The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-11-17

offered me s. a week to give you the bulk
OF our business"
Jacobs came down to business at once.
III make 1t S. he SAID conciliatinglv.
Jim Burr, who had the position before
me- eXpostulated Sally Indignantly.
told me he received S25 a week from Mr..
Grant, with an extra SO thrown in from
time to time, when Mr.. Grant made some
lucky turn, to say nothing Of what the
other men did for him.
You must be crazy" said Jacobs an
grIly. why l newer get much mere
than a thousand shares a week from
Tracy & Middleton, and usually less.
Say, you ought to be on the floor. You
are wasting your talent in the telephone
business, you are. Let's swap places.
you and l."
ACCORDING to our books said Sally
to the irate broker, having been duly
coached by Mr.. William Simpson, the
last week you did business tor us you
cid $500 shares. and received S76."
That was an exceptional week. I'll
make it s1o,' said Jacobs.
"~TWenty-fve,' whispered Sally deter
minedly.
III give you $15 a week, but you-must
see that l get at least $500 shares a
week"
'All right. I'll do the best / can for
you, Mr.. Jacobs"
And he did, for the other brokers gave
him only twenty-five cents. or, at the
most fifty per hundred shares. IN the
course OF a month or two Sally was il.
possession OF an income $40 a week. And
he was only is.
Fine PASSED. As it had happened with
his predecessor, so did it happen now
with Sally. He began by specializing
wildly at first, more carefully later on.
From the bucket shops he went to the
Consolidated Exchange. Then asked
Jacobs and the other twO-dollar brokers
to let him deal in a small way with
them. which they did out of personal
liking for him, until he had three separ-
ate accounts and could Swing Il line"
of several hundred shares.
At last the blow fell which Sally had
! so long dreadcd-hc was promoted to
a clerkship in Tracy 4 Mlddleton's Of
flee. The firm meant to reward him for
his devotion to his work, for his bright
ness and ~quickneSs. From SIS a week
they raised his salary to S25, which
they considered quite generous, especially
in view OF his youth and that he had
started three years before with SIS. He
was only 20 now. But Sally, knowing
it meant the abandonment of his lucrative
perquisites as telephone boy" be
moaned his fate.
He took the money he had made to
Mr.. Tracy and told him an interesting
story OF a rich aunt and Il legacy, and
asked him to let him open an account
in the office. Tracy congratulated his
young clerk, took the So 500. and there
after Sally was both an employee and a
customer of Tracy G Middleton.
Sally speculatcd with varying success,
runnings up his winnings to $4,000, AMI
seeing them dwindle later to sc, 900. But
IN addition to becoming an inveterate
Spectator. he gained much valuable ex-
perience. He became friendly and even
familiar with Tracy & Middleton's clients.
among whom We're some Very wealthy
men. for q Stockholders office. is a dem
ocratic place.
He really was d bright, amiable fellow,
very Obliging-hc was paid for It by
the frnl-and he made the most OF his
opportunities. The customers grew TO
like him exceedingly well. and to think
with respect of his judgment, market
wise. One day w. Basil Thornton, one
of the wealthiest and boldest customer
Of the firm. complained of the difficulty
Of 'beating the game with the heavy
handicap of the large brokerage commits
sion.
J~cstingly. yet hoping hoping to be taken
seriously, Sally said: Join the New York
Stock Exchange, or buy me a seat, AID
form the firm of Thornton G. Hayward.
just think. c~olO2cl, We would have your
trade. and you could bring some friends,
and I could bring mine, and | think
many Of thcse'-pOinting to Tracy 4
MiddIeton'S customers-"WouId come over
TO Us. They all think a lot" diplomatl-
cally. "ot your opinions on the market
Thornton was favorably impressed
with the idea, and Sally saw it. From.
that moment on he worked hard to gala
the colonel confidence. 1t was he VINO
gave Thornton the first hint OF Tracy d
Middlcton'S condition, which led to the
withdrawal of Thornton's account and
his own from the office. 1t was a vio-
lation Of confidence and of business
ethics, but Thornton was very grateful
when, two months later, Tracy & Mid
dlcton failed under circumstances which
were far from crcditGblc and which Were
discussed at great length by the Street.
He showed his gratitude by adding 4
round sum to Sally+s $l1,500, end Willis
n Hayward became a member OF the
New York Stock Exchange. Shortly al
forward the firm OF Thornton & Hayward
bankers and brokers, was formed. Sally,
then in his twenty-fth year. had become
q seasoned Wall Street man.
From the start the new firm did Wei
Colonel Thornton and two or thre,
friends who followed him from Tracy (
Middlcton's office, all of them 'plungers,'
were almost enough TO keep hayward
busy on the exchange executing orders
and. moreover, new customers were com
ing in.
Thornton was a rich man, and pro
tcctcd his own spcculations more tnai
amply. He noticed the development OF III
young partners gambling procl1vities' ant
re monstratcd with him in j kindly, patcr
nal sort of way.
Sally vowed he would stop.
Within less than three months he ha'
broken his promise twice, aud his unslc
&c asful operations IN Alabama toal ii
enc time threatened seriously TO cmtal
r2ss the firm.
Colonel Thornton came TO inc lfScu'
sally promised, with a sol"nnlty b"Fl
;,.c,n fcar newer TO tO 1t again.