The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-10-23

execute any orders I should like to Civ
him but, as if noticing my scared loo
for now the time had come, I begar
in common parlance, to "funk" It'll
called his partner, Bond, who had Jus
come in, and my friend T. into his pr
vate room, and with closed doors the
consulted together for some little time
L. then came out, and said that thoug
Script 4 Bond would be very pleased t
operate for me, they would not carr
over.
Garry over! What on earth do the
mean?' said.
L. smiled at my simplicity; but a
some of my readers may be Just as ie
norant Of the ways of the Stock En-
change as was then, 1 will give then
the gist of It's explanation.
When q person buys or sells share
or stock, he either pays or is paid 70
them at once, or he waits for the &C
count. which is term used on tn
Stock Exchange to denote the tim'
Generally about two weeks) in whicl
the transaction must be completed
and all purchases or sales of stock mus
be "made up or paid for on or bcfor,
the settling-day, which is the last day
of the account. If person is only
speculating-it will often happen thai
the price of the shares has not gone uI
or down according to his expectations
he can some times, by paying a small
fine, "carry over his account till the
following settling-dsy. This operation
is attended with some risk to the stock.
broker, as should the shares go down
instead of up, or cice UersG, and the
operator should prove unable to pay
the difference between the buying and
selling prices, the stOckbroker would
have to pay the difference out of his
own pocket. 1t follows that, unless he
knows his client to be man of sub.
stance, he will as rule refuse to transact
business of this kind. l was unknown
to Messrs. Script & Bond; they therefore
naturally refused to ''carry over'' for me.
To comfort me, T. added to his ex.
PLANTATION.
II am quite sure that even if they
would do it there would be no occasion
for it. Long before the goth, the day
for which l propose to sell, the shares
will have gone down and we shall have
bought in. You needn't be afraid; they
must to moral certainty go down"
was satisfied, and so were Messrs.
Script & Bond. 1 gave my orders to
sell Great BuffalOes, and then it was
that began to understand how l could
sell things that l did not possess, and
could buy them back and still be with
out any.
The contract note was forwarded to
my rooms in the evening, and spent
half the night in intricate calculations
of how much / should make if they fell
to certain points. did not sleep much
that night. and by the next morning
my fears of any evil consequences had
totally vanished, and my only regret
was that l did not know more brokers
who would sell shares for any amount l
pleased. l did really go the next day
to one man l knew slightly; but fortu-
nately for me he was away from town,
and l was not known to his partner.
merely said that my business, like that
of Mr.. Toots, was not Of ''thc slightest
consequence" The pamphlet was pub
lished, and was noticed by several of
the newspapers-One paper, which es-
pecially delighted in abuse of any kind,
gave it a whole column. Still the effect
was imperceptible upon the shares of
the Great Buffalo. They remained sta
tionary. On my representing this to
L. he Immediately explained that the
news had not yet had time to get down
into the country; that when the PAM
phlet reached the great ccnters of in
dustry in the middle and north of En-
gland, there would naturally be large
orders for sales upon London, and we
should then see the shares begin to
move with u vengeance. Never before
in my life had the money article been
of any interest to me; but now it was
the very first thing turned to whenev-
or took up a paper; and, not content
with the latest quotations in the ''spec-
iar' evening papers, gave my servant
strict orders to bring the morning pa
per directly it arrived to my bedroom,
that l might see if the latest quotations
were confirmed, before l was out of
bed. Two or three days passed, and
still the rush downwards did not come.
On the contrary, the shares went up.
I. was ready with his explanations. as
usual.
my dear fellow" he said, "don't
be alarmed. AS told you before, the
information must get down into the
country, and must thoroughly filter
through the minds of holders Of stock
there. Of course people are suspicious
at first of any news, and they wait till
it is confirmed by their London corre-
spondents.''
"But why don't the London people
act upon this information you have SO
kindly given them?' remarked.
$50 they will, shortly he said.
6 But during the last month there has
been great speculation in Great Buf-
faloes, and a fictitious buoyancy is given
to the market by the mere fact that peo-
pie are forced to buy in for the next
settlement"
"What do you mean by that?' I
asked, innocently.
"a large number of people have
bearcd the shares; that is, gone in for a
fall but the market remaining station
airy, they have been obliged to buy
back, to cover themselves. The sudden
demand has naturally increased the
price of shares and sent them up. But
the rise is but temporary; you'll see
something as soon as this settlement is
over"
AS we had sold for the settlement
after the one just concluding, 1 tried to
make my mind easy, and to wait the re-
suits of the present settlement.
The settling day came and went, and
still the shares of the Great Buffalo did
not move. The evcr-ready T. was
again prepared with his explanations.
LIT would perhaps have been BETTER"
he said, to have waited until after the
last settlement before we did anything,
as the prices of the English market de-
pend very much on those of New York,
the greater part of the shares being in
America. Therefore, whatever may be
done here will not greatly affect their
steadiness out there, until the cause of
If Is fuI1v knOVvn T hovo CONT III