"
"Let me understand you clearly," said Fletcher.
"Sell under. For instance, take a stock that sells to-day at
ninety-four; offer to deliver it five days hence at ninety. To-morrow
offer it a peg lower, and so on, till the market is easier. When the
first contract is up, we shall get the stock at eighty-eight, or less,
perhaps,--deliver to the buyers, and pocket the difference."
"But it may not fall."
"It's bound to fall. People that hold stock _must_ sell to pay their
notes. Every day brings a fresh lot of shares to the hammer."
"But the bulls may corner you; they will try mightily to keep prices
up."
"But they can't corner, I tell you; there are too many of them in
distress. Besides, we'll spread; we won't put all our eggs into one
basket. If I stuck to 'bearing' one stock, the holders might get all
the shares and break me by keeping them so that I couldn't comply with
my contracts. I shan't do it. I'll pitch into the 'fancies' mainly;
they are held by speculators, who must be short, and they'll come down
with a run."
"How deep shall I go in?"
"Fifty thousand, to begin with. However, there won't be many transfers
actually made; the bulls will merely pay the differences.
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