The Hawaiian gazette., 1899-07-18
GUTTER-sNIPES

! Among business men, there Is no
more useful class than the brokers In
4 merchandise. shipping. exchange and
| In stocks. They serve as agents in
equalizing prices. and in making com
mercial and financial markets steady
! The needs of modern trade raise the
value of the brokers' services in the
community TO an extent that the sud
/ den disappearance Of this class would
entirely disarrange the methods Of
business and cause irreparabe loss.
! Responsible and reputable brokers,
however, always have as neighbors
! some disreputable brokers. especially
on the stock exchanges, who do not
hesitate to make any statements, how
ever false. to the unfortunate persons
whose business they have obtained.
In the large cities these irresponsible
brokers are often called gutter
snipes," because they carry their Offices
In their hats, and spend their time in
1 the streets picking up points about
! stocks, and picking up customers as
well. They live upon the commissions
| they make. and In order to make COM
I missions are quite ready to deal In
glowing accounts Of values in order to
encourage Investments. Ii wOnld be
unjust to say that the gu,ter-snipe Is
I dishonest. He does not intend to de-
ceive his customers. but he wishes to
get his commission. and In trying to
get 1t, either makes loose statements,
I or gives an opinion as to the course
, OF the market. which really has no
value, but strongly influences the
"tenderfeet" In the stock market. and
especially leads astray The widows and
, the orphans.
The responsible brokers. those who
c0nfine themselves strictly to the bust
ness OF buying and selling, give TO-
| their customers such information as
they may be able TO obtain. but they
do NO. recommend speculative invest
mcnts. because they assume a heavy
moral responsibility whenever, they do
so. ,.... .,.. , .,
Even the honest brokers are under
the strongest temptation to advise Gus
toners as 10, the value CT stocks Which
have no really assured yahle, hut are
subject to rapid changes In price.
while growing in value. The brokers,
with long experience. stoutly resist
this desire of the ignorant customer to
operate on the brokers advice, because
the commissions they, earn in. any
transaction do not pay them for the
moral responsibility of making pur-
chascs which may bring much misery
to a customer. They know that in
dealing in stocks which are not divi-
dend paying, there is more or less I'M
certainty, and their values are subject
to influences which no one can lAow,I
positively about, under any circum-I
stances.
In the matter of Investments in
stocks, however valuable they are. the
average customer Is entirely untitled
to pass Judgment upcn their merits,
and generally listens to the voice OF
the crowd, and follows ii. For this
no broker is responsible. But the gut
ter-snipe has one object only in view,
that OF making a market for stocks
irrespective of their merits, and in do
ing so, as rule. has very positive
judgments about the course of prices,
which the cautious capitalists do not
have, Then the customers are the
sufferers.
Il Is the truth that there are brokers
In our local stock market who are
most reputable men, but the gutter
snipes will always be about, who make
irresponsible statements, and mislead
the tenderfoOt investors They are the
terror Of the widows and the orphans,
who are always looking for that impos-
slble combination, a gilt edged Sc
curity which pays high rate Of in.
tor"st The gutter-snipe always knows
where the combination may be had,
although the experienced capitalist
does not