The sun., 1910-02-06
HARDEST GAME IN STOCKS
TME FLOOR TRADER IN WALL
STREET AND HIS Ways.

y Form Of Speculation wearing on the
Y Nerves. Exhaustlng Physically. Try
sag MentaIly-Feats Told OT the EN-
, perts-QuicsS Turns Counted On
Geed and mad OH the Floor Traders.
z. when after the collapse Of the pool in
Colpmbus. and Hooking Coal and Iron
stock recently IL became known that hoOr
traders had lost upward of $500 200, JOY
vas unoonfined among the traders and
gpcculatcrp in stocks who have not the
pFixilage OF the door. When on the fol-
inNrnR day il came out that specialist
Had zone down in the crash the feelin gs
~ DsItEide traders were exuberant and
&mthueiastic. There was even talk OF
Nfsworks and martial music to celebrate
Xke occasion.
4 s The Joyful feeling was not characteTis-
nc or Wall Street sentiment whenever men
Hss large sums OF money. Even in the
karh grained financial district there is
mympathy. albeit seldom help. for men
who suffer costly reverses. This was a
sgsecial occasiou. 1t was unique in Wall
street history in that the big losers were
0f.thc classes that go to make up the So
!. cAlBed professional element on the Stock
Exchanxe. Undoubtedly every one of
the Nlbilant outside traders had at one
time cor another suffered losses which
he sktributed to the operations of the pro-
kessionais.
The professional is a manipulation. a
MooF trader or a specialist, or all three in
one. As manipulator he may conduct
Ma osserations outside the exchange and
snxy or may not have exchange member
shin; but the floor traders and specialists
aFAdisttnctively Stock Exchange creations
They must be members of the exchange
nnd their business is done within those
sin0ru Of the exchange which are closed
- fhs public.
The Stock Exchange has 1. 100 members
of whom about 700 are actively engaged
IN the hrDlerage business. OF the 700
aqtive members 1856 are listed in the
fstrck Exchangs directory as men having
NO oRisoss aof their. own. They are put
rinwns as brokers -at" the Office Of one firm
or nuother and at the address given they
hate sirhplf desk room where they may
spnke up their sheets and where others
snsy md them for the settlement Of
kl1kir accounts.
Xhees isS and about fifty more, who have
R692Aik offices for clearance purposes only
wl1tch tho foor traders belong. Many Of
thezn do btsiness simply as 81 brokers,
fhaf h. as brokers who execute orders
fof other brokers for a small portion of the
romnission which the others charge and
1Hf& few or no chances on the market.
o&hers do a,s2 business and trade on their
owH account as we'll Still others refuse
an commission business. whether from
fRezubers pf. the exchange or others, and
tRks chances on every trade they make.
T2ey are ahe real gamblers Of the Stock
Kxnkia1Re. II not of the world.
The number of the big floor traders is
nut hrge for the reason that their game
~ the hardest game that is known. the
rucst wearing on the nervous system, the
ni6st exhausting physically. the most
eryins mentally. Most OF the active
h+sAsss have tried the game and have
bern willing 10 leave it to others. In most
Uzeeq losses have Disconnected them and
sis6vs have. thought it more prudent to
ptAfsus the safe and sure commission.
Only IN an exceptional case, like that Of
chs 2ate Eth. Hartman. has a successful
fopr trader OF the first order left the floor
20 engage IN other business.
Over other traders the floor trader h as
ths advantage that he pays no commits
M0ns. being a member Of the exchange;
thAt his position on the floor enables him
70 keep the closest track of the market
and that he has had long experience in
fke execution of orders. His disadvan-
taxes are that the outside operator secures
Esst Dews Of market Developments OF
isnpcttance and that many market move
znents planned from the outside leave him
psst Of oonsderation.
s. DEAL IN FLUCTUATIONS.
.The floor traders, or professionals
vAid the report Of the Hughes commission
IN Stock Exchange practices. -keeuly