Haley, the manager, said, “Oh, yes. We can make it a special account. What’s the stock and how much of it do you want to buy?” She gave him the five hundred dollars and told him, “Listen, please. I do not wish to lose more than this money. If that goes I don’t want to owe you anything; and remember, I don’t want Mr. Livingston to know anything about this. Buy me as much Borneo Tin as you can for the money, at the opening.” Haley took the money and told her he’d never say a word to a soul, and bought her a hundred shares at the opening. I think she got it at 108. The stock was very active that day and closed at an advance of three points. Mrs. Livingston was so delighted with her exploit that it was all she could do to keep from telling me all about it. It so happened that I had been getting more and more bearish on the general market. The unusual activity in Borneo Tin drew my attention to it. I didn’t think the time was right for any stock to advance, much less one like that. I had decided to begin my bear operations that very day, and I started by selling about ten thousand shares of Borneo. If I had not I rather think the stock would have gone up five or six points instead of three. On the very next day I sold two thousand shares at the opening and two thousand shares just before the close, and the stock broke to 102. Haley, the manager of Harding Brothers’ Palm Beach Branch, was waiting for Mrs. Livingston to call there on the third morning. She usually strolled in about eleven to see how things were, if I was doing anything. Haley took her aside and said, “Mrs. Livingston, if you want me to carry that hundred shares of Borneo Tin for you you will have to give me more margin.” “But I haven’t any more,” she told him. “I can transfer it to your regular account,” he said. “No,” she objected, “because that way L.L. would learn about it.” “But the account already shows a loss of--” he began. “But I told you distinctly I didn’t want to lose more than the five hundred dollars. I didn’t even want to lose that,” she said. “I know, Mrs. Livingston, but I didn’t want to sell it without consulting you, and now unless you authorise me to hold it I’ll have to let it go.” “But it did so nicely the day I bought it,” she said, “that I didn’t believe it would act this way so soon. Did you?” “No,” answered Haley, “I didn’t.” They have to be diplomatic in brokers’ offices. “What’s gone wrong with it, Mr. Haley?” Haley knew, but he could not tell her without giving me away, and a customer’s business is sacred. So he said, “I don’t hear anything special about it, one way or the other. There she goes! That’s low for the move!” and he pointed to the quotation board. Mrs. Livingston gazed at the sinking stock and cried: “Oh, Mr. Haley! I don’t want to lose my five hundred dollars! What shall I do?” “I don’t know, Mrs. Livingston, but if I were you I’d ask Mr. Livingston.”