The Durham daily globe. (Durham, N.C.) 1889-1894, 1890-10-30
He WANTED THE EARTH.
A San Francisco Butcher Who Let a o
tune Slip Through His Grasp.

A San Francisco Butcher Who Let a For
tune Slip Through His Grasp.
For a long 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
anneared a bedrock" basis.
The Sierra Nevada and Union Consoli-
dated mines at the northern end of the
Constock group were at this time par
+icn1arlv inactive, the former selling as
low as fifty cents a share. Rumors, how
over 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 a small shop at the
corner of Hayes street and Van Ness ave-
me. and he somehow became imbued
with the idea that there was more money
10 he 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 a few thousand dollars,
which he deposited in the Office of a 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 a share.
Meanwhile the IL 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 $175. This would have salts
fed any ordinary man, but not SO Pow
ers. 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, 900. He could have realized
at this point a clear profit of over 49,
600. His brokers begged him to sell, but
Powers was obdurate. He was after a
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 add
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 al
holler."
Having, like q ~skyrocket, reached it
highest point, Sierra Nevada now began
to come down, at first slowly and the1
more rapidly even than it went up
Powers had gone to the country for
few DAYS to look at q ranch he had in
tended purchasing. His brokers ha
wired him to return, and he had sup
posed that it was because his stock ha'
reached the 81, 900 limit, at which fgur
he had left orders to sell.
1t was with a very joyous c~ountenanc
that he greeted his broker, whom he me
on the street. .
"Well," said Powers, "have you sol
the stock?"
ooh, yes" said the broker, 1--WE had II
You see it began to fall, and to prote(
ourselves we had to let it all go at IA
and Won now w us $3.50, which hoI
you can settle"
fairly SaSpeu Lilo aoVolA0
Powers. "Let it go at 140? And you So
I'm in debit"
YES" replied the broker; to-
you to sell, but you wanted the cart
and l guess you'll have to go back to yo'
trade"
When it finally dawned on Powers tn
the broker really spoke the truth he w
almost overcome with grief and dlsa
pointment. He rallied, however, al
if anv one now wants a choice ste'
".Johnny" Powers, who works for a lar
market concern on Pine street. IS Ju
the man to go to.
He will probably tell you that he Dug
to be and might have been a mlllional'
but the quality Of the meat VIII De 60
inst the same.-New York Herald.