The times., 1899-04-02

every year, as il is presumable- that the
average man with money to spend is be-
coming less easily victimized. One favor
ite method employed this season is that of
the professional operator" who writes TO
his victim or advertises in the newspapers,
or sends out booklets, to the effect that he
desires to offer his services in looking af-
ter accounts in the stock market. This
gentleman states with much candor that
the world is full of sharpers and that TO
avoid all suspicion he refuses to handle any
money whatever. He requests his customer
to deposit his money with amy reputa-
BILE broker II is agreed that the profess
sioual operator shall not have access to it
except that he may order the purchase and
sale OF stocks. He is to receive percent
age of the winnings Of the account at the
end OF certain time.
This to be sure must be an absolutely
safe game for the customer or client" !"
The professional operator in his booklet
tells of his many years success on the stock
market, and OF his thorough familiarity
with all the ways of brokers, pools and
manipulations of various kinds. The ques-
ton is certain to creep into the mind oil
a suspicious person, however, why these
professional operators who are able to beat
the market should wish for the small ac-
counts of outsiders, on which they can only
| receive a small percentage of the winnings.
A man that has been successful for many
years in the stock market should have q
few millions OF his Own to speculate with.
The practical experience OF clients of
these gentlemen is OF much more value as
a criterion of their ability to make money.
This experience amply demonstrates that
whatever the professional operator may
accomplish for himself he never wins for
the client. Supposing the professional
operator to be reasonably honest, which
is violent supposition in the beginning,
he has everything to gain and nothing to
lose He will invariably speculate in az
tive stocks like Sugar and Tobacco, which
give action for your money" II he hap
pens to buy Sugar when 1t is going up he
is sure of making good stake, and II ne
buys when 1t is going down, which is very
near as likely he loses nothing except the
other mans money. When he wins he
takes his percentage and with the balance
tries Sugar again. II he wins again he
takes another percentage. Nobody wins on
Sugar always, however, and on the first oc-
casion that he guesses wrong his clinets
money vanishes while his commission on
all former deals have been carefully put
away.
The ways for a more dishonest operator
to fleece his clients are without number.
One Of the chief of these is the recon-
| mendation of a broker to the victim. The
! operator advises his client 10 choose his
| own broker. but he offers to give advice
| in the choice II the Client S unfs Liar with
| New York houses in order TO protect him
| from dishonest firms.
A recent instance OF this kind is we'll
authenticated. A Washington man sent
| to a gentleman who advertised his ability
| to make money $4,000. This money was
placed in the hands of a firm recommend
| ed nv the operator. An arrangement was
| then entered into between the operator and
! the broker to divide the commissions on
! the clients deals. The plan pursued by
| this operator was TO make as many trades
| as possible. -.
He would frequently make six or eight
nurcbases and sales in one day in one stock.
| In two weeks he made forty trades OF loO
| shares or more. Whether he won or ioS1
| he got half commission, as did the broker.
with half a point profit he would sell OUT
| With half a point loss he would 40 thS
! same. The accounts OF this gentleman
| showed that certain transactions nad pseh
made legitimately enough. But at the emu
of A couple of months the customer hau
nothing and the broker and the operator
had each quite a small fortune in commis-
! sions.
The people who advertise sure things
in tips are legion. These gentlemen ao-
solutely refuse to operate in stocks for
their customers. They wish to be above
suspicion and recognize that no matter
how honest they may be the professional