Logan Republican | 1904-04-09 | Page 7 | Brokers of Wall Street

r " ' " " " n Brokers of Wall Street V ... . . J Wall street brokers hold themselves a million times higher In caste than bookmakers. And they aro right. Thoy aro tho cremu do la cremo of finance. Bookies ore tho scum, Yet thore nro muny bookmakers In tho street, und not a few of them aro backers of brokers. Somo are big operators supporting brokers by their commissions. There uro 1,100 members mem-bers of the Stock Exchnngo, and these ropresent brokerage and commission Aims whoso partnerships aggregate no less than 1,451' alilebodloil men. It Is safo to Ventura tho assertion that oach member of tho exebango and his partners would turn up the noso at an Incomo of less than $20,000 a year. Hence: At $20,000 oach year theso brokers clean up net nbout ?ao,()00,000. There are somo B00 Stork Exebango firms which pay $3,000,000 annually for tho ront of their offloes. These firms employ em-ploy 7,000 clerks and assistants, bookkeepers, book-keepers, runners, etc., at an avorago wage of $1,600, which makes $10,600,-080. $10,600,-080. Thus we have In three Items alono $42,600,000 that must como out of tho pockets of customers to keep the great machine well oiled. That Is to suy, tho public pays tho sum of $12,500,000 annually for the privilege of supporting In splendid style 8462 peop)n In order thot they may have their hands at telling which way the stock will go. Now York Press. i