Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-02-19
CHAPTER XVI.

Lone Jack stock quoted at l43 1t con-
tinued about this figure, more or less, for
couple Of weeks. and the boom" was Wis
IDLY weakening At this coniuncture it
was announced that the number of shares
of the stock would be increased to 100, 900,
and Dawlish said that this would be sure
to set Things going again. He remarked
to Charlie that the small spectators would
all pile in, and that everything would be
lovely. Nevertheless, the rumor-for as
yet it was nothing more-did not seem to
help matters. Thestock gradually dropped
to 49,, and It was even whispered that
large blocks of It were being unloaded on
the street. Dawlish could not account for
it, but il truth this dodge of watering the
stock had been tried once. too often. The
public were uugentlemanly enough to sus-
pect alter a long course of such benevo-
lence that the so.called charity to the poor,
which prompted it, began at homeand ended
there A little reflection, and a good deal
of experience, showed that the value of
the mine to shareholders was not increased
by division Of one share into five; the de-
ducrion followed easily that division only
meant thar the owners wanted to unload,
and 20 forward that desirable end they
split up the property into lots within the
reach Of the ueanest specuiator. | need
not say thar, finding the public in the frame
of mind which / have indicated, this an
ID. l. Ill, -. -
an effect directly opposite to that which
was intended and looked for. In playing
the game [ am endeavoring to describe,
originality 10 demanded tricks become
worn and stale. and when the god issues
from the too evident machine the public
is app to deride both one and the other.
It will not be surprising, then, that the
enthusiasm which was once wont to be
aroused by such announcements was
at length conspicuous by it's alb
sence. 1t was wrong move
altogether, and It was only by heroic
efforts on the part Of the managers and a
large consignment Of kilograms from the
mine that the stock was once more raised
to 40 There Is one terrible flaw in all
such operations. It is unfortunate, but
not the less true. that honor among thieves,
which IS said to flourish IN the lower walks
of the profession, is of very brittle ma
ture among stock jobbers, and men have
been accused OF unloading on their friends.
There IS an ever present dread of such
treachery. aud it is 4 source of weakness
from the moment when the stock reaches
anything like paying figure. By a
strange geological transformation bulls
turn into bears. and claw and squeeze their
excited bovine friends, who still continue,
in happy ignorance, to roar with all their
might. Alas, that the iubilant melody Of
their tuneful roar should be so quickly
changed to wailiag The bull is the good
genius of business under his rose-colored
sway every one IS happy, but unfortunate
ly his empire Is only too short-lived, and
then comes blue Monday or black Friday
or some other day of sombre hue, forever
to be execrated in the memory of the
specularor. At the first break this ever
present fear and doubt begins to be active
IN the minds Of men, and if further
signs of weakness are shown, every
thing IS ready for a panic. The
fall in such cases is much more
rapid than the rise. because the operation
of fear Is so much more powerful than that
of hope especially when every one is ready
to disJrust MS neighbor. Such a catas-
trophe had been so far averted by the
manipulation of the Lone Jack stock, and
it stood at lao. The triaing drop was
said to be only one of those ordinary and
unaccOuntabie fluctuations of the market
which take place IN defiance of all rule and
calculation. Whilst the minds of men
were thus pe-plexed with fear of change,
Charlie Could and Dawlish held many an
anxious consultation, IN the course of
which the former diffidently advocated
selling out whilst the latter strongly in
sisted on holding on.
81 tell you that these fluctuations and
reports mean nothing" said Dawlish, in
the course of one of their discussions
- they are all set a1oat by brokers. They
cannot live on 4 quiet market, and if some.
thing Is not done to stimulate buying and
selling they would die of inanition. A
huctuatiDg market is absolutely necessary
to them. and OF course they do all they can
to create such ups and downs"
q know all that, said Charlie, 8" but
this seems more serious than usual. Ev-
erything seems to hang fire.
81 don't see that. We have already
dozen fluctuations IN this very stock within
the past sixty days any one of them more
violent than the present.
True, but there was more life in the
market than there is now Everything
seems dead Just now.
Il have no patience with you, Charlie.
| thought you had more sand in your COM
position. A man who has not courage
enough to back his luck when it comes to
him Will never effect anything. Hold up
your head, old man faint heart never
won fair lady. know what makes you so
anxious to realize,
81 heard Tom Rjgby say to-day that
CharSup was throwing out blocks Of the
stock
"Oht he's ore Of the chronic squealers.
He owes Charkup a grudge ever since he
got cinched on a thousand shares of Dur
ham stock.
Such talk does not do any good.
" IC does not DO any harm. OF course,
you can do rs you please; but if you
weaken now, after promising to stay with
the stock until it reached $50 at least,
yen viii be sorry for it afterwards. But
don't come to me and complain when the
stock reaches 200.
So ended the conference as did many
others. Charlie Gould was naturally dis.
trustful Of MS own knowledge of the intrioa.
cies of stock dealing and he was fearful of
being reproached Tor want of courage, and
accessible to 1attery. He shrank from tax.
ing the decided step of selling out in op-
position TO the advice of Dawlish, and he
did not relish the idea of the probable
ridicule he would incur if he sold out
before the stock reached the point he had
originally assigned for that step. He could
take no step in that direction without the
knowledge Of Dawlisb, for, beyond sim
pie acknowledgment by the latter of his
interest IN the venture, he had nothing to
show, nor did he appear in the transac.
ton.
Nevertheless people began to grow
seriously alarmed, nor could all the re.
ports be traced to interested or malicious
sources. twas presently whispered about
that the water had gained the mastery in
the mine, and that the pumps could not
keep it under There is large class of
men who live by the misfortunes of their