The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1908-03-27

.red quite generous. especially in view
Of his youth, and that he had started
three years before with s.. He was
only twenty now. But Sally, knowing
1t meant the abandonment Of his lu-
crative perquisites as telephone boy"
bemoaned his undeserved fate.
lie took the money he had made to
Mr.. Tracy and told him an interesting
story of rich aunt and u legacy and
asked him to let him open an account
In the Office. Tracy congratulated his
young clerk, took the $500, and there
after Sally was both an employee and
a customer Of Tracy s Middleton.
Addicted to sharp practices as Mr..
Tracy was and loving commissions as
he did. he nevertheless sought to curb
Sally's youthful propensity for "plung-
Ing" which was as nesf being kind as
it was possible for stockbroker to
be. But the money had come easy"
That Is why fortunes won by stock
gamblers are lost with apparent reck-
lessness or stupidity. Sally speculated
WIN cdNSSSSy UP
winnings to $4,000 and seeing them
dwlndle later to $4,000. But In add
ton to becoming an inveterate specu-
lator he gained much valuable expert.
ence. And when he had learned the
tricks OF the trade he was taken from
the ledgers and turned loose In the
customers room to take the latter's or
ders and keep them In good humor and
tell them the current stories, and give
them impresslvely whispered tips"
and put them into" various IDEALS" of
the firm, and see that they traded ear
~ and often. which meant commits
sions for the firm. He became friend
ly and even familiar with Tracy 4
Middleton's clients. among whom were
some very wealthy men. for a stock
brokers' office is democratic place.
Men who would not dream of taking
their Wall street acquaintance to their
home or to their clubs for million
reasons all but called each other by
their first names there.
He really was bright. amiable fel
low, very obllging-he was paid for Il
by the firm-and he made the most Of
his opportunities. The customers grew
to like him exceedingly well and to
think with respect Of his judgment.
marketwise. One day W. Basil Thorn
ton, one Of the weaithiest and boldest
customers Of the firm. was complain
ing Of the difficulty Of beating the
game" with the heavy handicap of
the large brokerage commission.
Jestingly. yet hoping to be taken Sc
riously. Sally said: Join the New
York Stock Exchange or buy ne seat
and form the firm Of Thornton & Hay
ward. Just think. colonel, we would
have your trade, and you COULD b-ias
some friends, and I could bring mine
and I think many Of these" pointing
to Tracy 6 Middleton's customers
would come over to us. The ali
think a lot" automatically, 'of youi
opinions on the market"
Thornton was favorably impressed
with the Idea, and Sally saw Il. From
hN "OAh h~AA -
gain the coloners confidence. II was
he who gave Thornton the first hint OF
Tracy & Middleton's condition. which
led TO the withdrawal of Thornton's
account-and his own-from the ofice
II was a violation OF confidence and o.
business ethics. but Thornton was yer!
grateful when two months later Trac!
& Middleton failed under ci:cum
stances which were far from crecita
| BILE and which were discussed at grea
length by the street. He showed hi:
gratitude by adding a round sum Il
Saliy's 81, 200, and Willis y. Haywar'
became q member Of the New Yo-l
Stock Exchange. Shortly afterward til
firm Of Thornton & Hayward. banker
and brokers, was formed. Sally. thei
In his twenty fifth year. had become I
seasoned Wall street man.
From the start the new firm did vel
Colonel Thornton and two or tire
friends who followed him from Trac,
& Middleton's Office, all Of thcu
"plungers," we're almost enough {
keep Hayward busy on the exchang
executing orders, and. moreover. nc'
customers were coming In. Had b
been satisfied with this start and wIt
letting time do the rest be would hav
Jared very we'll. But he began - ~ 8
ulate for himself. and all r.pu;ah:
commission men will tell you. vi
varying degrees Of emphasis. that t!iI
not only tiles up" the FIRMS none!
bat that no man can trad" spec,
late-on his own hook AMI ct the satgI
tine do justice to his customers.
Thornton was q rich man and PR
tected his own speculatlons more tina
amply. He noticed the Development (
his young partners gambling proclI9
ties and demonstrated with him In
kindly. paternal sort Of way.
Sally vowed he would stop.
within less than three months
; had broken his promise twice. m ! b
unsuccessful operations In Ai"J"aI
, Coal ut one time threatened scriousI
10 embarrass the frm.
Colonel Thornton came TO the re
cue.
Sally promised. with solemnit
!, born Of sincere fear, never 10 90
r again.
But fright lasts but little F3q"
anI m"faory Is equally short liv"
> Wall street has no room for mcn vii
an excess Of timIdity or Of recollertio
+ lie had gambled before he joined ii
e New York Stock Exchange. After n
), II srcruiattng were a crime and 80