“I have sent for you,” he said, “because I want you to go instantly to
your friend Livingston and say to him that we hope he will not sell
any more stocks to-day. The market can’t stand much more pressure. As
it is, it will be an immensely difficult task to avert a devastating
panic. Appeal to your friend’s patriotism. This is a case where a man
has to work for the benefit of all. Let me know at once what he says.”
My friend came right over and told me. He was very tactful. I suppose
he thought that having planned to smash the market I would consider his
request as equivalent to throwing away the chance to make about ten
million dollars. He knew I was sore on some of the big guns for the way
they had acted trying to land the public with a lot of stock when they
knew as well as I did what was coming.
As a matter of fact, the big men were big sufferers and lots of the
stocks I bought at the very bottom were in famous financial names. I
didn’t know it at the time, but it did not matter. I had practically
covered all my shorts and it seemed to me there was a chance to buy
stocks cheap and help the needed recovery in prices at the same
time--if nobody hammered the market.
So I told my friend, “Go back and tell Mr. Blank that I agree with them
and that I fully realised the gravity of the situation even before he
sent for you. I not only will not sell any more stocks to-day, but I am
going in and buy as much as I can carry.” And I kept my word. I bought
one hundred thousand shares that day, for the long account. I did not
sell another stock short for nine months.
That is why I said to friends that my dream had come true and that
I had been king for a moment. The stock market at one time that day
certainly was at the mercy of anybody who wanted to hammer it. I do not
suffer from delusions of grandeur; in fact you know how I feel about
being accused of raiding the market and about the way my operations are
exaggerated by the gossip of the Street.
I came out of it in fine shape. The newspapers said that Larry
Livingston, the Boy Plunger, had made several millions. Well, I was
worth over one million after the close of business that day. But my
biggest winnings were not in dollars but in the intangibles: I had been
right, I had looked ahead and followed a clear-cut plan. I had learned
what a man must do in order to make big money; I was permanently out of
the gambler class; I had at last learned to trade intelligently in a
big way. It was a day of days for me.
_X_
Public-domain text, read in full here on John Shaqi.
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