The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-15
By EDWIN IErEvRE

that day nor any other day. And he
didn't say anything to Jacobs in return
but by Willie's sage advice contented him
self with merely withholding all orders
from that oleaginous parsonage until Mr.
Jacobs was moved to demonstrate. And
Sally, who had learned a great deal in
a week under Wllhes tuition, answered
curtly: Business is very bad; the firm
is doing hardly anything"
But Watson told me-, said Jacobs
langrily, that he was doing a great deal
OF business for Tracy & Middleton.
want you to see that L get my share or
I'm speak to Middleton and find out what
the trouble is
rs that so?' said Sally calmly. you
might also tell Mr.. Middleton that you
offered me S. week to give you the bulk
of our business"
Jacobs came down to business at once.
9TH make it $S,' he said conciliatingly.
Jim Burr, who had the position before
me-" exposrulated Sally Indignantly
told me he received S25 a week from Mr..
| Grant, with an extra $40 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 all
grily. why l never get much more
than 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 t.
! According to our books" said Sally
| to the irate broker, having been duly
coached by Mr. William Simpson, the
last week you did business COR us you
cid $500 shares, and received $76.'
That was an exceptional week. I'll
make it $10,' said Jacobs.
| Twenty-Five" whispered Sally deter
minedly
IN give you SIS week, but you must
see that l get at least $500 shares q
week.
'iAll 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 ir
possession of an income $40 week. And
he was only IS.
Time 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 a line"
of several hundred shares.
At last the blow fell which Sally had
so long dreaded-he was promoted TO
a clerkship in Tracy & Middleton'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 $25, which
they considered quite generous, especially
in view of his youth and that he had
started three years before with IS. 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 legacy, and
asked him to let him open an account
in the office. Tracy congratulated his
young clerk, took the $4,000. and there
after Sally was both an employe and a
customer of Tracy & Middleton.
| Sally specialized with varying success,
trimmings up his winnings to $4,000, ana
seeing them dwindle later to $4,000. But
| i'll addition to becoming an lnveteraie
speculator, he gained much valuable ex-
| perience. He became friendly and even
familiar with Tracy & Middleton's clients,
among whom were some very wealthy
men, for a stockholders office is dem
ocratic place.
| He really was a bright amiable fellow,
very obliging-he was paid for 1T by
the flrm-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 weathest and boldest customer
| of the firm, complained of the difficulty
of beating the game with the heavy
handicap of the large brokerage comms-
sion.
| Jestingly, yet hoping hoping to be taken
seriously, Sally said: Join the New York
Stock Exchange, or buy me a seat, and
form the firm of Thornton & Hayward.
Just think, colonel, We would have your
trade. and you could bring some friends,
/ end 1 could bring mine, and l think
Middetons customers would come ever
to U.S. They ell think lot" diplomat
cally. 'of your opinions on the market ;"
Thornton was favorably impressed
with the idea and Sally saw it. From
that moment re worked hard to gala
| the colonel's confidence. 1t was he who
gave Thornton the first hint OF Tracy &
Middletons condition, which led to the
withdrawal of Thornton's account and
his own from the office. 1t was vio-
lation of confidence and OF business
ethics, but Thornton was very grateful
when, two months later, Tracy Mid
dleton failed under circumstances which
were far from creditable and which were
discussed at great length by the Street
He showed his gratitude by adding a
round sum to Sally's $1ls500, and Willis
| n Hayward became member OF the
/ New York Stock Exchange. Shortly al