Wall street stories

u would go over to the Board and see how the market is for Iowa Midland. Find out how much sto

?" asked his par

" answered Gr

uk & Northern Railway Company, Keokuk, Iowa." When he had finished the entire

purpose. Any one, even a stranger, seeing him, would have known that he was thinking of something big-the forehead was responsible for the impression; and 132also of something tricky, unscrupulous, cold-bl

r the price of Iowa Midland Railway Company stock rose to $46 per share, directors of the company or close friends of theirs would be found willing to part with their holdings. It was thus evident that the greater part of such stock of the Iowa Midland as the Street was "carrying" specula

ported," or bought on declines, 133so that the price sh

to take 5,000 shares at that figure. He got them direct from Willetts himself." Bagley was a br

nies of unveiling the Soldiers' Monument, which begin at one o'clock-that is, within twenty minutes

No wonder they a

f the room were frightened by the selling. It is more important for us to get the price down than to put out shorts at high figures. I want that

own. As he was going out Mr. Greener squeaked after

Midland at the very least, and perhaps we can work through the peg at 37. We'll see.

general, but most particularly about the market for Iowa Midland, had sold 1,500 shares to Bagley, the specialist, at 41?, 41?, and 41?. Mr. Brown was now watched by two or three scores of sharp eyes, all having the same expression. And he was observed to look about him apprehensively and then begin to converse with Frank J. Pratt; whereupon Pratt, as fast as his fat legs would carry him, hastened to "Iowa Midland" and sold 2,000 shares at an average price of 41. The observant eyes had by this taken on a new expression-of indecision; but when they beheld Mr. Brown anxiously beckon to his "particular" friend, Dan Simpson, and saw shrill-voiced Dan rush like mad into the increasing crowd and sell 5,000 shares of Iowa Midland, apparently regardless of price, the observant eyes ceased to observe Brown. Activity was transferred to their owners' throats as they thought to emulate Simpson and the rest of t

ut the growth of an adverse rumor in Wall Street really resembles nothing so much as the traditional snowball rolling dow

withstand their rush to sell, even though it be "protected" or "supported" by its manipulators, much le

wn, who was sitting calmly at the Erie "

nd?" one of them asked, feveris

t he did not. He responded jocularly: "It seems to me that something is down i

elling the stock through other brokers, and would keep the bad news to himself until he had marketed his "line." After that, probably he would become interestingly garrul

as it came out of the little electrical printing 1

t-a very slight-smile. The tape showed: "IA. MID., 10

to whom he said: "Mr. Rock, please

well

an, with snow-white, short-cropped side whi

Ormiston?" squeake

rtly man, "what's the ma

in a half-complaining

good turn once in Central District Telegraph. I'm long 6,000 share

orts of the Iowa crop. Along the line of the Keokuk & Northern the

ky tick!" said t

pausing to say good-by. At one o'clock his 6,000 shares at $42? represented $255,000. Now, at two o'clock, at $37, the same stock would fetch about $222,000. A depreciation of $33,000 in an hour is apt to make on

r summoned a con

miston, Monkhouse & Co. are about to sell 6,000 shares of Iowa

r private room, sir," a

ed his chief confidential broker. Their relations were unsuspected by

oing to sell 6,000 shares of Iowa Midland. Get it

the broker, jotting down a f

tock yourself." It meant that Mr. Coolidge was to put the stock through the Clearing House in his own name. As there is a charge for this service, in addition to the usual buying

elow. "Brown 141& Greener must be short at least 50,000 or 60,000 shares." This was five times too much. But it showed that Mr. Greener was impartial in his distributi

r. Brown in the meantime had succeeded in forcing down the prices by the usual tricks.

Brown's early "short sales," was in possession of fully 14,000 shares of the common stock of the Iowa Midland Railway Company,

ales, which was actually equivalent to having the lam

minutive Napoleon of the Street captured the floating supply of Iowa Mid

ot being blind. First one thing, then another, told these men that some powerful financier or group of financiers had bought enormously of Iowa Midland, "absorbing" unostentatiously all the stock shaken out by the violent fluctuations of the past few months. This fact and the remarkable improvement of business along the line of the

't get any more stock, 143what are we going to do with what we have?" T

hern Railway Company at the market price of $68 a share. Perhaps we could even run it up a little higher. Our stock cost us on an average $51 a share. We could take our payment one half in cash and half in first mortgage bonds at a fair discount. The deal would be highly benefici

said Brow

squeaked the little

nically known as "roasts." The road, it was declared, had escaped a receivership by a sheer miracle. President Willetts's incompetence was stupendous and incurable. There was, in sooth, some basis for the complaints, and many stockholders were undoubtedly dissatisfied with the Willetts "dynasty." But not even the newspapers themselves knew that they

r. John F. Greener had been responsible for the fall and rise of Iowa Midland stock; that for months he had been buying it on the Stock Exchange; that 145he had quietly picked

The annual meeting of the co

of unwillingness, that he had bought Iowa Midland stock. As to the amount, he said that was not of interest to the general public. The reporters finally cornered him and succe

e and the furtive look that accompanied it went away convinced to the life-wagering poin

's!" And such was his reputation as an "absorber" of roads and roads' profits that the stock declined ten points in two days. Invest

d reserved it for the end. On the wide-spread fear that followed his broker's artistic "indi

r. Greener's Keokuk & Northern Railway Company. Of course the absolute control of the Iowa Midland was best of all, if it only could be secured. But of this the sallow-faced

for-probably scattered among small investors throughout the country, who did not care who managed the road so long as they received pleasant promises of dividends, and a

e stock itself he must

of pledges so honorable, so eminently sound and business-like, as to pierce the armor of their distrust. In the end they actually grew to believe that they were acting wi

Commercial Loan & Trust Company. See Mr. Roberts and Mr. Morgan. They will give

succeed thereby in conveying an impression of straightforwardness. But he certainly impressed one as being bold and keen. His fellow-clerks used to say that Rock spent his spare time in

you are carrying 110,000 sh

ked Greener

proxies for 50,000 shares more to give you absolute control and elect your own b

ray that he was interested in Rock's words, or that the clerk's

k, very earnestly, "I should li

ueaked, abse

r," answ

ner, carelessly. "Let me know n

Rock's face, whereupon Greener added: "Of

reener?" asked the clerk

ueaked, encouragingly,

? I may have to pay out a great deal," added th

e than to anybody else. I'll raise your salary from sixteen hundred to two tho

tion. "Ten thousand for what might be worth ten millions to the financier!" The clerk had studied Greener's 150Napoleonic meth

it was the only feasible plan, and it could not be upset by meddlesome courts. How Mr. John F. Greener had failed to think of the same p

rokerage houses, by means of alluring and unauthorized promises, he secured 7,100 shares; in all he had 28,300 shares. This meant that at the approaching annual meeti

51expected. He also told Mr. Greener that the trust companies had given only 14,000 shares, and he said nothing whatever of the 7,100 shares he

. His problem was to capture the anti-Greener votes-or stock. He proceeded to put his plan into effect. And the plan of this healthy cler

; tails you lose," Rock mutt

rs and bitter enemies of Mr. John F. Greener and his methods. They knew Rock as one of the confide

ning, Mr.

152"I must say I'm somewhat surprised at the p

artistic, "I've left the firm of Brown & Greener. The

solid. He feared an app

is voice matched hi

ng you could prevent Mr. Greener from wrecking the Iowa Midland. Now, Mr. Weddell," he went on, eagerly, as the enthusiasm of the plan

r, evasively. He was not certain this was not s

rol of the property. He has only 110,600 shares.

ven though he may be my enemy. I do not care to hear an

s from trust companies and commission houses. My plan is to get all the proxies I can from the anti-Greener and the anti-Willetts stockholders. Then we can make Mr. Willetts give us pledges in black and white to inaugurate the much-needed reforms and stop

u come in?" The insinuation was his last weapon. The young

he part of the reform management. I can keep tabs on them and represent the Weddell-Hopkins interest. The salary," he added, with truly artistic si

er walked up

have our proxies," sai

Greener suspect this," added Rock

well-known, so notoriously anti-Greener a house, they served as credentials to him, and he was able to convince many doubting T

Greener. All told, the proxies he had secured from Mr. Greener's 155friends and from his foes amounted to 61,830 shares. It was really a remarkable performance. He fe

led him into th

bout those Iowa

" answered the cle

w m

e figures by heart. He said, in a tone he endeavore

oleon's voice overflo

fty brown eyes. "I said," he repeated,

, Mr. Rock, on keeping your word. You will find I k

. He knew he had crossed the Rubicon. He was fighting for his future, for the prosperity of his dreams. And he was fighting a giant of giants. All th

n?" squeaked Mr.

y: "You have, all told, 110,000 shares of Iowa Midland. Pre

th perspiration, but his face was expressionless. His eyes were less furtive; t

side I vote for will have an absolute majority. Mr. Greener, I have the naming of the directors, and therefore of the president of the Iowa Midland. And you 157can't prevent

Brown. He had a short, thick neck, and

ored slightly of self-defence, "by assuring Weddell, Hopkins & Co.

with the black beard and the high forehead not only had a great genius for finance, but p

$10,000 cash and

s look became furtive again. A great weight had been removed fr

romised to make important reforms. My reward is to be the position of assistant secretary, with headqua

e you $20,000 in cash,"

ou to buy me a seat and I want you to give me some of you

es

to you, and what the consolidation with Keokuk & Northern or the lease of the one by the other would

d I'll give you all the business I can, and I'll lend you $100,000 without any note. I think I know you now.

at a moment's notice," said Rock, calmly, though his heart was

onal check for $25,000," piped the Na

r. Greener," stammered the

with us. You're one of us now. I've long wanted a man like you. But, Rock, nowaday

Iowa Midland Railway Company and Mr. Rock was elected