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.""But I haven't any more," she told him."I can transfer it to your regular account," he said."No," she objected, "because that way L.L.would learn about it.""But the account already shows a loss of " he began."But I told you distinctly I didn't want to lose more than the five hundred dollars.I didn'teven want to lose that," she said."I know, Mrs.Livingston, but I didn't want to sell it without consulting you, and nowunless you authorise me to hold it I'll have to let it go.""But it did so nicely the day I bought it," she said, "that I didn't believe it would act thisway so soon.Did you?""No," answered Haley, "I didn't." They have to be diplomatic in brokers' offices."What's gone wrong with it, Mr.Haley?"Haley knew, but he could not tell her without giving me away, and a customer's businessis sacred.So he said, "I don't hear anything special about it, one way or another.Thereshe goes! That's low for the move!" and he pointed to the quotation board.Mrs.Livingston gazed at the sinking stock and cried: "Oh, Mr.Haley! I didn't want tolose my five hundred dollars! What shall I do?""I don't know, Mrs.Livingston, but if I were you I'd ask Mr.Livingston.""Oh, no! He doesn't want me to speculate on my own hook.He's told me so.He'll buy orsell stock for me, if I ask him, but I've never before done trading that he did not know all- 170 -Reminiscences of a Stock Operatorabout.I wouldn't dare tell him.""That's all right," said Haley soothingly."He is a wonderful trader and he'll know justwhat to do." Seeing her shake her head violently he added devilishly: "Or else you putup a thousand or two to take care of your Borneo."The alternative decided her then and there.She hung about the office, but as the marketgot weaker and weaker she came over to where I sat watching the board and told me shewanted to speak to me.We went into the private office and she told me the whole story.So I just said to her: "You foolish little girl, you keep your hands off this deal."She promised that she would, and so I gave her back her five hundred dollars and shewent away happy.The stock was par by that time.I saw what had happened.Wisenstein was an astute person.He figured that Mrs.Livingston would tell me what he had told her and I'd study the stock.He knew thatactivity always attracted me and I was known to swing a pretty fair line.I suppose hethought I'd buy ten or twenty thousand shares.It was one of the most cleverly planned and artistically propelled tips I've ever heard of.But it went wrong.It had to.In the first place, the lady had that very day received anunearned five hundred dollars and was therefore in a much more venturesome moodthan usual.She wished to make some money all by herself, and womanlike dramatisedthe temptation so attractively that it was irresistible.She knew how I felt about stockspeculation as practised by outsiders, and she didn't dare mention the matter to me.Wisenstein didn't size up her psychology right.He also was utterly wrong in his guess about the kind of trader I was.I never take tipsand I was bearish on the entire market.The tactics that he thought would prove effectivein inducing me to buy Borneo that is, the activity and the three-point rise were preciselywhat made me pick Borneo as a starter when I decided to sell the entire market.After I heard Mrs.Livingston's story I was keener than ever to sell Borneo.Everymorning at the opening and every afternoon just before closing I let him have somestock regularly, until I saw a chance to take in my shorts at a handsome profit.It has always seemed to me the height of damfoolishness to trade on tips.I suppose I am- 171 -Reminiscences of a Stock Operatornot built the way a tip-taker is.I sometimes think that tip-takers are like drunkards.There are some who can't resist the craving and always look forward to those jags whichthey consider indispensable to their happiness.It is so easy to open your ears and let thetip in.To be told precisely what to do to be happy in such a manner that you can easilyobey is the next nicest thing to being happy which is a mighty long first step toward thefulfilment of your heart's desire.It is not so much greed made blind by eagerness as it ishope bandaged by the unwillingness to do any thinking.And it is not only among the outside public that you find inveterate tip-takers.Theprofessional trader on the floor of the New York Stock Exchange is quite as bad.I amdefinitely aware that no end of them cherish mistaken notions of me because I nevergive anybody tips [ Pobierz całość w formacie PDF ]