Reborn in America, I am a legendary short seller on Wall Street.

Chapter 59 Still Unhappy (Seeking Monthly Tickets and Recommendations)

Larry took out some money from his clothes and handed $2500 to the brokerage clerk.

The teller stared at Larry with wide eyes.

$2500—even the front desk manager of this branch would need a whole year to earn that much. In all his years at Reading, he had never seen anyone with that much money, not even a wallet, just pulling out wads of small bills from their pockets.

The cashier at the gambling den hadn't given Larry any $500 or $1000 bills; besides a dozen or so $100 bills, he had all sorts of denominations.

Larry had rolled up the money and hidden it in his inner pocket. When he took it out now, the roll of banknotes had miraculously doubled in size, making it look particularly extravagant when piled on the table.

The way the teller looked at Larry was the same way he looked at those high-rollers in the West who had made their fortunes overnight by panning for gold.

Larry looked at the pile of banknotes with a headache, so he simply waved his hand and told the teller to sort them herself.

The teller carefully placed the pile of dollars in front of her and slowly but clearly counted them, also to show Larry.

Ultimately, the $3290 was verified to be correct.

Larry pulled out five $100 bills, then picked out $290 in different denominations of change, and instructed the brokerage clerk to deposit all the money into his account.

Just like banks, customers who deposit margin with securities companies also earn interest.

Depositing money into the account was another tedious but meticulous process; Larry signed many forms before the teller finally smiled and said...
"Sir, your fund account has been opened. From now on, no matter where you are in the United States of America, as long as there is a branch of our Reading Securities Company, you can trade stocks there."

Larry thought for a moment and asked, "Is buying and selling stocks at Reading Company done on full margin?"

The teller shook his head. "For large clients, we can reduce the margin to 10% of the stock's face value, but for ordinary accounts, we need you to pay a minimum margin of 25%. In addition, if you can meet the criteria for large clients in the future, we can also help you apply for a temporary credit account."

Larry nodded, knowing that leverage for large clients here could be amplified up to tenfold. For example, the Omaha stock he bought this morning, at $62 per share, for 300 shares, would only cost him $1867.5 if he had a large client account with tenfold leverage at Reading.

The deposit is acceptable, although it's six times higher than the $300 required by the betting company.

But the commission is much higher.

Because a 1% commission is deducted for both buying and selling, and it is charged at the full price of the stock, the cost for each transaction is approximately $186, and a round trip costs $373.5.

Add in exchange fees and state taxes, and a single transaction can cost $400.

$400!
Larry remembered that Mr. Wallace's weekly wage was $50, and even he would have to work eight weeks to earn that $400, but in a regular brokerage firm, that was just the commission for a single transaction.

Moreover, as a regular customer, Larry can only use 4x leverage, not 10x leverage.

No wonder securities companies offer such generous compensation; they're just ripping off their clients.

Larry thought about it and still found the betting companies so appealing—generous and affordable…

As Larry was lost in thought, the front desk manager walked over, carrying a square silver tray covered with a red velvet cloth and a gold-embossed card on it.

There, the name "Mr. Larry Livingston" was stamped with a steel stamp, along with his stock account number and the name of his funds account.

The front of the card features Reading's company logo at the bottom, while the back of the card displays 16 different sets of 6-digit numbers ending in 6.

The front desk manager specifically explained to Larry, "You can show your ID card or provide your account number to make transactions at other Reading branches. However, the company also needs your authorized password. If you forget your password, we will need to verify the verification codes on the back of your card."

Larry was an industry insider, so he knew the complicated procedure. He nodded and slipped the card, representing his client at Reading, into his shirt pocket.

The front desk manager's eyes twitched, but she couldn't resist suggesting, "Sir, why don't you buy a leather wallet and put your valuables in it?" Larry was taken aback, then quickly nodded, "Your suggestion is excellent, sir! I can go to the department store to take a look later."

As he spoke, Larry stood up, patted his chest pocket to make sure he had his $790 profit and the $60 or so in change he had on him, then grabbed his suede bag and hurriedly left Reading Company.

After Larry left, the teller and the front desk manager stared at each other for a long time, wondering, "Just who is this guy?"
Larry walked out of Reading Company, feeling a great sense of relief.

Larry felt he might not have reached the level of someone who could handle high levels of wealth, so he panicked when he had more than $2000 on him.

This is just like a saying Larry often heard in his past life: "A weak body cannot bear wealth!"
But now that he has deposited $2500 into Reading's own account and has only $800 left, Larry feels relieved and relaxed.

Although $800 is still a lot of money for the average person...

Standing on the streets of Hartford again, Larry felt the sunshine was warmer, and the pedestrians on the street seemed kinder.

However, Larry immediately realized that he really should buy a wallet. In addition, the revolver in his suede bag was also a problem; it couldn't stay in the wooden box, as it was inconvenient to draw the gun.

Larry looked up and thought for a moment, then walked to a leather shop a quarter of a mile away and asked them to sew him a concealed gun sling made to the size of a Colt revolver so he could carry it at any time.

Hartford's leatherworkers are experts at making holsters and slings. They only glanced at the dimensions of the revolver before starting to cut calfskin to prepare for sewing the holster.

After leaving a $1 deposit, Larry turned and went out, heading straight to the nearest department store where he bought a wallet from the men's goods store.

This wallet has an outer shell made of Canadian otter fur and a lining of Texas calfskin. It has all the necessary compartments for cards, family photos, US dollar bills, and change, and it also looks very elegant and stylish.

The wallet costs $16, which is considered an item for the upper class, instantly setting it apart from similar items used by ordinary people.

Larry paid promptly, putting the $500 bill into his wallet, then his Reading Company account card into the card slot, and putting the remaining change into several pockets.

That should be about right!
Larry walked out of the department store with a smile on his face, found a pharmacy, bought a 5-cent Coca-Cola, sat on a high stool by the window, and kept looking outside to see if anyone was following him.

The next thing to do after getting the holster was to check out of the hotel I stayed at yesterday and move to a more upscale but also safer hotel.

Larry thought to himself as he drank his Coke.

Strangely, Larry didn't feel satisfied with making money today. In fact, he could sense that deep down he was very unhappy, as if there was an important task he hadn't completed, which made him feel depressed, upset, and unable to be happy.

Larry couldn't explain the source of this seemingly inexplicable unhappiness.

After finishing his Coca-Cola, Larry wandered the streets for another half hour before returning to the leather goods store and retrieving his concealed gun sling.

The gun sling was exquisite and very comfortable to wear. What surprised Larry most was that the experienced tanner had also prepared a small pouch for him on the sling, which could hold an extra 12 bullets.

very perfect!

Larry pulled out two dollars and handed them to the leatherworker. The hidden snare cost $2.60, and Larry told him to keep the change.

Larry immediately donned a concealed holster and loaded his revolver with bullets, placing it inside the holster.

Putting the jacket back on, Larry felt the sense of security that came from the pistol under his arm.

But once he stepped outside, that inexplicable feeling of unhappiness welled up in Larry's heart again.

(End of this chapter)