New-York tribune., 1907-07-28
Says Dollar Should Earn at
Least 7q0 a Year-Has Won
an Uphill Fight.
By Alfred Henry Lewis.
THE NEED FOR THE MAN.

another. Also, Josh Billings tells Of a mule
Whose owner IN turning him into one pasture,
always turned him into the one next door and
let him jump the fence. My pencil, sharpened
on q similar bias, has so much in common with
both Macaulay and the mule that now. when
am to write Of c. f. King, of Boston and New
York, distinguished among many corporations
as Financial Agent and President or Manag-
ing Director 1t insists upon commencing by
writing about myself. who without fiscal
celebration.
The beginning Of things lay in an article
bad Just finished for popular magazine, con-
Serning the New York Stock Exchange. 1 had
TO study my subject, promise you; for, when
the magazine gave me the assignment, l was as
ignorant OF stocks of Sanscrit
Following that magazine outburst concerning
the New York Stock Exchange. l was reposing
myself from my lGbors in Martins which is
pronounced '1Iaartans" and is successor to the
old Delmonico's. There with me q gentle
man who, because he is modest, shall be name
aess, but who is Of consequence in the business
offices Of well known publishing house Dur
ing my offhOurs, 1 cultivate friendly relations
with these money folk Of ink. For are they not
the purse-bearers of literature? And have l
not dear ones at home, profoundly predisposed
TO spend money?
+ WHY SEATS ARE WORTH S100,OO0,OO0.
I Being fun Of my recent strivings and study
tngs anent the aforesaid Stock Exchange and
rwillns 10 show my gentleman Of day books
and ledgers, pounds. shilllngs and pence that
STas not uninstructed touching subjects near
ibis goId-clinking soul, broke into discourse
concerning Wall Street speculations; and, by
way of illustration. told tragic tales of mems
rndoing, through shares that on margins had
Been bought and sold.
''The floor OF the Exchange" 1 cried, in fine
heat OF righteousness, lis worth roundly one
hundred millions OF dollars. And why? Be
cause more than three hundred millions OF
shares are gambled with annually. The brokers'
commission which corresponds TO the gam
bling helPs percentage, is SO 90 for every one
hundred shares. And. since when one broker
fbuys' another broker sells, the double commits
sion amounts TO SO on one hundred shares,
or S75,000,000 the whole exchange year.
This enormous treasure, divided as 1t Is among
the eleven hundred brokers who own Seats
makes the reason why that seat franchise Of
the Stock Exchange floor is held at $4,000
for each seat Who pays it?-WhO maintains
those seat values? Why, a gullible public
crowding to be fleeced- OF all the get-rich-quick
games that, since the Mississippi Bubble days
of Law, have been devoted TO the pillage OF
mankind, stock speculations, conducted by
brokers through Stock Exchanges and their
handmaidens. the bucket-shops are at the
head"
IN STOCKS AS BUSINESS-NOT CRIME
Then, by way Of side-ught, 1 mentioned that
the family mansion Of Captain Kidd once stood
upon the present site Of the New York Stock
Exchange and considered how that freebooter
were be to return, would sit abashed as a rus
1ic and mere farmer Of piracy, In the presence
Of what present-day stock buccaneers have sup
planted him In his old Broad street home. Also,
I expressed astonishment that some one, in
view OF what should be the sure legitimate prof
It's of such enterprise, didn't take up stocks as
business and not as a crime.
II was at this crisis the name OF G. L. King
was brought forward My listener, seiZing upon
my closing remarks, observed:
1.-The stock world is not so barren of good
men or right motives as you think, and
DiOgenes shall not light his lantern In vain.
Across the street, IN the St James Building,
you can find a gentleman, the non-existence Of
whose kind you fcelingly deplore. G. E. King,
who signs himself Financial Agent and who
occupies the entire second floor of the St James,
70 say nothing of offices equally spacious in
Boston has done what you recommend He has
gone into stocks as a business and not as
crime He is the sworn enemy of stock gam
bling and Stock Exchanges; and his warword
is: Don't speculate! Invest!"
go. +. Kngf" l repeated. "Tell me about
him"
A RARE MAN, BELIEVING IN HONESTY.
My friend, whose trade IS ducats and whose
information concerning money men is wide,
showed himself nothing loath to talk. By his
word 1 learned that c. T. King was so far
unique as TO abide firmly by the aphorism-in
the teeth of startling examples 10 the apparent
coutrary-that Honesty is the best Policy. This
of itself was sufficient 10 distinguish him. and
cause him TO stand out against the dingy back
Tsround Of modern finance like fire in a forest
Also be was the pet horror Of stock brokers,
iand those who took profits from speculations-
you may, If you care to, safely drop the "s"-n
shares These sensitive gentry feel edgewise
towards Mr.. King, for much the same reason
that the professional gambler feels edgewise
toward your reputable merchant, whose very
existence is n ceaseless criticism Of his own.
My friend wound up by suggestion.
Come across says he; I'm introduce YOU
am well acquainted with Mr.. King; assure
you, he's a man among million, and worth
ones looking over"
1t is nay mission 20 SEQ men, my destiny to
write about them, and 7 fell instantly In with
the motion. Martins is on the southeast corner
Of Broadway aud Twenty-sxth street; the St
James Building is directly opposite. We started
across, my business friend and 1. DOdgmg that
modern iuggernaut the cable car, and twist
ing ourselves from between the jaws Of a raven