You Must Have Some Money

By Patrick Hanna

 he is the best artificial bait fisherman I have ever known - told me that during the Amalgamated campaign, Keene always sold all his shares in one day, the number of shares that He has the task of pushing the price up, the next day he will buy back thousands of shares. The next day he sold the balance again. The next day, he will let the m

• Language: English
• Publisher: Patrick Hanna
• Release date: Oct 2, 2023
• ISBN: 9798868952944

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You Must Have Some Money

You Must Have Some Money

Copyright © 2023 by Patrick Hanna

All rights reserved

TABLE OF CONTENTS

CHAPTER 1 : ONE OF KEENE'S CONFIDANTS

CHAPTER 2 : BUT THIS ACTUALLY MAKES IT DIFFICULT FOR ME.

CHAPTER 3 : THERE'S NOTHING TO BE AFRAID

CHAPTER 4 : KNOWLEDGE

CHAPTER 5 : LOSS OF CONTROL MISTAKES

CHAPTER 1 : ONE OF KEENE'S CONFIDANTS

he is the best artificial bait fisherman I have ever known - told me that during the Amalgamated campaign, Keene always sold all his shares in one day, the number of shares that He has the task of pushing the price up, the next day he will buy back thousands of shares. The next day he sold the balance again. The next day, he will let the market decide for itself to test the market's reaction and let it get used to this. When it comes to actual marketing, he does exactly what I said above: he sells into a bear market. The public still hopes for a price recovery, and there is also a large amount of buying back short-sold stocks. The person closest to Keene during the deal told me that after Keene sold all of Rogers and Rockefeller's stock and collected about $20 million to $25 million in cash, Rogers sent him a check for $200,000. This reminds us of the story of the millionaire's wife who rewarded a poor woman at the Metropolitan Theater with 50 cents for helping her find a necklace worth $100,000. Keene returned the check and politely denied that he was not a stockbroker and that he was honored to serve them. They kept the check and said they hoped to work with him again next time. Not long after that, HH Rogers himself advised Keene to buy Amalgamated stock at 130!

James R. Keene is an excellent stock speculator. His personal secretary told me that when the market moved his way, Keene often became impatient and irritable. That is shown in the ironic sentences that still linger in the minds of his listeners. However, when he lost money, he was very humorous, a polite, witty and very interesting person.

He possesses countless qualities of a successful stock speculator who can operate in any situation. It was clear that he never went against the bulletin board's numbers. He was not afraid, but he was also not rash or reckless. He could and did change his mind immediately if he discovered that he was wrong.

Since his reign there have been many changes in the rules of the exchange. The old rules have also been made more strict, and many new taxes on revenue and profits from stocks have been introduced, leading to many changes in trading activities. The measures that helped Keene turn a profit are no longer available. One thing we can confirm is that the ethical principles on Wall Street are higher. However, it can be said that throughout our financial history, Keene has been a towering figure in market manipulation. He is an excellent stock speculator and understands the basic principles of stock speculation. He achieved his successes because the conditions of his time allowed him to do so. He was just as successful at his job whether it was 1922, 1901 or 1876, when he first came to New York from California and earned $9 million in just two years. There are always people who can move faster than normal people. They seem born to move forward no matter how much others have changed.

Of course that change is not completely radical. The rewards are no longer so great because the work is no longer the pioneer's and of course it is no longer the pioneer's benefit. In some ways, market manipulation is easier now than it was then, but in other ways it can be a lot harder than it was during Keene's time.

There is nothing to wonder about considering advertising as art and market manipulation as the art of advertising using billboards. The bulletin board will provide information that those who want to manipulate the market will see for the public. And the more real the information, the greater its persuasive power. The greater the persuasion, the greater the effectiveness of advertising art. For example, a modern day trader, in addition to making a stock appear strong, must also actually make it stronger. Therefore, market manipulation must follow sound basic trading principles. That's what made Keene the great market manipulator and trader that started our story.

The phrase market manipulation itself has a bad connotation and it needs a different name. I think the process itself is not so mysterious. Its purpose is to sell a stock at an increased price. Of course, provided that those activities are not accompanied by any misrepresentation or distortion. Surely a campaigner needs to find his clients among stock speculators. He often goes to people who want to make a huge profit from their capital. These are people who are willing to take a much bigger risk than normal business. I never sympathize with people who know everything but want to shift the responsibility onto others for their own failures. He is a Devil with a wise advisor when he wins. But if he loses then the other advisor becomes a fraud, a market manipulator! And in such cases, this word always has a bad meaning. However, the reality is not like that.

Usually the purpose of market manipulation is to increase market capacity – that is, the ability to sell a large number of shares at a certain price at a certain time. Of course, a speculative combination, due to changing market conditions, cannot sell unless it must accept a fairly large sacrifice. Therefore, they hire a specialist who can be trusted, whose abilities and experience will help carry out a retreat instead of a catastrophic failure.

You see that I'm not talking about manipulating the market to accumulate a certain stock at as low a price as possible, such as to take control of a certain company. The reason is because this phenomenon does not happen often in the current period.

When Jay Gould wanted to increase his control at Western Union and decided to buy a large amount of stock, Washington E. Connor, a man who had not appeared on the trading floor for many years, suddenly appeared at the trading post of Western Union. Western Union. He started buying Western Union stock. The traders laughed at him – because he was a bit silly to believe it was that simple – and they were ready to sell him all the shares he wanted to buy. It was a pretty simple trick, he could have pushed the price up by making it look like Gould wanted to buy Western Union. Is that manipulation or market manipulation? My answer here can only be both true and not true.

In most cases, the purpose of the campaign, as I said above, is to sell shares to the public at the highest possible price. It's not just a matter of selling, but also how it's distributed. It is clear that a stock that is in the hands of a thousand people is much better off in the hands of one person - better for the market itself. Therefore, a campaigner is not only concerned with selling at an attractive price but must also consider how to distribute that type of stock.

If you push the price very high but then can't attract the public to buy that stock, it doesn't mean much. We need to remember a principle of market manipulation, a principle that Keene and his predecessors were well aware of. That is: the stock to be manipulated will be pushed to the highest price and then sold to the public at a lower price.

We will start from the beginning. Suppose that there is a certain entity - an underwriting network, a speculative syndicate, an individual - that has a certain amount of stock and wants to sell it at the highest possible price. It is a stock listed on the New York exchange. The best place to sell is on the open market and the best customer is the public. Price negotiations will be the responsibility of one person. He – along with current or previous associates – attempted to sell these shares on the exchange but were unsuccessful. He has become or will quickly become familiar with the workings of the stock market and realizes that he needs more experience and ability to do this job. He may know or hear about people who have successfully completed similar deals and decide to call on their professional abilities. He starts looking for one of them and to do his job just like he looks for a doctor when he is sick or an engineer when he needs to fix something.

Let's say he knows I'm a knowledgeable person, so he starts to learn all the specifics about me. He then arranged a face-to-face meeting and chose a suitable time to stop by my office.

Of course, I can know the type of stock as well as its origin. My profession requires it to be like that. This client will inform me of what he and his associates want done and ask me to take on the case.

The next story is mine. I will request any information possible and necessary to better understand the job I am being offered. Initially, I determine the value and evaluate the market possibilities of that type of stock. Combined with researching the current market situation, I can evaluate the success of this deal.

If the information shows that this is an attractive job, I will accept it and offer him my terms frankly. If he also agrees to those terms – compensation and other conditions – I will start work immediately.

I placed and received call orders for the above mentioned shares and started at a reasonable price for all those interested. The starting price will be lower than the prevailing market price and then gradually increased; for example, I received a call for 200,000 shares when the listed price was $40. I started with calls for a few thousand shares at 35, 37, 40, 45, 50 and so on up to 75 – 80.

If due to my work - campaigning, manipulating the market - the price level increases and if at the highest price level, there is still high demand I will sell a large amount of shares. I make a profit and of course so do my customers. This is a reasonable principle. They compensate me. Sometimes a speculative combination can also lose money but that rarely happens. I certainly wouldn't do it if I didn't see a clear profit potential. This year, I was unlucky in 1-2 transactions and did not make a profit. There are many different reasons but that is another story, I will talk about it later.

The first step in pushing up a stock's price is to advertise that the uptrend is real. This may sound silly but it actually makes sense. The most effective way to promote the stocks you will be working with is to make them stronger and more active. After completing all the preparations, the best broker to make it widely available to the public is the bulletin board and therefore the most effective advertising medium is also the bulletin board. I personally don't need to give any extra marketing to my customers. It is also not necessary for me to provide the press with information about stock value or financial reports about the company's prospects. I don't even need a supporter. Instead I complete all the necessary steps by dynamizing my stocks. And when stocks become dynamic people will need explanations. They will find beneficial causes on their own without any additional influence from me.

All the traders on the floor need is dynamism. They are willing to buy or sell any stock in any quantity, as long as there is a free market for it. They will trade thousands of shares as soon as they notice the dynamics. They are the first class of customers of every stock speculator. They will support you when the price increases thereby contributing a lot during speculative periods. As far as I know, James R. Keene used to regularly use the most active people on the trading floor, partly to hide the source of market manipulation, partly because they were the ones creating the news. fastest rumors. He often gives them orders – written orders – before going to market, so they can be better prepared before they put their money in. He helps them make a profit. To earn a supporter, I myself do not have to do more than make the stock active. Traders don't ask for anything more than that. Of course, one thing to remember is that such people on the trading floor buy stocks with the aim of reselling them for profit. They don't need huge profits. However, these must be quick profits.

For such reasons, I try to make stocks active to attract the attention of speculators. I buy and sell simultaneously, and other traders do the same. I cleverly created a buying power that was higher than the need to sell this stock. Therefore, the buying power exceeds the selling power, and the public follows the trend of the leader, who according to them is more like a trader on the floor than a market manipulator. That is the position of a buyer. And when demand increases, I start to compensate