The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-20
Ro Wanted Too Much.

For long time after the bonanza excitement
the stock market in San Francisco remained
quiet and inactive, says the New York Herald
More or less trading was done in Comstock
shares, of course, but the market, as whole,
was quietly settling down to what appeared q
bedrock" basis.
The Sierra Nevada and Uaion Consolidated
mines at the northern end of the Uomstock
group were at this time particularly inactive,
the former selling as low as 30 cents a share.
Rumor, however, began to circulate about this
time of q strike ia the north-end mines, and
Sierra Nevada and Union began to climb up
ward.
John Powers. q butcher, owned at the time OF
which speak small shop at the corner OF
Hayes street and Van Ness avenue, aad he
somehow became imoued with the idea that
there was mere money to be made at stock
speculation than in the butcher business. Act
ing upon this idea Powers, by mortgaging his
business and borrowing what money he could,
scraped together few thousand dollars, which
he deposited IN the off1ce or q Pine street bro
kerage firm.
He wasn't particular, he said as to what
stock he should buy aid finally settled on
Sierra Nevada as being a good purchase, leaving
Instructions with his broker TO buy 100 shares
for his account. This was done and Powers
was duly credited with the stock for which
he payed S24 per share.
Meanwhile the rumors came pouring in from
Virginia CRY about the great north end strike
and Sierra Nevada began TO fairly jump for
ward, until it was quoted &C SITS TINS would
nave Satlznco Any oroinAry man, DuU not so
Powers. Instead Of selling, he gave orders to
buy more stock.
In the course Of the next two weeks Sierra
Nevada had reached Sa5o per share, and Pow
ers, with 800 shares 10 bus credit was In debt to
his brokers about $s0,oDo He could have real
lied at this point osean profit of over $45. 900.
His brokers begged him to sell, but Powers was
obdurate. He was after a million, be said ana
as long as his margins remained good the brok-
ers remained satisfied
Powers then sold out his business entirely and
put up the proceeds as additional margin. He
began to look up favorable building sites for
the residence he intended to put up that, he
asserted, would beat them 'Ncb-heei' affairs
all holler."
Having like skyrocset, reached its highest
point, Sierra Nevada now began to come down.
at FIRST slowly, and then more rapidly even
than it went up. Powers had gone to the coun-
try for a few days to look at q renca he had in
tended purchasing. HIS brokers had wired him
| TO return, and he had supposed chat 1t was be-
cause his stock resched the o. 900 limit, at
which figure he had left orders 20 sell.
he greeted his broker, whom he met on the
street.
"Well," said Powers. have you sold the
stocks"
''Oh, yes" said the broker; 1--WE had to- You
see, il began Co fall, and to protect ourselves
We had to let it all go at 10. and you now
owe us $3.50. which hope you can settie"
debts''
Yes" repffed the broker; I'VE told you to
SELL but you wanted the esrth. and guess
you'll nave to 60 back TO yoar trade
When It finally dawned on Powers that the
broker really spoke the truth he was almost
overcome with grief and disappointment.