Old Westlake was a rich and successful banker and promoter. He ran
across John W. Gates one day. Gates asked him what he knew. “If you
will act on it I’ll give you a tip. If you won’t I’ll save my breath,”
answered old Westlake grumpily.
“Of course I’ll act on it,” promised Gates cheerfully.
“Sell Reading! There is a sure twenty-five points in it, and possibly
more. But twenty-five absolutely certain,” said Westlake impressively.
“I’m much obliged to you,” and Bet-you-a-million Gates shook hands
warmly and went away in the direction of his broker’s office.
Westlake had specialized on Reading. He knew all about the company and
stood in with the insiders so that the market for the stock was an open
book to him and everybody knew it. Now he was advising the Western
plunger to go short of it.
Well, Reading never stopped going up. It rose something like one
hundred points in a few weeks. One day old Westlake ran smack up
against John W. in the Street, but he made out he hadn’t seen him and
was walking on. John W. Gates caught up with him, his face all smiles
and held out his hand. Old Westlake shook it dazedly.
“I want to thank you for that tip you gave me on Reading,” said Gates.
“I didn’t give you any tip,” said Westlake, frowning.
“Sure you did. And it was a Jim Hickey of a tip too. I made sixty
thousand dollars.”
“Made sixty thousand dollars?”
“Sure! Don’t you remember? You told me to sell Reading; so I bought it!
I’ve always made money coppering your tips, Westlake,” said John W.
Gates pleasantly. “Always!”
Old Westlake looked at the bluff Westerner and presently remarked
admiringly, “Gates, what a rich man I’d be if I had your brains!”
The other day I met Mr. W. A. Rogers, the famous cartoonist, whose
Wall Street drawings brokers so greatly admire. His daily cartoons in
the New York _Herald_ for years gave pleasure to thousands. Well, he
told me a story. It was just before we went to war with Spain. He was
spending an evening with a broker friend. When he left he picked up his
derby hat from the rack, at least he thought it was his hat, for it was
the same shape and fitted him perfectly.
The Street at that time was thinking and talking of nothing but war
with Spain. Was there to be one or not? If it was to be war the market
would go down; not so much on our own selling as on pressure from
European holders of our securities. If peace, it would be a cinch to
buy stocks, as there had been considerable declines prompted by the
sensational clamorings of the yellow papers. Mr. Rogers told me the
rest of the story as follows:
Public-domain text, read in full here on John Shaqi.
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