The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-11-05
He WANTED THE EARTH.
A San Francisco Butcher Who Let a For
tune Slip Through His Grasp.

tune slip Through His Grasp.
For lcsg time after the bonanza ex-
citement the stock market in San Fran
cisco remained quiet and inactive. More
or less trading was done in Comstock
shares, of course, but the market as a
whole was quietly settling down to what
appeared bedrock" basis.
The Sierra Nevada and Union CONSOLE
dated mines at the northern end of the
Comstock group were at this time par
ticularly inactive, the former selling as
low as fifty cents a share Rumors, how
ever, began to circulate about this time
of ''strike" in the north end mines, and
Sierra Nevada and Union began to climb
upward.
John Powers, a butcher, owned at the
time of which Ispeak small shop at the
corner of Hayes street and Van Ness ave-
Une, and he somehow became imbued
with the idea that there was more money
to be made at stock speculation than in
the butcher business. Acting upon this
idea Powers, by mortgaging his business
and borrowing what money he could,
scraped together few thousand dollars,
which he deposited in the Office of Pine
street brokerage firm.
He wasn't particular, he said, as to what
stock he should buy, and finally settled
on Sierra Nevada as being a good pur-
chase, leaving instructions with his brok-
ers to buy 100 shares for his account.
This was done, and Powers was duly
credited with the stock, for which had
been paid $24 share
Meanwhile the rumors came pouring
in from Virginia City about the great
north end strike, and Sierra Nevada be-
gan to fairly jump forward, until it was
quoted at $40. This would have salts
fed any ordinary man, but not so Pow
ers. Instead Of selling ne 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 300 shares to
his credit, was in debt to his brokers
about $4,000. He could have realized
at this point a clear profit of over $45,-
600. His brokers begged him to sell, but
Powers was obdQr3te. He was after n
million, he said, and as long as his mar
gins remained good the brokers remained
satisfied
Powers then sold out his business en-
tirely and put up the proceeds as addi-
tional margin. he began to look up IA
vorable building sites for the residence
he intended TO put up that, he asserted,
would "beat them mob heal affairs all
boiler"
Having, like a skyrocket, 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 country for a
few days to look at ranch he had in
tended purchasing. His brokers had
wired him to return, and he had sup
posed that it was because his stock had
reached the 81 900 limit, at which figure
he had left orders to sell.
1t was with very joyous countenance
that he greeted his broker, whom he met
on the street.
"Well, said Powers, "have you sold
the stock?"
ooh, yes" said the broker, 1--WE had to.
You see 1t began to fall. and to protect
ourselves we had to let it all 60 at 40,
and you now owe us $3.50, which / hope
you can settle"
What" fairly gasped the astonished
Powers. Let it go at 40? And you say
I'm in debit
Yes" replied the broker; "we told
you TO sell, but you wanted the earth,
and / guess you'll have TO go back to your
trade"
When it finally dawnel on Powers that
the broker really spoke the truth he was
almost overcome with grief and disap-
pointment. he rallied, however, and
If any one now wants a choice steak
johnny" Powers. who works for large
market concern on Pine street, is Just
the man TO 90 10.
He will probably tell you that he ought
10 be and might have been millionaire,
but the quality of the meat viii be good |
lust the same -[avv York Herald