Here's three Waterman Model 94 stockbroker pencils. All feature a twist cap clutch mechanism (think releasable grippers). These hold the lead in place. Positioning the pencil downward and twisting the cap loosens the grippers allowing the lead to fall down and out (by gravity). Twisting the cap the opposite way tightens the lead for writing. Reversing this procedure drops the lead back into the body and another quick twist locks up the lead for the night. The top pencil body shown here is black hard rubber and features Waterman's early 'Globe' shirt clip. The bottom two pieces are celluloid bodied with a later company clip. All three feature silver trim. Circa 1930 - 1938 All are just slightly over five inches in length.