Financial History Issue 131 (Fall 2019) - Page 12

activity that they are initially reluctant to participate in on the promise of a sure thing. In both cases, the results are tragic as one man takes his own life and the other descends into madness. 4. Finally, Jadwin’s seduction by the mar- ket and ultimate downfall reminds one of Warren Buffett’s sage advice, “Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful. If he shows up some day in a particularly foolish mood, you are free either to ignore him, or take advantage of him, but it will be disastrous if you fall under his influence.”  Instantly a tumult was unchained. Arms were flung upward in strenuous gestures, and from above the crowding heads in the Wheat Pit a multitude of hands, eager, the fingers extended, leaped into the air. All articulate expression was lost in the single explosion of sound as the traders surged downwards to the centre of the Pit, grabbing each other, struggling towards each other, tramping, stamping, charging through with might and main. Promptly the hand on the great dial above the clock stirred and trembled, and as though driven by the tempest breath of the Pit moved upward through the degrees of its circle. It paused, wavered, stopped at length, and on the instant the hundreds of telegraph keys scattered throughout the building began clicking off the news to the whole country, from the Atlantic to the Pacific and from Mackinac to Mexico, that the Chicago market had made a slight advance and that May wheat, which had closed the day before at ninety-three and three-eighths, had opened that morning at ninety-four and a half. Brian Grinder is a professor at Eastern Washington University and a member of Financial History’s editorial board. Dr. Dan Cooper is the president of Active Learning Technologies. Notes 1. Consider, for instance, this description from chapter three of The Pit: Then suddenly, cutting squarely athwart the vague crescendo of the floor came the single incisive stroke of a great gong. 2. Pizer notes that three of Norris’s seven novels “…have significant and frequently noted anti-Semitic elements.” While his THE JOURNAL OF THE INTERNATIONAL BOND & SHARE SOCIETY SCRIPOPHILY ENCOURAGING COLLECTING SINCE 1978 No.110 - AUGUST 2019 A. E. Reynolds Scripophily Surprise – page 17 Peculiar Jai Hind share last novel, The Pit, “…has a few neutral comments about Jews…” Sources Buffett, Warren E. “Mr. Market, Investment Success and You,” in Charles D. Ellis and James R. Vertin, eds., Classics II: Another Investor’s Anthology. Homewood, IL: Busi- ness One. 1987. Crow, Charles L. “Bruce Porter’s Memoir of Frank Norris.” Frank Norris Studies 3, pp. 1–2. 1987. “Frank Norris Near to Death.” San Francisco Chronicle, p. 8. October 23, 1902. McElrath, Joseph R. and Jesse S. Crisler. Frank Norris: A Life. Urbana, IL: University of Illinois Press: 2006. Norris, Frank. Collected Letters. San Francisco, CA: Book Club of California. 1986. Norris, Frank. The Pit: A Story of Chicago. New York: Penguin. 1994. Pizer, Donald. American Naturalism and the Jews: Garland, Norris, Dreiser, Wharton, and Cather. Chicago, IL: University of Illi- nois Press. 2008. Pottle, Emery. “To Frank Norris.” The Satur- day Evening Post, p. 40. 1902. INTERNATIONAL BOND & SHARE SOCIETY PUTTING FINANCIAL HISTORY IN YOUR HANDS Join the International Bond & Share Society, supporting collectors of vintage bonds and shares from all countries for over forty years. For $32, £20 or €25 annually, receive: ◆ Three issues a year of our full color 52 page journal Scripophily with news, – page 13 in-depth articles, auction reports and more ◆ Membership Directory listing dealers, auction houses and fellow collectors ◆ Members-only part of the Society website, ◆ Members’ Newsletters with up-to-date information and event schedule Zanke Gets Drumm Catalogs Donation for IBSS – page 2 Worldwide Auctions 43,000 Euros – page 23 ➠ FRANKY’S 2018 TOP 30 ➠ IBSS AGM AND Astronauts’ high-flying certificate highlights scripophily – page 27 FINANCIAL REPORTS Scripophily The Movie – page 5 For further information contact Mahler on New York Revenue Stamps – page 14 Cox 3rd Edition goes to Strasburg – page 11 10    FINANCIAL HISTORY  |  Fall 2019  | Robin Majlak Membership Secretary 824 Harbor Road Southport, CT 06890 Philip Atkinson Secretary 167 Barnett Wood Lane, Ashtead, Surrey KT21 2LP, UK Or visit our website