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

telephone receiver to his ear with az
expression Of great interest, as II ht
were listening TO an important mes
sage. But the only message he heard
was that OF his heart beats, that
geemed to say almost articulately
you have played, and you have lost
you have played, and you have lost
Therefore you are that much worse of
than before. You must play again.
and not loser
He left bis telephone and rushed
back to the Sugar crowd. He was less
excited, less like drunken man; his
face was no longer flushed, but pale.
And anon there flashed upon him, as
II In candent letters. the words. pixies
peak or bustw But Pixies peak glow.
ed DULY, feebly, while the alternative
was Of lurld splendor And he blink.
cd his eyes and made curious impa.
tient motion with bis hand, an one
/, waves away an annoying insect.
lie gave an order for 5000 Sugar to
his friend, Newton Hartley.
"Is this for yourself, sailyT asked
Hartley.
"No. 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 II Hayward
laid down"--refused TO pay.
Sally wiped his forehead twice, quite
unnecessarily. The shorts were not
stampeding. Any attempt to sell out
the 1900 shares he had bought would
result only in depressing the price, FIVE
points at least II was worse than bad
the outlook for him.
He gave another order TO buy 5000
shares to Billy Lansing, an old and
reliable two dollar broker, but Ian
sing declined It. He tried another, but
the order was not accepted. They mis-
trusted him, but he could not even
bluster, for they excused themselves on
the ground Of having important orders
elsewhere So he had recourse to an.
other personal friend--J. G. Thompson.
| Joe, buy 5000 Sugar"
"Are you soberT said Thompson Sc
riously.
"See for yourself" answered Sally
| laughlngly. He had nerve. "0ld man,
I'vc got very big order from one Of
the biggest men In the street. Some
( important Developments are going on
Sally. are you sure you've got an or
der for some one else?' asked the un-
convinced broker. His lncredulity was
obviously In the nature of an insult,
! but It was paydonable. for there was
too much at stake.
Joe, come over to the office and I'll
show you Really, can't tell you.
But can advise you, as friend, to
buy Sugar for all you are worth" And
US he uttered the lie he looked straight
Into Thompson's eyes.
Hayward, are you sure? Are you
sure you're not making mistaken
He wanted the commission Of S100. but
he did not feel certain of bis friend.
"0h. hell, no. I've got lot more
to buy. It's all right. Go ahead, Joe"
7 And Joe went ahead. He bought the
5000 shares The stock rose to 1904
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, for they were
not so large as to be dangerous. And
the stock rose to 12o&. 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. Everybody
ON the "foor" was talking about Hay
ward. The entire market had risen in
sympathy with Sugar.
But at 124 1t seemed as IL the entire
capital stock was for sale. He ceased
buying. He had accumulated $4,000
shares. To pay for the stock necessi-
tated about S6,5O0,000. But If he could
unload on an average of only 100 he
might "come out eyen'' In his other
troubles.
He gave an order to sell 10000 shares
to a broker to whom he had always
been a good friend. 1t was fatal mis-
take. The broker, Louis W. Wechsler,
had previously sold 1000 shares to
Hayward for "cash" at 100. He sus-
pected what was coming, and. declin-
ing the order, he himself went to Hay
wards office and asked for check.
The cashier sought to put him of with
excuses, and Wechsler, now being GER
tain of the true state OF affairs, re-
turned to the board and began to sell
Sugar short for his own account. If a
crash came he would make great
deal Of money. Hayward was sure to
be ruined, and Wechsler told himself
sophistically that he was only proflting
by the Inevitable. In the meantime
Sally had sold the 10000 shares through
another broker, and the price had de-
clined to 1914. But Wechsler's 5000
shares put 1t down to 120h. And some
body else sold more, and the shorts re-
covered from their fright, and the ia
tai hour was approaching when Hay