Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-12
ABOUT THE BROKERS.
Good Words for the People Who Live
by Dabbling in Stocks.
THEIR METHODS OF OPERATING.
True to Their Clients Whose Interests They
Do Their Best to Advance.
CHARACTER OF THE LOCAL EXCHANGE

Brokers, like poets and artists, are born,
not made. Their business is of such a
nature as to require the exercise of gifts that
are beyond acquisition, In the ordinary
sense of the word. A man may become a
broker by practice and training, but the
typical operators-the Goulds, the Wander
bilts and others who have cut figure in
Wall street-are products of nature.
The following description of this useful
class of citizens, and of their methods of do
| ing business, is condensed from a recent publi-
cation, the author being graduate of the New
York Stock Exchange.
In the roll of members of the New Y ork
Stock Exchange, he says. as of every other
Dourse, are men true and honorable in the
highest degree; men of education and culture,
who would scorn to take undue advantage by
the breadth of a hair; men generous to fault.
and possessing large share of all the good
qualities necessary to give roundness and per-
fection to character. But the impression has
gone abroad that as body, and acting on the
lines and instincts of their profession, brokers
are like wolves, constantly seeking lambs to
devour.
Nothing could be more unjust or further
from the truth. They are necessary to the
transaction of large and important interests
They hold the same relation to stocks that
bankers do to money, and are quite as honor
able in their dealings. Your banker under
takes the safe custody of your cash until you
hnd an outlet for its inv estment After you
have bought something. Government bonds,
railroad shares, or like property, you can, with
the assistance of your broker. in very short
time. turn your commodities again into money
at the expense of what is really a very mod
crate commission, or the broker will both buy
and sell for you. Whether you get as much
or more than you paid for your stocks is your
own concern. With that the broker has very
little to do. He cannot make prices. He has
as rule, nothing whatever to do with the
management of the property which is in part
represented by the scrip in your possession.
He cannot help the falling off of dividends;
the decrease in traffic receipts; the growth of
expenses. or the money lost by accidents or
incompetent administration. For these eccen-
tricities it would be as unjust to blame your |
broker as your banker for low rates of interest.
He would only be too happy were all his clients |
to accumulate wealth and the value of their |
shares forever to advance. And it is not his |
fault that they do not.
OF course as in all other activities of life, |
now and then broker may be found whose
standing Is bad. bus such an one receives very
little comfort from his brethren, who scorn
sharp practice of whatever kind, not only on
moral ground but because it brings discredit to
the profession. Brokers, as well as bankers and
sometimes come to grief; they over.
cap themselves and fall on 'tother side-"go
broke" and when overtaken by the latter ca
amity, their clients are co-sufferers 1t is not
.air or just that the big houses should have all
he business-it should be distributed SO as to
rive all a chance-but, inasmuch as no man
would willingly entrust his savings for safe
Keeping in the possession of bank of doubtful
strength or standing. so a sensible person
would not retain broker to execute his COM
missions without some assurance that his mar
i'm were in safe-keeping, and that his profits,
any, would be Forthcoming when called for.
-
Brokers seldom give and never volunteer ad-
-ice. If you endeavor to pump them, as re-
'orters well know, they answer you in a round
bout way that leaves you in greater doubt |
han before. If you ask them for opinions out
light the usual reply is that their business is
o execute orders, and yours to arrive at de-
isions. But, somehow, whenever you inter.
lew your broker you intuitively form impress
ions which, when analyzed, sifted and put
ogether again, make you feel that in some
ense you have actually received advice The I
plCdl UIOhcI uOcS uOL 10 DC IeprOaCleQ |
or having told you to do wrong, and he is
aturally very careful that you shall not be
Bile to cast reflections upon him, or. at a
1ture period. reproach him for his bad judg.
lent. His object is to do right; and if he fail :.
is not through dishonesty or want of judg-
ent, but is the result of causes over which he
as no control
The Pittsburg Exchange, although not as f
rominent and influential as it ought to be, and r
i'll be. is an important factor in maintaining
Id expanding the business interests of the n
ty. and it should be the aim of every citizen
lend it helping hand, to give it countenance O
Id support, to enable it to achieve its mani I
st destiny 1t is controlled by men of estab- T
shed character The brokers who daily con. K
egate there to buy or sell for themselves or !.
hers. are in all respects the equals of any \
nilar body of men in the country, active. e
ergetic, intelligent ''stand four-square to
cry wind that blows" and the properties Il
Indled are among the best in the country.
These are not gambling" stocks, but repre- =,
mt legitimate enterprises in which millions of n
ttsburg money are invested, and upon the 81
ccess of which the prosperity of the city de-
nds to larger degree than the majority of y,
ople are aware of. q,