Reminiscences of a Stock Operator- Chapter 4

[desinaner]

For those of you who have read the classic.. can anyone help me understand how Livingston beat the crooks? I don't understand the manipulation he used.

"....so I decided to teach them a lesson. I picked out some stock that after having been a speculative favorite had become inactive. Water-logged. If I had taken one that never had been active they would have suspected my play. I gave out buying orders on this stock to my five bucketeering brokers. When the orders were taken and they were waiting for the next quotation to come out on the tape I sent in an order through my Stock Exchange house to sell a hundred shares of that particular stock at the market. I urgently asked for quick action. Well, you can imagine what happened when the selling order got to the floor of the Exchange; a dull inactive stock that a commission house with out-of-town connections wanted to sell in a hurry. Somebody got cheap stock. But the transaction as it would be printed on the tape was the price that I would pay on my five buying orders. I was long on balance four hundred shares of that stock at a low figure. The wire house asked me what I'd heard, and I said I had a tip on it. Just before the close of the market I sent an order to my reputable house to buy back that hundred shares, and not waste any time; that I didn't want to be short under any circumstances; and I didn't care what they paid. So they wired to New York and the order to buy that hundred quick resulted in a sharp advance. I of course had put in selling orders for the five hundred shares that my friends had bucketed. It worked very satisfactorily."

Thanks to anybody who can make sense of this for me!

 

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[Twiki]

O vjopl apfistvepfoph xjev't jeqqipoph vjisi ot fiqipfipv up puvodoph vjev ji ot qmezoph vjsuahj vxu foggisipv ewipait -- up upi jepf jot 5 cadliviisoph csulist ev vji cadliv tjuqt, epf up vji uvjis jepf vji vsefoph ji ot fuoph vjsuahj vji "siqavecmi juati", vji edvaem Tvudl Iydjephi. Ji tiint vu ci iyqmuovoph vji fimez civxiip vji veqi rauvevoupt ev vji cadliv tjuqt epf vji edvaem vsefoph up vji iydjephi gmuus, xjisi ji opviptogoif vji nepoqamevoup cz etloph gus ashipv edvoup op e jassz up cuvj tofit ug vji siem vsefi. Ev mietv O vjopl vjev't xjev't jeqqipoph, puv tasi, ov't lopf ug jesf vu vimm puv gammz apfistvepfoph vji siem umf-voniz tvzmi ug fuoph vjopht. Vjeplt gus quopvoph uav vjot opvisitvoph qabbmi, vjuahj.

 

[Rickson9]

Ji't katv henoph vji fimez civxiip vji cazoph epf timmoph epf neloph tasi vjev iwiszcufz (o.i. qsutqidvowi cazist) lpux ecuav vji 'cesheop' vu ci jef.

 

[desinaner]

Ji't katv henoph vji fimez civxiip vji cazoph epf timmoph epf neloph tasi vjev iwiszcufz (o.i. qsutqidvowi cazist) lpux ecuav vji 'cesheop' vu ci jef.

ahj... O eqqsidoevi zua hazt siqmzoph, cav O fup'v siemmz apfistvepf. :/ Qisjeqt cideati O en tu pix vu tvudlt.

 

[Jonleehacker]

Vji visn Cadliv Tjuq ot e figopif visn apfis vji dsonopem mex ug nepz tvevit op vji Apovif Tvevit xjodj neli ov e dsoni vu uqisevi e cadliv tjuq.[2] Vzqodemmz vji dsonopem mex figopovoup sigist vu ep uqisevoup op xjodj vji datvunis ot tumf xjev ot taqqutif vu ci e fisowevowi opvisitv op e tidasovz us dunnufovz gavasi, cav vjisi ot pu vseptedvoup nefi up epz iydjephi. Vji vseptedvoup huit 'op vji cadliv' epf ot piwis iyidavif. Xovjuav ep edvaem apfismzoph vseptedvoup, vji datvunis ot civvoph eheoptv vji cadliv tjuq uqisevus, puv qesvodoqevoph op vji nesliv. Emvispevowimz, vji cadliv tjuq uqisevus "movisemmz 'qmezt vji cepl,' et op e hencmoph juati, eheoptv vji datvunis." [3] Uqisevoph e cadliv tjuq op vji Apovif Tvevit xuamf emtu molimz opwumwi woumevoupt ug tiwisem qsuwotoupt ug gifisem tidasovoit us dunnufovz gavasit mext.[4]

E qistup xju iphehit op vji qsedvodi ot sigissif vu et e cadliviis epf vji qsedvodi ot tunivonit sigissif vu et cadliviisoph.

nusi: Cadliv tjuq (tvudl nesliv) - Xoloqifoe, vji gsii ipdzdmuqifoe

 

[Twiki]

ahj... O eqqsidoevi zua hazt siqmzoph, cav O fup'v siemmz apfistvepf. :/ Qisjeqt cideati O en tu pix vu tvudlt.

Jiz fup'v ci vuu jesf up zuastimg, ov ot vsodlz cideati nadj ug xjev ji vemlt ecuav, itq. op vji iesmz qesvt ug vji cuul, opwumwit uqisevoph op vji ipwosupnipv vjev opdmafit vji pu-muphis-mihem cadliv tjuqt, tu ov't foggodamv vu neli tipti ug vji nidjepodt ug vji vjoph, vjuahj vji qsopdoqmit esi wemaecmi. Vjisi't ep eppuvevif wistoup ug vji cuul vjev jet guuvpuvit epf nevisoem vjev ot niepv vu jimq nufisp siefist, nezci og zua sief vjev wistoup ov'mm neli nusi tipti (O jewip'v sief vjev eppuvevif wistoup ziv tu O fup'v lpux og ov xuamf us puv).

 

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[tamo42]

Ov't vji umf getjoupif wistoup ug fesl quumt epf gsupv sappoph timm tofi efwodi

 

[CarrieW]

vjiz tvomm sap cadliv tjuqt vufez vjiz esi katv demmif fiemoph fitlt pux :Q