The sun., 1910-02-06


conspicuous on those days when the
market is dull. On dull day in mid
summer, when the big men Of Wall Street
the wealthy speculators and most Of the
customers OF the commission houses are
away. the floor trader remains.
Others may not care for the market
He couldn't resist its fascination II he
would, and on many such days trades
between the professionals supply much
more than half OF the business. IL is
OF markets such as this that the elder
Housman used to remark with n mag
nificent flourish OF the hand;
The oroupicrs make the play
DIDN'T OAMBLE IN BALzAC.
The study of market conditions is all
absorbing to the expert professional.
Most Of them are busted with obtaining
information on the attitude Of various
financiers and outside operators in all
their waking hours while the Exchange Is
closed. Some Of them do little or nothing
else. Wall Street attaches the following
story to one Of them rs Illustrating the
general disposition:
Much against his will the broker was
dragged to a dinner party where women
were present. and the conversation was
on general topics. The dinner companion
of the broker tried to draw him out on
one topic after another but without
success. His mind was ON the market. As
a last resort she brought up books.
"Oh. Mr.. Blank she said, "you like
Balzac. suppose2'
Il don't know anything about It, was
fhsar <lS fv1u Ia M
In those curb stocks"
II FRIENDLEss. STILL THEY SERVE PuR-
POSE.
As was noted in the beginning the aver
age customer of the commission houses
has no great regard for the professional.
His broker is partly TO blame. for the
broker who has unwisely advised purchases
Of stocks generally has professional
raid" for his excuse when the advice turns
out wrong.
Suspicious dsbblers at stocks also recall
that the professionals were characterized
as hell hounds Of the system when
lawson was Illuminating against Wall
Street and that the Bostonian was beloved
to have selected one Of them. Harry Con-
tent as the original OF BARRY Conant,'
the broker villain Of one of his pieces.
Il suppose we are a friendless lot. "
said one OF them recently. Call US specu-
lators in quotations or market gamblers
IL you like. At the same time we At into
the general scheme OF things in Wall
Street. Our trades help as often as they
harm outside spectators and act Rs a
balance whenever the market 10 top
heavy or oversold.
There are floor traders who consider
it their business to discover and watch
those pool operations by which the public
is often and most expensively beguiled.
Whenever one OF US believes that pool
is OVERRIDING things he Is not afraid to
sell the stock short in the hope OF en-
barrassing the pool.
~If the short sale is successful and the
pool stock recedes the pool can catch no
more dudgeons. Much OF the most nag
rant manipulation is caught and detected
by the floor traders before the manipula-
tors have time to accomplish their pur-
pose.
st is also certain that the floor traders
often make a market for stocks In which
apart from them there would at times
be found 70 take a chance on any offering
whatever, and generally at but a slight
change in price. In times OF dcmoraliza-
tion also our covering OF short contracts
is often the best purchasing power that
the market has"
Few or THEA AMAss FoRrUSEs.
Despite his extraordinary proficiency
in executing contracts. his expert knowl-
edge Of all the machinery OF the Stock
Exchange and his ripe and skilled judg-
ment In apprsising technical conditions.
the floor trader seldom amasses fortune.
The average profits are less than In other
branches of the brokerage business or In
other varieties OF Stock Exchange opera
tions.
Many a floor trader Of many years ex-
perience just manages to get along. Wall
Street annals record the names Of very
few who have retired. in the Street,
estimation. as wealthy men. More of them
have'retired nervous wrecks. the strain in
the end being too much for them.
The trouble with most men who have
tried the game is that there has come a
day when they have taken the wrong
side Of the market and have contested
their position pugnaciously until they
have found the profits OF year wiped
out In one session. These same men on
every other day OF the year may have
taken losses as quickly as possible when
the market was contrary. have "run.- in
Wall Street parlance. as only the pro-
fessional can run when he sees the market
against him: but the one day of care
pig headedness or loss of self
control may bring ruin.
WINNER BIZ FAINT.
The strain on the nerves is constant
and instances OF collapse get mo the
papers once In q while. Six weeks ago
there was the report Of the cautious floor
trader who incautiously sold Rock Island
on the day that the stock jumped thirty
points in five minutes and dropped back
again in ten more. Figuring up his ac-
counts he found himself loser by SIS, 900
and the stock was still soaring
Loss OF his seat stared him in the face
and he tainted away. Il was q lucky
for on his recovery the stock
was down and he was able to cover at
\ profit. Nevertheless he is not likely