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About The morning Astorian. (Astoria, Or.) 1899-1930 | View Entire Issue (Nov. 2, 1907)
.WANTED, BY A
: Address v. t ! ctrl .horning
lofboTiGiJiT" ivor tTfirs
oouatryi good home; wagsa secord
lag to work don. Apply "M. P," care
lAitortan office. '
IKiXIEDYOUNa 1IA.N' NOT UN-
Jnr 18 year of tgt to lesrn candy
Viking in &I1 U details. Iloeflera.
! f 10-18-tf.
LL.H-J- .M!UL -J ,.!.-l.i-,Xjl-..!t
1v 235 Seventh street. 10-29-4t
J. A. GILBAUUII & CO.,
Undertakers and Enihalnicra-
Experienced I-aly Assistant
tOR SALE A FRESH JERSEY COW
for sals. Apply Tongue Point Lum
ber Co. 10-28-et.
TOR SALE THE FURNITURE OF A
large lodging house; rooms always
follj low rent Western Realty Co, 475
Commercial street. ;
JOR SALS 10 HORSEPOWER EN
gin and 20 horse -power boiler; small
Motor. Boeflers. 10-18-tf.
FOR SALE REAL ESTATE.
IOR SALE TWO LOTS IN ASTORIA
$ad one la Warren ton; will sell cheap.
Address "J," Astoria office. ' '
JOR SALE STORE 22x40. AM) LOT
15x125, Warrenton. Price, $1600.
Wester Realty Co.,405 Commercial St
FARM FOR SALE, $2250-160 ACRES;
tlx acres cleared, good house and
barn. Western Realty Co.
TOR RENT TWO BEDROOMS FURN
Sahed; quiet neighborhood. Apply 235
Seventh street 10-20-it
SEWING MACHINES FOR RENT AND
' repaired by Singer Sewing Machine
Co, 172 Tenth atreet. . 10-27-tf.
FOR RENT FURNISHED HOUSE
xeeping rooms. 371 18th St 10-27-7t
NOTICES-NOTICE IS HEREBY GIVEN
.fliat I will not be responsible for any
iebt or debt contracted in my name, by
any person, other than myself.
October 25th. 1907. 10-26-7t
tnrea rheumatism, chronic, bowel and
Brer disorders. Hot Taper baths will be
given if the patient's conditions demands
nch treatment I will positively cure
tb most obstnate cose of rheumatism.
V. A. AIROLA.
10-19-tf. 152 Washington St
THOSE PLEATED BOSOM SHIRTS
The kind known by dmsy men in the
aummer, are difficult articles to launder
nicely. Unlet you know just how to
lo it. the front pleats wont iron down
smooth, and the shirt front will look
ussy. Our New Press Ironer irons
them without rolling or stretching. Try
R. Troy Laundry, Tenth and Duane.
Phone Main 1091.
PROTECT YOURSELF FOR $1 PER
month against accident, sickness and
ieath; furnish doctors, dentistry, med
icines and hospital aervice. Call or write,
National Hospital Assn, room 3, Page
NOTICE OF SALE OF SCHOOL WAR-
rants. Notice is hereby given, that
School District No. 1, of Clatsop county,
Oregon, will receive sealed bids from the
bona fide residents of said school dis
trict, at the office of the clerk of said
district, in the City Hall, at Astoria,
Oregon, until 12 o'clock (noon) of Tues
day, November 12, 1907, for the pur
chase of eight thousand one hundred
dollars, par value, of interest bearing
warrants of said district, bearing inter
est at the rate of five (a) per cent per
annum, payable semi-annually, which
warrants will be dated November 1st,
1907, and will be payable as follows:
$2000.00 in two years, $2100.00 in three
years, and $4000.00 in five years. Said
bids may be for warrants in amounts
from fifty ($50.00) dollars to eight thou
sand one hundred ($8100.00) dollars, and
must state the terms on which the war
rants will be taken, whether at a
premium, at par, or at a discount. Each
person will be entitled to but one bid,
and all bids must be addressed to "A. L.
Clark, Clerk of School District No. 1,"
Astoria, Oregon, and must be endorsed
"proposal, for school district warrants."
'AH bids will be opened at the office of
aid clerk, on said 12th day of Novem
feer, at 2 o'clock p. m. Dated, at As
toria, Oregon, October 31, 1907.
A. L. CLARK,
- Clerk of School District No. 1, Clat
op County, Oregon. ll-l-10t.
OFFICE CONSTRUCTING QUARTER
master, Fort Stevens, Or., Oct. 10,
1907. Sealed proposals in triplicate,
will be received at this office until 2
o'clock p. m, Nov. 8, 1907, and then pub
licly opened, for the construction, plumb
ing, heating and electric wiring and
fixtures of one artillery barrack build
ing for 109 men, at Fort Stevens, Or.
Plans can be seen, specifications obtained
and full information furnished at this
office. The U. S. reserves the right to
accept or reject any or all bids or any
part thereof. Envelopes containing pro
posals should be marked "Proposals for
Constructing" and addressed to the
Constructing Quartermaster, Fort Stev
ens, Or. ";
York twtiKs, w no '
l."'U'kt-r..i.11 n.n lrt1 dfty-frft -t"istiiilL.,.",'"
Calls Promptly Attended Day
ration Bdgr. 12th and Dunne Sts
Phone Main 21 11 '
WINES, LIQURS AND CIGARS.
Eagle Concert Hall
. . (320 Aitor St)
Room for rent by the day, week, n
month. Best rate la town.
P. A. PETERSON, Prop.
JAPANESE FIXINGS, MADS OF BAM
BOO, LIGHT, STRONG, HAND
MADE, TABLES, STANDS, CHAIRS,
WHAT7N0TS, BOOKCASES, SHELV
825 Commercial SU Astoria,
VAUDEVILLE AT THE LOUVRE
And Vaudeville that really
Amuses and Interests you.
Weekly Changes of Pro
gram and Each Change an
SPECIALTIES THIS WEEK
LITTLE MISS FRISCO ' ""
Song and Dane Artist
THELMA BECKS " "
Tb World's Wonder Dont Fall to
VIC LTNDBECK, Prop.
651 Bond Street
Opposite Rosa, Higgina A Co,
Coffee with Pie or Cake 10 Cts.
Regular Meals ij Cts. and Up.
U. S. RESTAURANT.
434 Bond Street
Coffee with Pie or Cake xo Cts.
First Class Meals ij Cents,
riTrvr niv ivn vmnT I
MANG HlVG, Prop.
Phona 1631 Main. 399 Bond St
The Finest 15c. Meal Served in Astoria.
V Game in Season.
Your Patronage Solicited.
Courteous Treatment to AIL
a ' n tt n n u n tt tt u n tt
Cowrtght. br the & 8,
tt u n u $t n a a
JOHN C. McCUE,
Deputy District Attorney.
Page Building, Suite A
HOWARD M. MOWN ILL,
Office with Mr. J. A. Eakin, at No. 410
Commercial St, Astoria.
Pythian Building, Astoria, Ore gen.
DR. VT, C LOGAN
Commercial St Shanahan Building
DR. RH0DA C. HICKS
Offlc Maneeb Bid. Phone Black 1(41
171 Commercial 8t AatoHa. Or
Columbia Drug Co.
Dr. Charles C C Rosenberg
(Successors to Dr. Linton's Drug Co.)
01 C- fitf KO
V Who is known
State on account of
etjjffigktia wonderful ecres.
No poison Or drops used. He guaran
tee to eure catarrh, asthma, lung and
throat trouble, rheumatism, nervousnea,
stomach, liver and kidney, female com
plaints and all chronic diseases.
SUCCESSFUL HOME TREATMENT.
If you cannot call write for symptom
blank and circular, inclosing 4 cents in
THE C GEE W0 MEDICINE CO. '
1621 First St, Corner Morrison,
PORTLAND, OREGON. j
Please mention the Aotorian.
Prescription Carefully Compounded.
Dr. Rosenbure will give consultations.
and examination free.
185 Eleventh Street
Telephone Main 1171, Astoria, Ore.
The K" Line
MRS. J. COLLINS, Prop.
Steam Heat, Baths, New and Modern,'
Running water in every room. Rooms
"5c $1.00, $1.50. Suites by the week, $5 :
TRANSIENT SOLICITED. , '
Eleventh and Duane Streets. 1
Phone Main 3911 f
Steamer - Lurlirie
Night Boat for Portland and
Leaves Astoria daily except Sunday at
Leaves Portland Daily except Sunday
at j a. m.
Finest Hotel in the Northwest
LEN0RA E. BENOIT,
Telephone 3C31. 495 Commercial St.
Dictation caned fot
Quick Service Excellent Meals
j Good Berths.
.Landing Astoria Flavel Wharf.
I Landing Portland Foot Taylor St
J G. B. BLESSING, Agent
: Phone Main 3761.
Corner Eleventh and Franklin
:-: Steam Heat, Bath and ::
:: Modern Conveniences. :-:
CATER TO LOCAL TRADE
Dining Room run in Connection
UNDER NEW MANAGEMENT
ALLA F. GILES, Manager
The only Steamboat making a round trip DAILY
exeeot Thunyiar between Portland and Astoria
and war points.
j NO WAY POINTS ON SUNDAY
i Portland Lending, Alder Street Dock
1 Astoria Landing, Callender Dock
! Leare Portland 7:00 a, m.j arrive Aatorla,l:90
: p. m, Leave Astoria 2:30 p. m.: an-tre Portland
6:30 p. m. ,
j SUNDAY EXCURSIONS
' Leave Portland t a. m.; arrive Astoria 1 p.m.
' Leave Astoria S p. nu arrive Portland 9 p. m.
REAL ESTATE WANTED.
! WANTED TO BUY HOUSE AND LOT
j in Astoria. Addres "H. L," ears As
j torian office. Give full particulars.
A Good Liniment.
When you need a good reliable lini
ment try Chamberlain's Pain Balm. It
has no superior for sprains and swell-;
ings. A piece of flannel slightly damp-!
ened with Fain Balm is superior to a
plaster for lame back or pains in the'
side or chest, it also relieves rheuma- i
tic pains and makes sleep and refit pos-1
sible. For sale by Frank TTart and
lfading druggists. ; 1
BELIEVED IN :
ule boari (MIDV,
the raav-X J n
A IX UllfCOIBTS.
K was only aovrnttvn, fair
tnl ami rosy oluH-kinl, with
girlish blue eyos, whou ho ni
jiIUhI for tlio vnoancy In the-
JlfliH' of Trai-y & MMitloton, Iwnkors
ind brokers. Ills muno was Willis N.
Uiiywanl, ami he wns a proud tny In
.iocd wheu bo wtta wlocted out of
twenty nmdtoauts to be tolopbouo dork
tor the firm.
From 10 a. m. until 3 p. m. he stood
by Tracy & MldtlU'ton's jrlvnto tole
hone on Uo floor of tho stock ex
:hnnge tho board rtim roeolvtug
messages from the ottleo, chiefly orders
to buy or sell stocks for customers, and
transmitting the saino messages to the
board motubor of tho firm, Mr. Mid
ileton; also telephoning Mr. Middle
ton's reports to the office. Ho spoke
with a soft, refined voice, and his blue
eyes beamed so Ingenuously upon the
other telephone boys In the same row
of booths that they said they had a
Sally In their alley, nud they Immedi
ately nicknamed him Sally.
It was all very wonderful to young
Qayward, who had been out of board
ing school but a few months the ex
cited rushing hither and thither of wor
ried looking men, the frantic wavlni
of hands, the maniacal yelling of the
brokers executing their orders about
the various posts and their sudden
elapse Into eeml-saulty as they Jotted
down the price at which they had sold
or bought stocks. It was not surpris
ing that ho should fall to understand
Just how they did business. But what
most Impressed him was the fact,
vouched for by his colleague, that
these same clamoring, gesticulating
brokers were actually supposed to
make a great deal of money. He
beard of Snm Sharpe's $100,000 win
nings In Suburban Trolley and of Far
son Black's famous million dollar coup
In Western Delaware the lltUe gray
man even being pointed out to him In
corroboration. But then he had also
heard of "Aladdin and the Wonderful
Lamp" and '"Jack the Giant Killer."
He learned the business, as nearly
all boys must do In Wall street, by
absorption. If ho asked questions be
received replies, but no one volunteer
ed any Information for his guidance,
and In self defense be was forced to
observe closely to see bow others did
and to remark what came of It He
beard nothing but speculate, speculate,
In one guise or another, many words
for the same meaning. It was all buy
ing or selling of stocks a concentrat
ed and almost visible hope of making
much money In the twinkling of an
eye. Nobody talked of anything else
ou the exchange. Bosom f riends mot
at the opening of business and did not
say "Good morning,' but plunged with
out preamble into the only subject on
earth speculation. And If one of them
arrived late ho Inevitably Inquired
forthwith, "How's the market ?"-asked
It eagerly, anxiously, as if fearful that
the market bad taken advantage of his
absence to misconduct itself. The air
was almost unbreathable for the In
numerable tips to bay or sell securi
ties and Insecurities of all kinds. The
brokers, tho cuHtomers, the clerks, the
exchange doorkeepers, all Wall street
read the morning papers not to ascer
tain the news, but to pick such Items
as would, ohould or might have some
effect on stick values. There was no
god but the ticker, and the brokers
were Its prepbets.
All about Sally were hundreds of
men on wfcose faces be scarcely ever
saw a smile between tho hours of 10
and 3; men who looked as If they
took their thoughts home with them
nnd dined with them nnd slept with
them and dreamed of them the look
had become settled, Immutable. And
It was not a pleasant look, about the
eyes and lips. He saw everywhere the
feverishness of "the game." Insensi
bly the atmosphere of the place affect
ed him, colored his thoughts, Induced
certain fancies. As he became more
familiar wlfh the technique of the busi
ness he grew to believe, like thousands
of youthful or superficial observers,
that stock market movements were
comparable only to the gyrations of
the little lvry ball about the roulette
The Innumerable tricks of the trade,
the uses of Inside misinformation, the
rationale of. stock market manipula
tion, were a sealed book to him. He
heard only that bis eighteen-year-old
neighbor made $00 buying twenty
shares of Plue Belt line on Thursday
and selling them on Saturday 3
points higher or that Micky Welch,
Stuart & fiiern's telephone boy, had a
"Up" from vne of the big room traders
which he bravely "played" as you
"play" a horse or "play" the red or
the black-and cleared $125 In less
than a week or that Watson, a "two
dollar" broker, made a "nice turn"
selling Southern Shore, or else he
heard, punctuated with poignant
oaths, how Charlie Miller, one of the
New street doorkeepers, lost $230 buy
ing Pennsylvania Central after be acci
dentally overheard Archie Chase, who
was Sam Sharpe's principal broker,
tell a friend that the "old man" said
"Pa. Cent" waa due for a ten point
rise, Instead of which there bad been
a seven point decline. Always the boy
beard about the apparently Irresponsi
ble "bulges" and "drops," of the win
nings of the men who happened to
guess correctly or of the losses of
those who had failed to "call the
torn." Even the vernacular of the
place savored of the technicalities of a
As time wore on the glamour of the
game wore off, likewise bis scruples.
His employers and their customers
all gentlemanly, agreeable people
speculated every day, and nobody
found fault with them. It was not a
iln; it was n regular business. And so
ahanavar Umre was 0 "good thing" he
"chipped In" a TTohwr Toa Ufofjhoftc
boys' "pool" Hint later operated In a
New stiwt bucket shop to the extent
of ten slmroa. llli means weiv sumll.
his salary Mnj only ?. a week, and
very often be thought that If he ouly
hud a little more money he would
speculate on a larger scnlo anil profit
proportionately. It each time be had
bought one share he bad held twvuty
Instead ho figured that he would have
made no less than $100 In three
Tho time Is quite rljH) for other
things when n boy begins to reusou
that way. Having no scruples ngalUKt
speculating, the problem with him be
came not. "Is It wrong to speculate?"
but rather, "What shall I do to raise
money for margin purposes 1" It tot
nearly four mouths for him to arrive
at this stage of mind. With many
boys the question Is asked and satis
factorily solved within three weeks.
But Haywnrd was an exceptionally
Now, the position of telephone boy Is
really Important In that It requires not
ouly a quick wltted but a trustworthy
persou to fill It. In tho first place the
boy knows whether his firm Is buying
or selllug certain stocks. He must ex
ercise discrimination In tho matter of
nwarttlug the orders should the board
member of the firm happen to be un
available when the ly receives the
order. For example. International
Pipe may be selllitK at 1M. A man In
Trncy A MtiMlotun's office who has
lie Impirtlally dUtrlhuUd theflrm'M tele
phoned buying tr teUtmj orders.
bought 500 shares of It at 101 wishes
to "corral" his profits. He gives an
order to tho firm to sell the stock, let
us say, "at the market" that Is, at the
ruling market price. Tracy A Middle
ton Immediately telephone over their
private Hue to the stock exchange to
their board member to "sell S0O shareii
of Internal! jiiuI Pipe nt the market"
The telephone boy receives the roes'
sago and "puts up" Mr. Mlddletoti's
number, which means that ou the
multicolored, checkered strip on the
frieze of the New street wall Mr. Mid
dletoa's number, 011. appears by
means of nn electrical device. Tbo mo
ment Mr. MUMleton sees that his nuin
lr Is "up" be hastens to the telephone
booth to ascertain what Js wanted.
Now, if Mr. Mlddleton delays In an
swering his nnmlier the telephone boy
knows he ! absent and gives the or
der to n "tvo dollar" broker, like Mr.
Browning or Mr. Watson, who always
hover about the booths looking for or
der, lie dcM the same If he knows
that M: Mlddleton Is very busy exe
cuting aonie, other order or If In his
Judgment the order calls for Immediate
execution. TLe two dollar broker sell
tho R00 shared of Iutenintlonnl Pipe to
Allen & Smith and "gives up" Tracy A
Mlddleton on the transaction that Is,
he uotitles the purchaser that he If
acting for T. & M., nnd Allen & Smith
must look to the latter flmn, tho real
sellers, for th stock bought. For this
service the broker employed by Tracy
& Middleton raeelves the sum of $2 for
each hnndrcd shares, while Trncy &
Middleton of course charge their cus
tomer the regular commission of one
eighth of 1 per cent, or $12.R0, per each
hundred shares. '
Young Hayward attended to his
business closely, and when Mr. Mld
dleton was absent from the floor or
busy he Impartially distributed tho
firm's telephoned buying or selling or
ders among the two dollar brokers, for
Tracy A Mlddleton did a very good
commission business Indeed, He was
a nice looking and nice acting little
chap, was Hayward clean faced, po
lite and amiable. The brokers liked
him, and they "remembered" him at
Christmas. The best memory was
possessed by Joe Jacobfl, who gave
him $29, and Insinuated that he would
like to do more of Tracy & Middle
ton's business than be had been doing.
"But" said Sally, "the firm uaid I
was to give the order to whichever
broker I found first."
"Well," said Jacobs oienginously, "1
nm never too busy to take orders from
such a nice young fellow it) yourself
If you take tho trouble to find me,
and I'll do something nice for you.
Look here," In a whisper, "If you give
me plenty of biiHliiess I'll give you $5
a week." And he illvd Into tho mob
that was yelling Itself hoarse about the
Natural Gas post. -.. ; '
1 nayward's first Impulse was to tell
his firm about It, because he felt
vaguely tluit Jacobs would not hove I
offered lilnt $5 a week If he bud notj
expected something dishonorable In re-
mTirTTeToi'e' IU HiiarkeT 3o,'1iM
ever, he spoke to Willie Simpson, Mho
Duff & Wtlklusou'e boy, whose tele
phone was next to Tracy A Middle
ton's. Sure enough, Willie expressed
great Indignation at Jacob's action.
"It'a Just like that old skunk," ink!
Wllllft. "Five dollars a week when ho
can make $loo out of the firm. iHm't
you do It Sally. Why, Jim Burr, who
had tho place hoforo you, uhihI to get
$20 n week from old man (limit and
$no a mouth from Wolff. You've got
n cinch If you only know bow to work
It, Why, they are supposed to give
you !i0 cent a hundred." Willie had
been In the business for two years,
ami he was n very well dressed youth,
indeed. Pally ow understood how lie
managed It on n salary of $1'.' a week,
He did not say anything to tho firm
that day nor any other day, And he
didn't sn.v anything to Jacobs In return,
but, by Willie's sage Advice, con ton ted
himself with merely withholding nil
orders from that oleaginous personage
until Mr. Jacobs was moved to remon
strate. And Sally, who had learned n
great deal In n week under Willie's
tuition, answered curtly: "Iinsliieas Is
very bad. The firm Is doing hardly
"But Watson told me," said Jacob
angrily, "that he was doing a great
deal of business for Tracy A Middle
ton. I want you to see that I get my
share or I'll spvnk to Mlddleton and
Ond out what the trouble Is."
"Ia that so?" said Sally calmly. "You
might also tell Mr. Mlddleton that you
offered me $3 a week to give you the
bulk of our busbies."
One of the most strlngvut laws of the
stock exchange treats of "splitting"
commissions. Auy member who, In or
der to Increase bis busluoss, charges nn
outsider or another inomlwr less than
exactly the prescribed amouut for buy
ing or selling stock Is liable to severe
pennltlo. The offer of a two dollar
broker to give a telephone boy 60 cents
for each order of 100 han secured
was obviously a violation of the rule.
Jacobs came down to business at
once. "I'll make It $S," he said conell
latlngly. "Jim Burr, who had the position be
fore me." expostulated Sally Indignant
ly, "told me he had received $23 a
week from Mr. tlraut. with an extra
$10 thrown lu from time to time whou
Mr. Grant made some lucky turu, to
say nothing of what tho other men did
Three month lforo be could not
have made this seecb had his life de
pended on It. The rapid development
of hi character wa due exclusively
to the "forcing" power of the attuos
phero which surrounded him.
"You must be crmty," said Jacob
angrily. "Why, I never got much more
than a thousand shares n week from
Tracy A Mlddleton ami usually less.
Say, you ought to t on the floor. You
are wasting your tnleut Id the tele
phone biwlneas, you are. Iet' wap
places, you and I."
"According to our books," said Sally
to the Irate broker, having been duly
coached by Mr. William Simpson, "the
last week you did business for us you
did 3.8tx shares nnd received $70."
"That was an exceptional week. I'll
make It $10," said Jacol.
"Twenty-live," whispered Sally de
terminedly. "Let's split the difference," mtinntir-
ed Jacobs wrathfully. "I'll give you
$13 a week, but you must see that 1
get at least 2,300 share a week."
"All right. I ll do the best I can for
yon, Mr. Jacobs." "
And he did, for tho other brokers
gnve him only twenty-five cents, or nt
the most fifty cents per hundred
shares. In the course of a mouth or
two Sally was la possession of an In
como of $10 a week. And he was
Time passed. As it bad happened
with his predecessor, so did It happen
now with Sally. Ho liogf.n by specu
lating, wildly nt first, more carefully
later on. Ho met with sundry re
verses, but he also mndo some very
lucky turns Indeed, nnd ho was "ahead
of the game" by a very fair nmount
ccrtalnly a sum far greater than any
plodding clerk could save lu five years,
greater than many an Industrious me
chanic aaves In bis entire life. From
tho bucket shops he went to tho Con
solidated Exchange. Then he asked
Jacobs and tho other two-dollar brok
ers to let blm deal In a small way
with them, which they did out of per
sonal liking for him, until he 'bad
three separate nccouuts and could
"swing a lino" of several hundred
shares. He became neither more nor
less than 5,000 other human beings
in Wall street-moved by the same Im
pulses, actuated by the same feelings,
experiencing the same emotions, hav
ing the same thoughts and the samo
views of what they are pleased to
call their "business."
At last the blow fell which Sally
had so long dreaded-ho was "pro
moted" to a clerkship In Tracy , Sc
Middleton' office. Tho firm meant to
reward him for his devotion to his
work, for his brightness and quick
ness. From $19 a woek they raised
bis salary to $29, which tbey consld
red qnlte generous, especially In view
of his youth, and that he bad started
three years before with $8. He was
only twenty now. But Sally, knowing
It meant the abandonment of his lu
crative perquisites as telephone "boy,"
bemoaned his undeserved fate. ; . .
He took the money he bad mad to
Mr. Tracy and told him nn Interesting
story of a rich aunt and a legacy and
asked him to let him open an account
la the office. Tracy congratulated bis
young clerk, took the $0,500, and there
after Sally was both an employee and
a customer of Tracy A Mlddleton.
' Addicted to sharp practices as Mr.
Tracy was and loving commissions as
he did, be nevertheless sought to curb
Sally's youthful propensity for f'plung
Ing," which was as near being kind as
it was posslblo for a stockbroker to
be. But the money had "come easy."
That Is why fortunes won by stock
gamblers are lost with apparent reck
lessness or stupidity. Sally speculated
with varying success, running up his
winnings to $10,000 and seeing them
dwindle later to $0,000. But in addi
tion to becoming an' Inveterate specu
lator he gained much valuable experi
ence. And when he had learned the
at the trade Jjo wn.s tnken from
Hie ledgers nud turned ls tl tt
customers' room to taks the latter' or
der and Keep them In good humor and
tell them tho current stories, and glvs
them Impressively whispered "tip,"
nnd "put them Into" various "deal" of
the firm, and eo that they traded ear
ly and often, which meant commis
sion for the Ann, He became friend
ly and ereu familiar with Tracy A
Mlddleton' clients, among whom were
some very wealthy men, for a Block
broker's oltlce Is a democratic, place,
Mod who would not dream of taking
their Wntl street acquaintances to their
home or to their club for a million
reasons all but called each other by
their first name there.
Ho really was a bright, amiable fel
low, very obllglng-ho was paid for It
by the firm-ami he made the most of
his opportunities. The euntomeni grew
to like lilu) escecoMngty well nnd.
think wtlh re.pm t of his Judgment,
market wise. One day W. Basil Thorn
ton, one of the wealthiest nud boldest
customer of tho firm, was complain
lug of tho dlllleulty of "bentlug the
game" with the heavy handicap of
the large brokerage commission.
Josltngly. yet Implug to tie taken se
riously, Sally said: "Join the Now
York Stock Exchanse or buy me a seat
nud form the firm of Thornton & Hay
ward. Just thluk, colonel, we would
have your trade, nnd you could bring
some friends, ami t could bring mine,
and I thluk many of these," pointing
to Trncy A Mlddleton' customer,
"would conw over to u. They all
think a lot," diplomatically, "of your
opinion on the market"
Thornton was favorably Impressed
with tho Idea, and Sally saw It From
that moment ou he worked hard to
gatu the colonel' confidence. It waa
be who gave Thornton tho first hint of
Tracy A Mlddletou'a condition, which
led to the withdrawal of Thornton'
account-and hi own-from the office.
It waa a violation of confidence and of
buslueaa ethics, but Thornton waa very
grateful when two month later Tracy
A Mlddleton failed under clrcum
taucc which were far from credita
ble and which were discussed at sreat
length by the street. He showed hi
gratitude by adding a round sura to
Sally' $11,600, nnd Willi N. Hayward
became a member of the New York
Stock Exchange. Shortly afterward tbt
firm of Thornton & Hayward, banker
and broker, ws formed. Sally, then
In his twenty-fifth year, bad become a
seasoned Wall street man.
From tho start the new firm did well.
Colonel Thornton and two or three
friend who followed him from Tracy
& Mlddleton' oltlce, all of thorn,
"plungers," were almost enough to
keep Hayward busy on the exebanga
executing orders, and, moreover, net
customer were coming lu, Had ha
been satisfied with this start and with
letting tltoo do the rest he would bavo
fared very well. But he began to spec
ulate for himself, and all reputable
commission men will tell you, with
varying degrees of emphasis, that this
not only "ties up" the firm' mouey,
but that no uiau can "lrade"-specu-late-on
his own book and at tho name
time do Justice to tils customers.
Thorntou was a rich man and pro
tected his own speculations more than
amply. Ho noticed the development of
his young partner's gambling proclivi
ties and remonstrated with blm In
kindly, paternal sort of way.
Pally vowed he would stop.
Within less than three month he
had broken hi promise twice, nnd hi
unsuccessful operation In Alabama
Coal at ono time threatened seriously
to embarrass the firm.
Colonel Tboruton cme to the res
cue. Sally promised, with a solemnity
born of sincere fear, never to do It
But fright lasts but a little space,
and memory Is equally short lived.
Wall street baa no room for men with
an excess of tlmldltg or of recollection.
Ho had gambled before he Joined the
New York Stock Exchange. After all,
If speculating were a crime and con
victions could lie secured In fifty out of
a hundred flagrant Instances one-half
the malo population of the United
States would perforce consist of pen
itentiary guards forever engaged in
watching over tho convicted other half,
Sally told a customer ono day,
And then, too, Willis N. Haywsrd,
tho board member of Thornton A.
Hayward, was n very different person
from Sally, tho nice llttlo telephono
boy of Tracy & Mlddleton's. HI
cheeks wero not pink; they were mot
tled. Ills oyes wero not clear and ln
gonnous; thoy wero shifty nnd a bit
watery. He had been In Wall street
eight or ten years, and ho overworked
his nerves every day from 10 a. to. to
8 p. m. on tho stock exchange; alio
from 9 p. m. to midnight at the caf
of a big uptown hotel, wbcro WaU
street men gathered to talk shop. His
system craved stimulants. Gambling
and liquor wero the strongest be knew.
When, after three years, the firm ex
pired by limitation Colonel Thornton
withdrew. He had had enough of
Ilayward's plunging. To be sure, Sal
ly bad become a shrew "trader," and
he bad made $75,000 during tto big
bull boom, but be was at heart a
"trader," which I to say a mere gam
bler in stocks and not a desirable com-,
But Sally, flushed with ucc on
the bull side, did not worry when
Thornton refused to continue tbo part
nership. The alogan was "Buy A. O.
T.I It's sure to go up r tho Initials
standing for Any Old Thing! Tho most
prosperous period in the industrial and
commercial history of the United
State begot an epidemic i of specula
tive modnes such a wa never be
fore known and probably never again
will be. Everybody bad money iln
abundance and the desire for specula
tion In superabundance. Sally form
ed a now firm immediately Hayward
& Co. with bis cashier ns partner. 1
All mundane things have an end,
even bull markets and bear markets.
The bull market saw Hayward A Co.
doing n good business, as did every
body else lu Wall street. It ended, nnd
the firm's customers, after a few bad
"slamps" in prices, were admonished
to turn bear In order to recoup their
losses. Bears believe prices are too
high nnd .should go .lower; .bulls, 'opti
mists, believe the opposite. The public
(Continued on Pftjje 7)