VOObyM

Reminiscences of a Stock Operator
Haley, the manager of Harding Brothers' Palm Beach Branch, was waiting for Mrs.
Livingston to call there on the third morning. She usually strolled in about eleven to see
how things were, if I was doing anything.
Haley took her aside and said, "Mrs. Livingston, if you want me to carry that hundred
shares of Borneo Tin for you, you will have to give me more margin."
"But I haven't any more," she told him.
"I can transfer it to your regular account," he said.
"No," she objected, "because that way L. L. would learn about it."
"But the account already shows a loss of " he began.
"But I told you distinctly I didn't want to lose more than the five hundred dollars. I didn't
even want to lose that," she said.
"I know, Mrs. Livingston, but I didn't want to sell it without consulting you, and now
unless you authorise me to hold it I'll have to let it go."
"But it did so nicely the day I bought it," she said, "that I didn't believe it would act this
way so soon. Did you?"
"No," answered Haley, "I didn't." They have to be diplomatic in brokers' offices.
"What's gone wrong with it, Mr. Haley?"
Haley knew, but he could not tell her without giving me away, and a customer's business
is sacred. So he said, "I don't hear anything special about it, one way or another. There
she goes! That's low for the move!" and he pointed to the quotation board.
Mrs. Livingston gazed at the sinking stock and cried: "Oh, Mr. Haley! I didn't want to
lose my five hundred dollars! What shall I do?"
"I don't know, Mrs. Livingston, but if I were you I'd ask Mr. Livingston."
"Oh, no! He doesn't want me to speculate on my own hook. He's told me so. He'll buy or
sell stock for me, if I ask him, but I've never before done trading that he did not know all
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