Human nature being always much the same, and the best and the worst of
us being alike ever tormented with the desire to attain that which we
can not attain, and possess that which we can never possess, the name
and fame of the Konahassett lost nothing in the few weeks' delay which
followed. From time to time new strikes, of still greater richness
than ever before, were duly made and recorded. And then, one fine
morning, appeared the first of Gordon's famous public advertisements,
modeled somewhat on the style of the pyrotechnic Lamson, with whom,
some years previous, the idea had originated. With this difference,
however, that the English of Gordon's advertisements was perfect, his
reasoning clear, his statements terse and directly to the point. In
one respect, on Doyle's advice, he did copy Lamson direct, and that
was in the matter of advising that no one should buy on margin. As
Doyle justly observed, not only was the moral effect of this advice
excellent, but there was practical advantage to be gained as well,
those who had intended buying on margin in the first place most
certainly not being deterred by the advertisement from doing so, while
on the other hand, many who had never dreamed of experimenting with
this risky form of gambling, being told not to do so, and finding in
addition that, if they did, they were bound to make four or five times
as much--when Konahassett went up--would yield to temptation, and thus
largely increase the amount of the stock subscribed.
For three days the advertisements were continued, and then at last the
stock was in reality listed. Even Gordon, knowing as he did that he
had picked the ideal moment for his venture, knowing as he did that
the country was in the midst of tremendous prosperity and fairly on
the upswing of a big bull market, knowing that money was still easy
and speculation rampant, even Gordon was absolutely amazed at the
public response. All day long the stock was bought in small lots, in
huge blocks, bought outright, bought on the flimsiest imaginable
margin, bought in every possible way that it could be bought,
legitimately or otherwise; and with the ringing of the closing bell
Konahassett preferred, with its par of twenty-five, closed at
thirty-three and one-half, while Konahassett common, with its
par at five, after the heaviest transactions ever recorded in any
copper stock in one day's trading, closed triumphantly at nine and
three-quarters. And Gordon and Doyle, dining together at the Federal,
looked upon their work and saw that it was good.
CHAPTER XII
GORDON LISTENS TO GOOD ADVICE
Public-domain text, read in full here on John Shaqi.
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