In cafe society, Broker J. (for James) Arthur Warner, 52, has long cut quite a figure. A wavy-haired frequenter of Manhattan's Stork Club and other elegant pubs, he numbered among his friends such leading lights as Walter Winchell, Ginger Rogers and Cinemogul Joseph Schenck. By cafe society standards, Warner really arrived two years ago when his second wife, a beauteous Hollywood B-movie player named Kay Buckley, walked out after exactly 21 days of marriage, with a wedding present of $100,000 in cash.

In Wall Street, Warner had arrived long before. The son of a Boston house painter, he worked his way...

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