Our single and signal contribution to the callings of the world has
been the apotheosis of the stock-broker. For the last twenty-five
years, the well-to-do father and mother and their sons, in our large
cities, have been under the spell of a craze for the brokerage
business. The consciousness that the refinements of modern living
cannot adequately be supplied in a large city to a family whose income
does not approximate ten thousand dollars a year, is a cogent argument
in favor of trying to grow rich rapidly, and both the promising young
man and the general utility man welcomed the new calling with open
arms. Impelled by the notion that here was a vocation which required
no special knowledge or attainments, and very little capital, which
was pleasant, gentlemanly, and not unduly confining, and which
promised large returns almost in the twinkling of an eye, hundreds and
thousands of young men became brokers--chiefly stock-brokers, but also
cotton-brokers, note-brokers, real-estate-brokers, insurance-brokers,
and brokers in nearly everything. The field was undoubtedly a rich one
for those who first entered it. There was a need for the broker, and
he was speedily recognized as a valuable addition to the machinery of
trade. Many huge fortunes were made, and we have learned to associate
the word broker with the possession of large means, an imposing house
on a fashionable street, and diverse docked and stylish horses.
Of course, the king of all brokers has been the stock-broker, for
to him was given the opportunity to buy and sell securities on his
own account, though he held himself out to his customers as merely a
poor thing who worked for a commission. No wonder that the young man,
just out of college, listened open-mouthed to the tales of how many
thousands of dollars a year so and so, who had been graduated only five
years before, was making, and resolved to try his luck with the same
Aladdin’s lamp. Nor was it strange that the sight of men scarcely out
of their teens, driving down town in fur coats, in their own equipages,
with the benison of successful capitalists in their salutations,
settled the question of choice for the youth who was wavering or did
not know what he wished to do.
Public-domain text, read in full here on John Shaqi.
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