Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-17
Misguided Philanthropy Expensive.

From the New York Tribune.
These are indeed parious times There is one
prominent stock exchange member at least who
thinks 80. He also has had shaken the fouuda-
lions of his falth in the merit of phi!ar thropy.
An active member OF the exchange, with n long
experience and popular with all Wall street
men. he is now the head of a well-known bond
firm. He tells this story himself, and it can
not be better given than in his own words
'Some time ago said Mr.. X. rs he may be
called. "a certain physician had account in
my brokerage firm l did not know him per-
sonally and had no idea of his operations, but
when nv partnership was diss olvcd u few years
ago found that lie was indebted to me on his
account i'll the sum OF $500. l did not
bother about the matter Mt the time. for the
fellow was a nice. resi- ectable mai, who. while
he lived well. seemed to lean OH his relatives
for the principal source of supply. But one
day in the club fell to chatting with young
LAWYER, n fellow member. who was complaining
of being hard up He was n good-nature
young man, little lazy, very bright. but
some What inclined to conviviaity. but il oc-
CURED to me that l might give him lift
SO proposed to him that he take this cd &C,
count of my friend. the physician. for collec-
ton and agreed to give him half Of all the
money he got. l cautioned him again 8,
! worrying the doctor and told him I did no.
want any unpleasant court experience. Well
| the matter went along for time and finally
| got to supplementary proceedings. But one
! day the lawyer came to my Office and said that
/ the physicians relatives. hearing of the case
/ had concluded to help him 20 the extent OF
| giving him ten shares in Dakota national
| bank. so | took the stock and gave the docto,
a release. knew nothing of the bank, but the
! certificates we're handsomely engraved and
| thought the value must be equal 10 par.
Matters driited along" continued Mr.. X
"untit one day my legal friend came to me nnd
! urged his necessities ut the club and elsew here
/ asking for lie closing up of the transaction
[ Now, Brown | said. you've earned you:
money pretty easily, and l haven't had time Il
I look into this stock. But l viii assume that i
/ settle on that basis Well. Brown consented
/ and the money paid over. The next incl
den: Ill this e. perlencc WAS nv receipt Of notice
/ that :lr Dakota bank had failed aud chat the
I stock. which had been dulv transferred 70 m,
/ name. WAS liable to an assessment Of 100 pei
I cent.
/ Il nm not willing 10 acknowledge that am Q
! foot, Mr.. said. musirgiy, but ii nv friend.
/ look at this Gaze I don { know what /. a mem.
! Der of the exchange with an experience o
] twenty-five Years. can say for mTteif Here j,
I the le-ult of ny act Of hilanthrory: The
doctor has got his release for III debt of 80 zoo
I the lawyer has received and doubtless spent hi
I $500; 1 am ont ry original loss and the com
/ mission raid 10 tue lawver-*3, 800 in a.l-aut
( 1 an the UaIer o. ZEN shares of bank stock o,
/ which the United = Gtel ggyernmeu. PRO. ,ose.
! 10 mike an assessment of 100 per cent, Oh
/ 81 GOO. -