The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-11-22

Brokers offices were fun of screaming
white-faced men: fortunes were van
ishing like clouds of dust; calls for "a
million more margin" were fairly burn
ing up the wires: everybody on La
Sale street was sweating blood
Down from his big farms in the CEN
ter of the state had come, all unsus-
pccung. tha5 morning, John Harhns,
prosperous farmer and stock raiser He
sold ten carloads Of steers at the stock
yards. and then came down TO deposit
his money at the bank where, for
years. he had kept a modest account
"By the way" said HarSins 20 the
cashier. II believe I'd like to take
little flyer on change this morning
Harl1ins had no idea that anything
unusual was happening on the stock
market that day but he had sold his
steers for a big price, and there was
stiu trace of the gambling fever in
his blood. He had never bought
share Of stock before But the cash
Ter took &C. for granted that Harhns
knew all about the prevailing panic.
There's n reliable firm of brokers
downstairs" said the cashier.
Down into pandemonium strOled
John Harkins Boys were running
about the big rooms like chickens with
their heads off; white-faced men were
watching the ticker and grooming as
they watched. callers were yelling fran
tcally the lighning-like changes in
prices. behind the little windows, in
side their cages, keen-eyed men were
taking orders and giving them.
John Harkins surveyed the scene
with satisfaction. He thought it TO be
only the ordinary. everyday hustle OF
stock brokers' Office. He felt an ir-
resistiblc impulse to- take part i'm the
game. The fever Of activity got into
his blood. But he determined not to
show any unusual excitement. He
casually strolled mp 90 the window, out
of which looked one of the members
OF the firm.
"I didn't know but I'd IKE to do
something this morning said John
Harkins pleasantly.
"What'y' want to do?' snapped the
broker. His firm was 100000 in the
hole just then and he was in no mood
To waste time in pleasantrieS-
"I didn't know but I'd buy little
Steel preferred" answered the abashed
Harkins
Got the money with yOu2 We don't
know you said the broker.
III your come up to the bank with
me" said the offended Harkins, ct
fancy the cashier will back my account
FOR small amount"
Come on" snapped TIT broker.
bouncing out of his cage, hatless and
coatless. Selling the now astonished
Harkins by the arm he rushed him up
the marble stairs leading to the bank
two steps at a time.
This man wants to buy some Steel"
said the broker, stopping at the cash
ier's desk.
You can buy 200 shares for him
and III take care of it," said the cash
Ter, who had troubles of his own that
awful day.
Downstairs again the broker rushed
the half-breathless farmer and before
ne fairly knew what had happened he
had ordered the purchase of 200 shares
of Steel preferred at Sc. At the time
the order was given the ticker showed
Steel quoted at IS. But the ticker
could not keep within reaching dis
lance of that tremendous market 1t
was at least fifteen minutes behind the
New York stock exchange. SO it hap
pened that while the quotations for
Steel on the tape were still around
IS. back came a wire from New York
announcing the purchase of 200 Steel
al So.
When John Harkins was handed that
message showing how low the steel
stock had been bought he gave a whoop
Of joy. Everybody else in the brok-
er's Office seemed to be making a noise
81 was mp 90 him TO add to the general
din
But just then the ticker began to
catch ND with tho stock exchange quo
iatiOns. Down went Steel. Harkins
watched it drop i'm half a dozen jumps
from SS TO so and was ready to hug
himself ut having shown such good
Judgment. lie commenced to talk
.ouJiy 90 the other customers and to
taU .hair attention to his good buy
But that COMPOUNDED steel preferred
aiiu't stop at so. The next quotation
Ihowcd 1000 shares sold at u. Harkins
began TO sweat and to grow more
lUiet. He watched that ticker with
ihe earnestness Of a shipwrecked sailor
who sees the only sail i'm sight vanish
Inc beyond the edge of the horizon
Five hundred shares steel preferred
~ 80" said the ticker This was go
Ing painful HarHins saw that load OF
steers going up the chimney like smoke.
Stock exchange gambling suddenly
game go be n most wicked and per-
steel preferred 49," Harkins was
now nearly 81. 800 loser. He began To
wonder whether he would dare to go
back home at ALL "Steel 70,"
"Say. can't you sell that blamed
Etoel for me before &c goes down To
nOthing2" pleaded Harlins to the
broker BY this time ne was white I'm
the face and his eyes were growing red
and blOOdshot.
"seH YOU out at loss OF $1,000" said
the broker hurriedly. Better hold on
p little while longer"
"Steel &C." said the ticker. Harkins
knew that the machine was fifteen
minutes behind the New York stock
exchange and that by this time. for al
he knew. it might De down to so.
What's the matter anyhow p
Easped Harkins. "Ain't steel a good
buzz"
Good nothing" snarled the broker
'Nothing's good I'm this panic"
Panic" said Harldns. why didn't
sou tell me-"
Tell YOU, Haven't you got eyes?'
SAY" said Harldns. whose knees
were shaking together. IT can't stand
this any longer If you can get me Oui
even. for heavens sake do it. I'm go
Inc out for awhile"
Harkins walked cut into la Sale
street. Great pillows Of smoke were
rolling down between the skyscrapers
and &c seemed 90 the excited and
frightened farmer that the internal re-
gions were not far off.
Almost the moment Harkins left the
brokers' Office steel and almost every
thing else commenced TO 80 up. Lead
fnC financial interests" had come tc
the relief of the market. Like a rub
Der ball which has struck a hard bot
tom prices bounced up again ever
faster than they had gone down. And
IS is often the case. the rebound car
ried quotations above the point from
which they had started to decline.
"Sell 200 steel preferred at 81" was
the message which Harkirs' brokers
80. a. eHe