The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1911-07-15

orders to sell ten thousand when we
strike twenty-five" he added. Sell
'em in thousand-shars lots, you know
one lot to a broker.
Tausig arose and Waddled out, grin
ming. Belden resumed his pacing. to
and fro, Sowing at the floor. Pres
emily he stopped at the. ticker again,
and remained there, lingering the fast
flowing ribbon for several minutes,
motionless as a statue. Then he sour
ried hastily over to his desk and press
ed a little nother-of-pearl button on
its edge.
Il want Mr.. chellborg,' he snarled
at the boy who answered his Sum
mons.
sMr. Chellborg," he told one Of his
confidential brokers who presently ap-
peared, 81 want you to find out who is
buying Bennington Fours, and--and
who the devil is selling Net Com
smon!"
The ticker chartered off the informa
ton that somebody had sold vet,
five hundred shares at one hundred
and nineteen; and somebody else had
bought 1B. Fours," eighty bonds at
fifty-six. It was Just half-past ten.
Just at that moment an obliging
Central had established telephone
connection between the uptown branch
near the Waldorf-Astoria Of William
Wise & Sons, bankers and brokers,
and the main, downtown, Office Of the
same concern. It was a fairly reputa-
Bile house, one doing large commits
sion business through several
branches, some Of which, and In par
ticular that one near the Waldorf,
boosted 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 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-
ceived with attentive respect by Mr..
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 inquireds 1hoW much Net
Common are we carrying for our per
sona1 account?"
He was told five thousand shares.
ST 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 it, 1t might be q 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 10 the Elk
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 few
fractions Of a point, he waited rea-
sonable period Of time-fully i've min
| utes-in order to permit the board
| member to execute his orders, before
advising the customers Of the firm
(confdentia1ly, Of course) to unload
on Net Common, and sell short for 9
quick break"
In the meantime, Belden, having
| viewed with disgust his pets loss 81
one point on strong market, decided
| to boost the price trife-.sto give II
a dose Of tonic" as Tausig put It. In
order to accomplish his desire, Mr
Be1den commissioned some twelve
| brokers who were aecustomeds 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 mum
Der of similarly trained traders to buy
in a like manner tWenty-thousan6
Net Common.
| Barring untoward developments this
transaction, by which Belden's righ'
hand sold to Belden's left-a practise
nicknained washing sales by mater
orders by the Street, and rulee
against by the governing committee
would have resulted In creating gen
eral impression that Net Common wal
very greatly desired on all hands.
| Unfortunately, just as this was mi
| tiated, Messrs. William Wise & Som
offered eight thousand Net Common
SO that the supply exceeded the mo
mentary demand, and the price inev1
tably ssslunped." Within the next ten
minutes Mr.. Wise's customers, act1n'
on his kindly advice, dumped clever
thousand two hundred shares on IN
floor, causing further decline. AM
a timid somebody unknown becam
scared and decided to sell, and some
, body else came to the same conclo
sion and yet another somebody caugh
the infection Of distrust; the resui
being that Net Common was quote
at one hundred thirteen.
II Belden and Tausig, glued TO IN
ticker's side by an inyincible dismas
swore and considered ways and mean
Iby which they might peg the price
meaning, to fix it beyond possibility 9
| tS,f, snu