The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-01-19

and Mr.. Porter we're companions US young men In
New York, both engaged In The same lino, Mr.
Stanton having established hmnclf az pnrtnor In
fourishing house, and after one or two changes In
business connection, was said TO have ainasscd
handsome fortune-say S;OOOC0 or siOOoOO. He
was a brotherin-law OF Mr.. Macy, the banker. Al
one time be made the tour u Europe In very good
STYLE ard finally sold out his dry goods interest es
tblshrg himself with others in Wall street as bro
ker aud stock operator. An unlucky attempt 10
carry some railroad scheme through swampcd tie
firm, and Mr.. Stanton came out poor man. His
character a business had never been a-sailed
loNc.cr, and after time lie again began operations
IN small way on the street.
srANruN BAiriyG ms NOOK.
Fer some years PAST Mr. Stanton has sought TO per
tuade MIR Porter to return TO this city, holding out
70 Lin many nat'ering promises, assuring him that
Wall street the place TO mend broken fortunes,
and that II he could manage to raise some money
with which to begin they might both again become
rich men. Mr.. Porter replied that he wes roor and
had not the money for such ventures; but at length
after years ol such appeals. MIR Porter came to the
city and began specu,a,ng moderately, Mr. IT. 4
Morgan acting as his broker. lie deposited with
Mr. Morgan CITY shares OF New York Central stock
MARGIN Tor operalioIs, the latter charging the
commission of 4 per cent. allowed by the Board
Tais stock deposited the property OF his
maiden sister, and wis lent lin as sort Of capital
which to begin bu- acss but ns she had oAned
Il long time she stipulated that II should not be
sold, and also desired that M Morgan, In whom size
had fun confidence, should conduct all purchases aud
safes VI stocks
rHE IiRsr NiBBIE.
About the last Of September the nrst Of oc,o
ber 1855, Mr. Stanton. as Is CHARGED By Mr.. Porter
said that Mr.. Morgan was exactlng an eIorbitant
commission. and that the same business could he
done equally well and SAFELY fur one-cghth per cent
instead o. one-;ourth. He mentioned the arm OF
William II. PARKS Co., OF Broad street, as one ri
large means and entire responsibility, which would
90 olsiness at The ies,er rate Accordingly on the
count TO them, consisting Of the 20 sharys OF New
York Central as margin, with 3N fhToS OF Michigan
Morgan. Power Of attorney Vas given the Grm 81
Park; Co, authorizing Them 70 ouy and sell stocks
satisfied that bis business was In good hands.
DRAWING OUT rnE DUNGEON
Thus the BUSINESS ran alo1E through the fall NJ
lstS. and the winter mouths Of 1909. Mr. Porter ad-
uiis that lie was utterly ignorant OF stock oncrl.
lions Every day or two he received y Litter Iron
Mesrrs Parks a 90, detailing their opsrutlons on
fuary n u things were not Zen tie square, aud &c
eoidlnFy lie came down from Albany 10 look sft,r
his Iuttrests. 10 VS. assured by Sir. Stanton that
MS ventures NoGld turn oat ~ night. 80 hc went
back nene lie va, duins al ~ uine In re
constantly .poko 81 blslnes. hone uliy unler dste
Of nov. l,OS Mr.. et7rt,u wrote 10 w Porter:
b,ote eT sI,n ~ s' as yGq l G'J J., 10 y5Sr
d. a. Vii nS Jcopa 1' he .sp ~ ,1d Sl i de
jan. l. 1863, Mr.. stanton begin. letter to bis
" Dear Porter by w,,hns hlm HAPPY New
\ ar and adding:
" have fclt Ike hcns very cautions on account n
in.Ent have bch holder lad 6c~n The owner, OF H.
an l,i. mat We eo-id have ilsAsd oDr own properly
Under date OF Feb. q. IID Mr Stanton further
consos lis " Dear Porter:
Siy 10 your sis'eS goi Ie, s.yD q os ar, a. ne
e. (: o. a. h" '4" '''''''.'' '''' car '''" It eel
March ne again writes:
Everythms san n, h. and viii come ont TO our
wishes. liully behave
Feb. u he writes lis e Dear portcr" thus:
4" am bound 90 come ont ahead, md good deal.
rya'l5sit Keep 'OGr mud easy. viii er5g matters
March 4. 1859, however, letter was received from
PARKS n Co., with The following ominous postscript;
PLEASE send US cheek for :! c0O further Margin
FLorSDEnISG on DBY LAID.
tliunderclap from a clear shy. Mr. Porter hast
ened TO New York. and learned that out OF lis sis.
ter's shares OF 80 New YOr& Central put IN at lal
amt sold Vt 1911 together wiIh ~ slarr- OF Hudson
River which he had given the NcssJs, Park rosul.
instruction not ~ sell there remained 70 lis credil
only turce do!lIrs and twenty-five cents.
THE GuDGEos EYES OPENED.
In looking over the various trdusacuons covering
n ~ - 49,. -. .,,.'o, ~ 1870 =, l'',,' ',Is
Tnrtu iouhu some su''ops u'cIopuhclts ~ he
prices al winch stocbs were bought End sold TOR
him, and the prices which ruled on certain days in
the market And here II what he az:
- q ,ss pat. a 60 horeh, 90, A.. p..,.. ,oo
,u n ~ q, M .Sns U. "Ept 70. VT, roitet np
FOR Rock sIaud That day Was o. DIsrr.te ssaln.I
MI Porter Ter cent
NOV Ss-iU r9., Hne 500 or I2rter ~ MAS low
~ p'eo ''"' ""s '''"' Dhe'en0e A.ails' ar foF'
"b,c iO-lnO New York Central hou,ht for Por,ar ot
ls6A hIghost Price that day 81. DInlr.uer a.anSt
Mr Porter per cent
Jan. s-lW NorthweSlern preferred sold for Porter at
NJ low - price 'h-' u"y "a hht1ehoc "sEL Let MI
iyt n too Pacific Man horcnt or Basic =, ma,
bi,h.t mice thnt day iisS Dt.rc &c n,,t ~
Torter8t "H'' ''''
Fen 81 Ohio and Mississippi bought for Porter NJ
So ehtst prlce that day Sa. Difference a-ainst Mr
Porter ia A.. VI. 1,,--,, .....
Sv INA tV,s NSIs'" nops., 70. roitei
PoHrtSI w NAV N"' ''''' N'H''N"'0 '<H'"s' MI
Feb 1900 Northwestern preferred h. ieit for Per
ter ut 81 highest PRICE that day Difference against
Mr.; Porter "
req NV llttspnrgh bouEhi ior POiler al &. the
sahe sioeA SOU s"ne uAs Wa
In other instances shsfes were sold nj one price
and like number bought the same day at an az
vance OF from To D per cent. On the @!d Of march,
Ms appears by letter, Mr. stanton actually sold New
York Central at i5Sk and yet conuscted to deliver
the same stock next day at l56l., as wil appear by
10 BROAD STREET, NEW YORK. March a. 1863.