The Birmingham age-herald., 1903-06-28
THE LONDON BROKER.
Rls Business as Pleasant as Any Com
 mercIa Career Gan Be.

Comparatively speaking a London brok- CTS life Is happy one, says Century. He has more or less pleasant offices, and, if he Is 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 1, but official business hours are from Il to 3 oclock. Bargains before or after these hours cannot be officially re- corded on the marking boards. The in- vestment broker therefore does not deal till Il o'clock, when he goes into the house, walking round the market, collecting prices and gleaning information while he does his bargains After that he returns to his office. where, if times are slack, he can write his letters and read the papers and mediate how to provide his clients with what they all want-5 per cent in- vestments with government security. The life of a broker with a good investment business Is about as pleasant as any com mercial career can be. He walks between his office and the stock exchange several times day, and his occupation is neither sedentary nor fauguing. 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 1obbers. If man has money to invest and desires to buy certain securities he must employ broker. He cannot deal direct with jobber. The broker will give his advice if asked for, and, on receiving instructions to invest say, e50OO in con sols, he will walk into the house to the consol market, select dealer and ask for price on five consols. The dealer makes a price wide" or "close," as the state of the market will permit, say 99- sSA, which means that he Is ready to buy at 99 and sell at 99A. The broker replies that he buys at 99A, returns to his office and delivers a. written contract to his client. The dealer steps into the center or his particular market and challenges at the middle price, 99ls The theory ia that some other broker has been Selling consols at 99 to another dealer; the tvo dealers meet and the stock changes hands at sS1s' both Jobbers getting one-eighth of per cent on the market turn. This is the theory and If all business could be conducted on such quiet and respectable terms the stock exchange would be very nice place for jobbers. As a matter of fact the market often goes against them and they cannot undo their business except at JOSS. The broker gets his commission anyway, and his life Is much less wearing A Jobber with large capital at his dis posai generally makes money much more rapidly than broker unless the latter ia In touch with high finance There is an enormous mass of investment business transacted in the stock exchange in Lon oon' Tar more than in any other money market m the world, but there are a good many brokers to do it, and the member- snip or the house would show A ranid ra- auction If speculative business were dimin- ished. member of the public. if ha chooses, can speculate through an s.out- side' broker. bucket shop keeper" b,t lne man who does this would buy gold prick al sight. Ninety times out of a hun dred he would lose his money.