New York (N.Y.) -- Social life and customs -- Fiction; Wall Street (New York, N.Y.) -- Fiction
Dan went to the Federal Telegraph post where a score of madmen were
shouting at the top of their voices the prices they were willing to pay
or to accept for varying amounts of the stock. He gave to twenty brokers
orders to sell 1,000 shares each at the best obtainable price and he
himself, through another man took an equal amount. On the next day he in
person sold 20,000 shares and on the third day the last 10,000 shares of
Greener’s order. This selling, the Street thought, was for his own
account. It was all short stock; that is, his colleagues thought he was
selling stock he didn’t own, trusting later on to buy it back cheaply.
Such selling never has the depressing effect of “long” stock because it
is obvious that the short seller must sooner or later buy the stock in,
insuring a future demand, which should exert a lifting influence on
prices; for
“_He who sells what isn’t his’n
Must buy it back or go to pris’n._”
And Dittenhoeffer was able to get an average of $86 per share for
Greener’s 50,000 shares of Federal Telegraph Company stock, for the
Street agreed, with many headshakings, that Dan was becoming too
reckless and Greener was a slippery little cuss and the short interest
must be simply enormous and the danger of a bad “squeeze” exceedingly
great. Wherefore, they forebore to “whack” Telegraph. Indeed, many
shrewd traders saw, in the seeming weakness of the stock, a trap of the
wily little Napoleon and they “fooled” him by astutely buying Federal
Telegraph!
With the $4,300,000 which he received from the sale of the big block of
stock, Greener overcame his other troubles and carried out all his
plans. It was a daring stroke, to trust to a stock broker’s professional
honor. It made him the owner of a great railroad system. Dutch Dan’s
attacks later did absolutely no harm. Greener had made an opportunity
and Dittenhoeffer had lost one.
PIKE’S PEAK OR BUST
He was only seventeen, fair-haired and rosy-cheeked, with girlish blue
eyes, when he applied for the vacancy in the office of Tracy &
Middleton, Bankers and Brokers. His name was Willis N. Hayward, and he
was a proud boy, indeed, when he was selected out of twenty “applicants”
to be telephone-clerk for the firm.
From 10 A.M. until 3 P.M. he stood by Tracy & Middleton’s private
telephone on the floor of the Stock Exchange—the Board Room—receiving
messages from the office—chiefly orders to buy or sell stocks for
customers—and transmitting the same messages to the “Board member” of
the firm, Mr. Middleton; also telephoning Mr. Middleton’s reports to the
office. He spoke with a soft, refined voice, and his blue eyes beamed so
ingenuously upon the other telephone-boys in the same row of booths,
that they said they had a Sally in their alley, and they immediately
nicknamed him Sally.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account