Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1888-09-21
A NEAT SCHEME.

DuSlu0SS was TdUu6T uull Ill w I'LL SUf06U OLt
September a few years back. There had
been a dearth of speculative movement, most
of the large operators were still enjoying
their vacations, and the ticker moved i'll 6
fitful way, betokening to the initiated thai
about all the activity there was depended or
couple of hundred perspiring and shouting
mortals who pass by the name of room
traders" AS these gentlemen, however
under such circumstances usually engage in
transactions which may aptly be compared
to swapping jackets, it can be understood
that there was little in the condition of the
market to crafty those brokers who depend
upon public patronage for their commissions
and profits.
Mr.. Frank Saffron accordingly sat in his
front office, and though outwardly philosoph-
ical in appearance and conversation, chafed
inwardly over the fact that he had moth
ing to do. Not an order had reached him in
several days. He had wandered disconso-
lately over to the board only to find the
TRADERS" aforesaid 'scalping'' one another
for Fights, and coming back to his office,
found no better employment than reading the
newspaper. 1t might be remarked that un-
der ordinary circumstances Mr.. Safron's
yearly profits averaged upward of $50, 900,
but he nevertheless found himself meditating
as to whether he should reduce expenses by
giving up his yacht or his horses.
This melancholy train of thought was how
ever averted by the opening of the Office door,
and the entrance of q stranger. He was a
man of tall stature and powerful frame, and
pair of keen blue eyes, and hair and side
whiskers which, originally brown, seemed to
have become prematurely gray. He was at
tired, though the weather was quite warm,
in an i'll fitting, double breasted frock coat of
dark material, and wore on his head a felt
hat with high crown and broad brinn, his
general appearance corresponding, as Mr..
Saffron noted to that of prosperous west
ern business man.
SIS this Mr.. Safron9" said the stranger, In
a loud, hearty voice.
''That is my name" replied Saffron rising.
"An old friend of yours" resumed the
stranger, "a Mr. Halstead, who lives out
our way, recommended me to you. My name
is Coit-Homer N. Colt, of Omaha"
''Glad to know you, Mr.. Colt" said Sa-
from, taking the strangers outstretched hand
and remembering the former client whose
name was mentioned, and who, having come
to grief in the market had followedsthe sage
advice about going west. "What can I do
for YOUR
"Well," was the reply, 81 am here in New
York partly for business and partly for
pleasure. I'm in the lumber trade out my
way, and there are some big contracts to be
let here, so am looking after them. Now
I've always wanted to try my hand at stocks,
and as Halstead spoke so well of you,
thought I'd come down and put up little
money, and see if couldn't knock my ex-
penses out of this game of yours What's the
ante, anyway"
Under ordinary circumstances Saffron
would have required a more formal identifl-
cation Of prospective customer. He was,
however, somewhat taken by the westerner's
frank hearty manner, and remarked, as the
latter drew a pocketbook from the breast of
his coat, that the custom Of the street was for
the deposit of margin equal to 10 per cent. on
the par value of the stocks carried for GUS
TONER'S account.
'That's all right" said Mr.. Colt, unfold
ing roll of bills, which Saffron could see
were of large denominations. Here's ST.
900 in currency. You see expected to be
moving around between here and Boston,
and Philadelphia, and not caring to be both
cred with bank drafts, brought the stuff with
me- By the way" added he, perhaps it is
dangerous for me to carry lot of loose
money around with me. Can't 1 put it all
up with you, and have you check it to me as
want any2"
Saffron saw no objection to this and Mr.
Colt accordingly transferred about q thou
sand dollars more into the hands of his
banker, and, replacing his pocketbook in its
place with sigh of relief, proceeded to ask
what could be done in the market.
Now, although dullness reigned through
Wall street, there were some stocks which
Saffron thought might in a little while yield
a fair return to patient Spectator, and
Mr. Colt accepted his advice; he strolled over
to the exchange and bought few hundred
of the shares in question for the former, after
which the westerner, who had given quiet
uptown hotel as his address, took his depart
ure.
A week or so passed, during which
the market became more active, and
prices underwent decided advance, the
stock in which Mr.. Homer N Colts
margin was invested sharing in the
rise to the extent of four or five points,
thus justifying Safron's opinion of it. Colt
had neither been seen nor heard from, but
one morning he made his appearance, ex-
planning that he had taken a run over to Bos-
ton on business connected with his lumber
contracts. He was pleased with the success
of his speculation, and at once agreed with
Safron's advice to take his profits, which
amounted to nearly 81, 800, and to sell few
hundred shares of another stock in which
Mr. Saffron anticipated there would be de-
cline.
81 think" said the westerner, when this
was done, 81 had better have little money,
as my cash is running low. Suppose you
give me hundred and fifty"
s'Why, certainly" said Saffron; "give Mr..
Colt a check, Wilson"
A few moments later Safron's chief clerk,
Mr.. Wilson, handed Colt check for the
amount in question drawn to his own order
on the National Bank Of the New Neither
lands, with the remark that if he would in
dorse it they would send to the bank and get
him the amount in currency.
"Supposc you let me go with the messen-
ger and have him identify me at your bank,n
said Colt, artlessly. IT shall keep you draw
ing checks for me all the time, and if can
get them cashed it will save you trouble"
Wilson saw no harm in this arrangement,
and SO Colt accompanied a clerk to the Bank
of the New Netherlands, and was introduced
to the paying teller of that institution as Mr.
Homer N. Colt, in whose favor the check
was drawn, and accordingly obtained his
money.
For some time Colt was frequent visitor
at Ssfron's Office, spending sufficient time on
each occasion to make himself familiar with
the office and all its occupants. to whom his
hearty western ways afforded more or less
amusement. He made frequent use of the
telephone in the office to communicate with
parties with whom be said he was negotia-
ting in regard to his lumber contracts. At
the same time his speculations progressed
favorably on the whole He showed himself
to be conservative, yet willing to follow
Safron's advice; and though once or twice he
met with slight losses, he took them good
naturedly His docility was rewarded with
further profits to a considerable amount, so
that Mr. Saffron who prided himself on his
Judgment concerning the market, and his
success in steering his customers through its
numerous quicksands, was genuinely pleased