The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-15
PIXIES PEAK OR BUST
Copyright, 1909.


brokers HE name was Willis n. Hay
ward. and he was a proud boy indeed
when he was selected out OF twenty
.nnlicants 10 be telephone clerk for the
firm.
From 10 a. N. until p. m. he stood
by Tracy & Middletons private telephone
or the floor of the Stock Exchange--the
beard room--receiving orders to buy or
sell stocks for customers-and transmit
ting the same messages to the board
member OF the firm, Mr.. Middleton;
also telephoning Mr.. Middleton's reports
to the office. He spoke with soft, re-
fined voice, and his blue eyes beamed
so ingenuously upon the other telephone
boys in the same row of booths that
they Immediately nIcknamed him Sally.
He learned the business, as nearly all
boys must do in Wall Street, by absorp-
tion. He heard nothing but speculate.
speculatei in one guiSe or another, many
words with the same meaning. 1t was
all buying or selling OF stocks-a concen-
trated and almost visible hope of making
much money in the twinkling of an eye.
The air was almost unbreathable for
the innumerable tips to buy or sell securi-
ties and insecurities of all kinds. The
brokers, the customers, the clerks, the
Exchange doorkeepers, all Wall Street
read the morning papers, not to ascertain
the news, but to pick such items as
would, should or might have some eff
feet on stock values. There was no god
but the ticker and the brokers were its
prophets
AS time wore on the glamour of the
game wore off; likewise his scruples.
His employers and their customers-all
gentlemanly, agreeable peOple--specula-
ted every day, and nobody found fault
with them. 1t was not sin; it was a
regular business. And so, whenever
there was a good thing he ''chipped
IT. one dollar to a telephone boys
pool that later operated IN a New
street bucket shop to the extent of ten
shares. His means were small. his sal
airy being only IS week: and very otteh
he thought that if he only had little
more money he would speculate on &
larger scale and profit proportionately.
Now, the position of telephone boy IS
really important in that it requires not
only a quickwitted but a trustworthy
person to fill it. In the first place, the
boy knows whether his firm is buying
or selling certain stocks; he must exer-
else discrimination in the matter Of
awarding the orders should the board
member oil the firm happen to be unavai-
able when the boy receives the order.
For example: international Pipe may be
selling at 108 A man in Tracy < Mid
dleton's office, who has bought 500 shares
OF it at 104 wishes to corral his profits
He gives an order to the firm to sell
the stock, let us say. "at the market. .
that is, at the ruling market price.
Tracy & Middleton Immediately telephone
over their private line to the Stock Elk
change to their board member to sell
500 shares of international Pipe at the
market" The telephone boy receives
the message and puts up Mr.. Middle
toms number, which means that on the
multi colored, checkered strip on the
frieze of the New street wall. Mr.. Mid
d.etons number, Gil, appears by means
of an electrical device. The moment Mr..
Middleton sees that his number is up
he hastens to the telephone booth to
ascertain what is wanted. Now, II Mr..
Middleton delays in answering his num-
Der the telephone boy knows he Is absent
and gives the order to one of the two
dollar" brokers, who always hover
about the booths looking for orders. He
does the same if he knows that Mr.. Mil
dleton is very busy executing some other
order, or, if in his judgment, the order
calls for immediate execution.
Young Hayward attended to his bust
ness closely, and when Mr.. Middleton
was absent from the floor or busy he
impartially distributed the firms tele-
phoned buying or selling orders among
the two-dollar brokers. for Tracy G Mid
dleton did a very good commission busi-
ness indeed. He was nice looking and
nice acting little chap, was Hayward
clean faced, polite and amiable. The
brokers liked him and they remembered
him at Christmas. The best memory was
possessed by joe Jacobs, who gave him
S25 and insinuated that he would like
to do more of Tracy Middleton's bust
ness than he had been getting.
But" said Sally, ''the firm said l was
to give the order to whichever broker L
found first
WELL said Jacobs, oleaginously, Il
am never too busy to take orders from
such nice young fellow as yourself If
you take the trouble to find me; and I'll
do something nice for you. Look here,
in a whisper, 'if you give me plenty of
business I'll give you S. a week" And
he dived into the mob that was yelling
itself hoarse about the Gotham Gas post.
Hayward's first impulse was to tell
his firm about it. because he felt vaguely
that Jacobs would not have offered HIM
So week if he had not expected some
thing dishonorable in return. Before the
market closed, however, he spoke to
Willie Simpson, McDuff & Wilkinson's boy
whose telephone was next to Tracy &
Middletons. Sure enough Willie ex-
pressed great indignation at Jacobs
action.
sIt's just like that old skunk" said
Willie. Give dollars a. week when he
can make 500 out of the firm. Don't
you do it, Sally. Why, Jim Burr, who
had the place before you, used to get $50
a week from old man Grant and $50
month from Wolff. You've got cinch
if you only know how to work it. Why,
they are supposed to give you fifty cents
hundred" Willie had been in the