New York (N.Y.) -- Social life and customs -- Fiction; Wall Street (New York, N.Y.) -- Fiction
The portly man approached the little machine.
“Thirty-seven-and-an-eighth. Thirty-seven!” he shouted. “Great Scott!
she’s going down like a——” He did not finish the comparison, but rushed
out of the office without pausing to say good-by. At one o’clock his
6,000 shares at $42½ represented $255,000. Now, at two o’clock, at $37,
the same stock would fetch about $222,000. A depreciation of $33,000 in
an hour is apt to make one neglectful of the little niceties. An
additional un-nicety was the obvious fact that an attempt to sell 6,000
shares on a declining market would inevitably cause a still further
drop. Mr. Ormiston was excusable.
Again Mr. Greener summoned a confidential clerk.
“Mr. Rock,” he squeaked, placidly, “telephone Mr. Brown that Ormiston,
Monkhouse & Co. are about to sell 6,000 shares of Iowa Midland, and that
Mr. Coolidge must not pay more than 35 for it.”
“Mr. Coolidge is in your private room, sir,” announced an office-boy.
The little financier, with an expressionless, sallow face, confronted
his chief confidential broker. Their relations were unsuspected by the
Street. Everybody thought Coolidge was a pleasant and honorable man.
“Coolidge, go to the Board at once. Ormiston is going to sell 6,000
shares of Iowa Midland. Get it as cheap as you can. Don’t be in a hurry,
though.”
“How much shall I buy?” asked the broker, jotting down a few figures in
his order book.
“As much as you can; all that is offered below 37,” squeaked the
Napoleon of the Street. It was a Napoleonic order. “And, Coolidge, I
don’t want this known by any one. Clear the stock yourself.” It meant
that Mr. Coolidge was to put the stock through the Clearing House in his
own name. As there is a charge for this service, in addition to the
usual buying or selling commission, such steps are not resorted to
unless it is desired to conceal the identity of the broker’s principal,
should the latter be a fellow-member of the Exchange.
“Very well, Mr. Greener. Good-morning.” And the broker went out on a
run. “Whew!” he whistled when he was in the Street on his way to the
Stock Exchange, a few doors below. “Brown & Greener must be short at
least 50,000 or 60,000 shares.” This was five times too much. But it
showed that Mr. Greener was impartial in his distribution of erroneous
impressions. He wanted to accumulate the stock rather than “cover” a
short line; but there was no reason why even his most trusted broker
should know it.
Ormiston’s 6,000 shares found their way to Mr. Coolidge’s office at from
34⅞ to 35¾. Mr. Brown in the meantime had succeeded in forcing down the
prices by the usual tricks. The man who once had done Greener a good
turn now did him another—the gift of $40,000!
Public-domain text, read in full here on John Shaqi.
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