VOObyM

Reminiscences of a Stock Operator
thought of buying a single share; or how grateful, either, when the underwriting
syndicate sold one hundred thousand shares around 40 to the people who were going to
sell those same shares to me at 50 or 60. I sure was a sucker not to use the four millions
to make money for them, wasn't I? The cash was supplied to buy stock with, but only if I
thought it necessary to do so. Well,I didn't."
Joshua had been in Wall Street long enough not to let anger interfere with business. He
cooled off as he heard me, and when I was through talking he said in a friendly tone of
voice, "Look here, Larry, old chap, what shall we do?"
"Do whatever you please."
"Aw, be a sport. What would you do if you were in our place?"
"If I were in your place," I said solemnly, "do you know what I'd do?"
"What?"
"I'd sell out!" I told him.
He looked at me a moment, and without another word turned on his heel and walked out
of my office. He's never been in it since.
Not long after that, Senator Gordon also called. He, too, was quite peevish and blamed
me for their troubles. Then Kane joined the anvil chorus. They forgot that their stock
had been unsalable in bulk when they formed the syndicate. All they could remember
was that I didn't sell their holdings when I had the syndicate's millions and the stock was
active at 44, and that now it was 30 and dull as dishwater. To their way of thinking I
should have sold out at a good fat profit.
Of course they also cooled down in due time. The syndicate wasn't out a cent and the
main problem remained unchanged: to sell their stock. A day or two later they came
back and asked me to help them out. Gordon was particularly insistent, and in the end I
made them put in their pooled stock at
My fee for my services was to be one-half of whatever I got above that figure. The last
sale had been at about 30.
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