New York (N.Y.) -- Social life and customs -- Fiction; Wall Street (New York, N.Y.) -- Fiction
Each of these was a good and sufficient reason why Iowa Midland stock
should be sold. The comparison is odiously trite, but the growth of an
adverse rumor in Wall Street really resembles nothing so much as the
traditional snowball rolling down a hillside and becoming larger and
larger as it rolls, until it is huge, terrific, with appalling
possibilities for evil.
The Board Room became Iowa-Midland-mad. Speculators often stampede—just
like other animals. No stock can withstand their rush to sell, even
though it be “protected” or “supported” by its manipulators, much less a
stock like Iowa Midland, whose market sponsor was out of town, and out
of reach of the telegraph.
From all over the room men rushed to Brown, who was sitting calmly at
the Erie “post,” chatting pleasantly with a friend.
“Brown, what’s up in Iowa Midland?” one of them asked, feverishly. The
others listened eagerly.
Brown might have said, “I don’t know,” rudely, and turned his back on
them. But he did not. He responded jocularly: “It seems to me that
something is down in Iowa Midland, that something being about three
points, I should say. Ha! ha!”
By this time nearly all the listeners had concluded that, since Brown
refused to tell, there must be something serious—something very serious.
Brown obviously was still selling the stock through other brokers, and
would keep the bad news to himself until he had marketed his “line.”
After that, probably he would become interestingly garrulous. They
therefore advised their respective offices to get rid of their Iowa
Midland stock. It might be all right; but it might be all wrong. And it
was going down fast.
Mr. Greener in his office was looking at the “tape” as it came out of
the little electrical printing machine that records the transactions and
prices.
The sallow-faced little man permitted himself a slight—a very
slight—smile. The tape showed: “IA. MID., 1000. 39; 300. 38¾; 500. ⅝;
300. ½; 200. ⅜; ¼; 300. 38.”
He turned away to summon a clerk, to whom he said: “Mr. Rock, please
send for Mr. Coolidge. Make haste.”
“Very well, sir.”
A portly, white-waistcoated, white-haired man, with snow-white,
short-cropped side whiskers, burst unceremoniously into the room.
“How do you do, Mr. Ormiston?” squeaked Greener, cordially.
“Greener,” panted the portly man, “what’s the matter with Iowa Midland?”
“How should I know?” in a half-complaining, half-petulant squeak.
“Brown started the selling. I saw it myself. Greener, I did you a good
turn once in Central District Telegraph. I’m long 6,000 shares of this
Iowa Midland. For God’s sake, man, if you know anything——”
“Mr. Ormiston, all I know is what I learn from my confidential reports
of the Iowa crop. Along the line of the Keokuk & Northern the crop is
not what I hoped for.” And he shook his head dolefully.
“_Ticky-ticky-ticky tick!_” said the ticker, calmly.
Public-domain text, read in full here on John Shaqi.
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