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they broke。 I've seen rises the same way。 My God； the rumors of the stock exchange！ They beat the devil。 If they're going down in ordinary times some one is unloading； or they're rigging the market。 If they're going up God knows times must be good or somebody must be buyingthat's sure。 Beyond thatwell； ask Rivers to show you the ropes。 Don't you ever lose for me； though。 That's the cardinal sin in this office。〃 He grinned maliciously； even if kindly； at that。
Cowperwood understoodnone better。 This subtle world appealed to him。 It answered to his temperament。
There were rumors； rumors； rumorsof great railway and street…car undertakings； land developments； government revision of the tariff； war between France and Turkey； famine in Russia or Ireland； and so on。 The first Atlantic cable had not been laid as yet； and news of any kind from abroad was slow and meager。 Still there were great financial figures in the held； men who； like Cyrus Field； or William H。 Vanderbilt； or F。 X。 Drexel； were doing marvelous things； and their activities and the rumors concerning them counted for much。
Frank soon picked up all of the technicalities of the situation。 A 〃bull；〃 he learned； was one who bought in anticipation of a higher price to come； and if he was 〃loaded up〃 with a 〃line〃 of stocks he was said to be 〃long。〃 He sold to 〃realize〃 his profit； or if his margins were exhausted he was 〃wiped out。〃 A 〃bear〃 was one who sold stocks which most frequently he did not have； in anticipation of a lower price； at which he could buy and satisfy his previous sales。 He was 〃short〃 when he had sold what he did not own； and he 〃covered〃 when he bought to satisfy his sales and to realize his profits or to protect himself against further loss in case prices advanced instead of declining。 He was in a 〃corner〃 when he found that he could not buy in order to make good the stock he had borrowed for delivery and the return of which had been demanded。 He was then obliged to settle practically at a price fixed by those to whom he and other 〃shorts〃 had sold。
He smiled at first at the air of great secrecy and wisdom on the part of the younger men。 They were so heartily and foolishly suspicious。 The older men； as a rule； were inscrutable。 They pretended indifference； uncertainty。 They were like certain fish after a certain kind of bait； however。 Snap！ and the opportunity was gone。 Somebody else had picked up what you wanted。 All had their little note…books。 All had their peculiar squint of eye or position or motion which meant 〃Done！ I take you！〃 Sometimes they seemed scarcely to confirm their sales or purchasesthey knew each other so wellbut they did。 If the market was for any reason active； the brokers and their agents were apt to be more numerous than if it were dull and the trading indifferent。 A gong sounded the call to trading at ten o'clock； and if there was a noticeable rise or decline in a stock or a group of stocks； you were apt to witness quite a spirited scene。 Fifty to a hundred men would shout； gesticulate； shove here and there in an apparently aimless marmer； endeavoring to take advantage of the stock offered or called for。
〃Five…eighths for five hundred P。 and W。；〃 some one would call Rivers or Cowperwood； or any other broker。
Five hundred at three…fourths；〃 would come the reply from some one else； who either had an order to sell the stock at that price or who was willing to sell it short； hoping to pick up enough of the stock at a lower figure later to fill his order and make a little something besides。 If the supply of stock at that figure was large Rivers would probably continue to bid five…eighths。 If； on the other hand； he noticed an increasing demand； he would probably pay three…fourths for it。 If the professional traders believed Rivers had a large buying order； they would probably try to buy the stock before he could at three…fourths； believing they could sell it out to him at a slightly higher price。 The professional traders were； of course； keen students of psychology； and their success depended on their ability to guess whether or not a broker representing a big manipulator； like Tighe； had an order large enough to affect the market sufficiently to give them an opportunity to 〃get in and out；〃 as they termed it； at a profit before he had completed the execution of his order。 They were like hawks watching for an opportunity to snatch their prey from under the very claws of their opponents。
Four； five； ten； fifteen； twenty； thirty； forty； fifty； and sometimes the whole company would attempt to take advantage of the given rise of a given stock by either selling or offering to buy； in which case the activity and the noise would become deafening。 Given groups might be trading in different things； but the large majority of them would abandon what they were doing in order to take advantage of a speciality。 The eagerness of certain young brokers or clerks to discover all that was going on； and to take advantage of any given rise or fall； made for quick physical action； darting to and fro； the excited elevation of explanatory fingers。 Distorted faces were shoved over shoulders or under arms。 The most ridiculous grimaces were purposely or unconsciously indulged in。 At times there were situations in which some individual was fairly smothered with arms； faces； shoulders； crowded toward him when he manifested any intention of either buying or selling at a profitable rate。 At first it seemed quite a wonderful thing to young Cowperwoodthe very physical face of itfor he liked human presence and activity； but a little later the sense of the thing as a picture or a dramatic situation； of which he was a part faded； and he came down to a clearer sense of the intricacies of the problem before him。 Buying and selling stocks； as he soon learned； was an art； a subtlety； almost a psychic emotion。 Suspicion； intuition； feelingthese were the things to be 〃long〃 on。
Yet in time he also asked himself； who was it who made the real moneythe stock…brokers？ Not at all。 Some of them were making money； but they were； as he quickly saw； like a lot of gulls or stormy petrels； hanging on the lee of the wind； hungry and anxious to snap up any unwary fish。 Back of them were other men； men with shrewd ideas； subtle resources。 Men of immense means whose enterprise and holdings these stocks represented； the men who schemed out and built the railroads； opened the mines； organized trading enterprises； and built up immense manufactories。 They might use brokers or other agents to buy and sell on 'change； but this buying and selling must be； and always was； incidental to the actual factthe mine； the railroad； the wheat crop； the flour mill； and so on。 Anything less than straight…out sales to realize quickly on assets； or buying to hold as an investment； was gambling pure and simple； and these men were gamblers。 He was nothing more than a gambler's agent。 It was not troubling him any just at this moment； but it was not at all a mystery now； what he was。 As in the case of Waterman & Company； he sized up these men shrewdly； judging some to be weak； some foolish； some clever； some slow； but in the main all small…minded or deficient because they were agents； tools； or gamblers。 A man； a real man； must never be an agent； a tool； or a gambleracting for himself or for othershe must employ such。 A real mana financierwas never a tool。 He used tools。 He created。 He led。
Clearly； very clearly； at nineteen； twenty； and twenty…one years of age； he saw all this； but he was not quite ready yet to do anything about it。 He was certain； however； that his day would come。
Chapter VII
In the meantime； his interest in Mrs。 Semple had been secretly and strangely growing。 When he received an invitation to call at the Semple home； he accepted with a great deal of pleasure。 Their house was located not so very far from his own； on North Front Street； in the neighborhood of what is now known as No。 956。 It had； in summer； quite a wealth of green leaves and vines。 The little side porch which ornamented its south wall commanded a charming view of the river； and all the windows and doors were topped with lunettes of small…paned glass。 The interior of the house was not as pleasing as he would have had it。 Artistic impressiveness； as to the furniture at least； was wanting； although it was new and good。 The pictures werewell； simply pictures。 There were no books to speak ofthe Bible； a few current novels； some of the more significant histories； and a collection of antiquated odds and ends in the shape of books inherited from relatives。 The china was goodof a delicate pattern。 The carpets and wall…paper were too high in key。 So it went。 Still； the personality of Lillian Semple was worth something； for she was really pleasing to look upon； making a picture wherever she stood or sat。
There were no childrena dispensation of sex conditions which had nothing to do with her； for she longed to have them。 She was without any notable experience in social life； except such as had come to the Wiggin family； of which she was a memberrelatives and a few neighborhood friends visiting。 Lillian Wiggin； that was her maiden namehad two