Doubtless, it was the expectation of our forefathers that our American civilization would add new occupations to the callings inherited from the old world, which would be alluring both to the promising young man and the youth without predilections, and no less valuable to society and elevating to the individual than the best of those by which men have earned their daily bread since civilization first was. As a matter of fact, we Americans have added just one, that of the modern stock-broker. To be sure, I am not including the ranchman. It did seem at one time as though we were going to add another in him—a sort of gentleman shepherd. But be it that the cattle have become too scarce or too numerous, be it that the demon of competition has planted his hoofs on the farthest prairie, one by one the brave youths who went West in search of fortune, have returned East for the last time, and abandoned the field to the cowboys and the native settler. The pioneers in this form of occupation made snug fortunes, but after them came a deluge of promising or unpromising youths who branded every animal within a radius of hundreds of miles with a letter of the alphabet. Their only living monument is the polo pony.
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.
It is scarcely an extreme statement that the so-called aristocracy of our principal cities to-day is largely made up of men who are, or once were, stock-brokers, or who have made their millions by some of the forms of gambling which our easy-going euphemism styles modern commercial aggressiveness. Certainly, a very considerable number of our most splendid private residences have been built out of the proceeds of successful ventures in the stock market, or the wheat pit, or by some other purely speculative operations. Many stars have shone brilliantly for a season, and then plunged precipitately from the zenith to the horizon; and much has been wisely said as to the dangers of speculation; but the fact remains that a great many vast fortunes owe their existence to the broker’s office; fortunes which have been salted down, as the phrase is, and now furnish support and titillation for a leisurely, green old age, or enable the sons and daughters of the original maker to live in luxury.
Whatever the American mother may feel as to her son becoming a clergyman, there is no doubt that many a mother to-day would say “God grant that no son of mine become a stock-broker.” I know stock-brokers—many indeed—who are whole-souled, noble-natured men, free from undue worldliness, and with refined instincts. But the stock-broker, as he exists in the every-day life of our community, typifies signally the gambler’s yearning to gain wealth by short cuts, and the monomania which regards as pitiable those who do not possess and display the gewgaws of feverish, fashionable materialism. There are stock-brokers in all the great capitals of the world, but nowhere has the vocation swallowed up the sons of the best people to the extent that it has done here during the last thirty years. And yet, apart from the opportunity it affords to grow rich rapidly, what one good reason is there why a promising young man should decide to buy and sell stocks for a living? Indeed, not merely decide, but select, that occupation as the most desirable calling open to him? Does it tend either to ennoble the nature or enrich the mental faculties? It is one of the formal occupations made necessary by the exigencies of the business world, and as such is legitimate and may be highly respectable; but surely it does not, from the nature of the services required, deserve to rank high; and really there would seem to be almost as much occasion for conferring the accolade of social distinction on a dealer in excellent fish as on a successful stock-broker.
However, alas! it is easy enough to assign the reason why the business has been so popular. It appears that, even under the flag of our aspiring nationality, human nature is still so weak that the opportunity to grow rich quickly, when presented, is apt to over-ride all noble considerations. Foreign censors have ventured not infrequently to declare that there was never yet a race so hungry for money as we free-born Americans; and not even the pious ejaculation of one of our United States Senators, “What have we to do with abroad?” is conclusive proof that the accusation is not well founded. In fact: there seems to be ample proof that we, who sneered so austerely at the Faubourg St. Germain and the aristocracies of the Old World, and made Fourth of July protestations of poverty and chastity, have fallen down and worshipped the golden calf merely because it was made of gold. Because it seemed to be easier to make money as stock-brokers than in any other way, men have hastened to become stock-brokers. To be sure it may be answered that this is only human nature and the way of the world. True, perhaps; except that we started on the assumption that we were going to improve on the rest of the world, and that its human nature was not to be our human nature. Would not the Faubourg St. Germain be preferable to an aristocracy of stock-brokers?
At all events, the law of supply and demand is beginning to redeem the situation, and, if not to restore our moral credit, at least to save the rising generation from falling into the same slough. The stock-broker industry has been overstocked, and the late young capitalists in fur overcoats, with benedictory manners, wear anxious countenances under the stress of that Old World demon, excessive competition. Youth can no longer wake up in the morning and find itself the proprietor of a rattling business justifying a steam-yacht and a four-in-hand. The good old days have gone forever, and there is weeping and gnashing of teeth where of late there was joy and much accumulation. There is not business enough for all the promising young men who are stock-brokers already, and the youth of promise must turn elsewhere.