The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1916-10-27
He Cot Hold
Of the Wrong
Stenographer
By EDWARD T. STEWART

The president OF the u. L. anu W.
railroad was sitting in his office at his
rosewood desk when an official entered
in reply to a tap on his silver bell
Handing the subordinate a letter. he
said:
take that into the Office of the COM
pany's attorney and tell him to treat 1t
in the usual way"
The letter was from young woman
who made her living by stenography
and typewriting. She had Travelled on
one of the company's trains, and as 1t
was nearing the station stood at the
door, bracing herself against the car
end. The engineer stopped the train
suddenly, and the car door slammed
against the girls hand and crushed her
fingers The injury ended her ability
to make her living as she had been do
ing 1t. She asked the president of the
road if he would indemnify her. The
usual way" referred to by him was
to get an offer to settle. then pigeon
hole it. This was done, and, the girl
having refused to settle for a song.
heard nothing more from the COM
pany's attorneys.
A few months after the pigeonhol1ng
Of the girls offer the president sent for
his stockbroker and said to him:
"Mr. Barker. | have noticed a very
slow rise for q month past of the shares
of our road. | know of nothing to put
them up. Our monthly statement shows
some falling off in the earnings, and
there is some doubt about our main
tanning the regular dividend. Can you
explain the rise in view of the facts?'
Mr. Barker could not explain the
rise. He thought that some person was
manipulating the stock, putting 1t up
for the purpose of making money on it
when 1t went down again.
please sell a thousand shares for
my account" continued the president,
land every point the price Of the stock
rises, sell another thousand shares"
The result of this order within cou-
pie of weeks was that the stock went
up five points, and the president was
short" Of 1t 5000 shares. That means
that he had sold shares which he did
not own at less than the market price.
When the stock declined to figure be-
low what he had paid for it he would
buy it and make the difference. AS
its president, he knew that the stock
was not worth what he sold it for and
did not doubt that he would make
good thing of the transaction.
But the stock did not go down. In
stead it continued to rise. The presi-
dent, who had good nerve, kept on
selling stock that he did not own, and
one day having called upon his bro
ker for a statement Of his account was
informed that he was short" 10000
shares. This was somewhat unsteady
ing, and the president directed the bro
ker to hedge by buying 10000 shares in
lots of one and two thousand.
The broker reported that his buying
Of 5000 shares had put the stock up
21a points. The president looked grave.
The road was small one, and its out
standing stock was not more than
100000 shares, most of it in hands that
had held 1t for years. If the seller
could not buy the stock he had sold
for delivery he would lose a fortune.
He put off taking any action till the
next day, when there was a furry In
the stock on the market. and the
shares jumped twenty points.
Then came report that the stock of
the G., Y. and W. Railroad company
was "cornered." That meant that some
person or persons had bought up the
stock and there was none for sale.
One, three, four, six hundred per cent
was offered for it. but no stock was
brought out. Few persons had been
selling the stock except the president,
but he was ruined. In cases where a
stock is "cornered" it Is customary for
the seller and the buyer to get together
and settle, agreeing on certain fixed
price. The president sought his I'M
known enemy for this purpose. He
found him to be an enormously rich
operator The president went to his
office in fear and trembling and asked
to what figure he was to be bled.
'First let us settle a little account
held against your company" said the
operator, ''by a former employee of
mine. My stenographer has been so
seriously injured that she has been de-
prived of making her living"
The president asked for further in
formation, which the operator gave
him.
How much damage do you think
our company should pay the lady%
asked the president.
what will give her an income of
$500 a year. l think fifty of your
first mortgage bonds would be accept
ed"
The president telephoned for the
bonds, and while they were waiting for
them he and the operator settled for
the stock the former had sold the lat
ter. But the operator said that he
would not exact a fictitious value for
the shares he had bought and made a
settlement by which the president lost
nothing.
THANK you very much" he said,
L. AhA