Cammack was not easily excited, and, moreover, was so accustomed to
having all manner of people rush madly into his office with all manner
of news, gossip, rumors, tips and lies that he had grown distrustful of
them all. He merely said now, “Are you sure you heard right, Joseph?”
“Am I sure? Certainly I am sure! Do you think I am deaf?” said Joseph.
“Are you sure of your man?”
“Absolutely!” declared Joseph. “I’ve known him for years. He has never
lied to me. He wouldn’t! No object! I know he is absolutely reliable
and I’d stake my life on what he tells me. I know him as well as I know
anybody in this world--a great deal better than you seem to know me,
after all these years.”
“Sure of him, eh?” And Cammack again looked at Joseph. Then he said,
“Well, you ought to know.” He called his broker, W. B. Wheeler. Joseph
expected to hear him give an order to sell at least fifty thousand
shares of St. Paul. William Rockefeller was disposing of his holdings
in St. Paul, taking advantage of the strength of the market. Whether it
was investment stock or speculative holdings was irrelevant. The one
important fact was that the best stock trader of the Standard Oil crowd
was getting out of St. Paul. What would the average man have done if he
had received the news from a trustworthy source? No need to ask.
But Cammack, the ablest bear operator of his day, who was bearish on
the market just then, said to his broker, “Billy, go over to the board
and buy fifteen hundred St. Paul every three-eighths up.” The stock was
then in the nineties.
“Don’t you mean sell?” interjected Joseph hastily. He was no novice in
Wall Street, but he was thinking of the market from the point of view
of the newspaper man and, incidentally, of the general public. The
price certainly ought to go down on the news of inside selling. And
there was no better inside selling than Mr. William Rockefeller’s. The
Standard Oil getting out and Cammack buying! It couldn’t be!
“No,” said Cammack; “I mean buy!”
“Don’t you believe me?”
“Yes!”
“Don’t you believe my information?”
“Yes.”
“Aren’t you bearish?”
“Yes.”
“Well, then?”
“That’s why I’m buying. Listen to me now: You keep in touch with that
reliable friend of yours and the moment the scaled selling stops, let
me know. Instantly! Do you understand?”
“Yes,” said Joseph, and went away, not quite sure he could fathom
Cammack’s motives in buying William Rockefeller’s stock. It was the
knowledge that Cammack was bearish on the entire market that made his
manœuvre so difficult to explain. However, Joseph saw his friend the
transfer clerk and told him he wanted to be tipped off when the Old Man
got through selling. Regularly twice a day Joseph called on his friend
to inquire.
One day the transfer clerk told him, “There isn’t any more stock coming
from the Old Man.” Joseph thanked him and ran to Cammack’s office with
the information.
Public-domain text, read in full here on John Shaqi.
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