The Barre daily times. (Barre, Vt.) 1897-1959, 1909-02-20
Observation-Disclosures
A BRAVE
SINNER.
NEUTRALITY-SUSPICIOUS.

lcopyright 1909. by American Press Asso,
ciatlon.l
Raymond Nolan was eighteen when
be 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 surest
way to start fortune fwas by saving.
Consequently each week when he
drew his salary he put aside certain
amount for this purpose.
Raymond was a great fayorite with
Mr.. Porter, owner Of the bank. Seeing
That the youngster was In every way
lifted for promotion, he promoted him
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 a bond paying per cent
interest From this time his capital
increased q 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 $1,000 Of
his own.
As year after year passed Nolan
found himself nearer to the amount he
had fixed upon for legitimate invest
mcnt Sometimes be WOULD sink away
from It under a depression of securi-
ties, but usually upon reaction be
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 every
cheap and bound 10 have good rise.
AS Nolan had his affairs arranged
rise Of I'VE points would give him his
$4,000.
But. contrary 10 expectations, stocks
continued to depreciate, sinking in.
stead Of rising i've points. Then they
rested awhile, and another period of
liquidation carried them down ten
points further. On down they went TIL
Nolan found that he had lost his CAPT
tai. His brokers called on. him for
margin" and told him that II be did
not hand II in at once they would sell
him out. Stocks were very low, and
when the market turned they would
likely boom.
This was 9 turning point IN Nolan's
career He borrowed $1,000 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 lost
my savings OF years. believed that
there would soon be q rise that would
restore all 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 1t was, failure was un-
ayoidable.
aMr. Porter" said the young man,
~call policeman and turn me In for
conviction. There win be no trial. /
shall plead guilty"
"No,' replied the president II shall
hot prosecute you
seThen viii surrender myself"
The president endeavored to per
suade the young man to go out into
he world unsmirched and begin again.
But. no. He had sinned beyond his
)wn forgiveness. and his life had lost
IL charm. Thereafter he would live
inder the blight In any form fate as
signed him. He left the president
ave himself up to the police under
liz own confession and within a week
vas in state prison beginning term
Il ten years.
( Nolan. receiving the shortened-t time