Финансист

Chapter VI

           "A"bear"wasonewhosoldstockswhichmostfrequentlyhedidnothave,inanticipationofalowerprice,atwhichhecouldbuyandsatisfyhisprevioussales.Hewas"short"whenhehadsoldwhathedidnotown,andhe"covered"whenheboughttosatisfyhissalesandtorealizehisprofitsortoprotecthimselfagainstfurtherlossincasepricesadvancedinsteadofdeclining.Hewasina"corner"whenhefoundthathecouldnotbuyinordertomakegoodthestockhehadborrowedfordeliveryandthereturnofwhichhadbeendemanded.Hewasthenobligedtosettlepracticallyatapricefixedbythosetowhomheandother"shorts"hadsold.

           Hesmiledatfirstattheairofgreatsecrecyandwisdomonthepartoftheyoungermen.Theyweresoheartilyandfoolishlysuspicious.Theoldermen,asarule,wereinscrutable.Theypretendedindifference,uncertainty.Theywerelikecertainfishafteracertainkindofbait,however.Snap!andtheopportunitywasgone.Somebodyelsehadpickedupwhatyouwanted.Allhadtheirlittlenote-books.Allhadtheirpeculiarsquintofeyeorpositionormotionwhichmeant"Done!Itakeyou!"Sometimestheyseemedscarcelytoconfirmtheirsalesorpurchasestheykneweachothersowellbuttheydid.Ifthemarketwasforanyreasonactive,thebrokersandtheiragentswereapttobemorenumerousthanifitweredullandthetradingindifferent.

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