Still, they didn’t mend their ways, and so I worked that trick on
them several times. I did not dare punish them as severely as they
deserved, seldom more than a point or two on a hundred shares. But it
helped to swell my little hoard that I was saving for my next Wall
Street venture. I sometimes varied the process by selling some stock
short, without overdoing it. I was satisfied with my six or eight
hundred clear for each crack.
One day the stunt worked so well that it went far beyond all
calculations for a ten-point swing. I wasn’t looking for it. As a
matter of fact it so happened that I had two hundred shares instead
of my usual hundred at one broker’s, though only a hundred in the four
other shops. That was too much of a good thing--for them. They were
sore as pups about it and they began to say things over the wires. So
I went and saw the manager, the same man who had been so anxious to
get my account, and so forgiving every time I caught him trying to put
something over on me. He talked pretty big for a man in his position.
“That was a fictitious market for that stock, and we won’t pay you a
damned cent!” he swore.
“It wasn’t a fictitious market when you accepted my order to buy. You
let me in then, all right, and now you’ve got to let me out. You can’t
get around that for fairness, can you?”
“Yes, I can!” he yelled. “I can prove that somebody put up a job.”
“Who put up a job?” I asked.
“Somebody!”
“Who did they put it up on?” I asked.
“Some friends of yours were in it as sure as pop,” he said.
But I told him, “You know very well that I play a lone hand. Everybody
in this town knows that. They’ve known it ever since I started trading
in stocks. Now I want to give you some friendly advice: you just send
and get that money for me. I don’t want to be disagreeable. Just do
what I tell you.”
“I won’t pay it. It was a rigged-up transaction,” he yelled.
I got tired of his talk. So I told him: “You’ll pay it to me right now
and here.”
Well, he blustered a little more and accused me flatly of being
the guilty thimblerigger; but he finally forked over the cash. The
others were not so rambunctious. In one office the manager had been
studying these inactive-stock plays of mine and when he got my order
he actually bought the stock for me and then some for himself in the
Little Board, and he made some money. These fellows didn’t mind being
sued by customers on charges of fraud, as they generally had a good
technical legal defense ready. But they were afraid I’d attach the
furniture--the money in the bank I couldn’t because they took care not
to have any funds exposed to that danger. It would not hurt them to be
known as pretty sharp, but to get a reputation for welshing was fatal.
For a customer to lose money at his broker’s is no rare event. But for
a customer to make money and then not get it is the worst crime on the
speculators’ statute books.
Public-domain text, read in full here on John Shaqi.
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