Trying to Make Forty Dollars

1901

Here is a hard luck story apropos of efforts to make a little sum in Wall street: A young man started with $100 and ran it up to $9,960, or $40 less than an even $10,000. The desire to round out the $10,000 goaded him on. He said to his broker, "If I can make that additional $40 on a quick turn I will draw out my $10,000 and invest it in real estate."

It was a strong bull market, but things appeared sky high, and he picked out an active stock to sell short. I think he landed on T. C. and I., which had a phenomenal rise and was due to drop anywhere from 10 to 50 points. He sold 100 shares at par, intending to close it out at 99. But instead of going down the blamed thing soared to 126. At every three points' gain he sold another 100 until he was carrying all he could tote. In 24 hours he lost nearly every cent it had taken him three months to make.

With what little he had left he bought T. I. on the recession to 116, friends of the Hanover National bank assuring him that it was going to 150. Then came the fireworks and the funeral. The bottom fell out of the specialty and young Dr. Knowall found himself $15,000 in debt. He hasn't been in Wall street since. — New York Press.

Man Made $100,000 on 44-Cent Start

1920

Now Charged With Theft of $500

Arrest Reveals Career of Poor Texas Youth Who Made Fortune in New York

NEW YORK, N. Y., March 25. — Abraham White, known variously as the "Speculator King," the "Postage Stamp Bidder," the "Wireless Chief" and the "Texas Grocer," was held in $1,000 bail by Magistrate Charles N. Haris in the Yorkville court on a charge of grand larceny.

While acting as a plain "financier" at his offices, White is charged with accepting $500 from Julius Reibert, a builder, of Hartford, Conn., last Oct. 15, for investment in stock of the Freezproof Corporation.

Reibert, in his complaint against White, who fifteen years ago made a fortune on a "shoestring" in Wall street, says the stock was to have been delivered to him on Dec. 1. Neither was the stock delivered up to the time of White's arrest in the Hotel Pennsylvania, nor the $500 returned to Reibert, after repeated demands, it was stated.

Made $100,000 From 44 Cents

White started life in Corsicana, Texas, under the name of Abraham Schwartz, fifty-five years ago, the son of the owner of a chain of small grocery stores thruout the Lone Star State. In 1896 the future bond wizard went to St. Louis and changed his name to White.

Later in the year White came to New York and conceived the idea of making $100,000 by investing 44 cents in stamps, plus native shrewdness. At that time President Cleveland and Congress authorized a Government bond issue, and the Secretary of the Treasury forgot to ask for checks to cover the amounts of the bid. White saw his chance. He sent in bids aggregating $1,500,000, at a cost of 44 cents in stamps. He told the late Russell Sage what a smart thing he had pulled off, and the financier was so pleased that he advanced the large sum necessary to tide White over. The former Texas grocer cleaned up $100,000 and that started him on a meteoric career.

Formed Securities Company

While president of a wireless company, White formed the Greater New York Securities Company, a bank located in his office. In September, 1907, he outbid J. P. Morgan & Co. and a syndicate for $18,000,000 worth of city bonds and deposited with his bid a certified check for $800,000. Comptroller Metz tried to collect on the check, but as there were no funds, White's bid was thrown out.

Later, in the name of a Massachusetts corporation, White got $4,000,000 of another issue of city bonds and made $500,000 on the transaction.

While at the height of his career, White bought Shadow Lawn, the palatial residence of the late John A. McCall, at Long Branch, against the bidding of several millionaires. After occupying the house for the summer of 1906, and entertaining lavishly, White disappeared for a few months, leaving a trail of unpaid bills.

—The Saturday Blade, Chicago, March 27, 1950, p. 5.

Slump in Manicuring Business

1908

Manicuring girls find that their business, like most others, is suffering as a result of the slump in the stock market. But they are still doing fairly well, thanks to bridge whist.

"As long as folks can afford to play bridge we'll have good business," explained one of the nail polishers. "Women who play the game have to be careful about the looks of their hands, they are so conspicuous when dealing and shuffling. In fact, the bridge craze saved the lives of most manicures. Highly polished nails had gone out of style, and the business was going to the dogs when the bridge craze saved the day." — New York Sun.

The Tear Cure

A good cry is a solace to many women. It steadies the nerves, and, added to a cup of tea and an interesting story, forms their idea of supreme happiness. Arising from the perusal of their books with red eyes, swelled features and a sopping pocket handkerchief, they feel their time has not been wasted. — Lady Violet Greville in London Chronicle.

Love

We are dazzled and charmed by those who love deepest, but we are comforted and strengthened by those who love longest.

Money Spending a Habit

1908

Spending money is a good deal of a habit, and though nobody need expect to break it off entirely, it can be restricted with much less serious inconvenience than most of us suppose.

It is by no means the only way to have fun. The problems of economy are just about as interesting as the problems of expenditure. It is sometimes so harassing to decide in which of several ways to spend a sum of money that it comes almost as a relief to have the money crawl back into its hole and make a decision unnecessary.

Thrift has great powers of entertainment, especially when it is successful, and relieves the mind of fiscal anxieties without depriving the body of the food, raiment and shelter that are necessary to health. — Harper's Weekly.


What She Said

"What did your wife say when you told her that you had lost your money in stocks?"
"What a foolish question. She said what every other woman would say under similar circumstances: 'Isn't that just like a man?' " — Detroit Free Press.


The Ideal

The ideal man, as woman considers him, is one who can trail around for half a day and not get weary while she stops to price things.

Robert Louis Stevenson's Grandson Finds Buried Treasure

1910

SAN FRANCISCO — When little Louis Osborne, the eight-year-old son of Lloyd Osborne, novelist and stepson of Robert Louis Stevenson, armed himself with his midget shovel and went out on a sand hill near his home here to dig a few days ago he had visions of finding treasure. This is not an unusual thing for the lad, for he has not heard his father's illustrious stepfather talked about without getting some spirit of adventure of the author of "Treasure Island" fixed in his mind.

So while Louis dug he hummed "Sixteen Men on a Dead Man's Chest, Yo! Ho! Ho! and a Bottle of Rum."

The lad stopped digging because his shovel had encountered an obstruction. Tested carefully the thing that resisted proved to be metal. Then Louis dug more furiously than ever. In a few moments he unearthed a metal box. And, sure enough, it contained treasure. Opening it hastily, the boy found 2,600 shares of valuable stock, deeds to city property, other valuable papers and several empty ring boxes.

Of course, the boy did not realize the value of the property, but he knew the papers must be worth a great deal or they would not have been placed in such a secure box. So he hastily carried his find to his mother, who turned the property over to the police. The papers belong to Augustus Imbrie, a wealthy man whose house is closed and who is out of the city. The police think robbers ransacked the Imbrie residence and, after taking money and jewelry from the box, buried it.