“Mr. Morgan has started for the Steel meeting,” reads the manager, from the news machine. “The div-i-dend on Steel”—whirr—whirr—clack, clack, clack—“one per cent.” … “regular.”
“Gee whiz! Look at Steel,” calls the tape trader. “Three-quarters, one-half, one-quarter, one-eighth, one! See ’em come. Three thousand at a clip. Sell ’em! Sell me two hundred, Robinson, quick!”
A clubman drops in with a funny story. Somebody offers to match you for lunch. A friend invites you, over the telephone, to dine with him. You conclude to take your profit in Wabash Preferred on the rally. It is three o’clock and “closing” before you know it, and time to run over to Fred Eberlin’s and have Frank mix you a cocktail.
But aside from a profitable acquaintance with values, I know of no place equal to a stockbroking office for the acquirement of that general and intimate knowledge of men and of the town, which, organized and classified, constitutes the science of life. Here congregate men of every conceivable calling and character, all meeting on the equal and easy terms of a reputable pursuit, and all more or less under the influence of the natural and perfectly selfish ambition of money making.
One has only to observe them to be instructed. They are well groomed. They are rosy and plump. Any one of them evidently could sit down at the desk and write you a check any minute. Whatever they may be elsewhere, whether their private lives are distinguished and benevolent or riotous and shameless, whether their margins are the fruit of admirable diligence or the purloined inheritance of the widow and the orphan, while they are here these men are capitalists. They have the feelings, the ideals, the desires and fears of the rich.
Here is a railway president amusing himself taking a flier in sugar, while he waits for his steamer. He is chatting with a tobacco manufacturer who sold out to the Trust. On that sofa by the window Jerry Jackson, the bookmaker, is whispering a point to a man of pleasure from the Knickerbocker Club. There is a clergyman from Chelsea Seminary talking to a doctor smelling of iodoform. The two tall gentlemen laughing with the manager are lawyers who will be scowling fiercely at each other presently before Recorder Goff.
The man with his hand in a bag is a mine owner from Colorado, showing a copper specimen to a dry-goods merchant on his way to the Custom House. The man with his nose glued to the ticker globe is a professional operator who trades from the tape. And that hungry-looking person who has just rushed in is a bankrupt tipster, making a precarious and pitiful existence, like a woman of the town, out of the means of his ruin.
Graduates of Oxford and alumni of Harvard rub elbows with City Hall politicians, and farmers from Kansas and Pennsylvania exchange market opinions with men of science.
It is only for short intervals that the customers in broking offices can be busy. At other times they must lounge, and smoke; and chat, and read, and watch the board. A good-sized concern may easily have two hundred running accounts. Can you imagine a livelier, more entertaining place of gossip? You can have stocks, horses, commerce, law, medicine, small talk, art, science, the theater and religion in fifteen minute causeries, every day if you like. You have the milieu of every club in New York and the Waldorf café massed in one elegant composition in more than one broker’s parlor.
I once knew a clever fellow who dined out every evening. He always had the latest scandal, the newest story, the straightest tip and the last word from Washington. He knew all about stocks, grain, races, theaters, society, clubs, athletics. He could advise you about ocean steamers, table d’hôte places, country hotels, Berlin pensions, young ladies’ schools, where to buy Ayrshire bacon and who had a yacht to sell. And he acquired this vast and useful assortment of knowledge simply by spending his afternoons, from noon to three, at different Wall Street offices.