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.I never knew.I suppose the writer wastipped off by some friend in the cotton market and he thought he was printing a scoop.Ididn't see him or anybody from the World.I didn't know it was printed that morninguntil after nine o'clock; and if it had not been for my friend calling my attention to it I- 117 - Reminiscences of a Stock Operatorwould not have known it then.Without it I wouldn't have had a market big enough to unload in.That is one troubleabout trading on a large scale.You cannot sneak out as you can when you pike along.You cannot always sell out when you wish or when you think it wise.You have to getout when you can; when you have a market that will absorb your entire line.Failure tograsp the opportunity to get out may cost you millions.You cannot hesitate.If you doyou are lost.Neither can you try stunts like running up the price on the bears by meansof competitive buying, for you may thereby reduce the absorbing capacity.And I wantto tell you that perceiving your opportunity is not as easy as it sounds.A man must be onthe lookout so alertly that when his chance sticks in its head at his door he must grab it.Of course not everybody knew about my fortunate accident.In Wall Street, and, for thatmatter, everywhere else, any accident that makes big money for a man is regarded withsuspicion.When the accident is unprofitable it is never considered an accident but thelogical outcome of your hoggish-ness or of the swelled head.But when there is a profitthey call it loot and talk about how well unscrupulousness fares, and how illconservatism and decency.It was not only the evil-minded shorts smarting under punishment brought about by theirown recklessness who accused me of having deliberately planned the coup.Other peoplethought the same thing.One of the biggest men in cotton in the entire world met me a day or two later and said,"That was certainly the slickest deal you ever put over, Livingston.I was wonderinghow much you were going to lose when you came to market that line of yours.Youknew this market was not big enough to take more than fifty or sixty thousand baleswithout selling off, and how you were going to work off the rest and not lose all yourpaper profits was beginning to interest me.I didn't think of your scheme.It certainly wasslick.""I had nothing to do with it," I assured him as earnestly as I could.But all he did was to repeat: "Mighty slick, my boy.Mighty slick! Don't be so modest!"It was after that deal that some of the papers referred to me as the Cotton King.But, as Isaid, I really was not entitled to that crown.It is not necessary to tell you that there is not- 118 - Reminiscences of a Stock Operatorenough money in the United States to buy the columns of the New York World orenough personal pull to secure the publication of a story like that.It gave me an utterlyunearned reputation that time.But I have not told this story to moralize on the crowns that are sometimes pressed downupon the brows of undeserving traders or to emphasize the need of seizing theopportunity, no matter when or how it comes.My object merely was to account for thevast amount of newspaper notoriety that came to me as the result of my deal in Julycotton.If it hadn't been for the newspapers I never would have met that remarkable man,Percy Thomas.- 119 - Reminiscences of a Stock OperatorChapter XIINot long after I closed my July cotton deal more successfully than I had expected Ireceived by mail a request for an interview.The letter was signed by Percy Thomas.Ofcourse I immediately answered that I'd be glad to see him at my office at any time hecared to call.The next day he came.I had long admired him.His name was a household word wherever men took an interestin growing or buying or selling cotton.In Europe as well as all over this country peoplequoted Percy Thomas' opinions to me.I remember once at a Swiss resort talking to aCairo banker who was interested in cotton growing in Egypt in association with the lateSir Ernest Cassel.When he heard I was from New York he immediately asked me aboutPercy Thomas, whose market reports he received and read with unfailing regularity.Thomas, I always thought, went about his business scientifically.He was a truespeculator, a thinker with the vision of a dreamer and the courage of a fighting man anunusually well-informed man, who knew both the theory and the practice of trading incotton [ Pobierz całość w formacie PDF ]
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.I never knew.I suppose the writer wastipped off by some friend in the cotton market and he thought he was printing a scoop.Ididn't see him or anybody from the World.I didn't know it was printed that morninguntil after nine o'clock; and if it had not been for my friend calling my attention to it I- 117 - Reminiscences of a Stock Operatorwould not have known it then.Without it I wouldn't have had a market big enough to unload in.That is one troubleabout trading on a large scale.You cannot sneak out as you can when you pike along.You cannot always sell out when you wish or when you think it wise.You have to getout when you can; when you have a market that will absorb your entire line.Failure tograsp the opportunity to get out may cost you millions.You cannot hesitate.If you doyou are lost.Neither can you try stunts like running up the price on the bears by meansof competitive buying, for you may thereby reduce the absorbing capacity.And I wantto tell you that perceiving your opportunity is not as easy as it sounds.A man must be onthe lookout so alertly that when his chance sticks in its head at his door he must grab it.Of course not everybody knew about my fortunate accident.In Wall Street, and, for thatmatter, everywhere else, any accident that makes big money for a man is regarded withsuspicion.When the accident is unprofitable it is never considered an accident but thelogical outcome of your hoggish-ness or of the swelled head.But when there is a profitthey call it loot and talk about how well unscrupulousness fares, and how illconservatism and decency.It was not only the evil-minded shorts smarting under punishment brought about by theirown recklessness who accused me of having deliberately planned the coup.Other peoplethought the same thing.One of the biggest men in cotton in the entire world met me a day or two later and said,"That was certainly the slickest deal you ever put over, Livingston.I was wonderinghow much you were going to lose when you came to market that line of yours.Youknew this market was not big enough to take more than fifty or sixty thousand baleswithout selling off, and how you were going to work off the rest and not lose all yourpaper profits was beginning to interest me.I didn't think of your scheme.It certainly wasslick.""I had nothing to do with it," I assured him as earnestly as I could.But all he did was to repeat: "Mighty slick, my boy.Mighty slick! Don't be so modest!"It was after that deal that some of the papers referred to me as the Cotton King.But, as Isaid, I really was not entitled to that crown.It is not necessary to tell you that there is not- 118 - Reminiscences of a Stock Operatorenough money in the United States to buy the columns of the New York World orenough personal pull to secure the publication of a story like that.It gave me an utterlyunearned reputation that time.But I have not told this story to moralize on the crowns that are sometimes pressed downupon the brows of undeserving traders or to emphasize the need of seizing theopportunity, no matter when or how it comes.My object merely was to account for thevast amount of newspaper notoriety that came to me as the result of my deal in Julycotton.If it hadn't been for the newspapers I never would have met that remarkable man,Percy Thomas.- 119 - Reminiscences of a Stock OperatorChapter XIINot long after I closed my July cotton deal more successfully than I had expected Ireceived by mail a request for an interview.The letter was signed by Percy Thomas.Ofcourse I immediately answered that I'd be glad to see him at my office at any time hecared to call.The next day he came.I had long admired him.His name was a household word wherever men took an interestin growing or buying or selling cotton.In Europe as well as all over this country peoplequoted Percy Thomas' opinions to me.I remember once at a Swiss resort talking to aCairo banker who was interested in cotton growing in Egypt in association with the lateSir Ernest Cassel.When he heard I was from New York he immediately asked me aboutPercy Thomas, whose market reports he received and read with unfailing regularity.Thomas, I always thought, went about his business scientifically.He was a truespeculator, a thinker with the vision of a dreamer and the courage of a fighting man anunusually well-informed man, who knew both the theory and the practice of trading incotton [ Pobierz całość w formacie PDF ]