Reminiscences of a Stock Operator, Chapter 20 summary

What happens

1. The narrator describes Keene’s success in making Sugar, U.S. Steel, and Amalgamated Copper shares marketable, while acknowledging gaps in the evidence.
2. He argues that legitimate manipulation creates a market for large holdings rather than depending on false claims.
3. He explains how he evaluates proposed operations and takes call options at progressively higher prices as compensation.
4. He generates trading activity to attract floor traders, whose participation draws public buyers.
5. He sells against his calls during strong demand and buys back short positions during declines to support the stock.
6. He stresses selling during declines and abandoning an operation when buying no longer raises the price.

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