The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1905-08-24
WALL STREETS VICTIMS
Operators of Former Days
Who Ruled the Markets.
SUCKED UNDER AT LAST


Edge Several Times-Many Rise
from obscurity to Make Fortunes
In Day, to Again Turn Them
Into the Mill.
SO far as recorded or remembered
few men in the street have run the
gamnt of prosperity and poverty as did
Alden B. Stockwell. Born in obscur-
ity, he found himself purser of a Lake
Erie steamboat before he had shed his
thirties, and while thus occupied he
met and subsequently married Miss
howe. Soon afterward, on the death
OF her father, the Stockwels received
some S2,OOOOO0, with which capital A.
IL. Stockwell migrated to Wall street.
Reviewing his varegated career the
other day, a well-knoyn broker re-
marked that at first lie was simply
Stockwell to the street Fortune smil-
ing upon him, however, soon hatched
the honorarium of Mr.. Then he was
known as Capt Stockwel Success
still rewarding him, he was dignified
by the title of Commodore, which he
'N"N NOihNluIiiNIy Win Il lOIluub
seven comfortable figures.
Anthony w. Morse was another quick
sand victim of spectacular proportions.
Noise fiourshed in the early Cos.
Shortly after Fort Sumter spoke so i'm
petuously, Morse went abroad in the
first American private yacht that ever
wandered from home. Reaching Eng
land, he was feted by the nobility and
incidentally convinced by them that
the Confederate cause would triumph.
Returning hurriedly to the United
States he vigorously started a bear
movement on government securities
mastering millions for the attack Sec
retary Chase, feeling the financial
wires in Washington, detected the
movement at once, and began check
mating il. Morse, thinking to bring
matters to an issue, wired Secretary
Chase asking how much gold he was
prepared to pay for greenbacks. On
the following day the secretary of the
treasury appeared, in the street with
$5,OO0,O00 in gold.. completely routing
and running Morse and his minions..
Henry n. Smith of the firm of Smith,
Gould IL Martin was another victim of
sovereign stature who has vanished
and been practically forgotten. Eis
career may be condensed in that extra
ordinary paragraph of his application
to the governing committee of the
Stock Exchange for isn extension of
time on his seat: "On Jan. l, 1885,
was worth Sl,400,00O. | had 81, 100, 900,
in money, and the balance, 100000, in
good real estate. On the following jan
l, had Lost the whole amount and was
1,200, 900 in debt"
AS an example of the suddennessl.
with which market leader may some.
times rise and fall in the street there.
was the very recent case of Daniel j.
Sully
Beginning in Boston, he had gone to,
Providence as young man. By 1902.
Rhode Island had become too small for
him. His crown was in ghe metropo--
lis, and he came for it in December OF
that year. Early in January following
he entered the market, trading through
brokerage firm. Six weeks later he.
was worth $4,000 more than when he,
arrived. He thought of returning to-
Providence Fortune is fickle. But.
persuaded to. remain, he was ere long
swinging an extensive line of cotton
futures and was beginning to make q
name for himself.
Before any one was aware of it Ire.
had succeeded in cornering, the May
option and was in position to don q
crown, yet he put 1t by, oontenting
himself with pocketing comparative
ly small profit. He was biding his
time, waiting until another crop of md
lions was ready for harvesting. Ry
March, 1904, it was ripe.
Mastering a capital estimated to
have been $S,000.000 or $4,000. .000.. Of
which $4,0sD,000 was his own, and trad
ing upon his knowledge of supply and
demand, the bull leader entered upon
a campaign such as even. the Cgtton
Exchange had never seem manoeuwred-
He sought to rule absosutely-tn, cor
ner a staple-and was worse than
ruined. For he saw not only his $4.-
900, 900 submerged, but Sl,94O, ,O0o, addi-
tional, in the treacherous sands.
Henry Clews, the veteran banker, is
authority for the following character
istic Incident of another victim OF the
street: Some years ago. becoming dis
satisfied with one Of his clerks. the
latter drew few hundred dollars
which was due him and began specu-
lating in Lake Shore stock. then quot
ed at 81. The stock rising and the
speculator doubling his money, he be-
gan pyramiding his profits with un-
broken success. Up, up, up went Lake
Shore stock, until, six months later, il
was selling at 100, and the erstwhile
clerk found himself suddenly worth
100000.
But, concluded the racOnteur, within
a year every cent of it was gone, and
with it the ability of the loser to dab
BILE in small profits again. He was
worse than bankrupted, since he was
never afterward contented to pocket