He said he would, and I got up and gave him my place by the ticker so
he could call out the prices for the boy. I took my seven Sugar tickets
out of my pocket and walked over to the counter, to where the clerk was
who marked the tickets when you closed your trades. But I didn’t really
know why I should get out of the market, so I just stood there, leaning
against the counter, my tickets in my hand so that the clerk couldn’t
see them. Pretty soon I heard the clicking of a telegraph instrument
and I saw Tom Burnham, the clerk, turn his head quickly and listen.
Then I felt that something crooked was hatching, and I decided not to
wait any longer. Just then Dave Wyman by the ticker, began: “Su--”
and quick as a flash I slapped my tickets on the counter in front of
the clerk and yelled, “Close Sugar!” before Dave had finished calling
the price. So, of course, the house had to close my Sugar at the last
quotation. What Dave called turned out to be 103 again.
According to my dope Sugar should have broken 103 by now. The engine
wasn’t hitting right. I had the feeling that there was a trap in the
neighbourhood. At all events, the telegraph instrument was now going
like mad and I noticed that Tom Burnham, the clerk, had left my tickets
unmarked where I laid them, and was listening to the clicking as if he
were waiting for something. So I yelled at him: “Hey, Tom, what in hell
are you waiting for? Mark the price on these tickets--103! Get a gait
on!”
Everybody in the room heard me and began to look toward us and ask what
was the trouble, for, you see, while the Cosmopolitan had never laid
down, there was no telling, and a run on a bucket shop can start like a
run on a bank. If one customer gets suspicious the others follow suit.
So Tom looked sulky, but came over and marked my tickets “Closed at
103” and shoved the seven of them over toward me. He sure had a sour
face.
Say, the distance from Tom’s place to the cashier’s cage wasn’t over
eight feet. But I hadn’t got to the cashier to get my money when Dave
Wyman by the ticker yelled excitedly: “Gosh! Sugar, 108!” But it was
too late; so I just laughed and called over to Tom, “It didn’t work
that time, did it, old boy?”
Of course, it was a put-up job. Henry Williams and I together were
short six thousand shares of Sugar. That bucket shop had my margin and
Henry’s, and there may have been a lot of other Sugar shorts in the
office; possibly eight or ten thousand shares in all. Suppose they had
$20,000 in Sugar margins. That was enough to pay the shop to thimblerig
the market on the New York Stock Exchange and wipe us out. In the old
days whenever a bucket shop found itself loaded with too many bulls on
a certain stock it was a common practice to get some broker to wash
down the price of that particular stock far enough to wipe out all
the customers that were long of it. This seldom cost the bucket shop
more than a couple of points on a few hundred shares, and they made
thousands of dollars.
Public-domain text, read in full here on John Shaqi.
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