Local Brokerage House Spirits Sag: Some Young Brokers Quit
An elderly lady here called her broker Monday as the stock market was diving to a six-year low. She was crying.</br></br>Incidents like this do little to boost sagging spirits in WashingtonÛªs community of brokerage houses. Falling market prices and losses suffered by clients without the nerve to hold on have shattered morale, said one brokerage house manager.</br></br>And he doesnÛªt mean just customer morale; younger brokers who havenÛªt had a chance to build a large clientele have left the securities business to find other jobs. For example, the 18-man staff of Hirsch & Co.Ûªs Connecticut Avenue office dwindled to 13 in the past six months.</br></br>The five who left, like other brokers looking for greener pastures, are reported selling home appliances and business forms.</br></br>For those who remain, however, business can be good despite conditions. One Hirsch & Co. broker, for example, said his income is 30 per cent higher this year than last year at this time. Income Drop