The Tipster: 1901, From "Wall Street Stories" — John Shaqi
The Tipster: 1901, From "Wall Street Stories"Lefevre, Edwin
General
The Tipster: 1901, From "Wall Street Stories"
Lefevre, Edwin
New York (N.Y.) -- Social life and customs -- Fiction; Short stories; Wall Street (New York, N.Y.) -- Fiction
“I was there when the papers were signed,” Gilmartin said, hotly. “I
was going to leave the room, but Sam told me I needn’t. I can’t tell you
what it is about; really I can’t. But he’s simply going to put the stock
above par. It’s 64 1/2 now, and you know and I know that by the time it
is 75 the newspapers will all be talking about inside buying; and at 85
everybody will want to buy it on account of important developments; and
at 95 there will be millions of bull tips on it and rumors of increased
dividends, and people who would not look at it thirty points lower will
rush in and buy it by the bushel. Let me know who is manipulating a
stock, and to h--l with dividends and earnings. Them’s _my_ sentiments,”
with a final hammering nod, as if driving in a profound truth.
“Same here,” assented Freeman, cordially. He was attacked on his
vulnerable side.
Strange things happen in Wall Street. Sometimes tips come true. It so
proved in this case. Sharpe started the stock upward brilliantly--the
movement became historic in the Street--and Pa. Cent, soared dizzily and
all the newspapers talked of it and the public went mad over it and
it touched 80 and 85 and 88 and higher, and then Gilmartin made his
brother-in-law sell out and Smithers and Freeman. Their profits were:
Griggs, $8,000; Smithers, $15,100; Freeman, $2,750. Gilmartin made them
give him a good percentage. He had no trouble with his brother-in-law.
Gilmartin told him it was an inviolable Wall Street custom and so Griggs
paid, with an air of much experience in such matters. Freeman was more
or less grateful. But Smithers met Gilmartin, and full of his good luck
repeated what he had told a dozen men within the hour: “I did a dandy
stroke the other day. Pa. Cent. looked to me like higher prices and I
bought a wad of it. I’ve cleaned up a tidy sum,” and he looked proud of
his own penetration. He really had forgotten that it was Gilmartin who
had given him the tip. But not so Gilmartin, who retorted, witheringly:
“Well, I’ve often heard of folks that you put into good things and they
make money and afterward they come to you and tell how damned smart
they were to hit it right. But you can’t work that on me. I’ve got
witnesses.”
“Witnesses?” echoed Smithers, looking cheap. He remembered.
“Yes, wit-ness-es,” mimicked Gilmartin, scornfully, “I all but had to
get on my knees to make you buy it. And I told you when to sell it, too.
The information came to me straight from headquarters and you got
the use of it, and now the least you can do is to give me twenty-five
hundred dollars.”
In the end he accepted eight hundred dollars. He told mutual friends
that Smithers had cheated him.
VI
Public-domain text, read in full here on John Shaqi.
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