Wall street ventures and adventures through 40 years richard d wyckoff (2)

W A L L STREET VENTURES A N D ADVENTURES THROUGH FORTY YEARS ILLUSTRATED GREENWOOD PRESS, PUBLISHERS N E W Y ORK 1968 Copyright, 1930, by Richard D Wyckoff Copyright, 1958, by AlmaW Wyckoff CONTENTS PAGE xiii FOREWORD First Edition Reprinted with the permission of Harper & Row, Publishers First Greenwood reprinting, 1968 Library of Congress catalogue card number: 68-28651 Printed in the United States of America 1888 A T T H E O P E N I N G THAT FIRST JOB—A WALL STREET RUNNER—A LITTLE BROKERAGE HOUSE AND ITS CLIENTS 1889 O L D T I M E W A L L S T R E E T ANTIQUATED BUILDINGS—RUSSELL SAGE BOMBED— FIRST STEEL BUILDING—VOLUME OF TRADING— TOY BANKS—JAY GOULD AND HIS TRICKS 1890 L E A R N I N G T H E R U D I M E N T S FERRY VOYAGES—GETTING GRUB—STATISTICAL START —BARING PANIC—BUCKET SHOPS—CONSOLIDATED EXCHANGE—MORGAN'S—Too MUCH CASH I g 14 1891 S I G N S O F A N A D V A N C E CASHIER AT SEVENTEEN—FINANCIAL LITERATURE— BROKERS' ADVICE 2.6 1892 A C H A N G E O F B A S E O N THE STOCK EXCHANGE FLOOR—IN MONTREAL— BEATING THE BUCKET 30 1893 TO 1896 P A N I C A N D D E P R E S S I O N THE CRASH IN CORDAGE—RECEIVERSHIPS—OUT OF A JOB—LIVING ON TWENTY-FIVE CENTS A DAY—A TURN FOR THE BETTER—SELLING PAINT—A SOUND BUSINESS PRINCIPLE—^THE BRYAN PANIC—BACK IN WALL STREET 35 1897 B R O A D E N I N G A C T I V I T I E S EXPANDING BUSINESS — EATING STATISTICS — O N E SHARE TRADES—PRICE'S FIRM—DIAMOND JIM BRADY 1898 S T E A D I L Y A D V A N C I N G BRANCH OFFICES—BARGAIN IN UNION PACIFIC—BIRTH OS THE CURB—ORIGIN OF THE STOCK EXCHANGE —HORSE COLLARS—FIRST CAPITAL—GETTING ALONG —BURNED OUT 52 vi 1899 CONTENTS O N T H E GROUND FLOOR BULL MARKET—OVEREXPANSION—DIFFICULT FINANCING—INSURANCE DEALS—AMALGAMATED COPPER FLOATED—MCKINLEY AS A SPECULATOR—A TIP FROM GOULD—THE SUGAR CONGRESS 1900 FLOATING PAGE 1907 J 1908 GOULD'S 73 1909 1910 1911 1913 1916 TAPE CONTENTS vii PAGE TRAPPED THE jfo READING 181 THE NEW TREND GETTING A REPUTATION—FORECASTING THE MARKET —STARTING THE TREND LETTER—ON M Y FEET AGAIN 1911 188 REFUSING A GOOD BID HAYDEN, STONE & C o ' s OFFER—A B I G TRADING CLIENT—TURNING DOWN A GOOD PROPOSITION 109 191 PICKING A REAL ONE A BROKER AGAIN—SELECTING THE BEST STOCK— FORECASTING EARNINGS—AN OPTION ON GENERAL MOTORS—BUYING I T AROUND THE LOW FELLOWS 1914 T H E PRE-WAR 194 MARKET MYSTERIOUS SELLING—THE CRASH—STOCK EXCHANGE CLOSED—CUTTING EXPENSES—^THE WAR BRIDES BOIL 1915 197 FINANCING AN ENTERPRISE PHONOGRAPHS—BUCKING THE COMBINATION—A SPONTANEOUS MARKET—INVENTION OF A NEW RECORD 119 A SHIFT I N T R E N D 163 PREPARING TO SHOOT THE HOCKING COAL & IRON POOL—KEENE GETS AWAY—A JOB TO TIDE OVER—DETECTING ACCUMULATION—W B THOMPSON'S NIPISSING DEAL 95 MARKET A BIG BEAR TRYING TO INFLUENCE THE PRESS—MAKING TICKER TICK INSIDE I N F O R M A T I O N PUBLISHING PROBLEMS—^TESTING MECHANICAL METHODS—HARRIMAN'S MANIPULATION—STOCK MARKET "TECHNIQUE—JUDGING BY THE TAPE—SCALE PLANS— "STUDIES I N TAPE READING"—THE KEY TO SUCCESS 77 G O I N G AFTER T H E PUBLIC A BEAR 102 UP F R O M T H E LOWS STUDYING T H E BIG T H E M O N E Y PANIC CASH ABOVE PAR—A SICK MARKET—MORGAN SAVES THE SITUATION—WORKING FOR KEENE—HIS TRADING PERSONALITY—KEENE'S RAID ON HARRIMAN—SOUTHERN PACIFIC POOL WHIPPED—FOUNDING THE MAGAZINE 60 MYSELF FIRST STOCK EXCHANGE FIRM—GEO MISSOURI PACIFIC MANIPULATION 1901 JOHN W GATES' BEAR RAID—FORMATION OF U S STEEL—A CLEAN-UP I N BURLINGTON—NORTHERN PACIFIC CORNER—^THE INSIDE OF THE PANIC—SCHWAB BUYS SOME PENNSYLVANIA—THE AMERICAN CAN DEAL 1901 BUSINESS GETTING I N A NEW WAY—THE STOCK EXCHANGE OBJECTS^—MARKET LETTERS—MANIPULATIVE FORCES 1903 A NEW FIRM—RESULTS OF ADVERTISING—SHRINKAGE I N PRICES—STEEL AT 10—MORGAN'S OPINION— BUCKET SHOP PRACTICES 1904 BUYING STEEL AT THE BOTTOM—INSIDE BUYING HOLDING THEM DOWN—PRICK'S DEAL I N STEEL— A CHANGE I N TREND—PICKING THE BEST ONES 1905 HARRIMAN'S NORTHERN SECURITIES PROFITS—WASSERMAN'S READING OPERATIONS—A BULL LEADER— KESSLBR TRIES TO CORNER READING—DICK CANFIELD SELLS OUT—MORGAN BREAKS THE POOL—ORDERS FROM J P M.—CONTROL OF TENNESSEE COAL—A FLOOR TRADER'S METHODS—ELBERT HUBBARD'S A D VICE—WALL STREET PSYCHOLOGY—BROKERS' PROBLEMS—PRACTICE I N TRADING 1906 KEENE RAIDS METROPOLITAN—LONDON OFFICE— STARTING I N THE BOND BUSINESS—THE UNION PACIFIC COUP 199 WAR BRIDES A REAL MARKET—WIDE SWINGS—RUNNING CAMPAIGNS—LANDING PROFITS—^TEN M I L L I O N RECORDS 2.04 13 viii 1917 CONTENTS A BEAR R A I D PAGE So M A N Y PROFITS BRING TOO MUCH FOLLOWING— PARASITES—SMASHING STEEL COMMON—^TEN YEARS OF PUBLISHING 1918 MAKING IO8 RECORDS WE BEAT THE VICTOR—A DEAL I N SOUTHERN PACIFIC — A W I L D OPENING—TAKING MONEY OUT OF WALL STREET 1919 1917 1918 CONTENTS ix PAGE TiONs—DESIRES AND REGRETS—PLANNING TO RETIRE —CLEANING HOUSE AT THE TOP—THEN THE B R E A K DECLINING HEALTH—CLOSING MY INTEREST I N THE MAGAZINE—BEDRIDDEN 2.8^ 198 CLOSING T H E ACCOUNT GAINING STRENGTH—WRITING THIS BOOK—A STROKE —CLOSING OUT STAFF HOLDINGS—OUT OF BUSINESS —PLANS ABANDONED AND PASSED ALONG—NEWSPAPER FINANCIAL PAGES—WALL STREET COLLEGECOMPENSATION 134 INDEX O R G A N I Z I N G T H E STAFF THE T E N TRENDS UP A N D D O W N A G A I N RECUPERATION—OVERWORK—ANOTHER ATTACK 12.0 MISSING A COUPLE OF M I L L I O N S REFUSING TO SELL—STOCK EXCHANGE FAILURES— SUGGESTIONS TOR AVOIDING THESE—PRESSURE BY THE PUBLIC—A M I L L I O N I N SIXTY DAYS—SHOT AT BY GIANTS—STOPPING THE TREND LETTER—^TRIP TO ALASKA 1910 1911 199 305 148 LIVERMORE A N D HIS METHODS HIS OFFICE LAYOUT—SELLING SHORT—BASIS OF TRADING—TAKING A POSITION—ANTICIPATED PROFITS— FORCING THE MARKET—KILLING THE BUCKET SHOPS 1912 2.5 i A N ODD LOT PLAN LIVERMORE'S INTERVIEW—WHAT RASKOB SAID —GENERAL MOTORS AT THE LOW—ODD LOT EXECUTIONS—PRESIDENT CROMWELL'S REPLY 1913 169 T H E M A G A Z I N E ARRIVES OTTO H KAHN'S OPINION 1914 LIVERMORE A N D THE 2.74 "INTERESTS" A BEAR POOL—STAMPEDING THE PUBLIC—PUTTING ON THE KJBOSH—OUR G A I N ; H I S LOSS—LIVERMORE'S COMEBACK—QUICK RESULTS I N TEXAS LAND TRUST 1915 175 THOUGHTS OF A MAGNATE LUNCH WITH M R KAHN—No BANKING 192.6 GENERAL F U N I N INVESTMENT 183 BREAKDOWN TALK WITH PRESIDENT SLOAN—BUYING HEAVILY INTO A STOCK—DUMPING ON THE POOL—BIG POOL OPERATIONS—SUCKER POOLS—SECRET CODES—STAFF AMBI- ILLUSTRATIONS Facing B R O A D STREET A B O U T T H E T I M E 1884 WALL 1881 GRAND 1880 '70's L O O K I N G LATE JAY 1873 B R O A D STREET D U R I N G T H E P A N I C 1873 BROADWAY, 1870 L O W E R P A R T OB N E W Y O R K BEFORE T H E M I L L S B U I L D I N G W A S ERECTED 1870 BROKERS O U T S I D E T H E G O L D E X C H A N G E 1863 G O L D E X C H A N G E W H I C H A D J O I N E D T H E STOCK E X C H A N G E 1863 page IZ L O O K I N G N O R T H F R O M L I B E R T Y STREET 16 3236 GOULD WAS 44 UP W A L L CENTRAL STREET 48 DEPOT 64 STREET 70 THE M I L L S BUILDING ERECTED 74 N E W S T R E E T , C O R N E R OF E X C H A N G E P L A C E , D U R I N G T H E 1888 THE N E W YORK 1885 LOOKING 1885 UP BROADWAY A T RECTOR STREET 80 STOCK E X C H A N G E 96 BLIZZARD 1888 98 T H E FINANCIAL COLUMN I N THE " E V E N I N G S U N , " DE- A R C A D E B U I L D I N G , C O R N E R OF B R O A D W A Y A N D R E C T O R 1895 LOOKING 1891 RUSSELL SAGE AT H I S T I C K E R 1890 lie F L O O R OF T H E O L D N E W Y O R K STOCK E X C H A N G E 1888 104 CEMBER IOTH UP B R O A D W A Y 112 ii8 F R O M L I B E R T Y STREET S T R E E T , W H E R E J A Y G O U L D H A D H I S OFFICES A N D W H E R E RUSSELL SAGE W A S 1898 BOWLING DYNAMITED 134 138 GREEN 158 HARRIMAN 146 1900's T H E M A R B L E PALACE I N W H I C H T H E K I N G THRONED WASSERMAN EDWARD 1905 H EDWARD 1900 WAS EN- 166 xi xii ILLUSTRATIONS J P MORGAN, 1910 V I E W OF W A L L STREBT 1909 JAMES R K E E N E AT T H E RACES 1507 170 176 H I S SON, AND H I S DAUGHTER, M R S SATTERLEE 1910 ijzo's 192 T H E CURB M A R K E T BEFORE I T W E N T U N D E R C O V E R 7.0S N E W Y O R K STOCK EXCHANGE AND ENTRANCE TO J P MORGAN & COMPANY'S B U I L D I N G 114 O N E OF T H E TRADING-POSTS ON T H E FLOOR OF T H E N E W Y O R K STOCK E X C H A N G E 1913 FLOOR OF T H E N E W Y O R K STOCK EXCHANGE, ANNUNCIATOR 136 BOARD ON T H E W A L L OF T H E STOCK E X 2.40 JESSE J L I V E R M O R E 19x5 WAS COMPLETED W A L L STREET, SHOWING J P M O R G A N ' S B U I L D I N G A N D N E W Y O R K STOCK EXCHANGE 19x3 T H E N E W Y O R K STOCK E X C H A N G E AFTER T H E A D D I T I O N 19x3 MARKET, X^6 Z6X 166 SHOWING T E L E P H O N E DESKS I N T H E R E A R 19x8 zi.8 SHOWING ENTRANCE TO T H E N E W B U I L D I N G 1913 CHANGE FLOOR OF T H E N E W Y O R K C U R B 1917 X7X xgx 179X-19XX M E D A L L I O N SHOWING T H E BUTTONWOOD T R E E UNDER WHICH T R A D I N G B E G A N I N L O W E R W A L L S T R E E T AND T H E COMPLETED STOCK EXCHANGE B U I L D I N G I N 19XX Z88 T H E N E W STOCK T I C K E R W H I C H W I L L REPORT A L A R G E R NUMBER OF TRANSACTIONS I N A G I V E N T I M E FOREWORD In a poorly lighted room a youth sat in deep thought With bowed head and weary eyes, he filled page after page full of computations, only to push them away from him and stare at the bare walls of his room About him on the table, on the floor, were papers, pamphlets and volumes of statistics A bundle of daily market reports jostled his elbow, but his mind was no longer in the little room The Stock Exchange, Wall Street, railroads, great industries, the stock market, obsessed his mind Could he solve the riddle of the stock market? That was the problem Others had done it A long line of great operators marched through his thought Why should he not find the secret of their success? No Aladdin with his wonderful lamp ever felt more magic in his task I f he could solve his problem, he saw his meager job fading behind him, and capital, his own small capital, growing like a mountain At six per cent per annum it would double in a dozen years But i f he could make it earn twenty, thirty, fifty per cent! And suppose the multiplied amount grew at the same swift rate!! But how was all this to be done? He knew little about the gigantic problem Then he must learn A l l his spare time and thought must be concentrated upon his task No amount of work or study should discourage him He would overcome every obstacle It might take months to make a beginning He might be years achieving his goal But what was the effort compared to the game? xiii xiv FOREWORD In his Httle room, far into the night, the youth sat in deep thought But he knew he was on the right road Study, effort, patient endeavor, with these he was bound to be successful WALL STREET VENTURES AND ADVENTURES THROUGH FORTY YEARS 1888 AT THE OPENING T H A T F I R S T JOB RUNNER A WALL STREET A LITTLE B R O K E R A G E HOUSE A N D ITS C L I E N T S AS A N infant, I was "expeaed" about October i , 1873, jr\ but I must have decided, after considering the matter, that this date would be a most unpropitious one on which to be born There was a panic in W a l l Street The great banking house of Jay Cook & Co had failed The Stock Exchange was closed Jay Gould, bear raider and wrecker, was spreading rumors of more and greater calamities I probably suspeaed that my father was long of the stock market, on margin, and that my arrival at this time would only add to the general excitement So, while my outfit was all ready and my nurse was on the job, I hesitated Expecting a W a l l Street career, I saw no advantage i n making my initial bow, or my opening bawl, when the Stock Exchange was closed! So I deliberately postponed my arrival until November By that time the Stock Exchange had reopened, the panic was over * * * Graduating from a Brooklyn public school when fourteen, I polished oif my education with a post-graduate course of one day in high school; then started on a law W A L L STREET course at three dollars a week with a firm that needed an office boy But the fly in that ointment was a cousin who was making four dollars a week He didn't appear to know any more than I did Why should his salary be four and mine only three? I couldn't stand that at all, especially as I had just passed my fifteenth birthday So I began to hustle for an opening that would yield four or better, I landed one I t is rather a good idea to start W a l l Street operations in short pants, as I did You are not risking losing so much as the other fellows Monday morning, December i c , 1888, found me employed as stock runner by the firm of Hazard & Parker, members of the New York Stock Exchange M r Parker had a big, tall fellow there waiting for me His name was Neal and he was about the size of a cop I t was his job to break me in How i t did rain that day! Neal and I trudged around, delivering stock, certifying checks, making deposits and comparisons, until we looked like a pair of well-swum muskrats Of course, Neal was doing everything He explained as we went along What these paper things were that we kept poking into the little wickets and why the men concealed behind the partitions should pass out checks amounting to thousands of dollars in return for these papers was hard to understand But this went on until we had a whole flock of checks together, amounting to not far from $100,000 This staggering sum we took to the receiving teller at the Fourth National Bank—he with the curled mustache and the fiercely surprised red hair and eyebrows W e did this for three days, after w h i d i I was held to VENTURES A N D ADVENTURES be "broken i n " I now started to these marvelous things all by myself, and to feel a real—if small—^part of the W a l l Street machinery How much finer i t was to be a runner i n W a l l Street than an office boy in a law office! But that was not all Mr Parker was paying me the munificent salary of twenty dollars a month! That four-dollar cousin was licked! When the end of the week came and no salary was forthcoming, I couldn't understand i t at all Monday morning I plucked up courage and asked the boss whether they paid "their employees" ( I was the only one) by the week or the month "You can have it any way you like," replied M r Parker Then taking a pencil and paper he figured: " I f you want it by the week it w i l l be four dollars and sixty-one cents for twenty-six weeks and four dollars and sixty-two cents for the other twenty-six." I had figured roughly that twenty dollars a month made five dollars a week But I was glad to get the four-sixtyodd ){* s|c ^ The Mills Building, in which Hazard & Parker had their offices, was the W a l l Street architeaural wonder of its day I t was surrounded by rat-traps of only three or four stories and was overtopped only by such buildings as the Produce Exchange Tower, the Boreel Building, at I I I Broadway, some thirteen stories I ' l l have you know, and the old eleven-story Equitable Building, from the roof of which I used to be able to gaze all over the city Henry Clews & Co and H P Goldschmidt & Co were on the ground floor On our floor, two flights up, were John Bloodgood & Co., Post & Flagg (then a very small con- W A L L STREET cern), de Neufville & Co., Noble & Mestre, and Joseph Walker & Sons; and on the floor below, L & S Wormser, J & W Seligman & Co., and Chas Head & Co Across Exchange Place were Whitehouse & Co on the corner at 25 Broad, and in the same building Chauncey & Gwynne Bros Hallgarten & Co was across the street at 28 Broad Spencer Trask & Co occupied a floor of the Western Union Building, at No 16, a narrow brick structure with elevators like squirrel cages On the corner of W a l l and Broad stood Drexel, Morgan & Co.'s white marble office building J B Colgate & Co and C L Hudson & Co were at 36 W a l l ; A M Kidder & Co at No 18, as also were Buttrick & EUiman; Zimmerman & Foshay were on the corner at No 11 E & C Randolph were in Nassau Street, at No Harriman & Co had offices in the old Equitable Building at 120 Broadway Dominick & Dickerman were in 74 Broadway, Fellowes Davis & Co i n No 70, and R P Flower in No 52, across the street I n the old Exchange Court Building at 56 Broadway were H L Horton & Co and Jones, Kennett & Hopkins Some old barnlike structures on the south side of Exchange Place housed Ladenberg, Thalmann & Co and Wassermann Bros Runners not only had to know the addresses of these firms and of all the others in the Stock Exchange Directory, but also must be familiar with the short cuts, from Broad Street to Broadway, or from W a l l to Pine, Exchange to Beaver, etc., etc W e also must know what floor every firm was on, and which way to turn after we got out of the elevator—when there was any A visitor to our office, after a slow two-floor elevator ascension, stepped around the corner of the hall into Room Five He found himself in a three-by-six vestibule 2.S2 W A L L STREET not the others I f we advised all, the rush to buy would force the price up 200 to 400 points a share The floating supply was small; there would be few offerings on the way up; the sudden attempt to purchase would bring in a following which would carry the market away from our own people W e decided not to act While the final chapter of these certificates has not been written and while at present I have no opinion whatever on them and am not advising either their purchase or sale, it is fair to record that not long after this meeting the certificates sold at above 4,000, which was nearly ten times what I had realized for mine I hadn't been at all clever I should have held on Each hundred shares could have been sold for over $400,000 Five hundred shares would have been worth $2,000,000 * * * 19x5 THOUGHTS OF A M A G N A T E LUNCH IN W I T H MR K A H N NO F U N INVESTMENT BANKING A S I was seated in the lounge of the Majestic, on my way back from Europe, a young man stepped up to me and said: " M r Wyckoff, I am Mr Otto H Kahn's secretary M r Kahn has just learned that you are on board and would like to have you take lunch with him tomorrow." Accepting the invitation, I found M r Kahn in his suite, very busy with the final draft of a statement prepared for release to the press upon his arrival in New York He handed me a copy, gave me a rough idea of its nature and purpose, and said: " W i l l you please read this over and give me your professional opinion of i t " After I had complied with his request we went into the dining room and were seated with two of his friends, one of them a partner in a Stock Exchange house The talk, begun on the news that the heirs of Hugo Stinnes of Germany had just arranged a loan of $10,000,000, soon veered to the prospeas of permanent peace i n Europe, and the present position of the American holders of foreign bonds Before sailing from New York I had been rather bearishly inclined on the general market and none too optimistic on the European political situation; I now mentioned some of the disturbing reports I had gathered while visiting Vienna, Berlin and other European capi2.83 i84 W A L L STREET tals M y host and his friends agreed that much had to be done before the possibility of another war was eliminated N o one disagreed with Mr Kahn's suggestion that everyone should be willing to invest at least a part of his surplus funds in foreign bonds for the sake of helping the general situation in Europe The conversation then turned to the Union Pacific: how E H Harriman had taken that wreck of a railroad and made an outstanding success of it, both as a transportation plant and as a holding company for great blocks of other railroad investments "Yes," said M r Kahn, " M r Harriman put that company i n such a strong position that nothing serious can ever happen to i t " But Kahn's most interesting observation had to with the change in investment banking business that had occurred in recent years Dillon, Read & Co had just purchased Dodge Bros., giving their check for $146,000,000 "Clarence Dillon certainly stands in the front rank now," said M r Kahn "Nothing is too big for him, and you've got to give him credit for his accomplishments." "When M r Harriman was alive," M r Kahn went on, "there was romance and adventure in the business of underwriting securities When he brought out a big issue (that is, big for those times) we never knew just how i t would go; we were not sure that the public could absorb it He did things in such a masterly way, his vision was so great and so broad, that often we could not fully agree with him as to the probable outcome But nowadays there are a thousand investment bankers in the country I f they take an average of fifty thousand dollars each, a fifty million dollar issue is all sold before the ink is dry on the underwriting agreement There is no fun i n i t at a l l ! " 1916 GENERAL BREAKDOWN TALK W I T H PRESIDENT SLOAN HEAVILY T H E POOL I N T O A STOCK BUYING DUMPING ON B I G POOL O P E R A T I O N S S U C K E R POOLS AMBITIONS S E C R E T CODES DESIRES AND P L A N N I N G TO R E T I R E T H E TOP STAFF REGRETS CLEANING CLOSING MY DECLINING HEALTH THEN THE BREAK HOUSE A T INTEREST I N THE MAGAZINE BEDRIDDEN D URING the W o r l d War I had bought ten acres of land i n Great Neck, Long Island, where I built a twenty-six room country house The land was delightfully situated about a thousand feet from Little Neck Bay, with many splendid estates all about A few years later, Snug Harbor, the estate across the road, was purchased by Alfred T Sloan, Jr., president of the General Motors Corporation I strolled over there to call, one Saturday afternoon M r Sloan is tall in body, big i n ideas, broad of vision, yet mild-mannered, genial and unassuming to a degree that would lead no one to suspect him of being the head of one of the world's greatest corporations W e talked of Great Neck, of its advantages for residence, the attraaions of its neighborhood, its convenience to New York I asked him i f he played golf and he replied that he did not have time to play 185 accumulate about one-sixth of the outstanding stock of a certain company Had we intended them to hold this for permanent investment, I could have secured their proxies and the election of myself, or some representative, on the company's board of direaors But what we were after was the cream of a manipulative move which we knew, from the action of the stock, that insiders were attempting The stock started up with little resistance The pool and our followers had most of the floating supply A l l we wanted the manipulators to was to put i t up higher The rise continued for about fifteen points Then the action of stock indicated that the pool was getting ready to unload I figured this would happen within two or three days Just before the close, one afternoon, the price was rushed up on large volume in a way that characteristically precedes the dumping process, which, it seemed probable, would begin at the opening the next morning Next day there was front page publicity in the newspapers, a high and wide opening with large volume I sent out "Sell" telegrams to all of our Service subscribers They succeeded in unloading within a range of from i to points of the top, cleaning up 15 to 18 points and several hundred thousand dollars in the aggregate The stock did not reach those high prices again for many months We had succeeded in selling on the beautiful market the manipulators had made for us It was a long while before the pool got out of its own stock "You see," he went on, " I am travehng just about two weeks out of every four Half my time is on the road, to keep in touch with the heads of all our units throughout the country You may think this strange, but all I is visit, consult and make suggestions I never give an order Some one has to be up in the conning tower, taking a broad view of the enterprise and that falls to me." "There seems to be no limit to your company's expansion," I remarked " N o , " said M r Sloan "Our business has grown so large and our available cash surplus so ample that from now on, instead of starting new units, wherever we see a promising field we w i l l enter i t by purchasing an existing company We feel i t is better to take a going concern; we get under way more quickly." ^ Then he told me of some of the developments in motor trucks and their future application I not feel at liberty to repeat this, though some of i t has begun to materialize VENTURES A N D ADVENTURES W A L L STREET 2.86 * * * W i t h the large following of our several Services, we were at times an important market factor The combined buying power of subscribers ran into large figures When a number of faaors combined to put a stock in an exceptionally strong position, we put everybody—subscribers to all the services—in it When this could be done while accumulation was nearing completion and it looked as though we would not have long to wait for the markingup period, we would unbelt and "play it across the board," as the saying is In one case of this kind our subscribers were able to ^ T h i s policy has since been followed in several fields, here and abroad 2.S7 * * * Many people have asked me about the inside operations of what is known as the "big banking pool." While there is no such permanent or regular organization, there x88 W A L L STREET is a form of joint operation by the largest interests i n the Street which aas as a sort of flywheel in keeping the market steady, especially at critical times The "interests" in this big banking pool change according to market conditions, the size of contemplated operation, the necessities of the market and the objeaives to be attained When a large amount of securities is accumulated to avoid a disastrous break which might disturb investment confidence, the participants take up and carry their allotted share of the total amount purchased They unload these holdings when the danger is past and conditions are more favorable Then there are the largest of the pools i n certain stocks Morgan ran a big pool i n the big Steel markets of 1907 to 1909 I n the panic of 1907 this pool gave an unlimited order to buy Steel common, which was then selling as low as % There is reason to believe that it took on 500,000 shares The turning point occurred then and there Two years later the pool made a tremendous market in United States Steel, and forced the price, although the dividend rate had then only been restored in part, to 94%, at which point the tape said that the pool was getting out The profit on this operation was probably upward of $25,000,000, but this is nothing to what the inside pool in General Motors has made i n recent years There are, of course, pool operations of various sizes and grades of importance not only among the banking houses but made up of brokers, their clients, and certain large outside operators Some of the biggest participators i n pools are often the right-hand men of the big banking and corporation executives Place one of those executives on the witness stand and he w i l l probably deny ever taking part in a pool Examine the private ledgers 1928 The New Stock Ticker Which Will Report a Larger Number Transactions in a Given Time of VENTURES A N D ADVENTURES 189 and bank books of his M a n Friday, however, and you w i l l find that this salaried assistant has been up to his neck i n transactions altogether out of proportion to his resources These pools and syndicates are a b i g cause o f market fluauations They are of all sizes and styles; i t may be said that there is at least one pool operating i n every stock on the list Often there are several; there may be many i n a single stock They range f r o m pools h o l d i n g a few thousand shares to pools w i t h hundreds of thousands o f shares They are usually managed either by one man or a small group Participation i n a pool does not insure profits Even pools made up o f insiders and of their close associates frequently misjudge a situation and suffer losses I n siders are often bad judges of the securities of w h i c h they are supposed to know everything; they know their company's affairs, but not understand the stock market I f this be true of the insider, one can understand the handicaps o f the outsider The greatest danger to the outsider is of being landed i n what is k n o w n as a "sucker p o o l " One day I found one o f my friends—a partner i n a prominent banking house—all worked up over the b u l l ish possibilities i n a certain low-priced tobacco stock H e was organizing a p o o l i n i t ; had a l l his traders participati n g and was getting out a bullish circular H e said the stock w o u l d double i n value i n the next few months I asked h i m what was the basis of his p r e d i a i o n The facts he gave me i n answer were not convincing Tobacco companies not double their earnings overnight The t h i n g didn't smell good N o t l o n g after that this stock shrunk to just half its W A L L STREET value M y naive friend had been used to a piece of dirty work A tobacco man wanted to sell 50,000 shares of this stock He could not find a market for such a quantity at anything around prevailing prices By inducing my friend to form the pool, he created a market for the 50,000 shares several points above the figure at which the stock had been selling Result: Clients and friends of the firm holding the bag, the big man holding the cash When the price of the stock shrunk 50 per cent he was able to buy 100,000 shares with the money he had derived from the sale of the 50,000 ^ s|c ijc For many years there have been methods of transmitting secret advices by means of code letters and words printed in certain seaions of daily newspapers Formerly these advices were brief and simple, though quite effeaively used among those who were "wise." They have since been greatly elaborated I f you have some knowledge of the subjea, studying these signals, advices or forecasts, you can see that they emanate from the headquarters of important interests, and that they forecast the trend of the market in general, and certain stocks People may think this improbable; entirely too imcanny in this day of modern business procedure But I know exaaly what I am writing about! However, I cannot advise anyone to search for this "Open Sesame." There never was a secret code which could not be changed on short notice * * * In our advisory work on the Staff and allied services, much as we strove, we failed now and then to a degree VENTURES A N D ADVENTURES xgi that was embarrassing to us and disappointing to our clients W e would have liked to be infallible in every bit of advice and every opinion we issued I n the very nature of things, we could not be W e would have liked to distribute profits and losses among our clients so that none might have too much and none too little; we would have been happy to anticipate profits and put the best trades in the hands of those who had had unprofitable ventures But as each transaction in the stock market is a step in the dark when it is made, and no living man can tell its outcome until i t is completed, we could no such thing I n this business of guiding a large clientele, seleaing good opportunities was not the hardest task The really difficult thing was to ascertain the turning points in the market I f I had my choice of the one most desirable thing to know about the stock market, I would choose to know when rather than why or which That is, I would rather know when to buy or sell than why I should so, or which stock For many years I searched for one man who would this better than I I wanted the best man obtainable, I would have been glad to start him on a salary of $25,000 a year But as I could not find him, the best I could was to train others into the intricate task of calling the turns, and this was a course of training that required years Men could be found who expertly analyzed banking and corporate conditions; seleaed safe and promising investment or speculative issues But the man who could sense the top of a bull market, or the bottom of a bad break, or the important turning points i n the intermediate swings, that one was the most difficult of all to find X9X W A L L STREET M y reason for wanting such a man must be plain to any reader who is in business or forms part of any important organization The concern that depends upon one man for its principal executive work is in a comparatively weak position; for anything can happen to anybody; and i f that one man is i l l , dies, resigns, or goes on a vacation, the organization is greatly handicapped From 1923 on, I put the members of my organization through a series of tests to develop their independent judgment and to train them in getting along without me Absences on trips about the country and to Europe were part of this program The organization did well under the circumstances, but there were times when I had to hop on a train or steamer and come back in a hurry; at least I felt that I should Most business men w i l l know what I mean "We gain the impression, after running a business for many years, that no one can i t quite as well as ourselves I was beginning to plan to retire and I had so informed the Staff Also that the sooner they took responsibility upon themselves the better I would like it I t was up to them to show me that they could run the business profitably to all concerned—especially to the clients About the latter part of February I was able to give them a striking demonstration in the art of getting full benefit from an important turning point The market had been advancing for many months It began to look tired There was increasing evidence of inside and banking house distribution W e had been working on the bull side and our people had not only realized large profits on the way up, but were then long a full line of securities bought on our advice, and long many others which they had selected and bought in addition A t this VENTURES A N D ADVENTURES 193 point I called a meeting of the Staff and went over the situation as i t appeared to me W e found enough elements i n the situation; we decided i t was time to unload all holdings This was not only so that our clients w o u l d realize the large profits accrued; but so that their capital should be released and w i t h i t their buying power when the anticipated decline should b r i n g stocks down to l o w levels The advices of the Wyckoff Analytical Staff and the T r e n d T r a d i n g Service went out: "Sell at the market." W e had hardly completed our selling, the last of w h i c h took place at the opening, Monday, M a r c h i , when a panicky decline lasting three days carried prices d o w n to an average level which w i p e d out a large percentage o f the previous rise I n order to make this a matter o f record—for no other advisory organization, and, so far as we could learn, no important brokerage house, had sent out advices to their clients "to clean house" at the time—^we issued the circular on the f o l l o w i n g page That was the k i n d of w o r k we aimed to do; these were the results we strove to secure for our clients I f we could have accomplished this i n every campaign, we w o u l d have been more delighted than our clients, for the real satisfaction a man derives f r o m his w o r k is not i n the amount of money w h i c h i t yields, but i n the skill and efficiency w i t h which he operates * * * A l l through the years f o l l o w i n g the end of the war, and up to this time, I continued to w r i t e scores of editorials and articles for the Magazine of Wall Street I n addition to the series on Southern Pacific, and other 2-94 W A L L STREET RECORD OF RESULTS Semi-investment Service RICHARD D WYCKOFF A N A L Y T I C A L STAFF, INC As a matter of record, we wish to report that we have accomphshed for those of our Associate Members who have followed all of our advices for the entire ten months' period ending March 4, 1926 Profits Actually Realized on 100 Share Trades $36,450 Losses Incurred On a Few Losing Trades 4,800 Net Profits Without Deducting Commissions, Tax or Interest $31,650 Cost of this Service for a Full Year Equal to less than 2% of the Profit Realized, or $500 But this is not the whole story The rest of the facts are these: Before the biggest break in years, which occurred between and P.M., Monday, March i , our Associate Members, on our fast-wire advice, were out of all the stocks which we had definitely recommended and in which the above net profits were secured They were also specifically advised (while the market was somewhat under the extreme high levels), to close out all the highly speculative and vulnerable securities which they had bought on their own judgment W e gave positive advice to sell these We advised each subscriber which of his stocks to sell This is the way our individual service operates Therefore, when the panicky breaks of March i , 2, and occurred, our Members were standing ready with the cash with which to repurchase the numerous great bargains that were then offered By P.M Thursday, March 4, these purchases, none of which was more than 48 hours old, showed profits ranging from one to seven points VENTURES A N D ADVENTURES 195 features which I worked up, my leading articles defined the position of the stock market and carried definite forecasts as to its probable direaion Usually Saturdays were devoted to this work but frequently the articles were dictated d i r e a to the typewriter or the diaaphone in the office Other days, from nine to five, I devoted to a study of the market and the problems of the business As the Managing Editor and his assistants became more thoroughly trained in editorial requirements and standards, my work with him was reduced to consultation, suggestion, criticism I did not wait for the editorial meetings, but sent memos to him whenever ideas occurred to me; often no one but he knew of these I was not looking for credit but for good results As time went on, the Market Outlook was, in the main, written by him, but the conclusions and forecasts therein were mine The question of my severing my relations with the Magazine came up H e said: "Mr, Wyckoff, I would be lost without you." " O h , I don't think so," said " N o man is ever so indispensable that he cannot be replaced." * * * For some years my health had been giving increasing evidence of the strain under which I worked and lived I had never been seriously i l l since childhood, but few constitutions, even of iron, could have stood the continuous stress put on mine Hard work is one thing: nervous work under tension is worse; and probably the worst of all is a combination of these, with emotional anxiety I now found it necessary to draw my association with 2.^6 W A L L STREET the Magazine of Wall Street to a close The conditions which brought this about are of no concern to the reader; but they were of much concern to me and to my intimate friends Because of personal considerations which for some years had been accumulating, I determined to make a great financial sacrifice, i n order that I might immediately be relieved of certain responsibilities, faaors and contacts I n May, 1926,1 made an arrangement by which the corporation which owns the Magazine of Wall Street, by redeeming certain securities, might return to me a small part of the value I had created I did not sell my interest to anyone, nor to any group Statements to the effect that I was "bought out" and that I had only "a small minority interest" were merely interested propaganda, made for purely personal reasons I did not desire then and not desire now to dignify these with a detailed reply The Magazine which I conceived, founded, fostered and edited for nineteen years was by that time strongly intrenched, with a large circulation, growing advertising patronage at rising rates I t had the esteem of the financial community Its earnings were large; its liquid assets over half a million; its organization big, broad and efficient Earnings gave strong promise of doubling and trebling within the next few years In the face of all this, my friends could not understand why I accepted, for my interest in the enterprise, an amount of money which represented about one-third of its actual value at the time and a still smaller fraaion of the value i t promised to have within two or three years But there are times when greater satisfaction is to be obtained than that of holding out for additional money and going to law about it Peace of mind is worth more than VENTURES A N D ADVENTURES 2.97 many dollars Ideals founded on mere accumulation of money are built on shifting sands Having disposed of my interest in the Magazine, I began to plan my retirement from the advisory services Being sole owner of the Richard D Wyckoff Analytical Staff, Inc., I decided to take the principal executives into partnership by presenting them with nearly one-half of the capital stock, and arranging a trusteeship which would keep the controlling interest from getting out of their hands in case anything happened to me Early in June while dining at a club with friends, I began to feel i l l A physician was called; he found that I had had an attack of angina peaoris, which in plain language is the bursting of an artery i n the heart On the following morning the doctor sent me to my home in Great Neck, and there, for several days, i t was an open question whether I would live or not The change in my condition from that of a highly charged and rapidly funaioning business dynamo to a more or less wrecked and seemingly useless piece of machinery was demoralizing enough without the personal and business situation involved I had been direaing a large enterprise, a staff, many men; I now myself was being managed—by doctors and by nurses Examinations; consultations; medicines; a wheel chair Endless days and nights Finally at the end of three months I was given permission to go downstairs; then to my place i n the mountains—still i n the care of a trained nurse 192.7 U P A N D D O W N RECUPERATION ANOTHER AGAIN OVERWORK 192.8 C L O S I N G T H E A C C O U N T GAINING BOOK ATTACK A HOLDINGS O R D E R E D to a warm climate for the winter, I first went to Florida, then to California I t seemed impossible for me to stay in one place more than a week or so Changing my location was the only form of activity i n which I could indulge M y doctor wired: "Stop making so many one-night stands Settle down somewhere and get some repose." I did—for a few weeks The suddenness of my removal from the business had put a heavy burden on those to whom the management had fallen They had had difficulties; numerous readjustments were needed I returned to New York i n the spring and undertook these I gave several hours of concentrated effort every day for about a week—and then my physician was responding again to a hurry call Seven times that afternoon he administered a hypodermic, I was carried away on a stretcher, out by the New Street door of the building, and into an ambulance Once more I spent most of the summer i n bed STRENGTH STROKE WRITING CLOSING OUT OUT OF BUSINESS ABANDONED NEWSPAPER STREET AND PASSED FINANCIAL COLLEGE THIS STAFF PLANS ALONG PAGES WALL COMPENSATION A N O T H E R winter i n California, this time under conditions of better health and more strength—enough to write the greater part of this book within a period of two months When, the following spring, the doaor told me to stop taking medicine and to begin to play golf, I had visions of resuming my work in W a l l Street But no! I took a long automobile ride—and my right arm and leg became partially paralyzed Diagnosis: A small cerebral hemorrhage "Give up all business," the specialist said "Close out any interest you have Give up every management or concern over any management Lead the life of Riley Go up north in the summer and go to Egypt i n the winter Don't any work." Another couple of summer months in bed More doctors More nursing A n emergency call early i n the morning Any little overexertion or lack of caution led to trouble I gradually withdrew from affairs I sold my interest in the Wyckoff Analytical Staff to my associates who had 199 198 300 W A L L STREET worked in it with me They formed a new company, which acquired full control And so it came about that in December, at the end of forty years in W a l l Street,^ I found myself aaually and completely out of business * * * M y problems in former years had been those of most men: to establish myself in business; develop an earning power which would yield a large surplus over living expenses; attain financial independence Like the majority, I found my expenses increasing, doubling and trebling; but that side of the ledger seldom bothered me Always I concentrated on methods of increasing my gross income So long as this could be done, the rest was of no concern, A man may spend $50,000 a year in living expenses without being extravagant This depends upon the relation between his expenses and the earnings of his business or profession, and his other income But i n working out these problems, one generally disregards the faaor of wear and tear on one's constitution; on machinery which cannot be fully replaced once damaged or broken And there is the element of age; few of us take that into account Looking back at my career, I see clearly that I continued at high pressure for too many years, and when certain additional strains were loaded upon those already placed upon me by business, I could not withstand them without a break M y physician tells me that diseases of the heart due to excessive business aaivity are increasing at an alarming rate and he suggests that I cannot better than to in' A s the Stock Exchange was first established in 1792, that instimtion was, in 1928, only 136 years old Forty years, therefore, equals nearly one-third of its existence VENTURES A N D ADVENTURES 301 elude here a word of warning to those who might be afflicted with a passion for work, or who might be obliged or be tempted to overwork Business organizations, advertising and selling campaigns, putting over deals, marketing securities, fighting competition, gaining prestige, making money—these are not all there is i n life But with most of us, i t takes some sort of shock, i t would seem, to awaken us to the fact that we are not married to these things; that beyond a certain point they are not necessary i n our lives I t is not until we extricate ourselves and gain distance, and time to consider, that we begin to see that they are only a few things out of the many that make life worth while, * * * Had my health permitted, however, I would have undertaken two enterprises I had long had i n mind These were: (1) The establishment of a syndicate which would supply material for the financial pages of daily newspapers throughout the country (2) The foundation and financing of a college i n W a l l Street As to the first: Daily newspapers have done little to keep pace with the development of the stock and bond markets in the last decade Newspapers of today give the public but little more in the way of real news, clear analysis and helpful information than they did ten years ago, considering the increased size of the markets The vastly greater number of listed stock and bond issues; the increased volume of trading, combined with the enormous public participation, call for something newer, big- 30i W A L L STREET get, broader and entirely different from what is now regarded as a good financial page Morning and evening papers all over the country carry prices, volumes, quotations and statistics relating to the day's transaaions, but show little or nothing of what is really going on in the market itself and little of practical value to those who desire to trade and invest intelligently There could be added to one principal daily paper in each important city (preferably an evening paper) from one to three pages of material so valuable that it would be sought by everyone interested in the stock or bond markets, or in banking, economics, finance and business This additional material would bring in increased circulation and advertising; instead of being an expense, it would be a producer of revenue and would add greatly to the prestige of the publications carrying it The other piece of work that I contemplated The W a l l Street College, was an institution in the very heart of W a l l Street—in one of the skyscrapers! I t would have provided educational facilities to all who desired to learn the principles, machinery, methods, practices and technique of the vast operations centered in and about the Stock Exchange, including brokerage, trading and investment science, banking and corporate finance Students and graduates of such an institution would become better clerks, brokers, customers' men, bond dealers, salesmen, traders, investors, bankers, bank clerks, financiers and business men It was not my intention to this for profit Now, being unable to carry out these plans, I pass the suggestions along to my friends in the Street who may see merit therein VENTURES A N D ADVENTURES 303 Although i t is impossible for me to be again aaive i n W a l l Street, I am fortunately not condemned to idleness M y health is now more completely restored than I ever had hoped i t could be I can now a considerable amount of work, studying and writing.^ I find great pleasure in these; also in literature and in travel I feel a good deal—after the grind of long years—like a boy let out of school Everything has its compensation Following all the turmoil, what appeared at first to be a calamity was merely a forerunner of health, peace and contentment I believe I can now the most important work of my life; that my best years are yet to come! Some of my friends have suggested that I undertake to teach say one hundred people the fine points o f what experience has taught me so that they may be able to operate successfully i n the stock market THE Only in EVENING SUN MONDAY, TOM befomd tfckt ran ttOfi* nUliffitvo) Krvsma Die eorred B u n ' s tarUtua ituolaiiont No oV^ af mjlenioon bonis PDtr of On tame detmU uidmecurarv NSW XOSK I T O C Z tdiand fur mnd BZOKUIW WALLSTREET LATEST FINANCIAL NEWS IVK MAKKBX ASTItK tvtrxns S:30, A REACTION BUT WJH OLOBK XBU aXXADY, T h « B e m r * a r e K c i i < r t o D m n e e W i t h De a t t e n d e d w i t h a n y d i s a s t e r s i t I s not I m p r o b a b l e t h a t the d i s p o s i t i o n to realize, a l r e a d y e n e e n d e r o d by the t i g h t n e s s of money and the e x ^ r a v a e a n t c o s t o t c a r r y i n e A m e r i c a n s t o c k s o n the o t h e r side, m a y r e s u l t i n o n enforced U a u i d a t i o n In such a n event it la a s e r i o u s Question whether these E n r o p e a n holdings a market here i n any with the s u p p l y deeree would find cemmensurBte T h e d o w n w o r d c o u r s e of the Tanderbilt and other t r u n k line stocks d u r i c e the p a s t few d a y s I s c e r t a i n l y not i n d i c a t i v e of m u c h confidence a t h o m e a m o n e those w h o a r e alone a b l e to s t e m t h e tide by the absorption ot t h e s e offerings When, therefore London prices came very w e a k a n d low t h i s m o m i n s , tho s i t u a t i o n w a s looked upon as serious, and the floor was c r o w d e d w i t h a n e x c i t e d t b r o n i ; of b r o k e r s , a l l otwhom seemed to h a v e ereatest depression w a s o r d e r s to s e l l in Missouri Tho Pacific, w h i c h w a s 3)a p o i n t s off I n leas t h a n t h a t n u m ber of m i n u t e s A t t h e e x p i r a t i o n ef the first hour B t P a u l was IK lower c l o s e ; B o c k I s l a n d , Vi: than Batorday's L a k e Bhore, 1: N o r t h - w e s t Hi i Look., I X ; a n d the o t h e r s from H to I t certainly looks a s t h o u s b t h i n e s were goluK to be w o r s e before t h e y I n c o m e better T h e good n e w s ot t h e p a s t few d a y s h a s e v i d e n t l y been m a d e the m o s t of to s e l l s t o c k s upon, a n d t h i s m o r n i n g t h e r e s e e m s to be n o d e m a n d e x c e p t from t h e b e a r s ta c o v e r s h o r t s Toward what noon on prices' began news from to m e n d s o m e - London that monetary situation h a d Improved on from B n s s l a , though t h i s w a s the the p r o s - p e c t s of a h e a v y s h i p m e n t of gold to t h a t tre s p e c i a l from offset cenby a C h i c a g o a n n o u n c i n g a out of 40 per c o o t i n p a s s e n g e r •nd Bt rates between Paul B t Louis Prices tield steady on c o n f i r m a t i o n of the r e p o r t of the s h i p m e n t of gold from B n s s l a to L o n d o n to the a m o u n t ot JtLOOO.OOO But A e n g a g e m e n t of »600,000 b r K n h n , L o e b tb« Co afteotuolly e b e c k e d a n y m a t e r i a l a d r « n c « Honey was p e r c e n t i n B o s t o n , a n d otters m a d e to s e U A t c h i s o n a t H, s e l l e r 60 d a y s , d i d D E C I i l M B E R 10, 1888 Otm- JfiijV tne- New Y o r k ft h e v R n r i c D O N v C h i i MLonlB, p h v , s m t \vMicro ut Norfolk * W e r t t r n |,r h o r l l i e r n I'aciOc Korth«ni P i C l O c o ! O n U r i o i Wcfcterii „ Ohio Southern Ohio t MiMlMlppI OrccoK I m B r o Y e m e n t Oretfon l u l l A N a T l c a t m n O r e c o n * Tr&ascontlDonuL Orecon Khort LlHe, r « i l»o JUli flttnUurir Kt W i 41 PuiLBiaD r-'alace CAfei;* flc&dljijr n e w Rpns Jt Sarfttoca Klcb * W Point Rlok t W l o i n t DC X A San K r a a pf fcL P a u l ft D u l a t l i kl Paul * Omwia S I P a u l ft O m a u a Df bt P a u L X l n n ft Man T a n n Coal ft I r o n T c x a a PaciHo naar Vaioa Pacific ,' « H Wabadh K t I,, ft P a WabKih S t L * p pf a p Wciurn ijDlati l e i H I i c e l l c i ft L a l i e E r t e » ( mi U ii 15« B a n d (Sales 10 I * 41 a.- 1st 2000 sex 5000 m% 3U0» _103 E l t e L ft S g I J I lOOCO 104)t B a l l , ft O 6a ltt2S ^bflOO , i l O t O r e r e n Imp 1st 1000 lOSfi E r i c l a t e * iSoU lIMii Can S o l a t r l ' ^ Orejr ft T r a n a « i Erie 2a 1000 1«( 10000 10IX Can S o u t h ' n a l 6000 gew Pene ft At let 2000 Si E T v fto n s T 1000 07 Cfint I o w a iBt c t Pitta ft W U t 21100 „ 83 4U» 78)« Clira ft O 49 c t G a l H A H S a ICOOO 77 23000 79 2U»0 71 Pbll ft B e a i B C l a DSIOO « X G v K C o L ft S a n u Chec ft O s e r i e s B F t let 25800 BS« certi 1000 117H Phila ft B«aftlliz 6000 73M m Can 4a ^ 2d n ( C b U B it Q coQ eoui ,107 40006 _ 77 200U IS3 K a n Pac., e n Pkll.&EeaiL4a SOOO llix Cbi ft I n d C 5a 6000 89H( 1000 U L a k e Stuft U i c h sT Bleb, ft AllCE U t Ch\ MIL ft St, r 24 r ct C P 5« 2ao» 123H 3000 «00 l W i Mil L S ft W 131 Bich ft D a n v &a C h L MIL ft Bt f lUOO 118^, smi 8«i I I * D 5« Mia K a n ftT I r PJeb ft S a a c n 1000 _ 00 1000 iieH C k l M l L ft S U P ? Hob ft U U o g m K i c b ft W F B ft W ft M D i v soee ooi 5000 4* e w c , B r a o N J C e n t 5» Shenao r g a n i i i coap ct 0 j ^ l O T U J90W lOC^i 30 0 ",.107^5 1500* C m J a c k , ft Mac N y , s & w tig T e i ft P a s 34 l a iBt ^0000 37M 6a luOO 82 JOOO ft a Bond Sales A « m l» Alb ft S n a c o n 6a 20aO I23)i A i l f t Pao I n c 5000 J63i Atl.iiPac.4s H009 81 10000 80« 20000 _ 81 C a a Sa lat, f d 20ue 108H, Cent Pao 1st D » 1000 117 OSes ft O e b ct loooe » « Cbl ft E l U 58 1000 B7 C h ! ftN W K b c 5000 iTSii C e l , 11 V a U a y ft T5a 6000 7» 60OU 79 S e a ft B i s e r 49 SOWIO 7«X B e t M ft M 1.1 lOOW 34 Ft W'tii ft D l e t louu sa Great Western lat ^01 wi IIOK H a r l e m 1st reir loco limi UeoaatoiUc f m tt 6000 iaai4 III Central 3HB less DSii 111 C e n t r a l tt aoat mt K a n Pac., J ft P nooe 109 L a k a E r l a ft W n let 1000 108« L a k a 8I1 « M 8, litr 40*0 ISSH iMon sssM Lajiesb-Aliluhs 1st c on lioeo it» L o n e I s l a n d 4a IWbn «2K Met E l a v a t a d 2« 26000 S9 Rich, ft Allag 2d ctfa 8600U 25 Bleb W r B * W t r S a 13000 W> Sben T o l l a y e n i ctfa lOOe 29K St L A.ftT.Bauua 2« pr 7a 2000 SSfM s t U A r t ft - i e i lat looe siji St.L t I r o n M l a t 1000 lOSi^ St L ft I r M L 5a i«eo ss St u ft r J L , c A ft T l e t sue* }OHi St L ft S a n F r a n clasiC 10(10 „li5« aoooo 115 at p M ft M ^ s lOOOl 99 T e a u C t i r ftB.(ii B div s t 2000 SI IIOOO 90^ T e n a b£ttlm't83 71N lUOO 7HJ Tel.\ ft PMiSo uttt 1U90 eni T e l ft eta 2d m BOOS _ 87«i 6«X) sra iseoa _ 87W 5.-XB sry icoo BiH eooe mu Tel A A ft H i C 1st 2ose •» T a L f t O C a n t 1st 3000 102 Onion F a c U t , W 15009 114^ W e s t M T ft P a n 1st 20«» eo We«.U C a l t r S B 1000 east W a a t U n 7a soee Wab S t U F M f.ntot looe 83 n o t I m p r o v e t h e s i t o a t i o n tbera The m a r k e t became very s t r o n g d u r i n g e a r l y p a r t of the final farther amount Uovernnieat the h o u r u n d e r t h e l e a d of the S o u t h e m g r o u p , a n d tho enjnuremont of a of 1500,000 s o l d for s h i p m e n t to L u r o p e beemcd to h a v e no effect i n deprebs- 4M8 r a C d los 4'.^sroup 103 4Brek'ii 12Tyi 4BH N Y * N H « « II3>« Bell T e l e a b e n a 2D0 Oregon Short l-lne Ss.IOStlTaTujracW 175 AtcbiBon Btoct 63 Mexican i:entral Ui4 Oregan Short L i n e — 4n'/v « l« Uen 15W C il t l l ecl a 2«0 B * , i c n Mont 7U A t l a n t i c ft P a c C B A N C B.ftO N Y t N E 4»l 10i!4 4»;4 London stock JUark«t P w 01 56 t" fat C In lA< ->^ A U a n U c ftStW I t t ^ AUanticftUtW.2d TU K Y C a a t r a l 109ô LakoSBora W2H St Paôl ã 'J>i Erie 2SM E r i e secendJ » ^ DaioaPacigc: e4« IlliMUC.ntraL liei Nor P a c l d c p L Ha'A Beading asS SattQii.tWnt.lt 40H Kallread £amIaK« M,L.,8.4W.: 18t8 I(«7 Ut Drr IBt week Dec »50,ke Shore UiuiiiiilleANwIiTill* ALiiiiiattaneoo S7 >Iit-liii.'Hij t;entr«l Mil n u a e u r t I'acioo ee „^ tlaibiln i O h i o (W a^ Newja>Mrc*nmi „»^ ani avu llt»v«kC*Bua> vm UW o o v c r u n e n t i:ond» Bid A^-,d 4)«r*ir r a a b a n t the s a n e a s B a J o r d a y ' s c l a d a g T h e r e w a r e k n y l a g orders t r o a the beginning, however, w h i c h a d v a n c e d v a l u e s d v a »aini« ; ? h i c h i r w e a i e d l i k e l y w e u l d ke • l a l n t a i n e d , taa!ii>uck a a L i v e r p e e l h a d r s c e v o r e d t h e less reported e u u a t m a r k e t t k U i n o m l D l a n d e l e s e d v e r y firm Iie.-,ipt» c a m e l a heavy, though, a n d c e a s e d a d i s p a s i i i e n to get ant of long c e t t e i C ^ t e n d l n g prices d o w n about three points A t ' i ^ ' ^ ^ ^ ^ * • • x x k a t i> a * f a i r l y aieadir witft " T f i e ' A g S J n l t a r a l B n r e a a r c p a r t lasned ta-dsy, r t f a n p r i a d p a l l y to prices, w h i c h a r e a l l t l l s lower than limy, a n d a r e a s f e l l o w s ; V i r g i n i a N a l u c p e r a o a u d : North C a r e l i a a , ^-IVf-: f o a i b i s r u l m a , S - ^ I h c i o u l a v e r a g e being af«c T k a d i s t a n c e M m a r k e t a n d saarcl i y e f glna i n some d i i i r , e ; > iiava m a d e a slight redual l u a l a p n e e D u r i n g the pa.t m s a l h i k e r e E a a been a large nudtker o f r a l a y a a y t a u d k l l U a f t r e a t * i i a v a g e n e r a l l y eco»ired c o m p a r a t i v e l y e a r l y * ' K o U e w l a g a r e kids ( o r varioiut l a e u i h s a t a » * t t i a ( a » e I P M.: January K*! f 64 1*74 p III UMi *.W BWI aisM low IUi>7 Jane , MULt IUI7 Jnly I * S3 lout Augaat in 2* I*3»h Bepieabar Heceuber , 50 1153 K M Spot cettan a x i k e t Arm Good afdinarr • A l d c t tawBiddUiif.«)Mi BkUUssl^e.; SVr'.r.^r SS"^ puSSilSfc '