The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-12-11

lew unlngs ana | got away from
the phone in hurry. That della,
lost me still more of that stock and
when the gong rang al the close
had only about 1000 shares and
had paid what seemed to me an ex.
orbitant price for them. other brok-
ers had cleaned up the 5000 should
have got. That night he conclud-
cd, II was called into the private
office of the heads of our firm and
when | let | wore "a can The
next morning, coming down on the
81" | read in the paper of sthe con.
solidation OF certain, interests$ and
among them VAS thai concern WHO'S
stock | had bought the day before
and that stock had gone inlp TIE
combine at 175. . 3OOO{ shafes of thai
stock | had lost TO the Arm betau5e
though the price too high at 1O7 n
lfIhegpew man ''on the ,Apors moi
only finds his voice cutting up queer
capers andphimselfsin hot water every
minute but has attentions from tlfe
old timers who never are too busy
for such amenities. One man had his
first days orders all filled and was
hoping for telephone call to top 1t
off with, and said so 10 one of the
veterans. Very soon the summons
came and he went on the jump. That
veteran broker had vanished-into a
telephone booth.
Hello, Jim?'
"Yep."
"Sell 100 Pullman preferred at the
market, hurry" OF course there Is
no such stock, but his order was
enough to get him going and he be-
gan bawling his Offering. All the
traders stotpedito look at rim but he
| couldn't make sale. He cou drIt
understand che stfange slooke Oh theieI
faces, but kept up his racket. @Pre4S
emily one old broker walked slowfy'
over from the other end of tnesrcolill
and booked for 200 shares. Then anE'
other and another and all inst asl
ssltfm as oNfl. sNo oties was yelling
sbdt ,,ffinise1fi 4SnaIy0hes E6t rid Of;
Itis 1000 shares 'aifd. Sth6fiya 9augb,
nearly raised the roof. The new
broker stood in utter confusion until
a little messenger sang out:
"Yah-there amt no Pullman PEE
ferred. You're it," He was.
"A man must learn to take those
things good naturedly. He never
knows whon he is going to have to
call on the friendship of the other
brokers. A floor broker must stand
good for his mistakes and they are
sure to be made. One sold a stock
at 25 one day when the market was
So and his instructions plainly read
80. Thc moment he had recorded the
deal he looked at his orders and
caught the mistake. That ten points
represented some $4,000 and he stood
to make that good to the firm. What
did he do? He couldn't afford that
loss SO he hunted up the two men lie
had sold the stock to and begged off
They were good fellows and saw the
hole he was in. On the other hand,
there are some mistakes no brok'r
will set right, those are mistakes in
judgment. Mistakes in execution of
orders may be remedied, but no trader
Is going to let some old scalper out
Of deal when he guessed wrong
on some stock and it went down in
stead of up. That's another matter,
though thcre are men vino have the
nerve to ask you to cancel an order
like that.
"A mistake like that shows the big /
risk broker takes. That one stood |
to make couple of dollars for car
rying out that transaction, but he
stood to lose nearly $4,000 by simply |
the order. New men envy
the fellows who swing big orders and
clean up from $50 to $50 a day,
but get oyer worshipingly the little
blue god when they figure up some
lay how much a man like that might
ose. A broker, has to .Ds ,eyer!ast-
ngiy on the lookout ana some, men |,
obviously weren't born to, be made
'roker, and never do ',eatch, on.
On the other hand take. the ca,e. of
| broker WHO cleaned up quite a
'ile in nthe panic. of 1901 Everyone
vas excited and confused on the floor,
'ut he, although he was under a
Ieavy strain, managed to keep his
ead clear and his ears open. Hearing
econ, abnormally acute from ex-
erence and presently he discovered
hat one stock was selling on one
ide of the room some four or five
oints higher than on the other. In a
loment he was buying with one
and and selling with the other be-
ore anyone noticed the situation,
hat case illustrates the difference
etween a broker and a dub. Some
mes dub becomes real floor
'oker in short order.The other kind
mt allowed to stay long-not on the
hlcago Exchange. /