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Reminiscences of A Stock Operator
Reminiscences of A Stock Operator
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Project Gutenberg's Reminscences of a Stock Operator, by Edwin Lefevre
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Language: English
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Transcriber’s Note
Table of Contents created by Transcriber and placed in the
Public Domain.
Cover created by Transcriber and placed in the Public
Domain.
By Edwin Lefevre
I
I WENT TO WORK when I was just out of grammar school. I got a job as
quotation-board boy in a stock-brokerage office. I was quick at figures. At
school I did three years of arithmetic in one. I was particularly good at
mental arithmetic. As quotation-board boy I posted the numbers on the big
board in the customers’ room. One of the customers usually sat by the
ticker and called out the prices. They couldn’t come too fast for me. I have
always remembered figures. No trouble at all.
There were plenty of other employes in that office. Of course I made
friends with the other fellows, but the work I did, if the market was active,
kept me too busy from ten A.M. to three P.M. to let me do much talking. I
don’t care for it, anyhow, during business hours.
But a busy market did not keep me from thinking about the work.
Those quotations did not represent prices of stocks to me, so many dollars
per share. They were numbers. Of course, they meant something. They
were always changing. It was all I had to be interested in—the changes.
Why did they change? I didn’t know. I didn’t care. I didn’t think about that.
I simply saw that they changed. That was all I had to think about five hours
every day and two on Saturdays: that they were always changing.
That is how I first came to be interested in the behaviour of prices. I
had a very good memory for figures. I could remember in detail how the
prices had acted on the previous day, just before they went up or down. My
fondness for mental arithmetic came in very handy.
I noticed that in advances as well as declines, stock prices were apt to
show certain habits, so to speak. There was no end of parallel cases and
these made precedents to guide me. I was only fourteen, but after I had
taken hundreds of observations in my mind I found myself testing their
accuracy, comparing the behaviour of stocks to-day with other days. It was
not long before I was anticipating movements in prices. My only guide, as I
say, was their past performances. I carried the “dope sheets” in my mind. I
looked for stock prices to run on form. I had “clocked” them. You know
what I mean.
You can spot, for instance, where the buying is only a trifle better than
the selling. A battle goes on in the stock market and the tape is your
telescope. You can depend upon it seven out of ten cases.
Another lesson I learned early is that there is nothing new in Wall
Street. There can’t be because speculation is as old as the hills. Whatever
happens in the stock market to-day has happened before and will happen
again. I’ve never forgotten that. I suppose I really manage to remember
when and how it happened. The fact that I remember that way is my way of
capitalizing experience.
I got so interested in my game and so anxious to anticipate advances
and declines in all the active stocks that I got a little book. I put down my
observations in it. It was not a record of imaginary transactions such as so
many people keep merely to make or lose millions of dollars without
getting the swelled head or going to the poorhouse. It was rather a sort of
record of my hits and misses, and next to the determination of probable
movements I was most interested in verifying whether I had observed
accurately; in other words, whether I was right.
Say that after studying every fluctuation of the day in an active stock I
would conclude that it was behaving as it always did before it broke eight
or ten points. Well, I would jot down the stock and the price on Monday,
and remembering past performances I would write down what it ought to do
on Tuesday and Wednesday. Later I would check up with actual
transcriptions from the tape.
That is how I first came to take an interest in the message of the tape.
The fluctuations were from the first associated in my mind with upward or
downward movements. Of course there is always a reason for fluctuations,
but the tape does not concern itself with the why and wherefore. It doesn’t
go into explanations. I didn’t ask the tape why when I was fourteen, and I
don’t ask it to-day, at forty. The reason for what a certain stock does to-day
may not be known for two or three days, or weeks, or months. But what the
dickens does that matter? Your business with the tape is now—not to-
morrow. The reason can wait. But you must act instantly or be left. Time
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Of course I knew at once that the article would play the dickens with
the market. If I had deliberately studied ways and means of disposing of my
one hundred and forty thousand bales to the best advantage I couldn’t have
hit upon a better plan. It would not have been possible to find one. That
article at that very moment was being read all over the country either in the
World or in other papers quoting it. It had been cabled to Europe. That was
plain from the Liverpool prices. That market was simply wild. No wonder,
with such news.
Of course I knew what New York would do, and what I ought to do.
The market here opened at ten o’clock. At ten minutes after ten I did not
own any cotton. I let them have every one of my one hundred and forty
thousand bales. For most of my line I received what proved to be the top
prices of the day. The traders made the market for me. All I really did was
to see a heaven-sent opportunity to get rid of my cotton. I grasped it
because I couldn’t help it. What else could I do?
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عموالت ،حسابات متعددة اسالمية بدون فوائد تبييت ,سبريد معتدل ومنخفض
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I knew that he knew from mutual friends how I was fixed and therefore
it was certain he had something up his sleeve. At the same time I had no
money to throw away on an unnecessary trip to New York; so instead of
doing what he asked me to do I got him on the long distance.
“I got your telegram,” I said. “What does it mean?”
“It means that a big banker in New York wants to see you,” he
answered.
“Who is it?” I asked. I couldn’t imagine who it could be.
“I’ll tell you when you come to New York. No use otherwise.”
“You say he wants to see me?”
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Wall Street remembers very little of an operator who for more than a
generation was one of its Titans. His chief claim to immortality seems to be
the phrase “watering stock.”
Addison G. Jerome was the acknowledged king of the Public Board in
the spring of 1863. His market tips, they tell me, were considered as good
as cash in bank. From all accounts he was a great trader and made millions.
He was liberal, to the point of extravagance and had a great following in the
Street—until Henry Keep, known as William the Silent, squeezed him out
of all his millions in the Old Southern corner. Keep, by the way, was the
brother-in-law of Gov. Roswell P. Flower.
In most of the old corners the manipulation consisted chiefly of not
letting the other man know that you were cornering the stock which he was
variously invited to sell short. It therefore was aimed chiefly at fellow
professionals, for the general public does not take kindly to the short side of
the account. The reasons that prompted these wise professionals to put out
short lines in such stocks were pretty much the same as prompts them to do
the same thing to-day. Apart from the selling by faith-breaking politicians
in the Harlem corner of the Commodore, I gather from the stories I have
read that the professional traders sold the stock because it was too high.
And the reason they thought it was too high was that it never before had
sold so high; and that made it too high to buy; and if it was too high to buy
it was just right to sell. That sounds pretty modern, doesn’t it? They were
thinking of the price, and the Commodore was thinking of the value! And
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Mind you, I do not mean for one moment to imply that any of my
friends in Wall Street would even dream of double-crossing me in a stock
deal. But on general principles it is just as well to provide for any and all
contingencies. It’s plain sense.
After Wolff and Kane and Gordon told me that they had formed their
syndicate to put up six millions in cash there was nothing for me to do but
wait for the money to come in. I had urged the vital need of haste.
Nevertheless the money came in driblets. I think it took four or five
installments. I don’t know what the reason was, but I remember that I had to
send out an S O S call to Wolff and Kane and Gordon.
That afternoon I got some big checks that brought the cash in my
possession to about four million dollars and the promise of the rest in a day
or two. It began to look as though the syndicate might do something before
the bull market passed away. At best it would be no cinch, and the sooner I
began work the better. The public had not been particularly keen about new
market movements in inactive stocks. But a man could do a great deal to
arouse interest in any stock with four millions in cash. It was enough to
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شركة exnessمن عام ، 2008تراخيص قوية أهمها الترخيص البريطاني ،سحب وايداع فوري بدون
عموالت ،حسابات متعددة اسالمية بدون فوائد تبييت ,سبريد معتدل ومنخفض
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