The sun., 1917-01-05
$4,000 SEAT
SOLD FOR $50
Movie Man Gets Exchange
Membership Of Bankrupt
at a Bargain.

Joseph weinstock, moving picture
owner, dabbler in real estate and man
about the lower East Side of town, is
possessed of one grand passion. 1t is
bargains. He fairly lives for them. He
dream OF them O. nights. A bargain. in
a manner of speaking. is his dish. Proudly
he points to the moving picture theatre
at 81 Park Row as the unearned incre-
ment OF several shrewd bargain trans
fers, marking a step in his evolution
from a newsboy to business man. 1T
cost me S37, 900" he eXclaims, land l
could cash 1t in to-day for 100000"
Small wonder. then. that Joseph Wein-
stock pricked up his ears in the Real
Estate Exchange, IA Nesey street. yes
terday noon when Auctioneer Henri
Brady inquired. what am | offered for
this er-cr--paper, a certificate Of mem-
oenhip in the New York Stock En-
change" He was engaged in disposing
ny the one two three sold method OF the
property Of Albert Gallatin Wheeler. Jr.
ciubman and son of Chicago railway
magnate, under an order of the receiver
James A, Lynch. 81 Chambers street. APP
pointed By Supreme Court Justice Pen
dleton.
owes 80 800 Alimony.
Wheeler recently declared himself n
honkrupt and stated his liabilities as
81. 500 in back alimony owed to his wife.
Claudia Carlstadt Wheeler, known on the
stage as "The Girl in the Red tights
Mrs. Wheeler has spent the last month
irving to collect the aiimony and twice
has invaded the floor of the Stock In
change. endeavoring 10 serve papers on
her husband.
The auctioneer's inquiry drew Joseph
Weinstock nearer.
Fifty dollars" he shouted, more as a
feeler than anything else.
"Fifty, fifty, who will make 1t hun
dred? only fifty small dollars for this
seat?" The auctioneers words. manner
and tone were bitter. He op'ned tnat the
bidder was trying to kid him; that ms
cwn grandmother couldn't buy things or
him so cheaply; that the hangers on
should be heartily ashamed OF themselves
for not Kidding up more lively. lie cai!ed
loudly, but in vain. for more oids. SEEM
iurly none of the loungcrs about the
room cared for the exciting life OF a
c,nck brollcr. There was no. another bid.
Auct!oneer Brady poised the gavel in
midair crying, pleading. supplicatng for
bids. while Joseph Weinstock held MS
breath and sharply kicked the shins OF
the man standing next sto him. VINO
| looked as II he were getting ready to
make some sort OF an offer.
Sold" The gavel fell and Joseph
wenstock ex-Park Row newsboy, chaser
| of bargains. became the owner for 500
| or n seat on the New York Stock EN-
| change 1t might be mentioned in pass
| ing that the average price paid by pur-
| chasers of Stock Exchange seats in 1915
was $4,000.
Undecided what to Do.
/ But now that he has it Joseph Vein
stock does not know exactly what he is
| going to do with IT. lie was found yes
! tarday comfortably ensconced behind the
/ little glass whose sign demands 'HoW
| Many, Please" while Gertle, the regular
ticket taker had slipped over to get .
soda or something, He readily admitted
name, identity and ownership or the
membership certificate when the fact was
established that the callers were news
| naper persons who in exchange for lit
lie information might put the name oi
Weinstock in the papers
mo. | don't know what I will do with
IT," he said Il might become broker
at that. What? May be 1t will be dul
down in Wall Street after the war and
could rig up a picture show for tht
amt 1t? WHAT He contided that h'
had received the tip that such a sale was
10 be made from brief notice in Law
journal and that he had gone to the salt
prepared to bid as high as 500 II neces
sary.
II was suggested to the new sea
holder that perhaps bargain or so II
stocks might he picked up on the EX
change floor II he would just look about
Ne said he certainly would look into
that. Exchange floor. auction sale
street. anywhere--it makes no difference
To little Joseph-lll take bargains il thu
price Is right" he said.
Members OF the board OF governors o
the Stock Exchange were amused rathe
than perturbed when told that a mem
bership had been sold for $50. The mem
bership was sold subject to the approva
OF the exchange. and before the sal
was made it was announced that al
claims against the seat must be laid be
fore the board OF governors of the Stool
Exchange. A question of law probabl.
will be brought up should the purchase
demand the rights of membership, BE
cause Of It's club character the eNchang
exercises exclusive control over who shal
become members. On the other hand. tn
seat was sold by court order. and II wa
pointed out by attorneys that it Nigh
he construed as contempt OF court 70
: the exchange governors to fail to recog
; nlze the sale and purchase of the seat,
The $50 bid of Joseph Weinstock ca
, also be rejected by Receiver James A
lynch II he deems the amount insufii
Client He has reserved decision,