ANOTHER YEAR… More adventures (Part 168t)
One thing about
selling stock is that you don’t get your money right away like you do if
you were to sell a car. There is a three day ‘hold’ until the funds are
available. However, since the money is at the broker’s, you can buy
stock with the proceeds before the waiting period is up. Excited about
my profit I wanted to get it invested right away. When I’d made the
original purchase of the stock I’d just sold I had what’s called
“Buyer’s remorse” because I wasn’t fully convinced it was a good choice.
Now, having had two recent successes using suggestions from Stan, my
broker, I couldn’t wait to get over to the office and make some more
money.
Since the meeting with Lynda and Stan I’d avoided going
over there not sure how Stan had felt about it. On this day I wasn’t
concerned about that as this was business that I wanted to talk with him
about. As soon as the tellers were in proof I headed over there
promising Bret I'd be back before 5pm. The stock market had closed so
things had settled down for them and I know I surprised Lynda when I
walked in the door. Even though she was busy on the phone I got a nice
smile. I pointed at Stan and she waved me to his area. He was also on
the phone but motioned for me to have a seat. I couldn’t help but hear
what he was saying and picked up on the fact that the brokerage was in
the process of pricing another public offering that they were
underwriting. I had no idea what it was but knew I wanted a ‘piece of
the action’. I had to wait but when he got off the phone acknowledged
that there was another IPO (Initial Public Offering) and asked if I
wanted the details. I said yes but, in my excitement, really couldn’t
have cared less. The stock I’d just sold and had made the nice profit on
was in what we now call the energy sector. Back then they hadn’t
grouped like businesses into small segments. The new offering was in the
same general field and, as Stan had told me back when I bought the
stock, it was “hot”. This company was in the same general field. I swear
I didn’t even ask it’s name but told Stan I wanted 100 shares. The
stock I’d sold was worth $1,900. When Stan told me that the stock was
going to open at $25 a share he said I’d need an additional $600 but
could get 75 shares with the money I’d get from the sale. Greed was the
motivator when I told him I still wanted 100 shares even though I didn’t
know where I’d get the additional money. Like with the sale of the
stock, I had three business days to “settle”, or pay for the purchase of
the new stock so I left already counting on a nice profit.
Schools
had been reopened that day and Elle was, happily, back to work. She had
some good news in that the teacher she was substituting for was going
to be out a little longer. With no school for two days she felt she was
getting cheated. My news for Elle was about the house next door. She
wasn’t overly thrilled but agreed that having it occupied for part of
the year was better than the current state of affairs. J J had told me
that approval for the mortgage was a foregone conclusion as the man
didn’t need it. The purpose was for possibly aiding in a future sale as
back in those days mortgages could be assumed by a buyer. He had also
indicated that there was no rush as he’d been told it would be Spring
before they would start to move in. So, to put a positive ’spin’ on the
whole thing Elle and I concentrated on the information, as little as it
was, about the grandchildren who would be spending part of their Summer
there.
I’ve written about all the meeting I had to attend
outside the confines of the bank. The big one was the one that had me
going into the city once a month as a member of the State banking
association committee on personnel. I rather enjoyed it as it gave me
the opportunity to hear the operational problems from banks of similar
size but in a different part of the state. Then, there was the regional
one with the ten banks that rimmed the big city banks. Interesting, but
it was more social than productive. And, as I was about to find out,
there was a new one that was for the four like banks within the county.
I’ve written how there had been legislation preventing the big city bank
form opening branches in the county up until one of the county banks
opened the first branch. That happened back at the end of June when we
did. It was expected that there would be a ‘wave’ of branch applications
following that but there had only been a few and they weren’t from the
city. The presidents of the four county banks had agreed to form a
coalition where they would share information on the branch plans for
each so as not to cannibalize depositors from our already established
geographic areas. With our having put an offer to purchase land for a
second branch Bert felt it only fair to meet with the other banks.
However, the big snow storm had caused the meeting to be postponed. The
bank where I’d started my career had agreed to host it but found the
federal auditors at their door. For reasons unknown to me, the smallest
bank of the four then agreed to host it. My knowledge of the whole thing
was from overhearing Hobie while on the phone with Bert, the president.
It didn’t really concern me so didn’t dwell on it… until Hobie told me
I’d be representing the bank. Hobie was the next in line but I didn’t
feel it appropriate to ask why he wouldn’t be attending. In a way I was
flattered but, at the same time, woefully unprepared. You’ve seen my
writings on how little input I’d had in our branch planning and, if it
hadn’t been for Morris, our branch consultant giving me a personal call,
wouldn’t know anything about the current plans. Thankfully, the meeting
wasn’t until the following week.
I won’t go into the ’nitty
gritty’ of how representation at the meeting worked it’s way down to me.
What I will say was that I was thankful that it had. I learned more
about the whole process in three days than I’d learned in the eighteen
or so months since the Board had decided to go with a branch. What I
found to be really interesting was that the host bank for the meeting
was located the furthest from the city and considered themselves to be
“insulated’ from city bank competition. I spent about three hours with
both Hobie and Bert being prepped for what I could and couldn’t reveal
about our plans. By the time they were done with me I was ‘swimming’
with information. I'd decided to 'raid' our savings account to come up
with the difference ($600) I needed for the stock purchase and delivered
it to Lynda before heading for the meeting. She asked why I was in such
a rush and, quite casually, mentioned that I'd be going to a meeting
and would be going past where she lived. He eyes lighted up and wanted
more details. When I finished she asked if I'd stop by her house. I
begged off but she wouldn't relent. Not knowing how late I'd be I told
her that if it wasn't too late I'd call. While on my way to the meeting I
wondered why I'd let myself get talked into that.
To be continued...
2 comments:
Come on now, she could talk you into almost anything. The very thought of her sitting opposite you and visions of those white panties were dancing, like sugar plums on the night before Christmas. IPO's, the old saying don't count your chickens before they hatch applies.
OB... not quite... but she almost always held my attention. On the other, :-)
Post a Comment