The Lebanon express. (Lebanon, Linn County, Or.) 1887-1898, 1891-01-09
He WANTED TIE EARIH.
San Francisco butcher Who Let a For
tune slip Through His Grasp.

For q long lime 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 whole was quietly settling down
TO what appeared Il bedrock basis.
The Sierra Nevada and Union Con-
solidated mines at the northern end OF
the Comstoek group were at this lime
particularly inactive. the former selling
as low as fifty cents a share. Rumors.
however began to circulate about this
time of a strike in the north end
mines and Sierra Nevada and Union
began to climb upward.
John Powers. butcher. owned ai
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 busi-
ness. Acting upon this idea Powers,
BY mortgaging his business and Dor.
rowing 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 te
what stock he should buy. and finally
settled on Sierra Nevada as Dein. D
coed purchase. leaving instructions
with his brokers to bny 100 shares foi
his account. This was done aud Powers
was duly credited with the stock. fof
which had been paid $24 per share.
Meanwhile the rumors came pouring
in from Virginia City about the great
north end strike, and Sierra Nevads
began 10 fairly jump forward until il
was quoted at $l75. This would have
satisfied any ordinary man. but not sc
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 pei
share. and Powers. with 500 shares to
his credit was in debt to his brokers
about $4,000 He could have realized
at this point clean profit of over $45.-
600. His brokers begged him TO sell. but
Powers was obdurate. He was after
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 adj
ditioual margin. He began TO look ur
favorable sites for the residence he in
tended to put up that. he asserted would
.-beat them mob heel affairs all holler.'
Having. like a skyrocket reached it's
highest point. Sierra Nevada now be
gan to come down. at first slowly
and then more rapidly even than il
went up. Powers had gone TO the
country for few days to look at s
ranch he had intended purchasing.
His brokers had wired him to return,
and he had supposed that it was be.
I,a =
limit, ut 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. --haye YOU sold
the stoek?'
''Oh. yes said the broker: I've had
to- You see il began to fall. aud TO
protect ourselves we had 10 let ii ali
| go at no. and you now owe us $3.50.
which | hope you can settle"
',What? fairly sasped the astonish-
ed Powers. Let ii go at 40? And
you say I'm in debl?"
Yes. . replied The broker; I'VE told
You tu sell. but you wanted the earth,
and | guess you'll have TO go back tc
your trade. !"
When it finally tlawned on Powers
that the broker really spoke the truth
he was almost overcome with grief and
disappointment. He rallied. however
aud If any one now wants choice
steak johnny" Powers. who orks fol-
a large market concern on Pine street,
is just the man to 20 TO.
He will probably tell you that be
ought TO be and might have been 8
millionaire but the quality of the meal
will be good just the same.-M. T.
/ Ho,fJ