“Oh,” said the other, “we shall certainly have to charge you a ten per
cent, margin.”
Montague was not prepared for this contingency; but he did some mental
arithmetic. “What is the present price of the stock?” he asked.
“Fifty-nine and five-eighths,” was the reply.
“Then sixty thousand dollars is more than ten per cent, of the market
price,” said Montague.
“Yes,” said Mr. Streeter. “But in dealing with a stranger we shall
certainly have to put a ‘stop loss’ order at four points above, and
that would leave you only two points of safety—surely not enough.”
“I see,” said Montague—and he had a sudden appalling realization of the
wild game which his brother had planned for him.
“Whereas,” Mr. Streeter continued, persuasively, “if you put up ten per
cent., you will have six points.”
“Very well,” said the other promptly. “Then please buy me six thousand
shares.”
So they closed the deal, and the papers were signed, and Mr. Streeter
took the six new, crisp ten-thousand-dollar bills.
Then he escorted him to the outer office, remarking pleasantly on the
way, “I hope you’re well advised. We’re inclined to be bearish upon
Transcontinental ourselves—the situation looks rather squally.”
These words were not worth the breath it took to say them; but Montague
was not aware of this, and felt a painful start within. But he
answered, carelessly, that one must take his chance, and sat down in
one of the customer’s chairs. Hammond and Streeter’s was like a little
lecture-hall, with rows of seats and a big blackboard in front, with
the initials of the most important stocks in columns, and yesterday’s
closing prices above, on little green cards. At one side was a ticker,
with two attendants awaiting the opening click.
In the seats were twenty or thirty men, old and young; most of them
regular _habitués_, victims of the fever of the Street. Montague
watched them, catching snatches of their whispered conversation, with
its intricate and disagreeable slang. He felt intensely humiliated and
uncomfortable—for he had got the fever of the Street into his own
veins, and he could not conquer it. There were nasty shivers running up
and down his spine, and his hands were cold.
He stared at the little figures, fascinated; they stood for some vast
and tremendous force outside, which could not be controlled or even
comprehended,—some merciless, annihilating force, like the lightning or
the tornado. And he had put himself at the mercy of it; it might do its
will with him! “Tr. C. 59-5/8” read the little pasteboard; and he had
only six points of safety. If at any time in the day that figure should
be changed to read “53-5/8”—then every dollar of Montague’s sixty
thousand would be gone for ever! The great fee that he had worked so
hard for and rejoiced so greatly over—that would be all gone, and a
slice out of his inheritance besides!
Public-domain text, read in full here on John Shaqi.
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