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83

We make all stops 167 5/8, because since January 2ncl the Overnight Chart has made lower tops. January 18th, low 167 1/4. Stops are caught at 167 5/8, and we go short 5000 at 167 5/8, with stop at 170 5/8. Stop caught, and we buy 5000 at 170 5/8. We buy 3000 at 175 5/8, 2000 at 180 5/8 and 1000 at 185 5/8. February 14th, high 189, same as December 9th high. February 17th, low 184 1/2. We make all stops 183 1/2. February 18th, high 189 1/2. We raise stop to 186 1/2. Stops caught. We go short 5000 at 186 1/2 with stop at 190. Later we sell 3000 at 181 1/2. February 25th, low 177. We make all stops 180. Stops caught. We buy 5000 at 180. March 1st and 7th, high 184. We make stop at 181. Stop caught.

The following statement covers trades from September, 1929 to March, 1930:

September, 1929,

DEBIT CREDIT .....$2,775,452.50

Sold

Bought

Sold

Sold

Sold

Bought

Bought

Bought

Sold

Sold

Bought

Bought

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Bought

Bought

Bought

Bought

Bought

Sold

Sold

Sold

Sold

Sold

Sold

Bought

Bought

Bought

5000 5000 5000 3000 2000 5000 3000 2000 5000 3000 5000 3000 5000 3000 2000 1000 500 300 200 5000 3000 2000 1000 500 5000 3000 2000 1000 500 300 5000 3000 2000

at 251 3/4-closed at 248 at 248 3/4-closed at 249 at 249 1/2-closed at 233 at 244 1/2-closed at 233 at 239 1/2-closed at 233 at 233 1/2-closed at 244 at 238 1/2-closed at 244 at 243 1/2-closed at 244 at 244 1/2-closed at 235 at 239 1/2-closed at 235 at 235 -closed at 238 at 240 -closed at 238 at 238 3/4-closed at 209 at 233 3/4-closed at 209 at 228 3/4-closed at 209 at 223 3/4-closed at 209 at 218 3/4-closed at 209 at 213 3/4-closed at 209 at 208 3/4-closed at 209 at 209 1/2-closed at 233 at 214 1/2-closed at 233 at 219 1/2-closed at 233 at 224 1/2-closed at 233 at 229 1/2-closed at 233 at 233 -closed at 208 at 230 1/8-closed at 208 at 225 1/8-closed at 208 at 220 1/8-closed at 208 at 215 1/8-closed at 208 at 210 1/8-closed at 208 at 208 -closed at 215 at 213 -closed at 215 at 218 -closed at 215

3/4 1/2 1/2 1/2 1/2 1/2 1/2 1/2

3/4 3/4 1/2 1/2 1/2 1/2 1/2 1/2 1/2

1,250

1/2 1/2 1/2

5,000

15,000

3,750 80,000 33, 12,000 55, 18,000

2,000 47,500 13,500 18,750

146,250 72,750 38,500 14,250 4,625 1,275

117,500 55,500 27,000 8,500 1,750 125,000 66,375 34,250 12,125 3,562.50 637.50 37,500 7,500



Sold

Sold

Sold

Sold

Sold

Bought

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Bought

Bought

Bought

Sold

Sold

Sold

Sold

Sold

Bought

Bought

Sold

Sold

Sold

Sold

Bought

Bought

Bought

Sold

Bought

Bought

Sold

Sold

Bought

Bought

Bought

Bought

Bought

Bought

Sold

Sold

Sold

Sold

Sold

Bought

Bought

5000 3000 2000 1000 500 5000 5000 3000 2000 1000 500 300 200 100 5000 300Q 2000 5000 3000 2000 1000 500 5000 3000 5000 3000 2000 1000 5000 3000 2000 5000 5000 3000 5000 3000 5000 3000 2000 1000 500 300 5000 3000 2000 1000 500 5000 3000

at 215 1/2-closed at 198

at 210 1/2-closed at 198

at 204 -closed at 198

at 200 -closed at 198

at 194 -closed at 198

at 198 1/2-closed at 205

at 205 -closed at 171

at 200 -closed at 171

at 195 -closed at 171

at 190 -closed at 171

at 185 -closed at 171

at 180 -closed at 171

at 175 -closed at 171

at 170 -closed at 171

at 171 1/2-closed at 188

at 176 1/2-closed at 188

at 181 1/2-closed at 188

at 188 1/2-closed at 166

at 183 1/2-closed at 166

at 178 1/2-closed at 166

at 173 1/2-closed at 166

at 168 1/2-closed at 166

at 166 1/2-closed at 170

at 171 1/2-closed at 170

at 170 1/2-cloeed at 151

at 165 1/2-closed at 151

at 160 1/2-closed at 151

at 155 1/2-closed at 151

at 151 -closed at 164

at 156 -closed at 164

at 161 -closed at 164

at 164 1/2-closed at 162

at 163 5/8-closed at 168

at 167 5/8-closed at 168

at 168 7/8-closed at 162

at 163 7/8-cloeed at 162

at 162 1/4-closed at 186

at 167 1/4-closed at 186

at 172 1/4-closed at 186

at 177 1/4-closed at 186

at 182 1/4-closed at 186

at 187 1/4-closed at 186

at 186 -closed at 167

at 181 -closed at 167

at 176 -closed at 167

at 171 -closed at 167

at 166 -closed at 167

at 167 1/4-closed at 171

at 172 1/4-closed at 171

1/2 1/2 1/2 1/2 1/2

1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2

1/2 1/2 1/2 5/8 7/8 7/8 1/4 1/4

DEBIT

2,250

3,000

1/4 1/4 1/2 1/2 1/2 3/4 3/4

625 1,500

CREDIT 85,000 36, 11, 500

32,500 167,500 85,500 47,000 18,500 6,750 2,550 700

85,000 36,000 14,000 110,000 51,000 24,000 7,000 1,000 20,000

97,500 43,500 19,000

4,500 67,500 25,500

7,000

9,375 31,250

3,750 33,125

4,875 118,750 56,250 27,500

8,750

1,875

93,750 41,250 17,500 3,750

22,500



DEBIT

CREDIT

Sold

5000:

171 3/4-closed

12,500

Sold

3000:

166 3/4-closed

7,500

Bought

5000:

169 1/4-closed

6,250

Sold

5000:

170 1/2-closed

52,500

Sold

3000:

165 1/2-closed

17,250

Sold

2000:

160 1/2-closed

1,500

Bought

5000;

159 3/4-closed

39,375

Bought

3000:

164 3/4-closed

8,625

Bought

2000:

169 3/4-closed

4,250

Sold

5000;

167 5/8-closed

15,000

Bought

5000:

170 5/8-closed

79,375

Bought

3000:

175 5/8-closed

32,625

Bought

2000:

180 5/8-closed

11,750

Bought

1000:

185 5/8-closed

Sold

5000:

186 1/2-closed

32,500

Sold

3000:

181 1/2-closed

4,500

Bought

5000:

180 -closed

5.000

Balance

$41,050 $5,733,677

Less commissions

.71,175

112,225

Net Profit..

$5,621,452

We go short 5000 at 181,

We go short 5000 at 181. March 13th, low 177 3/4. March 11th and 14th, high 182 1/2. We make stop 183 1/2. Stop caught. We buy 5000 at 183 1/2. Later buy 3000 at 188 1/2 and 2000 at 193 1/2. April 1st, 7th, 10th. and 16th, highs 198 3/4 to 197, but extreme high 198 3/4. The last low on April 3rd was 192 3/4. We make stops at 191 3/4. Stops caught. We go short 5000 at 191 3/4. Stops caught. We go short 5000 at 191 3/4. Later we sell 3000 at 186 3/4, 2000 at 181 3/4, 1000 at 176 3/4 and 500 at 171 3/4.

May 5th, low 166 1/4. We cover shorts and buy 5000 at 187, because 166 1/8 is the 1/2 point from 1921 low to 1929 high and because low on January 2nd, 1930 was 166. We protect purchases with stop at 165. Later we buy 3000 at 172. May 6th, high 175. We figure 174 3/8 the 1/8 point from 150 to 198 3/4. Therefore, we sell out longs at 174 and go short 5000 at 174 with stop at 176. Then we sell 3000 at 169. May 8th, low 165 3/4. We cover shorts at 166 1/2 and buy 5000 at 166 1/2, with stop at 165. Later we buy 3000 at 171 1/2. May 14th, high 175 3/8. We again sell out longs at 174 and go short 5000 at 174 with stop at 176. Later we sell 3000 at 169. May 20th, low 166 1/4. We again cover shorts and buy 5000 at 166 1/2, with stop at 165. Later buy 3000 at 171 1/2. May 28th, high 175. We sell out longs at 174 and sell 5000 short at 174 with stop at 176, Later we sell 3000 at 169.

June 7th, U.S. Steel sells at 166. We cover shorts at 166 1/2 and buy 5000 at 166 1/2 with stop at 165. Stop was caught



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