LUCK TURNS AGAIN 269 
other optimistic investors were also buying. At previous times, 
Field had thus sponsored the stock to instill confidence in the 
stockholders. He resolved to buy boldly and thus give a strong 
impetus to the improving prices. 
But after a further slight rise, the quotations appeared to 
hesitate, and then to recede. Apparently other stockholders 
were not so enthusiastic as Field and were selling their shares 
in expectation of lower prices. It is common practice, of 
course, to make a profit by selling in anticipation of a drop 
and then buying at lower prices. Some professional operators 
make a practice of thus driving stocks down by heavy sales 
and disquieting rumors; they become highly skilled in capital- 
izing pessimism and playing on men’s fears. Gould and Sage 
were experienced operators. 
By innate character, Field had always been an optimist. 
His success in life had been based on constructive work in 
building things up. This trait is typically American and was 
especially natural in an era of expanding industry and nation- 
al development. His direct and honest nature did not make 
allowance for the forces of destruction and guile. 
As the quotations on Manhattan fell lower and lower, he 
resolved to utilize his resources to the utmost to stop the de- 
cline and buoy the stock up. It seemed, however, that, de- 
spite the thousands of shares which he was buying, more thou- 
sands were being thrown on the market. Other operators 
were selling greater amounts than he could buy. Things be- 
gan to look ominous for him; his personal fortune, large 
though it had been, was limited. His holdings in other securi- 
ties, such as Western Union and Missouri Pacific, were also 
dropping in value, as though in sympathy with Manhattan. 
These three were “Gould stocks” in the language of Wall 
Street. Were Gould and Sage selling from their large hold- 
ings? 
Having lost so much, Field dreaded to admit defeat and 
to stop his loss while quotations were depressed. A good rally 
