Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1913-01-24
NEW NEWS OF YESTERDAY
How John Thompson Was
TriCked by a Banker
Friend
BY uonsnd.

Everybody IN New York used to
speak OF John Thompson, at least in
the latter years Of his life as Uncle |
John. This did not imply any undue
familiarity or disrespect, for Mr.
Thompson was famous as the origi-
nator of the idea upon which our ma
tional banking system is based His
name was familiar to merchants all |
over the United States for years be-
fore the Ceyil War for he published
weekly an invaluable pamphlet which
told OF the rate of exchange charged
for collecting State bank bills and
also Of the various counterfeits that
were i'm circulation. Mr. Thompson
was very quaint. very compan-
ionablc and yet very shrew man.
He accumulated a fortune Of not far
from ten million dollars and was cs-
teemod for years one of the richest
men In New York city. although thas
was before the day of very great Tor
tunes
Ono morning Mr. Thompson, witt
his knctted walking stick in hand, en-
tered the banking Office OF a man
with whom he occasionally did some
business. He put his old-fashlOned
plug hat upon the table. took from his
waist coat pocket "A leaf Of tobacco
and. after having rolled IL into little
.wad. placed il under his tongue.
Then he said, you wanted to see
me on some business"
"Yes: YOU have quite "A block Of
Lackawanna Railroad stock"
The old man chuckied and then
said. Eyes. ! have got a good bit of
that stock 7 see they have been try
ing TO corner Lackawanna stock. That
doesn't bother me. | have got my
stock and it's paid for
well. MIR Thompson said his
banker friend, 81 want to make you
a proposition. / want to know II you
win lend me your block OF stock
what do you want to borrow my
stock for?N Mr. Thompson replied.
Because, they are trying to run 4
corner on Lackawanna stock and
good many people have sold more
stock than they can deliver. they are
compelled TO borrow the stock IN
order to make delivery Now, the de-
mand ia so great that they are ac-
lNUliA UINIMA Ola l'l ''h't ~ W.
use OF borrowed stock. If You Will let
mo have your stock ! can lend II at
six per cent and make some money
both for you and myself If J can
have It today ! can make five thous-
and dollars"
II won't lend my stock J don't be-
lieve I'm IT," said Mr.. Thompson.
well then, will you sell your
cf,ols ~ fnc9n
yOh, yes. I'll sell it to YOU. provid-
cd can buy IL back from you at
profit but ! won't lend
We'll, then. If you will sell me
your stock. 7 will guarantee to buy
e back tomorrow and make some
money for YOU
well. if you can do that I'll go
halves with you on the profit, SAID
Mr. Thompson.
He went back to his own Office and
todk from his vaults a block OF Lack
awanna stock He sold il 10 his bank
or friend-at least he thought he sold
II The banker friend. however, hav-
ing got possession of the stock which
Mir. Thompson thought he had sold
TO him. practically lent It at six per
cent Three or four days after he
called upon Mr. Thompson to make
a settlement.
Here is your Lackawanna stock
Mr.. Thompson. / sold it and then
bought Il back I have made about
ten thousand dollars on the transac-
ton. I'll keep five thousand and turn
over FIVE thousand to YOU
And to the day of his death John
Thompson never realized that the sale
OF his stock was a fiction and that by
this fiction he had actually lent his
stock unconsciously and at a grea
profit
Copyright 1918. by e. J. Edwards
All rights reserved.)