The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-08-04
Specializing Mania.

New YORK Tribune.
Said an old broker on Broad street to a
Tribune reporter the other day:
"lhe outward evidence of the increase d
mania for speculation among Americans doubt
less strikt an occasional visitor to the street
more particularly than they do us unhappy
habitu $. III growth mas Teen gradual to Il (;
10 10 before our ey all The time, Will U } GU +,
comil down after an absence OF u year. Ur
two, see at a glai ce the great change ana de-
vel pment oil the business
"Tue development has recently betn i'm
mense; has II nOi?' he asked.
Extraordinary In eYry respect. Take IL
hrst as to the number of b. okerB now engaged
IN the immediate vicinity OF the STOCK ex-
chang There are COCOON the list, TO which
number the seats In the exchange are limited =,
but the number actually engaged as pa tne ID
and employs OF those having seats form a
small army Probably each anne ON the list
represent, five Or six ther hungry, eager,
pushing, rushing, oh ushing and feverish gam
UiyIs lii stocks. i mean Mat numbtr of
actual agents, men VINO do not sp culate
with their own money, but make their NV
Ing off ne brokers' p, rcsntage I r Investing
for hers. Besides these Are inuumeroble
Gle ks VIII m you seldom sre o. near, aud
rubuers whunI you are cOnstjI thy Ctug, The
humble OF these workers has be- largely in-
creabe by the syste InatiziDg ii badness, and
the regulations which require stock deliveries
to be made within certain hours. IL ishard TO
conducting the brokerage business. Then you
must ALSO remember that thei Z has been an
increase In tho nnmoer OF exchanges. There
aie now Two mining exchanges recent es-
taolished, and ali these builuings around here
are filed with fellows trying 10 make a
living out Of the brokerage on mining
stocks. 1t Is amazing how In Y
manage to make living, or to pay
their rent even. Why, some of those old
buildings betw esen Exchange Place anu v all
street, which run through IRON broadway TO
New street. JUST back ofthe stock exchange,
q perfect BON n sas to the owners, who have
1ttai tntm mp intO small and cramped offices
at enormous IeutB.
perfect hives OF industry, l suppose?" the
reporter ventured,
The answer was look of pity and con
tempt for the evident Ignorance of the re-
porter.
"lhy neither spin nor toll"
"But fleece"
"No; the brokers have incre 'sed In respect.
ability and responsibility IN well as In num-
bers, especially In the last few years. This
has been owing largely 10 III greatly aug
me ted value of seats In the board of hrok, Ia
aud the limitation of the number of memb, "a
to 100 When | b, ught a seat In 1857 here
were 800 In the board, and paid $50 for my
3. at. During the war the number ran up 20
nnou' 900 and the value of seat tD So 600.
la l76S, Thu k II was, th number was limit,
TO TO and the price sci upon the seats Lot
then taken was $4,000. l lie ieve SINE seais
wire hoiu NJ hht llhe ny 'he owners Tor ABOUT
$500. but after awhile the vacancies were all
taken no nj 10000 each, The last ale, of
which l heard by retiring member, was
Tor So 900. or course men owni. 4 such
valuable ffanchi q, as You may gay, are
very car full not to run any lick OF fDIfeiting
them by shabby evasion OF responsibilities,
or repudiAtiOn of ord rs, as was formerly
done ltinvolved they hasten 10 lay their case
before tue board avoid penalties ana save
their seats Toe cOnsequeuce Is that business
bs ween brokers bnu their customers 10 mu h
more carefully conducte than it formerly was
Besides The speculation can watch the fluctua-
tiOns of the marker 'hr ugh he gold ana tuck
tiokers' as closely - the broker himself, and
thu he Is no. forced G. depend 80 absolutely as
former y on the jddgmeni or the reprr sem n tiOn
the prices obtained. Disputes on this point
used ,rmeily to be he great cause Of troub
between brokers and their custom e'a, and
brought most Of the disrepute on the former"