Publisher's Synopsis
Excerpt from Forces Which Make Prices
Customers at high prices bought more than twice as many shares as at low prices, in other words, they used big margins when stocks were low and small margins when stocks were high. Having held Steel in 200 or 300 share lots at $60 a share, they took on lots of 400 to 600 shares around $80. Similarly with Crucible, Baldwin, Studebaker, and Westinghouse these stocks grew more attractive and were held in larger quantity as they went up. The higher the price the heavier the load, roughly speaking, describes the situation.
The market operator in this situation is unsafe. When his account is thus rendered top-heavy, a decline of ten points from high prices wipes out whatever profits were made on a twenty point advance from low prices.
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