diff options
Diffstat (limited to 'old')
| -rw-r--r-- | old/23171-h.htm.2021-01-25 | 1342 |
1 files changed, 1342 insertions, 0 deletions
diff --git a/old/23171-h.htm.2021-01-25 b/old/23171-h.htm.2021-01-25 new file mode 100644 index 0000000..bc63dc8 --- /dev/null +++ b/old/23171-h.htm.2021-01-25 @@ -0,0 +1,1342 @@ +<?xml version="1.0" encoding="utf-8"?> + +<!DOCTYPE html + PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" + "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd" > + +<html xmlns="http://www.w3.org/1999/xhtml" lang="en"> + <head> + <title> + The Tipster, by Edwin Lefevre + </title> + <style type="text/css" xml:space="preserve"> + + body { margin:5%; background:#faebd0; text-align:justify} + P { text-indent: 1em; margin-top: .25em; margin-bottom: .25em; } + H1,H2,H3,H4,H5,H6 { text-align: center; margin-left: 15%; margin-right: 15%; } + hr { width: 50%; text-align: center;} + .foot { margin-left: 20%; margin-right: 20%; text-align: justify; text-indent: -3em; font-size: 90%; } + blockquote {font-size: 97%; font-style: italic; margin-left: 10%; margin-right: 10%;} + .mynote {background-color: #DDE; color: #000; padding: .5em; margin-left: 10%; margin-right: 10%; font-family: sans-serif; font-size: 95%;} + .toc { margin-left: 10%; margin-bottom: .75em;} + .toc2 { margin-left: 20%;} + div.fig { display:block; margin:0 auto; text-align:center; } + div.middle { margin-left: 20%; margin-right: 20%; text-align: justify; } + .figleft {float: left; margin-left: 0%; margin-right: 1%;} + .figright {float: right; margin-right: 0%; margin-left: 1%;} + .pagenum {display:inline; font-size: 70%; font-style:normal; + margin: 0; padding: 0; position: absolute; right: 1%; + text-align: right;} + pre { font-style: italic; font-size: 90%; margin-left: 10%;} + +</style> + </head> + <body> +<pre xml:space="preserve"> + +The Project Gutenberg EBook of The Tipster, by Edwin Lefevre + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: The Tipster + 1901, From "Wall Street Stories" + +Author: Edwin Lefevre + +Release Date: October 24, 2007 [EBook #23171] +Last Updated: November 10, 2016 + +Language: English + +Character set encoding: UTF-8 + +*** START OF THIS PROJECT GUTENBERG EBOOK THE TIPSTER *** + + + + +Produced by David Widger + + + + + +</pre> + <div style="height: 8em;"> + <br /><br /><br /><br /><br /><br /><br /><br /> + </div> + <h1> + THE TIPSTER + </h1> + <h2> + By Edwin Lefevre + </h2> + <p> + <br /> <br /> + </p> + <h4> + From “Wall Street Stories.” Copyright, 1901, by McClure, Phillips & + Co. + </h4> + <p> + <br /> <br /> + </p> + <hr /> + <p> + <br /> <br /> + </p> + <h2> + Contents + </h2> + <table summary="" style="margin-right: auto; margin-left: auto"> + <tr> + <td> + <p class="toc"> + <a href="#link2H_4_0001"> I </a> + </p> + <p class="toc"> + <a href="#link2H_4_0002"> II </a> + </p> + <p class="toc"> + <a href="#link2H_4_0003"> III </a> + </p> + <p class="toc"> + <a href="#link2H_4_0004"> IV </a> + </p> + <p class="toc"> + <a href="#link2H_4_0005"> V </a> + </p> + <p class="toc"> + <a href="#link2H_4_0006"> VI </a> + </p> + </td> + </tr> + </table> + <p> + <br /> <br /> + </p> + <hr /> + <p> + <br /> <br /> <a name="link2H_4_0001" id="link2H_4_0001"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + I + </h2> + <p> + Glmartin was still laughing professionally at the prospective buyer’s + funny story when the telephone on his desk buzzed. He said: “Excuse me for + a minute, old man,” to the customer—Hopkins, the Connecticut + manufacturer. + </p> + <p> + “Hello; who is this?” he spoke into the transmitter. “Oh, how are you?—Yes—I + was out—Is that so?—Too bad—Too bad—Yes; just my + luck to be out. I might have known it!—Do you think so?—Well, + then, sell the 200 Occidental common—You know best—What about + Trolley?—Hold on?—All right; just as you say—I hope so—I + don’t like to lose, and—Ha! ha!—I guess so—Good-by.” + </p> + <p> + “It’s from my brokers,” explained Gilmartin, hanging up the receiver. “I’d + have saved five hundred dollars if I had been here at half-past ten. They + called me up to advise me to sell out, and the price is off over three + points. I could have got out at a profit this morning; but no, sir; not I. + I had to be away, trying to buy some camphor.” + </p> + <p> + Hopkins was impressed. Gilmartin perceived it and went on, with an air of + comical wrath which he thought was preferable to indifference: “It isn’t + the money I mind so much as the tough luck of it. I didn’t make my trade + in camphor after all and I lost in stocks, when if I’d only waited five + minutes more in the office I’d have got the message from my brokers and + saved my five hundred. Expensive, my time is, eh?” with a woful shake of + the head. + </p> + <p> + “But you’re ahead of the game, aren’t you?” asked the customer, + interestedly. + </p> + <p> + “Well, I guess yes. Just about twelve thousand.” + </p> + <p> + That was more than Gilmartin had made; but having exaggerated, he + immediately felt very kindly disposed toward the Connecticut man. + </p> + <p> + “Whew!” whistled Hopkins, admiringly. Gilmartin experienced a great + tenderness toward him. The lie was made stingless by the customer’s + credulity. This brought a smile of subtle relief to Gilmartin’s lips. He + was a pleasant-faced, pleasant-voiced man of three-and-thirty. He exhaled + health, contentment, neatness, and an easy conscience. Honesty and + good-nature shone in his eyes. People liked to shake hands with him. It + made his friends talk of his lucky star; and they envied him. + </p> + <p> + “I bought this yesterday for my wife; took it out of a little deal in + Trolley,” he told Hopkins, taking a small jewel-box from one of the desk’s + drawers. It contained a diamond ring, somewhat showy, but obviously quite + expensive. Hopkins’s semi-envious admiration made Gilmartin add, genially: + “What do you say to lunch? I feel I am entitled to a glass of ‘fizz’ to + forget my bad luck of this morning.” Then, in an exaggeratedly apologetic + tone: “Nobody likes to lose five hundred dollars on an empty stomach!” + </p> + <p> + “She’ll be delighted, of course,” said Hopkins, thinking of Mrs. + Gilmartin. Mrs. Hopkins loved jewelry. + </p> + <p> + “She’s the nicest little woman that ever lived. Whatever is mine is hers; + and what’s hers is her own. Ha! ha! But,” becoming nicely serious, “all + that I’ll make out of the stock market I’m going to put away for her, in + her name. She can take better care of it than I; and, besides, she’s + entitled to it, anyhow, for being so nice to me.” + </p> + <p> + That is how he told what a good husband he was. He felt so pleased over it + that he went on, sincerely regretful: “She’s visiting friends in + Pennsylvania or I’d ask you to dine with us.” And they went to a + fashionable restaurant together. + </p> + <p> + Day after day Gilmartin thought persistently that Maiden Lane was too far + from Wall Street. There came a week in which he could have made four very + handsome “turns” had he but been in the brokers’ office. He was out on + business for his firm and when he returned the opportunity had gone, + leaving behind it vivid visions of what might have been; also the + conviction that time, tide, and the ticker wait for no man. Instead of + buying and selling quinine and balsams and essential oils for Maxwell + & Kip, drug brokers and importers, he decided to make the buying and + selling of stocks and bonds his exclusive business. The hours were easy; + the profits would be great. He would make enough to live on. He would not + let the Street take away what it had given. That was the great secret: to + know when to quit! He would be content with a moderate amount, wisely + invested in gilt-edged bonds. And then he would bid the Street good-by + forever. + </p> + <p> + Force of long business custom and the indefinable fear of new ventures for + a time fought successfully his increasing ticker-fever. But one day his + brokers wished to speak to him, to urge him to sell out his entire + holdings, having been advised of an epoch-making resolution by Congress. + They had received the news in advance from a Washington customer. Other + brokers had important connections in the Capital and therefore there was + no time to lose. They dared not assume the responsibilty of selling him + out without his permission. Five minutes—five eternities!—passed + before they could talk by telephone with him; and when he gave his order + to sell, the market had broken five or six points. The news was “out.” The + news agencies’ slips were in the brokers’ offices and half of Wall Street + knew. Instead of being among the first ten sellers Gilmartin was among the + second hundred. + </p> + <p> + <a name="link2H_4_0002" id="link2H_4_0002"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + II + </h2> + <p> + The clerks gave him a farewell dinner. All were there, even the head + office-boy to whom the two-dollar subscription was no light matter. The + man who probably would succeed Gilmartin as manager, Jenkins, acted as + toastmaster. He made a witty speech which ended with a neatly turned + compliment. Moreover, he seemed sincerely sorry to bid good-by to the man + whose departure meant promotion—which was the nicest compliment of + all. And the other clerks—old Williamson, long since ambition-proof; + and young Hardy, bitten ceaselessly by it; and middle-aged Jameson, who + knew he could run the business much better than Gilmartin; and Baldwin, + who never thought of business in or out of the office—all told him + how good he had been and related corroborative anecdotes that made him + blush and the others cheer; and how sorry they were he would no longer be + with them, but how glad he was going to do so much better by himself; and + they hoped he would not “cut” them when he met them after he had become a + great millionaire. And Gilmartin felt his heart grow soft and feelings not + all of happiness came over him. Danny, the dean of the office boys, whose + surname was known only to the cashier, rose and said, in the tones of one + speaking of a dear departed friend: “He was the best man in the place. He + always was all right.” Everybody laughed; whereupon Danny went on, with a + defiant glare at the others: “I’d work for him for nothin’ if he’d want + me, instead of gettin’ ten a week from any one else.” And when they + laughed the harder at this he said, stoutly: “Yes, I would!” His eyes + filled with tears at their incredulity, which he feared might be shared by + Mr. Gilmartin. But the toastmaster rose very gravely and said: “What’s the + matter with Danny?” And all shouted in unison: “He’s all right!” with a + cordiality so heartfelt that Danny smiled and sat down, blushing happily. + And crusty Jameson, who knew he could run the business so much better than + Gilmartin, stood up—he was the last speaker—and began: “In the + ten years I’ve worked with Gilmartin, we’ve had our differences and—well—I—well—er—oh, + damn it!” and walked quickly to the head of the table and shook hands + violently with Gilmartin for fully a minute, while all the others looked + on in silence. + </p> + <p> + Gilmartin had been eager to go to Wall Street. But this leave-taking made + him sad. The old Gilmartin who had worked with these men was no more and + the new Gilmartin felt sorry. He had never stopped to think how much they + cared for him nor indeed how very much he cared for them. + </p> + <p> + He told them, very simply, he did not expect ever again to spend such + pleasant years anywhere as at the old office; and as for his spells of + ill-temper—oh, yes, they needn’t shake their heads; he knew he often + was irritable—he had meant well and trusted they would forgive him. + If he had his life to live over again he would try really to deserve all + that they had said of him on this evening. And he was very, very sorry to + leave them. “Very sorry, boys; very sorry. <i>Very</i> sorry!” he finished + lamely, with a wistful smile. He shook hands with each man—a strong + grip, as though he were about to go on a journey from which he might never + return—and in his heart of hearts there was a new doubt of the + wisdom of going to Wall Street. But it was too late to draw back. + </p> + <p> + They escorted him to his house. They wished to be with him to the last + possible minute. + </p> + <p> + <a name="link2H_4_0003" id="link2H_4_0003"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + III + </h2> + <p> + Everybody in the drug trade seemed to think that Gilmartin was on the + highroad to Fortune. Those old business acquaintances and former + competitors whom he happened to meet in the street-cars or in the theatre + lobbies always spoke to him as to a millionaire-to-be, in what they + imagined was correct Wall Street jargon, to show him that they too knew + something of the great game. But their efforts made him smile with a sense + of superiority, at the same time that their admiration for his cleverness + and their good-natured envy for his luck made his soul thrill joyously. + Among his new friends in Wall Street also he found much to enjoy. The + other customers—some of them very wealthy men—listened to his + views regarding the market as attentively as he, later, felt it his polite + duty to listen to theirs. The brokers themselves treated him as a “good + fellow.” They cajoled him into trading often—every one hundred + shares he bought or sold meant $12.50 to them—and when he won, they + praised his unerring discernment. When he lost they soothed him by + scolding him for his recklessness—just as a mother will treat her + three-year-old’s fall as a great joke in order to deceive the child into + laughing at its misfortune. It was an average office with an average + clientèle. + </p> + <p> + From ten to three they stood before the quotation board and watched a + quick-witted boy chalk the price changes, which one or another of the + customers read aloud from the tape as it came from the ticker. The higher + stocks went the more numerous the customers became, being allured in great + flocks to the Street by the tales of their friends, who had profited + greatly by the rise. All were winning, for all were buying stocks in a + bull market. They resembled each other marvelously, these men who differed + so greatly in cast of features and complexion and age. Life to all of them + was full of joy. The very ticker sounded mirthful; its clicking told of + golden jokes. And Gilmartin and the other customers laughed heartily at + the mildest of stories without even waiting for the point of the joke. At + times their fingers clutched the air happily, as if they actually felt the + good money the ticker was presenting to them. They were all neophytes at + the great game—lambkins who were bleating blithely to inform the + world what clever and formidable wolves they were. Some of them had + sustained occasional losses; but these were trifling compared with their + winnings. + </p> + <p> + When the slump came all were heavily committed to the bull side. It was a + bad slump. It was so unexpected—by the lambs—that all of them + said, very gravely, it came like a thunderclap out of a clear sky. While + it lasted, that is, while the shearing of the flock was proceeding, it was + very uncomfortable. Those same joyous, winning stock-gamblers, with + beaming faces, of the week before, were fear-clutched, losing + stock-gamblers, with livid faces, on what they afterward called the day of + the panic. It really was only a slump; rather sharper than usual. Too many + lambs had been over-speculating. The wholesale dealers in securities—and + insecurities—held very little of their own wares, having sold them + to the lambs, and wanted them back now—cheaper. The customers’ eyes, + as on happier days, were intent on the quotation board. Their dreams were + rudely shattered; the fast horses some had all but bought joined the steam + yachts others almost had chartered. The beautiful homes they had been + building were torn down in the twinkling of an eye. And the demolisher of + dreams and dwellings was the ticker, that instead of golden jokes was now + clicking financial death. They could not take their eyes from the board + before them. Their own ruin, told in mournful numbers by the little + machine, fascinated them. To be sure, poor Gilmartin said: “I’ve changed + my mind about Newport. I guess I’ll spend the summer on my own <i>Hotel de + Roof!</i>” And he grinned; but he grinned alone. Wilson, the dry goods + man, who laughed so joyously at everybody’s jokes, was now watching, as if + under a hypnotic spell, the lips of the man who sat on the high stool + beside the ticker and called out the prices to the quotation boy. Now and + again Wilson’s own lips made curious grimaces, as if speaking to himself. + Brown, the slender, pale-faced man, was outside in the hall, pacing to and + fro. All was lost, including honor. And he was afraid to look at the + ticker, afraid to hear the prices shouted, yet hoping—for a miracle! + Gil-martin came out from the office, saw Brown and said, with sickly + bravado: “I held out as long as I could. But they got <i>my</i> ducats. A + sporting life comes high, I tell you!” But Brown did not heed him, and + Gilmartin pushed the elevator button impatiently and cursed at the delay. + He not only had lost the “paper” profits he had accumulated during the + bull market, but all his savings of years had crumbled away beneath the + strokes of the ticker that day. It was the same with all. They would not + take a small loss at first, but had held on, in the hope of a recovery + that would “let them out even.” And prices had sunk and sunk until the + loss was so great that it seemed only proper to hold on, if need be a + year, for sooner or later prices must come back. But the break “shook them + out,” and prices went just so much lower because so many people had to + sell whether they would or not. + </p> + <p> + <a name="link2H_4_0004" id="link2H_4_0004"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + IV + </h2> + <p> + After the slump most of the customers returned to their legitimate + business—sadder, but it is to be feared not much wiser men. + Gilmartin, after the first numbing shock, tried to learn of fresh + opportunities in the drug business. But his heart was not in his search. + There was the shame of confessing defeat in Wall Street so soon after + leaving Maiden Lane; but far stronger than this was the effect of the + poison of gambling. If it was bad enough to be obliged to begin lower than + he had been at Maxwell & Kip’s, it was worse to condemn himself to + long weary years of work in the drug business when his reward, if he + remained strong and healthy, would consist merely in being able to save a + few thousands. But a few lucky weeks in the stock market would win him + back all he had lost—and more! + </p> + <p> + He should have begun in a small way while he was learning to speculate. He + saw it now very clearly. Every one of his mistakes had been due to + inexperience. He had imagined he knew the market. But it was only now that + he really knew it, and therefore it was only now, after the slump had + taught him so much, that he could reasonably hope to succeed. His mind, + brooding over his losses, definitely dismissed as futile the resumption of + the purchase and sale of drugs, and dwelt persistently on the sudden + acquisition of stock market wisdom. Properly applied, this wisdom ought to + mean much to him. In a few weeks he was again spending his days before the + quotation board, gossiping with those customers who had survived, giving + and receiving advice. And as time passed the grip of Wall Street on his + soul grew stronger until it strangled all other aspirations. He could + talk, think, dream of nothing but stocks. He could not read the newspapers + without thinking how the market would “take” the news contained therein. + If a huge refinery burned down, with a loss to the “Trust” of $4,000,000, + he sighed because he had not foreseen the catastrophe and had sold Sugar + short. If a strike by the men of the Suburban Trolley Company led to + violence and destruction of life and property, he cursed an unrelenting + Fate because he had not had the prescience to “put out” a thousand shares + of Trolley. And he constantly calculated to the last fraction of a point + how much money he would have made if he had sold short just before the + calamity at the very top prices and had covered his stock at the bottom. + Had he only known! The atmosphere of the Street, the odor of speculation + surrounded him on all sides, enveloped him like a fog, from which the + things of the outside world appeared as though seen through a veil. He + lived in the district where men do not say “Good-morning” on meeting one + another, but “How’s the market?” or, when one asks: “How do you feel?” + receives for an answer: “Bullish!” or “Bearish!” instead of a reply + regarding the state of health. + </p> + <p> + At first, after the fatal slump, Gilmartin importuned his brokers to let + him speculate on credit, in a small way. They did. They were kindly enough + men and sincerely wished to help him. But luck ran against him. With the + obstinacy of unsuperstitious gamblers he insisted on fighting Fate. He was + a bull in a bear market; and the more he lost the more he thought the + inevitable “rally” in prices was due. He bought in expectation of it and + lost again and again, until he owed the brokers a greater sum than he + could possibly pay; and they refused point blank to give him credit for + another cent, disregarding his vehement entreaties to buy a last hundred, + just one more chance, the last, because he would be sure to win. And, of + course, the long-expected happened and the market went up with a rapidity + that made the Street blink; and Gilmartin figured that had not the brokers + refused his last order, he would have made enough to pay off the + indebtedness and have left, in addition, $2,950; for he would have + “pyramided” on the way up. He showed the brokers his figures, accusingly, + and they had some words about it and he left the office, almost tempted to + sue the firm for conspiracy with intent to defraud; but decided that it + was “another of Luck’s sockdolagers” and let it go at that, gambler-like. + </p> + <p> + When he returned to the brokers’ office—the next day—he began + to speculate in the only way he could—vicariously. Smith, for + instance, who was long of 500 St. Paul at 125, took less interest in the + deal than did Gilmartin, who thenceforth assiduously studied the news + slips and sought information on St. Paul all over the Street, listening + thrillingly to tips and rumors regarding the stock, suffering keenly when + the price declined, laughing and chirruping blithely if the quotations + moved upward, exactly as though it were his own stock. In a measure it was + as an anodyne to his ticker fever. Indeed, in some cases his interest was + so poignant and his advice so frequent—he would speak of <i>our</i> + deal—that the lucky winner gave him a small share of his spoils, + which Gilmartin accepted without hesitation—he was beyond + pride-wounding by now—and promptly used to back some miniature deal + of his own on the Consolidated Exchange or even in “Percy’s”—a dingy + little bucket shop, where they took orders for two shares of stock on a + margin of 1 per cent; that is, where a man could bet as little as two + dollars. + </p> + <p> + Later, it often came to pass that Gilmartin would borrow a few dollars + when the customers were not trading actively. The amounts he borrowed + diminished by reason of the increasing frequency of their refusals. + Finally, he was asked to stay away from the office where once he had been + an honored and pampered customer. + </p> + <p> + He became a Wall Street “has been” and could be seen daily on New Street, + back of the Consolidated Exchange, where the “put” and “call” brokers + congregate. The tickers in the saloons nearby fed his gambler’s appetite. + From time to time luckier men took him into the same be-tickered saloons, + where he ate at the free lunch counters and drank beer and talked stocks + and listened to the lucky winners’ narratives with lips tremulous with + readiness to smile and grimace. At times the gambler in him would assert + itself and he would tell the lucky winners, wrathfully, how the stock he + wished to buy but couldn’t the week before had risen 18 points. But they, + saturated with their own ticker fever, would nod absently, their soul’s + eyes fixed on some quotation-to-be; or they would not nod at all, but in + their eagerness to look at the tape, from which they had been absent two + long minutes, would leave him without a single word of consolation or even + of farewell. + </p> + <p> + <a name="link2H_4_0005" id="link2H_4_0005"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + V + </h2> + <p> + One day, in New Street, he overheard a very well-known broker tell another + that Mr. Sharpe was “going to move up Pennsylvania Central right away.” + The overhearing of the conversation was a bit of rare good luck that + raised Gil-martin from his sodden apathy and made him hasten to his + brother-in-law, who kept a grocery store in Brooklyn. He implored Griggs + to go to a broker and buy as much Pennsylvania Central as he could—that + is, if he wished to live in luxury the rest of his life. Sam Sharpe was + going to put it up. Also, he borrowed ten dollars. + </p> + <p> + Griggs was tempted. He debated with himself many hours, and at length + yielded with misgivings. He took his savings and bought one hundred shares + of Pennsylvania Central at 64, and began to neglect his business in order + to study the financial pages of the newspapers. Little by little + Gilmartin’s whisper set in motion within him the wheels of a ticker that + printed on his day-dreams the mark of the dollar. His wife, seeing him + preoccupied, thought business was bad; but Griggs denied it, confirming + her worst fears. Finally, he had a telephone put in his little shop, to be + able to talk to his broker. + </p> + <p> + Gilmartin, with the ten dollars he had borrowed, promptly bought ten + shares in a bucket shop at 63%; the stock promptly went to 62%; he was + promptly “wiped”; and the stock promptly went back to 64%. + </p> + <p> + On the next day a fellow-customer of Gilmartin of old days invited him to + have a drink. Gil-martin resented the man’s evident prosperity. He felt + indignant at the ability of the other to buy hundreds of shares. But the + liquor soothed him, and in a burst of mild remorse he told Smithers, after + an apprehensive look about him as if he feared some one might overhear: + “I’ll tell you something, on the dead q. t., for your own benefit.” + </p> + <p> + “Fire away!” + </p> + <p> + “Pa. Cent, is going ‘way up.” + </p> + <p> + “Yes?” said Smithers, calmly. + </p> + <p> + “Yes; it will cross par sure.” + </p> + <p> + “Umph!” between munches of a pretzel. + </p> + <p> + “Yes. Sam Sharpe told”—Gilmartin was on the point of saying a + “friend of mine,” but caught himself and went on, impressively—“told + me, yesterday, to buy Pa. Cent., as he had accumulated his full line, and + was ready to whoop it up. And you know what Sharpe is,” he finished, as if + he thought Smithers was familiar with Sharpe’s powers. + </p> + <p> + “Is that so,” nibbled Smithers. + </p> + <p> + “Why, when Sharpe makes up his mind to put up a stock, as he intends to do + with Pa. Cent., nothing on earth can stop him. He told me he would make it + cross par within sixty days. This is no hearsay, no tip. It’s cold facts, + I don’t <i>hear</i> it’s going up; I don’t <i>think</i> it’s going up; I + <i>know</i> it’s going up. Understand?” And he shook his right forefinger + with a hammering motion. + </p> + <p> + In less than five minutes Smithers was so wrought up that he bought 500 + shares and promised solemnly not to “take his profits,” s. o. sell out, + until Gilmartin said the word. Then they had another drink and another + look at the ticker. + </p> + <p> + “You want to keep in touch with me,” was Gilmartin’s parting shot. “I’ll + tell you what Sharpe tells me. But you must keep it quiet,” with a + sidewise nod that pledged Smithers to honorable secrecy. + </p> + <p> + Had Gilmartin met Sharpe face to face, he would not have known who was + before him. + </p> + <p> + Shortly after he left Smithers he buttonholed another acquaintance, a + young man who thought he knew Wall Street, and therefore had a hobby—manipulation. + No one could induce him to buy stocks by telling him how well the + companies were doing, how bright the prospects, etc. That was bait for + “suckers,” not for clever young stock operators. But any one, even a + stranger, who said that “they”—the perennially mysterious “they,” + the “big men,” the mighty “manipulators” whose life was one prolonged + conspiracy to pull the wool over the public’s eyes—“they” were going + to “jack up” these or the other shares, was welcomed and his advice acted + upon. Young Freeman believed in nothing but “their” wickedness and “their” + power to advance or depress stock values at will. Thinking of his wisdom + had given him a chronic sneer. + </p> + <p> + “You’re just the man I was looking for,” said Gilmartin, who hadn’t + thought of the young man at all. + </p> + <p> + “Are you a deputy sheriff?” + </p> + <p> + “No.” A slight pause for oratorical effect. “I had a long talk with Sam + to-day.” + </p> + <p> + “What Sam?” + </p> + <p> + “Sharpe. The old boy sent for me. He was in mighty good humor too. Tickled + to death. He might well be—he’s got 60,000 shares of Pennsylvania + Central. And there’s going to be from 50 to 60 points profit in it.” + </p> + <p> + “H’m!” sniffed Freeman, sceptically, yet impressed by the change In + Gilmartin’s attitude from the money-borrowing humility of the previous + week to the confident tone of a man with a straight tip. Sharpe was + notoriously kind to his old friends—rich or poor. + </p> + <p> + “I was there when the papers were signed,” Gilmartin said, hotly. “I was + going to leave the room, but Sam told me I needn’t. I can’t tell you what + it is about; really I can’t. But he’s simply going to put the stock above + par. It’s 64 1/2 now, and you know and I know that by the time it is 75 + the newspapers will all be talking about inside buying; and at 85 + everybody will want to buy it on account of important developments; and at + 95 there will be millions of bull tips on it and rumors of increased + dividends, and people who would not look at it thirty points lower will + rush in and buy it by the bushel. Let me know who is manipulating a stock, + and to h—l with dividends and earnings. Them’s <i>my</i> + sentiments,” with a final hammering nod, as if driving in a profound + truth. + </p> + <p> + “Same here,” assented Freeman, cordially. He was attacked on his + vulnerable side. + </p> + <p> + Strange things happen in Wall Street. Sometimes tips come true. It so + proved in this case. Sharpe started the stock upward brilliantly—the + movement became historic in the Street—and Pa. Cent, soared dizzily + and all the newspapers talked of it and the public went mad over it and it + touched 80 and 85 and 88 and higher, and then Gilmartin made his + brother-in-law sell out and Smithers and Freeman. Their profits were: + Griggs, $8,000; Smithers, $15,100; Freeman, $2,750. Gilmartin made them + give him a good percentage. He had no trouble with his brother-in-law. + Gilmartin told him it was an inviolable Wall Street custom and so Griggs + paid, with an air of much experience in such matters. Freeman was more or + less grateful. But Smithers met Gilmartin, and full of his good luck + repeated what he had told a dozen men within the hour: “I did a dandy + stroke the other day. Pa. Cent. looked to me like higher prices and I + bought a wad of it. I’ve cleaned up a tidy sum,” and he looked proud of + his own penetration. He really had forgotten that it was Gilmartin who had + given him the tip. But not so Gilmartin, who retorted, witheringly: + </p> + <p> + “Well, I’ve often heard of folks that you put into good things and they + make money and afterward they come to you and tell how damned smart they + were to hit it right. But you can’t work that on me. I’ve got witnesses.” + </p> + <p> + “Witnesses?” echoed Smithers, looking cheap. He remembered. + </p> + <p> + “Yes, wit-ness-es,” mimicked Gilmartin, scornfully, “I all but had to get + on my knees to make you buy it. And I told you when to sell it, too. The + information came to me straight from headquarters and you got the use of + it, and now the least you can do is to give me twenty-five hundred + dollars.” + </p> + <p> + In the end he accepted eight hundred dollars. He told mutual friends that + Smithers had cheated him. + </p> + <p> + <a name="link2H_4_0006" id="link2H_4_0006"> + <!-- H2 anchor --> </a> + </p> + <div style="height: 4em;"> + <br /><br /><br /><br /> + </div> + <h2> + VI + </h2> + <p> + It seemed as though the regeneration of Gilmartin had been achieved when + he changed his shabby raiment for expensive clothes. He paid his + tradesmen’s bills and moved into better quarters. He spent his money as + though he had made millions. One week after he had closed out the deal his + friends would have sworn Gilmartin had always been prosperous. That was + his exterior. His inner self remained the same—a gambler. He began + to speculate again, in the office of Freeman’s brokers. + </p> + <p> + At the end of the second month he had lost not only the $1,200 he had + deposited with the firm, but an additional $250 he had given his wife and + had been obliged to “borrow” back from her, despite her assurances that he + would lose it. This time the slump was really unexpected by all, even by + the magnates—the mysterious and all-powerful “they” of Freeman’s—so + that the loss of the second fortune did not reflect on Gilmartin’s ability + as a speculator, but on his luck. As a matter of fact, he had been too + careful and had sinned from over-timidity at first, only to plunge later + and lose all. + </p> + <p> + As the result of much thought about his losses Gilmartin became a + professional tipster. To let others speculate for him seemed the only sure + way of winning. He began by advising ten victims—he learned in time + to call them clients—to sell Steel Rod preferred, each man 100 + shares; and to a second ten he urged the purchase of the same quantity of + the same stock. To all he advised taking four points’ profit. Not all + followed his advice, but the seven clients who sold it made between them + nearly $3,000 overnight. His percentage amounted to $287.50. Six bought, + and when they lost he told them confidentially how the treachery of a + leading member of the pool had obliged the pool managers to withdraw their + support from the stock temporarily, whence the decline. They grumbled; but + he assured them that he himself had lost nearly $1,600 of his own on + account of the traitor. + </p> + <p> + For some months Gilmartin made a fair living, but business became very + dull. People learned to fight shy of his tips. The persuasiveness was gone + from his inside news and from his confidential advice from Sharpe and from + his beholding with his own eyes the signing of epoch-making documents. Had + he been able to make his customers alternate their winnings and losses he + might have kept his trade. But, for example, “Dave” Rossiter, in Stuart + & Stern’s office, stupidly received the wrong tip six times in + succession. It wasn’t Gilmartin’s fault, but Rossiter’s bad luck. + </p> + <p> + At length, failing to get enough clients in the ticker district itself, + Gilmartin was forced to advertise in an afternoon paper, six times a week, + and in the Sunday edition of one of the leading morning dailies. They ran + like this: + </p> +<pre xml:space="preserve"> + WE MAKE MONEY + + for our Investors by the best system ever devised. Deal with + genuine experts. Two methods of operating; one speculative, + the other ensures absolute safety. +</pre> +<pre xml:space="preserve"> + NOW + + is the time to invest in a certain stock for ten points sure + profit Three points margin will carry it. Remember how + correct we have been on other stocks. Take advantage of + this move. +</pre> +<pre xml:space="preserve"> + IOWA MIDLAND. + + Big movement coming in this stock. If s very near at hand. + Am waiting daily for word. Will get it in time. Splendid + opportunity to make big money. It costs only a 2-cent stamp + to write to me. +</pre> +<pre xml:space="preserve"> + CONFIDENTIAL INFORMATION. + + Private secretary of banker and stock operator of world-wide + reputation has valuable information. I don’t wish your + money. Use your own broker. All I want is a share of what + you will surely make if you follow my advice. +</pre> +<pre xml:space="preserve"> + WILL ADVANCE $40 PER SHARE. + + A fortune to be made in a railroad stock. Deal pending which + will advance same $40 per share within three months. Am in + position to keep informed as to developments and the + operations of a pool. Parties who will carry for me 100 + shares with a New York Stock Exchange house will receive the + full benefit of information. Investment safe and sure. + Highest references given. +</pre> + <p> + He prospered amazingly. Answers came to him from furniture dealers on + Fourth Avenue and dairymen up the State and fruit growers in Delaware and + factory workers in Massachusetts and electricians in New Jersey and coal + miners in Pennsylvania and shopkeepers and physicians and plumbers and + undertakers in towns and cities near and far. Every morning Gilmartin + telegraphed to scores of people—at their expense—to sell, and + to scores of others to buy the same stocks. And he claimed his commissions + from the winners. + </p> + <p> + Little by little his savings grew; and with them grew his desire to + speculate on his own account. It made him irritable not to gamble. + </p> + <p> + He met Freeman one day in one of his dissatisfied moods. Out of politeness + he asked the young cynic the universal query of the Street: + </p> + <p> + “What do you think of ‘em?” He meant stocks. + </p> + <p> + “What difference does it make what I think?” sneered Freeman, with proud + humility. “I’m nobody.” But he looked as if he did not agree with himself. + </p> + <p> + “What do you <i>know?</i>” pursued Gilmartin mollifyingly. + </p> + <p> + “I know enough to be long of Gotham Gas. I just bought a thousand shares + at 180.” He really had bought a hundred only. + </p> + <p> + “What on?” + </p> + <p> + “On information. I got it straight from a director of the company. Look + here, Gilmartin, I’m pledged to secrecy. But, for your own benefit, I’ll + just tell you to buy all the Gas you possibly can carry. The deal is on. I + know that certain papers were signed last night, and they are almost ready + to spring it on the public. They haven’t got all the stock they want. When + they get it, look out for fireworks.” + </p> + <p> + Gilmartin did not perceive any resemblance between Freeman’s tips and his + own. + </p> + <p> + He said, hesitatingly, as though ashamed of his timidity: + </p> + <p> + “The stock seems pretty high at 180.” + </p> + <p> + “You won’t think so when it sells at 250. Gilmartin, I don’t <i>hear</i> + this; I don’t <i>think</i> it; I <i>know</i> it!” + </p> + <p> + “All right; I’m in,” quoth Gilmartin, jovially. He felt a sense of + emancipation now that he had made up his mind to resume his speculating. + He took every cent of the nine hundred dollars he had made from telling + people the same things that Freeman told him now, and bought a hundred + Gotham Gas at $185 a share. Also he telegraphed to all his clients to + plunge in the stock. + </p> + <p> + It fluctuated between 184 and 186 for a fortnight. Freeman daily + asseverated that “they” were accumulating the stock. But, one fine day, + the directors met, agreed that business was bad, and having sold out most + of their own holdings, decided to reduce the dividend rate from 8 to 6 per + cent. Gotham Gas broke seventeen points in ten short minutes. Gilmartin + lost all he had. He found it impossible to pay for his advertisements. The + telegraph companies refused to accept any more “collect” messages. This + deprived Gilmartin of his income as a tipster. Griggs had kept on + speculating and had lost all his money and his wife’s in a little deal in + Iowa Midland. All that Gilmartin could hope to get from him was an + occasional invitation to dinner. Mrs. Gilmartin, after they were + dispossessed for non-payment of rent, left her husband, and went to live + with a sister in Newark who did not like Gilmartin. + </p> + <p> + His clothes became shabby and his meals irregular. But always in his + heart, as abiding as an inventor’s faith in himself, there dwelt the hope + that some day, somehow, he would “strike it rich” in the stock market. + </p> + <p> + One day he borrowed five dollars from a man who had made five thousand in + Cosmopolitan Traction. The stock, the man said, had only begun to go up, + and Gilmartin believed it and bought five shares in “Percy’s,” his + favorite bucket shop. The stock began to rise slowly but steadily. The + next afternoon “Percy’s” was raided, the proprietor having disagreed with + the police as to price. + </p> + <p> + Gilmartin lingered about New Street, talking with other customers of the + raided bucket shop, discussing whether or not it was a “put up job” of old + Percy himself, who, it was known, had been losing money to the crowd for + weeks past. One by one the victims went away and at length Gilmartin left + the ticker district. He walked slowly down Wall Street, then turned up + William Street, thinking of his luck. Cosmopolitan Traction had certainly + looked like higher prices. Indeed, it seemed to him that he could almost + hear the stock shouting, articulately: “<i>I’m going up, right away, right + away!</i>” If somebody would buy a thousand shares and agree to give him + the profits on a hundred, on ten, on one! + </p> + <p> + But he had not even his carfare. Then he remembered that he had not eaten + since breakfast. It did him no good to remember it now. He would have to + get his dinner from Griggs in Brooklyn. + </p> + <p> + “Why,” Gilmartin told himself with a burst of curious self-contempt, “I + can’t even buy a cup of coffee!” + </p> + <p> + He raised his head and looked about him to find how insignificant a + restaurant it was in which he could not buy even a cup of coffee. He had + reached Maiden Lane. As his glance ran up and down the north side of that + street, it was arrested by the sign: + </p> +<pre xml:space="preserve"> + MAXWELL & KIP +</pre> + <p> + At first he felt but vaguely what it meant. It had grown unfamiliar with + absence. The clerks were coming out. Jameson, looking crustier than ever, + as though he were forever thinking how much better than Jenkins he could + run the business; Danny, some inches taller, no longer an office boy, but + spick and span in a blue serge suit and a necktie of the latest style, + exhaling health and correctness; Williamson, grown very gray and showing + on his face thirty years of routine; Baldwin, happy as of yore at the + ending of the day’s work, and smiling at the words of Jenkins—Gilmartin’s + successor, who wore an air of authority, of the habit of command which he + had not known in the old days. + </p> + <p> + Of a sudden Gilmartin was in the midst of his old life. He saw all that he + had been, all that he might still be. And he was overwhelmed. He longed to + rush to his old associates, to speak to them, to shake hands with them, to + be the old Gilmartin. He was about to step toward Jenkins, but stopped + abruptly. His clothes were shabby, and he felt ashamed. But, he apologized + to himself, he could tell them how he had made a hundred thousand and had + lost it. And he even might borrow a few dollars from Jenkins. + </p> + <p> + Gilmartin turned on his heel with a sudden impulse and walked away from + Maiden Lane quickly. All that he thought now was that he would not have + them see him in his plight. He felt the shabbiness of his clothes without + looking at them. As he walked, a great sense of loneliness came over him. + </p> + <p> + He was back in Wall Street. At the head of the Street was old Trinity; to + the right the Sub-Treasury; to the left the Stock Exchange. + </p> + <p> + From Maiden Lane to the Lane of the Ticker—such had been his life. + </p> + <p> + “If I could only buy some Cosmopolitan Traction!” he said. Then he walked + forlornly northward, to the great bridge, on his way to Brooklyn, to eat + with Griggs, the ruined grocery man. + </p> + <div style="height: 6em;"> + <br /><br /><br /><br /><br /><br /> + </div> +<pre xml:space="preserve"> + + + + + +End of the Project Gutenberg EBook of The Tipster, by Edwin Lefevre + +*** END OF THIS PROJECT GUTENBERG EBOOK THE TIPSTER *** + +***** This file should be named 23171-h.htm or 23171-h.zip ***** +This and all associated files of various formats will be found in: + http://www.gutenberg.org/2/3/1/7/23171/ + +Produced by David Widger + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. Special rules, +set forth in the General Terms of Use part of this license, apply to +copying and distributing Project Gutenberg-tm electronic works to +protect the PROJECT GUTENBERG-tm concept and trademark. Project +Gutenberg is a registered trademark, and may not be used if you +charge for the eBooks, unless you receive specific permission. If you +do not charge anything for copies of this eBook, complying with the +rules is very easy. You may use this eBook for nearly any purpose +such as creation of derivative works, reports, performances and +research. They may be modified and printed and given away--you may do +practically ANYTHING with public domain eBooks. Redistribution is +subject to the trademark license, especially commercial +redistribution. + + + +*** START: FULL LICENSE *** + +THE FULL PROJECT GUTENBERG LICENSE +PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK + +To protect the Project Gutenberg-tm mission of promoting the free +distribution of electronic works, by using or distributing this work +(or any other work associated in any way with the phrase “Project +Gutenberg”), you agree to comply with all the terms of the Full Project +Gutenberg-tm License (available with this file or online at +http://gutenberg.org/license). + + +Section 1. General Terms of Use and Redistributing Project Gutenberg-tm +electronic works + +1.A. By reading or using any part of this Project Gutenberg-tm +electronic work, you indicate that you have read, understand, agree to +and accept all the terms of this license and intellectual property +(trademark/copyright) agreement. If you do not agree to abide by all +the terms of this agreement, you must cease using and return or destroy +all copies of Project Gutenberg-tm electronic works in your possession. +If you paid a fee for obtaining a copy of or access to a Project +Gutenberg-tm electronic work and you do not agree to be bound by the +terms of this agreement, you may obtain a refund from the person or +entity to whom you paid the fee as set forth in paragraph 1.E.8. + +1.B. “Project Gutenberg” is a registered trademark. It may only be +used on or associated in any way with an electronic work by people who +agree to be bound by the terms of this agreement. There are a few +things that you can do with most Project Gutenberg-tm electronic works +even without complying with the full terms of this agreement. See +paragraph 1.C below. There are a lot of things you can do with Project +Gutenberg-tm electronic works if you follow the terms of this agreement +and help preserve free future access to Project Gutenberg-tm electronic +works. See paragraph 1.E below. + +1.C. The Project Gutenberg Literary Archive Foundation (“the Foundation” + or PGLAF), owns a compilation copyright in the collection of Project +Gutenberg-tm electronic works. Nearly all the individual works in the +collection are in the public domain in the United States. If an +individual work is in the public domain in the United States and you are +located in the United States, we do not claim a right to prevent you from +copying, distributing, performing, displaying or creating derivative +works based on the work as long as all references to Project Gutenberg +are removed. Of course, we hope that you will support the Project +Gutenberg-tm mission of promoting free access to electronic works by +freely sharing Project Gutenberg-tm works in compliance with the terms of +this agreement for keeping the Project Gutenberg-tm name associated with +the work. You can easily comply with the terms of this agreement by +keeping this work in the same format with its attached full Project +Gutenberg-tm License when you share it without charge with others. + +1.D. The copyright laws of the place where you are located also govern +what you can do with this work. Copyright laws in most countries are in +a constant state of change. If you are outside the United States, check +the laws of your country in addition to the terms of this agreement +before downloading, copying, displaying, performing, distributing or +creating derivative works based on this work or any other Project +Gutenberg-tm work. The Foundation makes no representations concerning +the copyright status of any work in any country outside the United +States. + +1.E. Unless you have removed all references to Project Gutenberg: + +1.E.1. The following sentence, with active links to, or other immediate +access to, the full Project Gutenberg-tm License must appear prominently +whenever any copy of a Project Gutenberg-tm work (any work on which the +phrase “Project Gutenberg” appears, or with which the phrase “Project +Gutenberg” is associated) is accessed, displayed, performed, viewed, +copied or distributed: + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + +1.E.2. If an individual Project Gutenberg-tm electronic work is derived +from the public domain (does not contain a notice indicating that it is +posted with permission of the copyright holder), the work can be copied +and distributed to anyone in the United States without paying any fees +or charges. If you are redistributing or providing access to a work +with the phrase “Project Gutenberg” associated with or appearing on the +work, you must comply either with the requirements of paragraphs 1.E.1 +through 1.E.7 or obtain permission for the use of the work and the +Project Gutenberg-tm trademark as set forth in paragraphs 1.E.8 or +1.E.9. + +1.E.3. If an individual Project Gutenberg-tm electronic work is posted +with the permission of the copyright holder, your use and distribution +must comply with both paragraphs 1.E.1 through 1.E.7 and any additional +terms imposed by the copyright holder. Additional terms will be linked +to the Project Gutenberg-tm License for all works posted with the +permission of the copyright holder found at the beginning of this work. + +1.E.4. Do not unlink or detach or remove the full Project Gutenberg-tm +License terms from this work, or any files containing a part of this +work or any other work associated with Project Gutenberg-tm. + +1.E.5. Do not copy, display, perform, distribute or redistribute this +electronic work, or any part of this electronic work, without +prominently displaying the sentence set forth in paragraph 1.E.1 with +active links or immediate access to the full terms of the Project +Gutenberg-tm License. + +1.E.6. You may convert to and distribute this work in any binary, +compressed, marked up, nonproprietary or proprietary form, including any +word processing or hypertext form. However, if you provide access to or +distribute copies of a Project Gutenberg-tm work in a format other than +“Plain Vanilla ASCII” or other format used in the official version +posted on the official Project Gutenberg-tm web site (www.gutenberg.org), +you must, at no additional cost, fee or expense to the user, provide a +copy, a means of exporting a copy, or a means of obtaining a copy upon +request, of the work in its original “Plain Vanilla ASCII” or other +form. Any alternate format must include the full Project Gutenberg-tm +License as specified in paragraph 1.E.1. + +1.E.7. Do not charge a fee for access to, viewing, displaying, +performing, copying or distributing any Project Gutenberg-tm works +unless you comply with paragraph 1.E.8 or 1.E.9. + +1.E.8. You may charge a reasonable fee for copies of or providing +access to or distributing Project Gutenberg-tm electronic works provided +that + +- You pay a royalty fee of 20% of the gross profits you derive from + the use of Project Gutenberg-tm works calculated using the method + you already use to calculate your applicable taxes. The fee is + owed to the owner of the Project Gutenberg-tm trademark, but he + has agreed to donate royalties under this paragraph to the + Project Gutenberg Literary Archive Foundation. Royalty payments + must be paid within 60 days following each date on which you + prepare (or are legally required to prepare) your periodic tax + returns. Royalty payments should be clearly marked as such and + sent to the Project Gutenberg Literary Archive Foundation at the + address specified in Section 4, “Information about donations to + the Project Gutenberg Literary Archive Foundation.” + +- You provide a full refund of any money paid by a user who notifies + you in writing (or by e-mail) within 30 days of receipt that s/he + does not agree to the terms of the full Project Gutenberg-tm + License. You must require such a user to return or + destroy all copies of the works possessed in a physical medium + and discontinue all use of and all access to other copies of + Project Gutenberg-tm works. + +- You provide, in accordance with paragraph 1.F.3, a full refund of any + money paid for a work or a replacement copy, if a defect in the + electronic work is discovered and reported to you within 90 days + of receipt of the work. + +- You comply with all other terms of this agreement for free + distribution of Project Gutenberg-tm works. + +1.E.9. If you wish to charge a fee or distribute a Project Gutenberg-tm +electronic work or group of works on different terms than are set +forth in this agreement, you must obtain permission in writing from +both the Project Gutenberg Literary Archive Foundation and Michael +Hart, the owner of the Project Gutenberg-tm trademark. Contact the +Foundation as set forth in Section 3 below. + +1.F. + +1.F.1. Project Gutenberg volunteers and employees expend considerable +effort to identify, do copyright research on, transcribe and proofread +public domain works in creating the Project Gutenberg-tm +collection. Despite these efforts, Project Gutenberg-tm electronic +works, and the medium on which they may be stored, may contain +“Defects,” such as, but not limited to, incomplete, inaccurate or +corrupt data, transcription errors, a copyright or other intellectual +property infringement, a defective or damaged disk or other medium, a +computer virus, or computer codes that damage or cannot be read by +your equipment. + +1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES - Except for the “Right +of Replacement or Refund” described in paragraph 1.F.3, the Project +Gutenberg Literary Archive Foundation, the owner of the Project +Gutenberg-tm trademark, and any other party distributing a Project +Gutenberg-tm electronic work under this agreement, disclaim all +liability to you for damages, costs and expenses, including legal +fees. YOU AGREE THAT YOU HAVE NO REMEDIES FOR NEGLIGENCE, STRICT +LIABILITY, BREACH OF WARRANTY OR BREACH OF CONTRACT EXCEPT THOSE +PROVIDED IN PARAGRAPH F3. YOU AGREE THAT THE FOUNDATION, THE +TRADEMARK OWNER, AND ANY DISTRIBUTOR UNDER THIS AGREEMENT WILL NOT BE +LIABLE TO YOU FOR ACTUAL, DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE OR +INCIDENTAL DAMAGES EVEN IF YOU GIVE NOTICE OF THE POSSIBILITY OF SUCH +DAMAGE. + +1.F.3. LIMITED RIGHT OF REPLACEMENT OR REFUND - If you discover a +defect in this electronic work within 90 days of receiving it, you can +receive a refund of the money (if any) you paid for it by sending a +written explanation to the person you received the work from. If you +received the work on a physical medium, you must return the medium with +your written explanation. The person or entity that provided you with +the defective work may elect to provide a replacement copy in lieu of a +refund. If you received the work electronically, the person or entity +providing it to you may choose to give you a second opportunity to +receive the work electronically in lieu of a refund. If the second copy +is also defective, you may demand a refund in writing without further +opportunities to fix the problem. + +1.F.4. Except for the limited right of replacement or refund set forth +in paragraph 1.F.3, this work is provided to you ‘AS-IS’ WITH NO OTHER +WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO +WARRANTIES OF MERCHANTIBILITY OR FITNESS FOR ANY PURPOSE. + +1.F.5. Some states do not allow disclaimers of certain implied +warranties or the exclusion or limitation of certain types of damages. +If any disclaimer or limitation set forth in this agreement violates the +law of the state applicable to this agreement, the agreement shall be +interpreted to make the maximum disclaimer or limitation permitted by +the applicable state law. The invalidity or unenforceability of any +provision of this agreement shall not void the remaining provisions. + +1.F.6. INDEMNITY - You agree to indemnify and hold the Foundation, the +trademark owner, any agent or employee of the Foundation, anyone +providing copies of Project Gutenberg-tm electronic works in accordance +with this agreement, and any volunteers associated with the production, +promotion and distribution of Project Gutenberg-tm electronic works, +harmless from all liability, costs and expenses, including legal fees, +that arise directly or indirectly from any of the following which you do +or cause to occur: (a) distribution of this or any Project Gutenberg-tm +work, (b) alteration, modification, or additions or deletions to any +Project Gutenberg-tm work, and (c) any Defect you cause. + + +Section 2. Information about the Mission of Project Gutenberg-tm + +Project Gutenberg-tm is synonymous with the free distribution of +electronic works in formats readable by the widest variety of computers +including obsolete, old, middle-aged and new computers. It exists +because of the efforts of hundreds of volunteers and donations from +people in all walks of life. + +Volunteers and financial support to provide volunteers with the +assistance they need, is critical to reaching Project Gutenberg-tm’s +goals and ensuring that the Project Gutenberg-tm collection will +remain freely available for generations to come. In 2001, the Project +Gutenberg Literary Archive Foundation was created to provide a secure +and permanent future for Project Gutenberg-tm and future generations. +To learn more about the Project Gutenberg Literary Archive Foundation +and how your efforts and donations can help, see Sections 3 and 4 +and the Foundation web page at http://www.pglaf.org. + + +Section 3. Information about the Project Gutenberg Literary Archive +Foundation + +The Project Gutenberg Literary Archive Foundation is a non profit +501(c)(3) educational corporation organized under the laws of the +state of Mississippi and granted tax exempt status by the Internal +Revenue Service. The Foundation’s EIN or federal tax identification +number is 64-6221541. Its 501(c)(3) letter is posted at +http://pglaf.org/fundraising. Contributions to the Project Gutenberg +Literary Archive Foundation are tax deductible to the full extent +permitted by U.S. federal laws and your state’s laws. + +The Foundation’s principal office is located at 4557 Melan Dr. S. +Fairbanks, AK, 99712., but its volunteers and employees are scattered +throughout numerous locations. Its business office is located at +809 North 1500 West, Salt Lake City, UT 84116, (801) 596-1887, email +business@pglaf.org. Email contact links and up to date contact +information can be found at the Foundation’s web site and official +page at http://pglaf.org + +For additional contact information: + Dr. Gregory B. Newby + Chief Executive and Director + gbnewby@pglaf.org + + +Section 4. Information about Donations to the Project Gutenberg +Literary Archive Foundation + +Project Gutenberg-tm depends upon and cannot survive without wide +spread public support and donations to carry out its mission of +increasing the number of public domain and licensed works that can be +freely distributed in machine readable form accessible by the widest +array of equipment including outdated equipment. Many small donations +($1 to $5,000) are particularly important to maintaining tax exempt +status with the IRS. + +The Foundation is committed to complying with the laws regulating +charities and charitable donations in all 50 states of the United +States. Compliance requirements are not uniform and it takes a +considerable effort, much paperwork and many fees to meet and keep up +with these requirements. We do not solicit donations in locations +where we have not received written confirmation of compliance. To +SEND DONATIONS or determine the status of compliance for any +particular state visit http://pglaf.org + +While we cannot and do not solicit contributions from states where we +have not met the solicitation requirements, we know of no prohibition +against accepting unsolicited donations from donors in such states who +approach us with offers to donate. + +International donations are gratefully accepted, but we cannot make +any statements concerning tax treatment of donations received from +outside the United States. U.S. laws alone swamp our small staff. + +Please check the Project Gutenberg Web pages for current donation +methods and addresses. Donations are accepted in a number of other +ways including checks, online payments and credit card donations. +To donate, please visit: http://pglaf.org/donate + + +Section 5. General Information About Project Gutenberg-tm electronic +works. + +Professor Michael S. Hart is the originator of the Project Gutenberg-tm +concept of a library of electronic works that could be freely shared +with anyone. For thirty years, he produced and distributed Project +Gutenberg-tm eBooks with only a loose network of volunteer support. + + +Project Gutenberg-tm eBooks are often created from several printed +editions, all of which are confirmed as Public Domain in the U.S. +unless a copyright notice is included. Thus, we do not necessarily +keep eBooks in compliance with any particular paper edition. + + +Most people start at our Web site which has the main PG search facility: + + http://www.gutenberg.org + +This Web site includes information about Project Gutenberg-tm, +including how to make donations to the Project Gutenberg Literary +Archive Foundation, how to help produce our new eBooks, and how to +subscribe to our email newsletter to hear about new eBooks. + + +</pre> + </body> +</html> |