"Don't know but what I could use your firm," said the operator
thoughtfully. "Not that I'm rushing matters too much, Tom. The market's
pretty strong at present. I want to feel it out. Maybe I could use
them--for what I want them to know. Get your raise, but keep out of the
firm--for the present, anyhow. Just now I'm holding back a little, Tom,
a little early to uncover my game--tell you, though, what you might do;
sell five hundred shares a day of Pittsburgh & New Orleans for me, but
tell them to break it up 50 here and 50 there. I don't mind telling you
one thing, but keep it under your belt; no confidences this time." He
looked up sharply at the young fellow, who twisted on his heel under the
look. "Confidences sometimes react and I don't want the cat out of the
bag. What's Pittsburgh & New Orleans quoted?"
"47-1/8 Closing," said Bojo.
"A month from to-day it'll sell below thirty. And another thing, Tom,
don't go trying any fliers on your own hook, without coming to me. You
had fool's luck once, don't try it again. Remember I'm manipulating this
pool and I have my ways!"
This time Bojo was under no illusions. Despite his warning he knew in
the bottom of his heart that when the moment came he would operate for
himself. However, he resolved on two things: to share his secret with no
one and to watch the course of Pittsburgh and New Orleans for a week
before making up his mind. The first flurry had subsided. To the
surprise of every one the attack ceased over night. The list resumed its
normal position with the exception of several southern railroad stocks,
notably Pittsburgh & New Orleans, which remained heavy, declining
fractionally.
During these days, Bojo resolutely stuck to his resolve, imparting no
information, keeping out of the market himself. On the announcement of
the first order for Drake, his salary was raised to $125 a week and the
affection of the firm showed itself in several invitations to enter the
consultation. Each day Forshay found opportunity to ask in a casual way:
"Not doing anything on your own hook yet, eh? Sort of watching
developments?"
Ten days after the first attack, another flurry arrived, but this time
the attack was from the open, from all the bear cohorts who for months
had been grumbling in vain, predicting disaster from inflation and the
panic that must follow inevitable readjustment. Borneman and his crowd
sold openly and viciously, raiding all stocks alike, particularly
industrials. That day, among other orders, Hauk, Flaspoller and Forshay
sold 10,000 shares of Pittsburgh & New Orleans which broke from 44 to
39-5/8 under savage pounding. Crocker resisted no longer and sold a
thousand for his own account. That day Forshay failed to make his usual
inquiry.
Public-domain text, read in full here on John Shaqi.
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