office. He knew A. R. Somebody said they’d once owned a string of race horses together. It was plain he’d seen better days. I was introduced to old McDevitt. He was telling the crowd about a bunch of Western race-track crooks who had just pulled off some skin game out in St. Louis. The head devil, he said, was a pool-room owner by the name of Teller.
“What Teller?” I asked him.
“Hi Teller; H. S. Teller.”
“I know that bird,” I said.
“He’s no good,” said McDevitt.
“He’s worse than that,” I said, “and I have a little matter to settle with him.”
“Meaning how?”
“The only way I can hit any of these short sports is through their pocketbook. I can’t touch him in St. Louis just now, but some day I will.” And I told McDevitt my grievance.
“Well,” says old Mac, “he tried to connect here in New York and couldn’t make it, so he’s opened a place in Hoboken. The word’s gone out that there is no limit to the play and that the house roll has got the Rock of Gibraltar faded to the shadow of a bantam flea.”
“What sort of a place?” I thought he meant pool room.
“Bucket shop,” said McDevitt.
“Are you sure it’s open?”
“Yes; I’ve seen several fellows who’ve told me about it.”
“That’s only hearsay,” I said. “Can you find out positively if it’s running, and also how heavy they’ll really let a man trade?”
“Sure, sonny,” said McDevitt. “I’ll go myself to-morrow morning, and come back here and tell you.”
He did. It seems Teller was already doing a big business and would take all he could get. This was on a Friday. The market had been going up all that week – this was twenty years ago, remember – and it was a cinch the bank statement on Saturday would show a big decrease in the surplus reserve. That would give the conventional excuse to the big room traders to jump on the market and try to shake out some of the weak commission-house accounts. There would be the usual reactions in the last half hour of the trading, particularly in stocks in which the public had been the most active. Those, of course, also would be the very stocks that Teller’s customers would be most heavily long of, and the shop might be glad to see some short selling in them. There is nothing so nice as catching the suckers both ways; and nothing so easy – with one-point margins.
That Saturday morning I chased over to Hoboken to the Teller place. They had fitted up a big customers’ room with a dandy quotation board and a full force of clerks and a special policeman in gray. There were about twenty-five customers.
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