The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1890-11-13
He WANTED THE EARTH.
A San Francisco Butcher Who Let For
tune Slip Through His Grasp.

For a long time after the bonanza
excitement the stock market in San
Francisco remained quiet and inactive.
More or less trading was done in Com
stock shares. of course, but the market
as a whole was quietly settling down
to what appeared bedrock" basis.
The Sierra Nevada and Union Con-
solidated mines at the northern end of
the Comstock group were at this time
particularly inactive, the former selling
rs low as fifty cents Il share. Rumors,
however began to circulate about this
time of 4 strike" in the north end
mines and Sierra Nevada and Union
began to climb upward.
John Powers, butcher. owned at
the time of which speak small shop
at the corner of Hayes street and Van
Ness avenue, and he somehow became
imbued with the idea that there was
more money TO be made at stock
speculation than in the butcher bust
ness. Acting upon this idea Powers.
by mortgaging his business and bor-
rowing what money he could, scraped
together few thousand dollars, which
he deposited in the office CT Pine
street brokerage firm.
He wasn't particular, he said, as to
what stock he should buy. aud finally
settled on Sierra Nevada as being IA
good purchase, leaving instructions
with his brokers to buy 100 shares for
his account. This was done and Powers
was duly credited with the stock, for
which had been paid $24 per share.
Meanwhile the rumors came pouring
in from Virginia City about the great
north end strike, and Sierra Nevada
began to fairly jump forward. until it
was quoted at $l75. This would have
satisfied any ordinary man, but 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 $3.50 per
share, and Powers. with 800 shares to
his credit, was in debt to his brokers
about $40, 0G0. He could have realized
at this point a clean profit of over $40, {.
900. His brokers begged him TO sell, but
Powers was obdurate. He was after
a million, he said, and as long as his
margins remained good the brokers re-
manned satisfied.
Powers then sold out his business en-
tirely and put up the proceeds as at
ditional margin. He began to look up
favorable sites for the residence he in
tended to put up that, he asserted would
beat them mob heel affairs all boiler"
Having. like skyrocket, reached it's
highest point, Sierra Nevada now be.
gan to come down. at first slowly
and then more rapidly even than it
went up. Powers had gone to the
country for few days to look at Il
ranch he had intended purchasing.
His brokers had wired him to return,
and he had supposed that it was be.
cause his stock had reached the 81. 600
limit, at which figure he had left orders
to sell.
1t was with very joyous counter.
ance that he greeted his broker, whom
he met on the street.
well" said Powers "have YOU sold
the stock?'
.'Oh. yes" said the broker; 1--WE had
to. You see it began to fall. and to
protect ourselves we had to let it all
go at 40, and you now owe US $3.50,
which hope You can settle"
'What?' fairly gasped the astonish.
ed Powers. Let it 20 at 40? And
you say I'm in debit"
Yes" replied the broker; eve told
you to sell. but you wanted the earth
and l guess you'll have to go back to
your trade"
When it finally dawned on Powers
that the broker really spoke the truth
he was almost overcome with grief and
disappointment. He rallied, however
and If any one now wants choice
steak johnny" Powers, who works for
a large market concern OH Pine street,
is just the man to 90 to.
He will probably tell you that he
ought to be and might have been d
millionaire, but the quality of the meat
will be good just the same.-N. Y.
World