The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1906-11-01
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 a Day, to Again Turn Them
Into the Mill.
So Tar as recorded or remembered.
few men in the street have run the
gamut OF prosperity and poverty as did
Alden B. Stockweu Born in obscur-
lty, he found himself purser of 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
some 100000, with which capital A.
B. Stockwell migrated to Wall street.
| Reviewing his variegated career the
other day, a well-known broker re-
marked that at first he was simply
Stockwell to the street Fortune smll-
ing upon him, however, soon Matched
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
lost CONFIDENTLY with fortune OF
seven comfortable figures.
| Anthony w. Morse was another quick
sand victim of spectacular proportions.
| Morse fiourished 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 bear
movement on government securities
mastering millions for the attack. Sec
rotary Chase, feeling the financial
wires in Washington, detected the
movement at once, and began check
mating it. 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
100000 in gold, completely routing
and running Morse and his miniOns.
Henry N. Smith of the firm of Smith,
Gould & Martin was another victim Of
sovereign stature who has vanished
and been practically forgotten. His
career may be condensed in that extra
ordinary paragraph Of his application
to the governing committee of the
Stock Exchange for an extension of
time on his seat: ION Jan. l, 1885,
was worth 81 400, 900. had $1,1O0,000
in money, and the balance, $500, 900, in
good real estate. On the following Jan.
1, had lost the whole amount and was
s1,200,000 in debt"
| AS an example of the suddennesG
with which a 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 the metropo-
lis, and he came for it in December of
that year. Early in January following
he entered the market, trading through
a brokerage firm. Six weeks later he
was worth $4,000 more than when he
| arrived. He thought of returning to
Providence. Fortune is tickle. But,
persuaded to remain, ne was ere long
swinging an extensive line of cotton
futures and was beginning to make
name for himself
Before any one was aware of it he
had succeeded in cornering the May
option and was in position to don
crown, yet he put it by, contenting
himself with pocketing comparative
/ ly small profit He was biding his
time, waiting until another crop of mil
lions was ready for harvesting. BY
March, 1904, it was ripe
| mastering capital estimated to
have been sS,000,0o0 or $10,00O,O 900, Of
which $4,000,000 was his own, and trad
| ing upon his knowledge of supply and
demand, the bull leader entered upon
a campaign such as even the Cotton
Exchange had never seen manoeuvred.
| He sought to rule absolutely-to cor
| ner a staple-and was worse than
| ruined. For he saw not only his 81
| 600, 900 submerged, but S1,940, 900 addi-
IL,
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 So. 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, it
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