contracts signed or the O.
nancier. agreeing to buy ~ Ssh stock az
certain figures AZ stipulated time were
dealt 10 on New street. bat nos even tfls
has ceased
Nevertheless. the privilege crowd stu
holds forth. Little groups are scattered
along the pavement dlcder.ug over TINS
and that stock. thcir deals frequently IN
terruptsd b. some passing cab ~ tr-o<,
which causes thu brokers g take REF
age on the Sidewalk For the most Part
they are older lhan thc cgTb brokers. ard
the stress o. speculation mal-leffE itsllf
most clearly in frayed TaiElcu. and an ab-
So Of that szanry sir which seems ST.
- Die from slccess iu lie. faeJ haEe
no offices. nor do the neea theH -