Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1912-01-19

the North. had como to New YCFk
What had he come for! To trim the
New Workers Is he had trimmed the
Tonopah crowd in Nevada?
Xhey were prepared for him to play,
and. when heavy buying Of Ward Val
leg began. It vas quickly decided that
he was the operator. Financial gossip
6uzzed and hummed. He vas after
the Guggenhammers once more. The
story of Ophir was told over again
and sensationalized until even Day
light scarcely recognized 1t. Still, II
was all grist to his mill. The stock
gamblers were clearly befooled. Each
day he increased his buying. and 30
eager were the sellers that Ward
Valley rose but slowly. A wildly ex.
citing time was his during the week
preceding Thursday the eighteenth.
Not only was he gansbling as he had
never gambled before, but he was
gambling at the biggest table in the
world for stakes SO large that even
NV ooV-AdiQCACO AdpltuUo VI tunt "a
BILE were compelled to sit np. In spite
Of the unlimited selling, his persist
ent buying compelled Ward Valley
steadily to rise. and as Thursday ap-
preached, the situation became acute.
Something had to smash. How much
Ward Valley vas this Klondike gam
bier going to buy? How much could
he buy? What was the Ward Valley
crowd doing all this time? Daylight
appreciated interviews with then,
that appeared-interviews delightfully."-
placid and non-committal. Leon Gcg-
genhammer eve hazarded the opinicN
that this Northland Croesus might pos.
sibly be making a mistakel But not
that they cared, John Dowsett ex
planned. 1T is purely gambling from
beginning to end" were Nathaniel Let.
toms words; land we refuse to have
anything to do with II or to take no
tice of 1t In any way"
During this time Daylight had sew.
eral secret meetings with hin partners
one with Leon Guggenhammer, one
with John Dowsett, and two with Mr..
Howison. Beyond congratulations, they
really amounted to nothing; for, as he
was informed, everything was going
satisfactorily. But on Tuesday morn
ing a rumor that was di%sconcerting
came to Daylight's ears. 1t was also
published in the Wall Street Journal,
and 1t was to the effect, on apparently
straight inside information, that on
Thursday, when the directors OF Ward
Valley met, instead Of the customary
dividend being declared, an assess
ment would be levied. 1t raj the first
check Daylight had received. 1t caml
to him with a shock that If the thing
were so he was a broken man. And
1t also came to him that all this colon
sal operating of his was being done
on his own money. Dowsett, 0ug
g~enhammer and Letton were riskins
nothing. It was a panic, shortlived, II
was true, but sharp enough while n
lasted to make him remember Holds
worthy and the brtck-yard, and to i'm
pei him to cancel all buying orders
while he rushed to a telephone.
Nothing in it-only a run0r,"
came Leon Guggenhammer's thr oaty
voice in the receiver. las you know"
said Nathaniel Letton, II am one cd
the directors, and | should ~certainly
be aware Of 1t were such action Goa
templated." And John Dowsett: r
warned you against just such rumors.
There Is not an iota of truth In 1t
certainly not. l tell you on my honor
as a gentleman"
Heartily ashamed Of himself for hls
temporary loss of nerve, Daylight 70.
turned to his task. The cessation Of
buying had turned the Stock Exchange
into a bedlam, and down all the line
Of stocks the bears were smashing.
Ward Valley, as the apex. received the
brunt of the shock, and was already
beginning to tumble. Daylight calm
ly doubled his buying orders.
And all through Tuesday, Wed.
nesday and Thursday morning, he
went on buying, while Ward Valley
rose ~triumphantly higher. Still they
sold. and still he bought, exceeding
his power to buy many times over.
when delivery vas taken into account.
What of that? On this day the double
dividend would be declared. be 40
sured himself. The pinch Of delivery
would be on the shorts. They would bS
making terms with him.
And then the thunderbolt struck
True to the rumor, Ward Valley levied
the assessment. Daylight threw up
his arms. He verified the report and
quit. Not alone Ward Valley, but al
securities were being hammered down
by the triumphant bears. AS for Ward
Valley, Daylight did not even trouble
to learn If 1t had fetched bottom OF
was still tumbling. Not stunned. no;
even %bewildered. while Wall Stree
went mad, Daylight withdrew from the
field to think 1t over. After a shor,
conference with his brokers, he pro
ceeded to his hotel, on the way pick
ing up the evening papecS and glanc
ing at the headlines. BURNING
DAYLIGHT CLEANED QUE, he fead;
DAYLIGHT GETS HIS; ANOTHER
WESTERNER FAILS TO FIND EASY
MONEY.
He passed up to his rooms, ordered