The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1908-03-31

Hayward, are you sure? Are you
sure you're not making a mistake"
He wanted the commission of 500, but
he did not feel certain of his friend.
"Oh, hell, no. I've got a lot more
to buy. It's all right. Go ahead. joe"
And Joe went ahead. lie bought thu
5000 shares. The stock rose to 119E.
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
now accepted his orders. for they were
not SO large as to be dangerous. And
the stock rose to 1e2T. 4 few shorts
We're frightened. He might win out
after all. He might make Pixies peak
lie began to bid up the stock. He
even bought leash" 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
Va thC nun WAC tanning AAhs
ward. The entire market had risen in
sympathy with Sugar.
But at 124 1t seemed as II the entire
capital stock was for sale. He ceased
buying. He had accumulated 3S.O00
shares. TO pay for the stock neceasi-
tated about $6.500,000. But if he could
unload on an average of only 100 he
might .'come out even" In his other
troubles.
He gave an order to sell 10000 shares
to broker TO whom he had always
been Il good friend. 1t was fatal mis-
take. The broker, Louis W. Wechsier,
had previously sold 1000 shares 10
Hayward for cash" at 122. lie Sue
pected what was coming, and. dcclin,
ing the order, he himself went TO Hay,
wards Office and asked for check.
The cashier sought TO put lin off with
excuses. and Wechsler. now being GER
tain Of the true state of affairs, re.
turned 10 the board ana begax 10 seal
Sugar short for his own account. If q
crash came he would make II great
deal Of money. Hayward was sure TO
! be ruined, and Wechsler told himself
sophistically that he was only profiting
Sally had sold the 10.0U0 shares through
another broker. and the price had de
clined to l2l2.. But Wechsler's 5,GG0
shares put It down TO 120la. And some
body else sold more, and the shorts re-
covered from their fright, and the ia
tai hour was approaching when Hay
ward would have to settle. Plies peak
or bust! He did. indeed. need a verita.
bic Pixies peak of dollars To pay for
the 5000 Sugar he had ON hand. So
he busted.
He threw up his hands. lie acknOwl.
edged defeat TO himself. The tension
was over. He was no longer excited.
but cool, almost cynical. On one o:
the little slips OF paper on which bro
kers jot down memoranda of their
transactions he scrubbed a message in
lead pencil. II was his last official lie
and would cost Hartley and Thompson
and other friends as well as his GUS
TONERS many thousands of dollars. II
was as follows:
"owlng to the refusal of their bank
TO extend the usual facilities TO them
Hayward & Co. are compelled to an
nounce their suspension"
Boy he yelled. And he gave the
bit Of paper 10 one OF the exchange
messenger boys in gray. Take this 10
the chairman"
And he walked slowly. almost swas.
geringIy. out OF the New York Stool:
Exchange-for the last time-as the
chairman pounded with his gavel until
the usual crowd gathered about the
rostrum and listened 10 the announce
ment Of the failure OF sally" Hay.
ward. who began ~ n nice little tele
phone boy and ended as a stock gam
| hler