The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-11-02

deru and keep them In good humor and
toll them the current stories, ana give
them lmpresslvely whispered "tlps,'
and "pet them Into various 'deals' OF
tho flrn, and soc that they traded oar
ly and often, which meant commls.
slons for the Arm, ftc became friend.
" and oven familiar with Tracy A
Middlcton's clients, among whom were
some very wealthy men, FOR u stock
brokers' Office IL n democratic place,
Mon who would not dream OF taking
their Wall street ncQualntapces TO their
home or 10 their clubs for million
rcasons all but called each other by
their first names there.
lIe really was bright, amiable fcl'
low, very obllglng he was nald for II
BY the firm aud he made tho most OF
his opportunities. The customers grew
10 llkc him exceedingly well and 70
think with respect of hls Judgment,
markctwlsc, one day w. Basil Thorn
ton. ono OF the wcolthlcSt aud boldest
customers OF the Arm, was complain
Ing OF tho difficulty Of beating the
game" with tho heavy handicap OF
the large brokerage commission,
Jeatiugly, yet hoping 10 be taken no
rlously. sally snid "Joln the New
York stock Exchange OF buy me seat
and form the tirm of Thornton 4 Hay
ward, Just think. colonel we would
have your trade, aud YOU could bring
some friends, and could bring mine,
and | think many of these" pointing
to Tracy 4 Mlddlcton's customers.
"would come over to US, They all
think lot" automatically. 'of your
opinions ON the market"
Thornton was favorably Impressed
with tho Idea. and Sally saw H. From
that moment on no worked hard TO
gain the coloncl's confidence. II was
he who gave Thornton the iirst hint Of
Tracy Il Middlcton's condition. which
led 10 tho withdrawal Of Thorntons
account-and his own--from the ofiice.
II was a violation Of confidence and OF
business ethics, but Thornton was very
grateful when two months later Tracy
& Middleton failed under circum'
stances which were far from credita.
bio and which were discussed at great
length by the street Ie showed his
gratitude by adding round sum TO
sally's Sii.b00, and Willis n. Hayward
became a member OF the New York
Stock Exchange. Shortly af,crward the
llrm OF Thornton 4 Hayward. bankers
aud brokers. was formed. Sally. then
In his twcnty.ltth year, had become q
seasoned Wall street man,
From the start the new arm did well.
Colonel Thornton and two or three
friends who followed him from Tracy
& Middleton's office. all OF them
''plungcrs,' were almost enough to
keep Hayward busy on the exchange
executing orders. and. moreover. neW
customers were coming In, Had hs
been satisfied with this start and with
letting time do the rest he would have
Jared very well. But he began TO spec.
ulatr for himself. and NIL reputable
commission men will tell you, with
varying degrees OF emphasis. that this
not only tiles up" the firms money.
but that no man can "lrade"-epccu.
iate--on his own hook and at tho same
time do justice 10 his customers.
Thornton was rich man and pro-
tectcd his own specula,ious more than
amply. He noticed the development OF
his young partners gambling proclivI-
ties and demonstrated with him In q
kindly, paternal sort of way.
Sally vowed he would stop,
Within lesa than three months he
had broken bis promise twice. and his
unsuccessful operations In Alabama
Coal at one time threatened seriously
to embarrass the firm
Colonel Thornton came 10 the res.
cue.
Sally promised. with solemnity
born OF sincere fear, never 10 do II
again.
But fright lasts but little space
and memory Is equally short lived
Wall street has no room for men with
an excess Of timldlts or Of recollection,
He had gamblcd before he Joined the
New York Stock Exchange, After ALL
IL speculating were crime and con.
victions could be secured In nifty out OF
hundred fragrant instances one.half
the mnlc population Of the United
States would perforce consist OF pen.
ltentlary guards forever engaged In
watching over the convicted other half,
Sally told customer one day
And then, too, Willis ~ Hayward,
the board member OF Thornton n
Hayward, was very different person
from Sally, the nice little telephone
boy Of Tracy g. Mlddleton's. Ills
cheeks were not pink: they were mot.
tied. His eyes were not clear and In
gonuous; they were shlfty and bit
watery. He had been In Wall street
eight or ten years, and he oyerworked
his nerves every day from 10 a. m. to
D. m. on tho stock exchange: also
from 8 y. m. to midnight at the cafe
Of big uptown hotel, where Wall
street men gathered to talk shop. His
system craved stlmulants. Gambling
and liquor were the strongest he knew.
When, after three years, the firm ex.
pired by limitation Colonel Thornton
withdrew. He had had enough Of
Hayward's plunging. To be sure, Sal
ly had become shrew trader" and
he had made $4,000 during he big