St. Paul daily globe., 1888-08-19
ceeded to enforce his position by case

ceeded to enforce his position by case
in point:
"a distressing instance came under
my personal observation not very long
since. There were two maiden ladies,
sisters, who by long years OF saving had
vesting the money for them for long
time at rates averaging about per cent.
They had some time ago dropped from
pthe ranks of school teachers, and, being
unable to earn anything, they had to
manage to live upon that income of
| $500 a year.
'Small wonder that they often used
| to ask US if we could not secure a better
rate of interest ON their money.
But just as often we had to answer
| that 5 per cent was the best we could do
for them in any investment that we
knew to be absolutely safe. of course
there are other investments paying
more interest," we would say, that we.
some shadow of doubt about them. If
| Sou were men we would tell you all
the circumstances, and you could use
your own judgment about taking what
risks there might be. But for helpless
women we will not invest penny un-;
less we know it safe in all human GER
/ tainty.'
r.'Sueh replies always seemed to
satisfy the old ladies until one day
when they came in and said that they
had to have larger income in some
way; that certain broker had told
| them that they might get s, 10, Is or
ments, and wouldn't we please put
their money into something of that
kind.
No, ma am, we will not said my
military brother in his brusques but
Kindly way; we can't find anything
safe for you at more than 5 per cent.
We're tired of telling you this, anyhow,
and If you want we will give you back
the money right now without waiting to
sell. don't know anything about the
broker you named, one way or another.
but if you think he will do better tor
you, go to him by all means. But one
thing-don't you come back here cry
ing
''They took the money and left. In
side of two weeks they returned, and
with tears in their eyes begged us to
help them make that rascally broker
disgOrge. He had put their $4,000 into
petroleum-so he told them-it had all
been swept away, and now he was
after them for S400 more for additional
margins that he claimed to have ad-
vanced himself.
at was outrageous. atrocious; it made
my blood holland that the more be-
cause, from inquiries l had made in the
meantime as to the brokers' character,
| mare than suspected that be would
want nothing better than just such a
chance to put 1O,000 into his own pocket
without taking it into the market
at all. But what could be done?
Doubtless they had in their
| ignorance authorized him to invest in
Oil for them, and he could swear the
rest of his defense through easily
enough. Publicity has no terrors for
| such fellows. Ali we could do was to
tell them that of course he had no claim
on them for the extra margins he talked
| about, but they had just as little chance
of recovering their money from him.
II shall never forget the look of utter
desolation and horror on those poor old
| women's faces as the truth dawned
| upon them--the hard savings of years
| gone in so many days; nothing left for
| the old age already closing upon them
| but the po0r-house ami the potter's
field" And the dignified banker
icoughed slightly, drew handkerchief
from his pocket, and proceeded to free
/ his eyeglasses of the moisture caused
| by an imaginary cold.