The Nevada County picayune., 1911-06-23

Sili III tHouSduu-SndTe lOtS, you kHOW -one lot to broker"
 Tausig arose and waddled out, grin ming. Belden resumed his pacing to and fro, scowling at the floor Pres ently he stopped at the ticker again, and remained there, lingering the fast flowing ribbon for several minutes, as a statue. Then he sour. ried hastily over to his desk and press ed little motherof-pearl button on it's edge.
 "I want MT. Chellbotg." he snarled at the boy who answered his sum- mons.
 Mir Chellborg," he told one of his brokers who presently ap- peared, II want you to find cut who is buying Bennington Fours, and-and who the devil is selling Net Con- mon!"
 The ticker chattered of the fnforma- tion that somebody had sold Net" five hundred shares at one hundred and niseteen; and somebody else had bought "B. Fours,' eighty bonds at II.
 Just at that moment an obliging Central had established telephonic connection between the uptown branch near the Waldorf-Asto of William Wise & Sons, bankers and brokers, and the main, downtown, office of the same concern. It was fairly reputa- ble house, one doing a large commis- sion business through several branches. some of which, and in par ticular that one near the Waldorf, boasted special customers room for ladies'"
 On the uptown end of the wire was a somewhat excited and excitable, but experienced, young man, who acted as of the branch office. He ear nestly desired word with the head of the firm, and was presently accommo- dated
 Just what he had to say is not of record, but his communication was re- eeived with attentive respect by MT. Wise, who at once consulted the ticker with an air of alarmed in- terest Then he sat down and rocked in his desk chair, frowning at the cell ing. for the space of three minutes by the clock. After which he summoned his head bookkeeper and desired in- formation
 John" he inquired. "how much Net Common are we carrying for our per sonal account"
 He was told five thousand shares.
 ''I think" Wise meditated. after the clerk had departed, that, all things we may consider the rise in Net a thing of the past We will sell before the break comes; and while We are about it, 1t might be good scheme to lump In two or three thous- and shares short"
 And he telephoned the board mem- Der of the firm to that effect, using the firms private wire to the Ex- change floor and carefully modulating his voice so that no one but the man at the other end of the wire could pos sibly overhear his instructions.
 Not wishing to alarm the market. and so lose the advantage of a few fractions of point, he waited req sonable period of time-fully five min- utes--in order to permit the board to execute his orders, before the customers of the firm of course) to unload on Net Common, and sell short for a quick break"
 Tn the meantime, Belden, having viewed with disgust his pets loss of one point on a strong market, decided to boost the price trifle-"to give 1t a dose of tonic," as Tausig put 1t. In order to accomplish his desire, MT. Belden commissioned some twelve brokers who were accustomed to exc cute his orders without giving up" the name of their principal, to sell Net Common in amounts varying from one hundred to one thousand shares; in all, twenty thousand. And at the same time he instructed an equal num- Der of similarly trained traders to buy Net Common.
 Barring untoward developments this by which Belden's right hand sold to Belden's left-a practise washing sales by match orders" by the Street, and ruled against by the governing committee would have resulted in creating a gen eral impression that Net Common was very greatly desired on all hands.
 Unfortunately, just as this was mi tiated, Messrs. William Wise & Sons offered eight thousand Net Common; so that the supply exceeded the mo- lnentary demand, and the price inevi- tably "slumped" Within the next ten MT. Wise's customers, acting on his kindly advice. dumped eleven thousand two hundred shares on the floor, causing further decline. And a timid somebody unknown became scared and decided to sell, and some body else came to the same conclu- sion, and yet another somebody caught