He did. It seems Teller was already doing a big business and would
take all he could get. This was on Friday. The market had been going
up all that week--this was twenty years ago, remember--and it was a
cinch the bank statement on Saturday would show a big decrease in the
surplus reserve. That would give the conventional excuse to the big
room traders to jump on the market and try to shake out some of the
weak commission-house accounts. There would be the usual reactions in
the last half hour of the trading, particularly in stocks in which the
public had been the most active. Those, of course, also would be the
very stocks that Teller’s customers would be most heavily long of,
and the shop might be glad to see some short selling in them. There
is nothing so nice as catching the suckers both ways; and nothing so
easy--with one-point margins.
That Saturday morning I chased over to Hoboken to the Teller place.
They had fitted up a big customers’ room with a dandy quotation board
and a full force of clerks and a special policeman in gray. There were
about twenty-five customers.
I got talking to the manager. He asked me what he could do for me and
I told him nothing; that a fellow could make much more money at the
track on account of the odds and the freedom to bet your whole roll and
stand to win thousands in minutes instead of piking for chicken feed in
stocks and having to wait days, perhaps. He began to tell me how much
safer the stock-market game was, and how much some of their customers
made--you’d have sworn it was a regular broker who actually bought and
sold your stocks on the Exchange--and how if a man only traded heavy he
could make enough to satisfy anybody. He must have thought I was headed
for some pool room and he wanted a whack at my roll before the ponies
nibbled it away, for he said I ought to hurry up as the market closed
at twelve o’clock on Saturdays. That would leave me free to devote the
entire afternoon to other pursuits. I might have a bigger roll to carry
to the track with me--if I picked the right stocks.
I looked as if I didn’t believe him, and he kept on buzzing me. I was
watching the clock. At 11:15 I said, “All right,” and I began to give
him selling orders in various stocks. I put up two thousand dollars in
cash, and he was very glad to get it. He told me he thought I’d make a
lot of money and hoped I’d come in often.
It happened just as I figured. _The traders hammered the stocks in
which they figured they would uncover the most stops, and, sure enough,
prices slid off. I closed out my trades just before the rally of the
last five minutes on the usual traders’ covering._
There was fifty-one hundred dollars coming to me. I went to cash in.
“I’m glad I dropped in,” I said to the manager, and gave him my tickets.
“Say,” he says to me, “I can’t give you all of it. I wasn’t looking for
such a run. I’ll have it here for you Monday morning, sure as blazes.”
Public-domain text, read in full here on John Shaqi.
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