Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1903-06-03
reaction" Mr.. Kent pondereu deep

reaction" Mr.. Kent pondereu deep
~. He rang a bell.
How much Sugar have I bought?"
he demanded of his private book
keeper.
"Forty-three thousand shares"
was the reply.
''It will average about 142, will it
not?"
The bookkeeper produced slip of
paper, ran his eye over the figures,
made rapid calculation, and said
that the average price paid. for this
line of Sugar stock was 1925.
Every well; that is ALL" Mr.. Kent
said.
He called up his broker who rep
resented him on the floor of the
Stock Exchange.
''Sen all the Sugar you can with
out breaking the MARKET" he COM
manded in voice that could not be
heard ten feet away. Wall Street is
all ears. There is good buying just
now. Begin on 500 share lots. Feel
them out at the start, but keep busy.
Sell at least $4,000 shares before you
close, no matter what happens. When
you have sold 10000 shares, offer it
in 1000, 1000 and 5000 lots.
The broker repeated the order
quickly so as there could be no mis-
take. Mr.. Kent returned to the
ticker.
"Some one taking profits, eh?"
muttered Mr.. Kent as he paced the
floor, nervously chewing the end of
an unlighted cigar. ''I'n show them
how to take profits! They must
think I am in my second childhood.
They have an idea I am going to
hold the bag, do they? This is the
way they keep their agreement" He
rang the bell furiously.
"How much B. & o. have II"
"Fifteen thousand shares at an
average of 3d." was the reply.
"Wire Brown & Addy of Boston,
to sell me 10000 B. & o. at the mar
ket. Send word to Blake & Co. of
Chicago, to sell me $4,000 ST. Paul at
the market. Rush! hurry!"
He was at the private telephone
again.
How much Sugar have you sold?"
twenty-five thousand. 1t has
broken a point and half"
''That's all right. Put it out in
1000 and 5000 lots. Sell me 10000
shares of Metropolitan at the mar
ket. Got it? That's right. Good
bye"
The ticker was singing like a sew
ing machine. Sugar, B. & O., ST.
Notrov>D1;tor
Steel and Iron and other stocks came
out in blocks of from 1000 to 1000
and even 5000 lots. But the market
held remarkably well. There was
mot cloud in the sky" and the pub
lie was summing itself. But even
their guileless optimism could not
/ withstand the impact of the myster-
| ious interest which had been selling
hundreds of thousands of shares on
Saturday and during the present ses-
sion, reinforced as it was by the en-
ragged Mr.. Kent, who ascribed this
selling to the perfdy of his asso-
ciates. When the days battle was
over the field was covered with dead
and wounded. Sugar had closed at
| 145A bid and LAG asked. Baltimore
and Ohio had dropped to 105s; ST.
Paul to 1671s; Metropolitan to ITO;
Jersey Central to 15S1a; and Steel and
Iron showed a net loss for the day
of three points, and an extreme drop
from it's high point at the opening of
nearly nine points.
When Mr.. Kent had received re-
ports from his brokers, and tele-
graphic advices from Boston, Chicago
and Baltimore, he found that he had
sold $4,000 shares Of Sugar and that
all of his other commissions had
been executed. He had accomplished
one Of the phenomenal changes Of
position for which he was famous and
dreaded. In a hundred Offices his
name was mentioned, coupled with
expressions which would not. warrant
reproduction on these pages. He qui-
city talked the situation over with
his heutenants, instructed them to
smash" the market at the opening
next morning, and with an unruffied
mien left his Office shortly before
four o'clock.