The Meridian times. (Meridian, Idaho) 1909-1938, 1911-06-30

1
orders to sell ten thousand when We
strike twenty-five" he added. Sell
EN- in thousand-share lots, you know
one lot to broker"
Tausfg arose and wa6d1ed out. grin
ming. Belden resumed his pacing to
and fro. scowling at the floor. Preg-
emily he stopped at the ticker again,
and remained there, lingering the fast
flowing ribbon for several minutes,
rnotionless az q statue. Then he sour.
ried hastily over to his desk and press
ed little mother-of-pearl button on
its edge.
Il want Mr.. Chellborg," he snarIed
at the boy who answered his sum.
mons.
"Mr. Chellborg," he told one Of his
confidential brokers who presently ap-
peared. Il want you to find out who is
buying Bennington Fours, and-and
who the devil is selling Net Com
mon!"
The ticker chartered of the inforna-
ton that somebody had sold Net, I"
five hundred shares at one hundred
and nineteen; and somebody else had
bought "B. Fours," eighty bonds at
fifty-six- 1t was just half-past ten.
Just at that moment an obligfng
Central had established telephone
connection between the uptown branch
near the WaldoTf-Astorta Of William
Wise & Sons, bankers and brokers,
and the main, downtown, Office OF the
same concern. II was a fairly reputa-
bic house, one doing a large commits
sion business through several
branches, some of which, and in par
ticular that one near the Waldorf,
boosted q 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
| manager Of the branch Office. He ear
nestly desired a 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-
| ceiTed with attentive respect by 3Ir.
| William 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
| sonaI ACCOUNT
He was told FIVE thousand shares.
Il think" Wise meditated. after the
clerk had departed. that, all things
| considered. we may consider the rise
in Net thing Of the past. We will
| sell before the break comes; and while
We are about 1t, it might be a 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 moduIatirZ
his voice so that no one but the man
at the other end of the wire could pos
stbly oyerhear his instructions.
Not wishing to alarm the market,
and so lose the advantage of a few
fractions Of point, he waited a rea-
| sonable period Of time-fuIly five min
| utes-in order to permit the board
member to execute his orders, before
advising the customers Of the firm
(confdentially, of coursel to unload
on Net Common, and sell short for a
quick break"
In the meantime, Belden, having
viewed with disgust his pets loss Of
one point on a strong market, decided
to boost the price a trtfe-''to give it
dose Of tonic" as TauEig put it. In
order to accomplish his desire, Mr..
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
in a like manner-twenty-thous
Net Common.
Barring untoward developments this
transaction, by which Belden's right
hand sold TO Belden's left-a practise
nicknamed washing sales by match
orders by the Street. and ruled
against by the governing committee
would have resulted in creating q gen
eral impression that Net Common was
very greatly desired on all hands.
Unfortunately, just as this was int
tiated, Messrs. William Wise & Sons
offered eight thousand Net Common;
so that the supply exceeded the mo
mentary demand, and the price inevi-
rably 'slumped" Within the next ten
minutes Mr.. Wise's customers. acting
on his kindly advice, dumped eleven
thousand two hundred shares on the
floor. causing a 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
the infection of distrust; the result
being that Net Common was quoted