I needed the money and the bigger shops were taking in plenty of it
from their regular customers. I got a friend of mine to go into a
certain office and trade. I just sauntered in to look them over. I
again tried to coax the order clerk to accept a small order, even if
it was only fifty shares. Of course he said no. I had rigged up a code
with this friend so that he would buy or sell when and what I told him.
But that only made me chicken feed. Then the office began to grumble
about taking my friend’s orders. Finally one day he tried to sell a
hundred St. Paul and they shut down on him.
We learned afterward that one of the customers saw us talking together
outside and went in and told the office, and when my friend went up to
the order clerk to sell that hundred St. Paul the guy said:
“We’re not taking any selling orders in St. Paul, not from you.”
“Why, what’s the matter, Joe?” asked my friend.
“Nothing doing, that’s all,” answered Joe.
“Isn’t that money any good? Look it over. It’s all there.” And my
friend passed over the hundred--my hundred--in tens. He tried to
look indignant and I was looking unconcerned; but most of the other
customers were getting close to the combatants, as they always did when
there was loud talking or the slightest semblance of a scrap between
the shop and any customer. They wanted to get a line on the merits of
the case in order to get a line on the solvency of the concern.
The clerk, Joe, who was a sort of assistant manager, came out from
behind his cage, walked up to my friend, looked at him and then looked
at me.
“It’s funny,” he said slowly--“it’s damned funny that you never do a
single thing here when your friend Livingston isn’t around. You just
sit and look at the board by the hour. Never a peep. But after he comes
in you get busy all of a sudden. Maybe you are acting for yourself; but
not in this office any more. We don’t fall for Livingston tipping you
off.”
Well, that stopped my board money. But I had made a few hundred more
than I had spent and I wondered how I could use them, for the need of
making enough money to go back to New York with was more urgent than
ever. I felt that I would do better the next time. I had had time to
think calmly of some of my foolish plays; and then, one can see the
whole better when one sees it from a little distance. The immediate
problem was to make the new stake.
One day I was in a hotel lobby, talking to some fellows I knew, who
were pretty steady traders. Everybody was talking stock market. I made
the remark that nobody could beat the game on account of the rotten
execution he got from his brokers, especially when he traded at the
market, as I did.
A fellow piped up and asked me what particular brokers I meant.
I said, “The best in the land,” and he asked who might they be. I could
see he wasn’t going to believe I ever dealt with first-class houses.
Public-domain text, read in full here on John Shaqi.
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