VOObyM

Reminiscences of a Stock Operator
New York Stock Exchange, J. T. Hood. One day another floor trader, Bert Walker, told
him that he had done a good turn to a prominent director of the Atlantic & Southern. In
return the grateful insider told him to buy all the A. & S. he could carry. The directors
were going to do something that would put the stock up at least twenty-five points. All
the directors were not in the deal, but the majority would be sure to vote as wanted.
Bert Walker concluded that the dividend rate was going to be raised. He told his friend
Hood and they each bought a couple of thousand shares of A. & S. The stock was very
weak, before and after they bought, but Hood said that was obviously intended to
facilitate accumulation by the inside clique, headed by Bert's grateful friend.
On the following Thursday, after the market closed, the directors of the Atlantic &
Southern met and passed the dividend. The stock broke six points in the first six minutes
of trading Friday morning.
Bert Walker was sore as a pup. He called on the grateful director, who was brokenhearted
about it and very penitent. He said that he had forgotten that he had told Walker
to buy. That was the reason he had neglected to call him up to tell him of a change in the
plans of the dominant faction in the board. The remorseful director was so anxious to
make up that he gave Bert another tip. He kindly explained that a couple of his
colleagues wanted to get cheap stock and against his judgment resorted to coarse work.
He had to yield to win their votes. But now that they all had accumulated their full lines
there was nothing to stop the advance. It was a double, riveted, lead-pipe cinch to buy A.
& S. now.
Bert not only forgave him but shook hands warmly with the high financier. Naturally he
hastened to find his friend and fellow-victim, Hood, to impart the glad tidings to him.
They were going to make a killing. The stock had been tipped for a rise before and they
bought. But now it was fifteen points lower. That made it a cinch. So they bought five
thousand shares, joint account.
As if they had rung a bell to start it, the stock broke badly on what quite obviously was
inside selling. Two specialists cheerfully confirmed the suspicion. Hood sold out their
five thousand shares. When he got through Bert Walker said to him, "If that blanketyblank
blanker hadn't gone to Florida day before yesterday I'd lick the stuffing out of him.
Yes, I would. But you come with me."
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