The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-26
PAGES II TO a

would Won execute an order from r,eqn
Certainly Mr. Greener. IN execute anybodys
very wen Sell 10000 shares Of Federal Telegraph
company for me-"
What price2' jottng down the figures from force
of habit. his mind being paTalyzed.
The best YOU can get, The stock'-glancing AZ
VERY we'll"
The two men looked at one auother-"Dutc Dan"
half menacngiy Greener calmly. steadily, his furtye
Good morning" said Dittenhoener at length. and
the little mans high-browed head nodded dismiss
Dttenhoeffer fastened back to the exchange. At
the entrance he met his partner Smith-the CO.. Of
hin. I've just got an order from Greener to sell
$4,000 shares Of Federal Telegraph"
''Wh-what? gasped smith.
"Greener sent, for me. asking me whether I'd ac-
cept an order from MIN, ! said yes and he told
You've got him, Dan; you've got him. eXultautly.
"Tm going TO cover my 10000 shares with the first
half Of the order and sell the rest as best I can'
Man alive. this is your chance Don't YOU
you've got him? Smile of the Eastern National bank
tells there isn't a bank I'm the city VIII lend Green
er money and he needs IL badly to paw the ast s1O
100000 10 the Indian Pacific bondhoders. He's biz or
more than he can chew, damn 'im,'
We'll Bill. Wen treat Ar. Greener as we do any
other customer" said Dittenhoeffer.
But" began Smith with undisguised cousterna-
ton. Gle an honest man when away from the
street,
oh, I'll get him yet. This won't save him. III
get him yet" with confident smile.
lt would nave Deen very easy Tor him 10 take ad-
vantage of Greener's order TO make fortune. He
short 10000 shares, which he mad puf out az am
average price of SO. He could have taken Greeners
block Of $4,000 shares and hurled IL bodily M the
market. Not gilt-edge stock could withstand
the impact of such fearful blow. and the price OF
Federal Telegraph doubtless would have broken ID
points more. and DE could easily have taken boo
his shorts at g. possibly az 60 which would
have meant profit of half-milliOn dollars. and
loss OF muCh-needed million 20 his arch foe, Greener.
And if he allowed his partner 20 whisper in strict
confidence to some friend how Dan was selling out
a big lire of Telegraph for Greener the room would
have gone wild and everyboC~ would have FASTENED
10 sell. and the decline would have gone much
further to cripple the little Napoleon possibly hc
yOnd all hope of recovery. Had Greener made the
most colossal mistake of his life In giving the order %
his enemy?
Dan went to the Federal Telegraph post. where a
score Of madmen were shouting at the top of their
voices the prices they willing TO pay or 90 ac-
cept for varying amounts of the stock. He gave 10
twenty brokers orders TO sell 1000 shares each at
the best obtainable price and he himself. through
another man. took equal amount. on the next
day he in person sold 10000 shares and ON the Thrill
day the last 10000 shares of Greeners order. This
selling the street thought was for his own account
II all short stock that is. his colleagues thought
selling stock he didn't own, trusting later ou
TO buy il back cheaply. Such selling never has the
depressing effect of long stock, because IL Us OBJ
viOus that the short seller must sooner or later buy
the stock i'm. insuring future demand, which should
exert a lifting influence on prices.