The Spenders: A Tale of the Third GenerationWilson, Harry Leon
General
The Spenders: A Tale of the Third Generation
Wilson, Harry Leon
Inheritance and succession -- Fiction; United States -- Social life and customs -- Fiction
Orders for twenty thousand more shares in thousand share lots during
the next three weeks sent the stock to 115. Yet wise men in the Street
seemed to fear the stock. They were waiting cautiously for more
definite leadings. The plunging of Bines made rather a sensation, and
when it became known that his holdings were large and growing almost
daily larger, the waning confidence of a speculator here and there
would be revived.
At 115 the stock rested again, with few sales recorded. A certain few
of the elect regarded this calm as ominous. It was half believed by
others that the manipulations of the inner ring would presently advance
the stock to a sensational figure, and that the reckless young man from
Montana might be acting upon information of a definite character. But
among the veteran speculators the feeling was conservative. Before
buying they preferred to await some sign that the advance had actually
begun. The conservatives were mostly the bald old fellows. Among the
illusions that rarely survive a man's hair in Wall Street is the one
that "sure things" are necessarily sure.
Percival watched Consolidated Copper go back to 110, and bought
again--ten thousand shares. The price went up two points the day after
his orders were placed, and two days later dropped back to 110. The
conservatives began to agree with the younger set of speculators, in so
far as both now believed that the stock was behaving in an unnatural
manner, indicating that "something was doing"--that manipulation behind
the scenes was under way to a definite end. The conservatives and the
radicals differed as to what this end was. But then, Wall Street is
nourished almost exclusively upon differences of opinion.
Percival now had accounts with five firms of brokers.
Public-domain text, read in full here on John Shaqi.
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