Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1909-12-10
THE GOLDEN CHRONICLE FRIDAY DECEMBER TO- 1909
ACKNOWLEDGEMENTS,
A BRAVE
.SLNNER.
NEUTRALITY-SUSPICIOUS.

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OBSERVATION-DISCLOSURES
copyright, 1902 by American Press Asso.
ciationl
Raymond Nolan was eighteen when |
he entered the service of small bank.
He was bright fellow, not only
ready to do his own work. but that |
Of any one else. He had been taught
the value of money and that the sures! |
way to start fortune was by saving. |
Consequently each week when he |
drew his salary he put aside certain
amount for this purpose.
Raymond was great favorite with |
Mr.. Porter, owner Of the bank. Seeing |
that the youngster was in every way
as rapidly as vacancies occurred. At
each raise Of salary Raymond increas.
ed the proportionate amount that he
put aside for his ''nest egg" When
that nest egg reached $500 he looked
about for some method Of investment
He bought bond paying 4 per cent
interest. From this time his capital
increased little more rapidly. His
attention being called to certain shares
that were paying double the interest
he received on his bond. he changed
his Investment. The shares not only
| paid him the interest, but rose IN
value. He sold them and had 81, 1000 of
his own.
| AS year after year passed Nolan
found himself nearer to the amount he
had fixed upon for legitimate invest
ment. Sometimes he would sink away
from 1t under q depression Of securi.
ties, but usually upon reaction he
would find himself further ahead than
before. At one of these depressions he
concluded to increase his investment,
accepting loan from his broker for
the purpose-in other words, buy on a
margin. Stocks were considered very
cheap and bound to have good rise.
AS Nolan had his affairs arranged q
rise Of five points would give him his
$4,000.
But, contrary to expectations, stocks
continued to depreciate. sinking in.
stead Of rising five points. Then they
rested awhile, and another period of
liquidation carried them down ten
points further. On down they went till
Nolan found that he had lost his capt.
tai. His brokers called on him for
margin" and told him that If he did
not hand it in at once they would sell
him out. Stocks were very low, and
when the market turned they would
likely boom.
This was turning point in Nolan's
career. He borrowed 1000 from the
bank without reporting the loan.
Stocks went down, and he borrowed
more money.
One morning ten years after Nolan
had entered Mr.. Porter's service he
went into that gentleman's private Of
fee and said to him:
''Mr. Porter, some time ago at sud-
den collapse Of the stock market I lost
my savings of years. l believed that
there would soon be rise that would
restore all l had lost and give me
much more. borrowed money from
the bank to use for margin. Stocks
have been still going down, and have
lost $4,000 of your money"
The president told him that the
shortage had been discovered; that the
bank had made other losses which
they might have weathered without
this one AS it was, failure was un-
avoidable.
"Mr. Porter" said the young man,
'call policeman and turn me in for
conviction. There will be no trial. 1
shall plead guilty."
NO" replied the president. II shall
not prosecute YOU"
"Then l will surrender myself"
The president endeavored to per.
suade the young man to 60 out into
the world unsmirched and begin again.
But, no. He had sinned beyond his
own forgiveness, and his life had lost
its charm. Thereafter he would live
under the blight in any form fate as
signed him. He left the president,
gave himself up to the police under
his own confession and within a week
was in state prison beginning term
Of ten years.
Nolan. receiving the shortened time
for good behavior. was discharged in
about seven years. The banker had
failed and had died, leaving a child, Il
boy, without mother or support Of any
kind. AS soon as the prisoner regained
his liberty he sought out this child.
whom he found selling papers. Nolan
went 10 a merchant whom he had
known before his embezzlemcnt and
asked for position. The only job the
merchant would give him was that Of
porter. He accepted it, took the boy to