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

Ing the transactions TO his Office, as he
would have done had they been bona fidc
purchases. He was followed by hum
dred sharply curious--and curiously
sharp-eyes. They saw him hold the telc
phone receiver to his ear with an ex-
preston of great interest, as ii he were
listening TO an important message. But
the only message he heard was that Of
his heartbeats, that seemed to say. almosS
articulately: you have played and You
have lost; you have played and you have
lost. Therefore, you are that much worse
OFF than before. You must play again.
and not lose."
He left his telephone and rushed back
to the Sugar crowd. He was less excited,
less like a drunken man; his face was
no longer flushed, but pale. And amor
there flashed upon him the words, Pixies
Peak or bust" But Pixies Peak gloWed
duly, feebly, while the alternative was
OF a lurid splendor. And he blinked his
eyes and made curious impatient me.
ton with his hand, as one waves away
an annoying insect.
He gave an order for 5000 Sugar to
his friend Newton Hartley.
rs this for yourself, Sally?" asked
Hartley.
mo. It's for one of the biggest men
in the Street, Newt. It's all right. Alb
solutely O. X"
And thus reassured, Hartley bought the
stock. The price was 11S. The seller
would hold Hartley responsible for the
purchase money if Hayward laid down"
refused to pay.
Sally wiped his forehead twice, quite
unnecessarily. The shorts were not
stampcding. Any attempt to sell out the
$4,000 shares he had bought would re
suit only in depressing the price five
points at least. 1t was worse than bed
the outlook for him.
He gave another to buy 5000 shares
tc Billy" Lansing, an old reliable two
dollar broker, but Lansing declined il.
He tried another. but the order was not
accepted. They mistrusted him; but he
could not even buster, for they excused
themselves ON the ground of having i'm
portant orders elsewhere. So he had re-
course to another personal frlend--J. G..
Joe, buy 5000 Sugar"
Are you sober?" said Thompson Sc
riously.
See for yourself, said Sally laughing
ly He had nerve. ''Old man, I've got
a big order from one OF the biggest men
in the Street. Some important develop
ments are going on"
Sally, are you sure you've got an order
from some one else?" asked the uncon-
WINGED broker. His incredulity was OBJ
viously in the nature of an insult, but it
was pardonable, for there was too much
al stake.
Joe, come over TO the office and I'll
show you. Really, 1 can't tell you. But
can advise you, as a friend, to buy
Sugar for all you are worth" And as
he uttered the lie he looked straight into
Thompson's eyes.
Hayward are you sure? Are you sure
you're no. making mistaken" He
wanted TIE commission OF 800, but he did
not feel certain of his friend.
"Oh, hell, no. I've got lot more to
buy. It's all right. Go ahead, joe
And Joe went ahead. He bought the
5 900 shares. The stock rose to 1872
and Hayward warned by his experience
with Hartley and Thompson, did not ask
either friend or foe to buy another 5000
shares for him. What he did was to
distribute buying orders for 10000 shares
in lots of 500. Brokers now accepted
his orders as they were not so large as
to be dangerous. And the stock rose to
1921. A few shorts were frightened. He
might win out after all; he might make
Pixies Peak. He began to bid UP the
stock He even bought cash" stock
that is, stock for which he paid cash,
had to pay cash outright, receiving the
certificates forthwith, presumably to
hand over to some investor of millions.
on the floor" was talking
abut Hayward. The entire market had
risen in sympathy with Sugar.
But at 124 it seemed as if the entire
capital stock was for sale. He ceased
buying. He had accumulated $4,000
shares. To pay for the stock necessf-
tated about six and one-half millions.
But if he could unload on an average
Of only 122 he might come out even
in his other troubles.
He gave an order to sell 10000 shares
to broker to whom he had always been
4 good friend. 1t was a fatal mistake.
The broker, Louis w. Wechsler, had pre-
viously sold 1000 shares to Hayward for
cash" at 122. He suspected what was
coming, and declining the order, he him.
self went to Hayward's office and asked
for check. The cashier sought to put
him off with excuses, and Wechsler, now
being certain of the true state of affairs,
returned to the board and began to sell
Sugar short for his own account. If a
crash came he would make instead OF
losing it. Hayward was sure to be
ruined, and Wechsler told himself So
that he was only proiting by
the inevitable. In the meantime Sally
had sold the 10000 shares through an
other broker, and the price had declined
TO 1881. But Wechsler's 5000 shares put
it down to 1904. And somebody else
sold more, and the shorts recovered from
their fright, and the fatal hour was ap-
when Hayward would have to
settle. Pixies Peak or bust! He did,
indeed, need veritable Pixies Peak of
dollars to pay for the $4,000 Sugar he
had on hand. So he busted.
He threw up his hands. He acknowl
edged defeat to himself. The tension
was over. He was no longer excited, but
cool, almost cynical. On one of the lit
tie slips of paper on which brokers lot
1owkn memoranda of their transactions
be scrubbed a message in lead pencil.
It was his last official lie, and would cost