Show WHY THE BROKER A number of state papers have made a sorry exhibition of themselves of late in their condemnation of the mining stock broker pid and in their screeds screens upon the alleged alleg ed misconduct of mining stock dealers the situation has not been at all improved As a rule the broker has instructions from his client to buy as low and sell as high as he can and it would be a betrayal of confidence for him to do otherwise why then should he be condemned for doing his duty As a matter of fact the charge of breaking down and demoralizing the market is not sustained the broker is is not responsible for the trend of the market and he cannot control it any more than he can the conditions of the weather to be sure sharp fluctuations riols in gilt edged and prime securities ard are generally beyond the ken of the most experienced opera operator torand and the rise and fall in such stocks cannot be accounted for any more than one cantell why the wind blows in any given direction with shares of a fictitious or speculative value the case is different and there may be and probably is some manipulation in these stocks but this manipulation is just as legitimate for the broker as it is for the speculator as dealing in thi this 1 s line is a pure gamble and the pot should not call the kettle black bidek 11 but after all dealings in mining stock is riot not mining and the connection between the two is as far removed as the speculator in wheat is from the farmer who tills the soil and while the stock market may exhibit sluggish tendencies from time to time and dealers may may experience panicky seasons the active and and steady operation of the many mines and prospects of this intermountain region continues unabated and there is no letup let up to the heavy output of the precious metals nor in the discovery of new wealth producers the great trouble is that the average stock buyer investing in prospect stocks wants to get mine prices for the same before the turning point is reached in the development of the property upon which the company is ia incorporated As a rule no stock is worth more than ihan it will bring if the company is a non dividend layer the value of its shares is merely speculative if a regular wealth disburser the percentage paid regulates value and merit the former is a speculation the latter an investment and existing conditions regulate the mar market ket in both classes of securities and not the broker who is merely the middleman between the buyer buye r and the seller men who have invested heavily but not nat wisely should not condemn their agents who could not control the market if they would neither should they fool themselves with the idea that stock manipulation and speculation has any connection with legitimate mining p it is reported that the vein has been encountered in the new shaft on the triumph in tintic gintic at a depth of 40 feet |