Anyhow, at fifteen I was making a good living out of the stock market.
I began in the smaller bucket shops, where the man who traded in twenty
shares at a clip was suspected of being John W. Gates in disguise or
J. P. Morgan traveling incognito. Bucket shops in those days seldom
lay down on their customers. They didn’t have to. There were other
ways of parting customers from their money, even when they guessed
right. The business was tremendously profitable. When it was conducted
legitimately--I mean straight, as far as the bucket shop went--the
fluctuations took care of the shoestrings. It doesn’t take much of a
reaction to wipe out a margin of only three quarters of a point. Also,
no welsher could ever get back in the game. Wouldn’t have any trade.
I didn’t have a following. I kept my business to myself. It was a
one-man business, anyhow. It was my head, wasn’t it? Prices either
were going the way I doped them out, without any help from friends
or partners, or they were going the other way, and nobody could stop
them out of kindness to me. I couldn’t see where I needed to tell my
business to anybody else. I’ve got friends, of course, but my business
has always been the same--a one-man affair. That is why I have always
played a lone hand.
As it was, it didn’t take long for the bucket shops to get sore on me
for beating them. I’d walk in and plank down my margin, but they’d
look at it without making a move to grab it. They’d tell me there
was nothing doing. That was the time they got to calling me the Boy
Plunger. I had to be changing brokers all the time, going from one
bucket shop to another. It got so that I had to give a fictitious name.
I’d begin light, only fifteen or twenty shares. At times, when they got
suspicious, I’d lose on purpose at first and then sting them proper.
Of course after a while they’d find me too expensive and they’d tell
me to take myself and my business elsewhere and not interfere with the
owners’ dividends.
Once, when the big concern I’d been trading with for months shut down
on me I made up my mind to take a little more of their money away
from them. That bucket shop had branches all over the city, in hotel
lobbies, and in near-by towns. I went to one of the hotel branches
and asked the manager a few questions and finally got to trading. But
as soon as I played an active stock my especial way he began to get
messages from the head office asking who it was that was operating. The
manager told me what they asked him and I told him my name was Edward
Robinson, of Cambridge. He telephoned the glad news to the big chief.
But the other end wanted to know what I looked like. When the manager
told me that I said to him, “Tell him I am a short fat man with dark
hair and a bushy beard!” But he described me instead, and then he
listened and his face got red and he hung up and told me to beat it.
“What did they say to you?” I asked him politely.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account