Louis Joseph Vance

“ 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 somebody else came to the same conclusion, and yet another somebody caught the infection of distrust; the result being that Net Common was quoted at one hundred thirteen.
Belden and Tausig, glued to the ticker's side by an invincible dismay, swore and considered ways and means by which they might “peg” the price; meaning, to fix it beyond possibility of further declines. ”

“ But before they had time to make up their minds as to the wisest course to be pursued, Hollwedel, board member of Hollwedel & West, amiably assaulted Net Common with a sandbag—ten thousand shares—which, landing in the midriff of Belden's “pet,” knocked out of it a deal of wind and four points from the market price. This, in its turn, had the effect of shaking out a large number of stop orders: whereupon the Street in a fit of genuine hysterics, poured selling orders into the Exchange so furiously that the traders were stampeded and glad to get rid of Net Common at any old price ”

“ She was accustomed to say that for ten hours of the day, from eight in the morning to six in the evening, Tom West was a mere money-making machine, with no end in life save the manipulation of the market, no conception of anything in the world save bank and railway statements, dividends. ”

“ Tausig mumbled his gratification. “And Hollwedel,” he added, naming West's partner, “is a shrimp. He hasn't got the nerve to attempt reprisals, without West to back him up. That's very nice—very.”
“Yes,” Belden whined agreement; “and West won't get over fifty for his bonds—if I decide to allow him that.”
He sidled over to the ticker, and fondled the tape. “One hundred and twenty,” he announced drearily. “You see, Tausig, how the Street believes in me,” He laughed nastily. “Send out orders to sell ten thousand when we strike twenty-five,” he added. ”

“ He was happily formulating into phrases the tale that yesterday's ticker tape and today's market report had told to him. “Don't know it from Belden's own lips, that is. But he's rigging the market—ballooning Net Common——”
“Net Common?” she inquired, puzzled.
“New England Transit, common,” he translated, impatiently: “his pet stock. He wants to boost it by wash sales as high as the market will stand, and then he's going to unload at a big profit. He plans to add the Bennington extension to the New England Transit system, and he needs money to buy in the bond issue. ”

“ Other securities, and especially the more weak ones, suffered proportionately because of the shock to public confidence. When the big clock in Trinity's tower boomed forth the hour of three, a long, deep sigh of relief, that was almost a gasp, went up from the nervous Street; Net Common was a begging at eighty-three.
In the private office of Mr. Belden, of Belden & Tausig, there was gloom. The two partners were limp and unhappy. facing each other across the basket that held miles and miles of paper tape stamped with the details of disaster well-nigh irreparable. ”

“ William Vise, who at once consulted the ticker with an air of alarmed interest. Then he sat down and rocked in his desk chair, frowning at the celling, for the space of three minutes by the clock. After which he summoned his head bookkeeper and desired information.
“John,” he inquired, “how much Net Common are we carrying for our personal account?”
He was told five thousand shares.
“I think,” Wise meditated, after the clerk had departed, “that, all things considered, we may consider the rise in Net a thing of the past. We will sell before the break comes ”

“ Belden commissioned some twelve brokers who were accustomed to execute 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 number of similarly trained traders to buy in a like manner—twenty-thousand Net Common. ”

“ He stared at her absent-mindedly; the creature than was asserting its desire for refreshment. though the business man was lost in a pondering of men and measures. “Coffee ready?” he demanded, and promptly returned his gaze to the list of the previous day's transactions.
“Ready,” she replied, quickly and clearly, “and waiting, Tom.” She dropped the indispensable two lumps of sugar into West's cup, added the cream, then brimmed it with the steaming black liquor. ”

“ Then we can begin to unload—quietly, you know—and besides, Bennington Fours will be down to fifty by that time,”
Tausig sucked uneasily at an expensive cigar.
“I thought you said you would cash in this morning,“ he defended himself, surlily.
“I did, I did,” squeaked Belden. “But things happen you know. I've changed my mind; I think now it's safe to boost Net Common a little higher, and to hold off on the bonds a wee bit longer.”
“Why?” demand Tausig, flatly. “There's West——”
Haven't you heard the news?” Belden's tone was expressive of extreme surprise. “West's out of the running ”

“ Bennington extension,” he continued, as though trying to make it perfectly clear to himself, beyond possibility of error, “is a big independent trolley line running north out of Hartford. It's practically bankrupt, and will default on the interest, due on the first, for its first mortgage four per-cent bonds. ”