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
From ten to three they stood before the quotation board and watched a
quick-witted boy chalk the price changes, which one or another of the
customers read aloud from the tape as it came from the ticker. The
higher stocks went the more numerous the customers became, being allured
in great flocks to the Street by the tales of their friends, who had
profited greatly by the rise. All were winning, for all were buying
stocks in a bull market. They resembled each other marvelously, these
men who differed so greatly in cast of features and complexion and age.
Life to all of them was full of joy. The very ticker sounded mirthful;
its clicking told of golden jokes. And Gilmartin and the other customers
laughed heartily at the mildest of stories without even waiting for the
point of the joke. At times their fingers clutched the air happily, as
if they actually felt the good money the ticker was presenting to them.
They were all neophytes at the great game--lambkins who were bleating
blithely to inform the world what clever and formidable wolves they
were. Some of them had sustained occasional losses; but these were
trifling compared with their winnings.
When the slump came all were heavily committed to the bull side. It was
a bad slump. It was so unexpected--by the lambs--that all of them said,
very gravely, it came like a thunderclap out of a clear sky. While it
lasted, that is, while the shearing of the flock was proceeding, it
was very uncomfortable. Those same joyous, winning stock-gamblers,
with beaming faces, of the week before, were fear-clutched, losing
stock-gamblers, with livid faces, on what they afterward called the day
of the panic. It really was only a slump; rather sharper than usual.
Too many lambs had been over-speculating. The wholesale dealers in
securities--and insecurities--held very little of their own wares,
having sold them to the lambs, and wanted them back now--cheaper. The
customers’ eyes, as on happier days, were intent on the quotation board.
Their dreams were rudely shattered; the fast horses some had all
but bought joined the steam yachts others almost had chartered. The
beautiful homes they had been building were torn down in the twinkling
of an eye. And the demolisher of dreams and dwellings was the ticker,
that instead of golden jokes was now clicking financial death. They
could not take their eyes from the board before them. Their own ruin,
told in mournful numbers by the little machine, fascinated them. To be
sure, poor Gilmartin said: “I’ve changed my mind about Newport. I guess
I’ll spend the summer on my own _Hotel de Roof!_” And he grinned; but
he grinned alone. Wilson, the dry goods man, who laughed so joyously at
everybody’s jokes, was now watching, as if under a hypnotic spell, the
lips of the man who sat on the high stool beside the ticker and called
out the prices to the quotation boy. Now and again Wilson’s own lips
made curious grimaces, as if speaking to himself. Brown, the slender,
Public-domain text, read in full here on John Shaqi.
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