The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-04-26

An Interesting Episode I'm the Career o. -
Exchange Broker and Clerk

An Old St0ck eNchtuSc otoncis ""S
has made several fortunes Ia the street
and lost them all. but who Is now on
the road Ia another. related the other
day. saws the y. Y. Times. an interest
ing episode in his speculative career.
Some fifty years ago he said.
..when | had plenty Of money and had
about concluded that the man who
allowed himself 10 70 broke was an
idiot. a young man was shown into my
private Office | had never seen him
before. lie looked i'll aud worried.
MIR Blank he said, You dont
know me-.
.-No. replied. i have not that
pleasure
...Well,' he went on. Il know YOU.
and have heard that you are gener-
Gus man. ! want you 10 listen TO me
for moment. | am the paying teller
in the Such-and Such bank.and know
YOU from having seen YOU there. lou
have had large sums on deposit there.
have been in the bank more than ten
years. believe AIN looked upon 10y
its officers rs trusted and valuable
employe. Some time ago. on what l
believed TO be 4 gool Zip. bought lOo
shares of stock with my own money.
OF course. | made few hundred dol
lars. The next time that ! got tip
from the same source l bought 200
shares. and the market went against
me. Iput up all my money for mar
gins, and IL still went against me. Then
/ took some OF the banks funds aud
then little more. To-day | am $500
short i'm my accounts. III the amount
A. - fs.ttr |
shall be a rnined man. Perhaps i will
be arrested. know OF no way to raise
it. aud have come 10 YOU TO ask you
If You will let me have il. don't
know when | can repay il. but VIII
repay IL some time.
II was somewhat astonished," said
the broker. IL said 90 him: You don't
lack assurance. anyway
II only lack $500, was his answer.
well. | gave him the money, though
| thought was a fool for doing 1t. He
thanked me. without much eflusion,
and went away. In few days, being
very busy man. the incident slipped
from my mind think il was about
three years later that | went cold. Hat
broke. Nv seat on the exchange had
to 90. and was completely cleaned
out. had 20 get trusted for shines.
| didn't know which way TO turn. One
day while walking down Broadway. |
met my young friend. He looked bet
ter than when | saw him before.
How do You do, Mr.. BlankY he
exclaimed, aud he nearly broke my
hand with the grip he gave me. I've
been hunting all over for you, he said.
Il heard that YOU had been unfortun-
ate
II told him that was high private
in the regiment of the busted.
81 think can be OF some service to
you. he told me. i left the Such-and-
Such bank some months ago to become
the confidential, clerk in the office of
So-and-So, tive lawyers have here
an agreement which has Just been
signed. i do not think that anybody
but the principals. the lawyers, aud my
self know that il exists
''He handed me paper. read it
and returned II 10 him. telling him Shat
he might consider the obligation can
celed The document practically com
pleted the sale by JAY Gould to the
Western Union Telegraph company,
the strongest rival II ever had. The
young man assured me that the trans.
action was not 90 be made public for
some days. That was sufficient for
me. ! went at once To "A broker friend.
told him what knew, and induced him
TO buy me 100 shares of Western
Union. The stock began to advance ut
once. put every dollar OF my profits
into more stock. Western Union rose
steadily about 80 points and when the
consolidation was announced aud the
price was highest sold out made
$275, 600 which was sufficient To pay
my debts and leave me 800. 600 to the
good. have no idea how much my
broker friend made. met my
lawyers clerk afterward and jokingly
asked him II he, too. had made a for
tune. He assured me earnestly that
he had not bought or sold single
share OF stock after his experience
while in the bank. and believe he told
the TRUTH