CHAPTER XVIII
FINANCIAL WISDOM
The Bondavara Joint-Stock Company was about to issue its prospectus; the speculation had been advertised largely, and now it only waited the necessary capital of ten millions to start the railway which was to put the finest coal-mines in the kingdom within the reach of the markets of the great cities. The speculation did not, however, attract the public. Who knows about the value of the mine? said one. Who believes what the papers say? We all know that trick. The gudgeons held off, and did not rise to the bait offered.
One day Felix Kaulmann brought one of the directors to see Ivan Behrend, and while these two were in conversation he noticed, lying on the table, a piece of coal from the Bondavara mine, upon which was distinctly visible the outline of a plant about the size of a finger.
"Is this the impression of an antediluvian bird"s claw?" he asked.
"No," returned Ivan; "it is a petrified plant."
"Ah, I am making a collection of petrifactions."
"Then take that to add to it," said Ivan, carelessly.
Felix carried away the piece of coal in his pocket.
Shortly before the prospectus was issued there appeared in one of the best-known scientific journals an ill.u.s.tration and article descriptive of the petrified _bird"s foot_ which had been found in the Bondavara mine. The article was signed "Doctor Felicius."
All the _savants_ were excited. "We must see this impression!" they cried.
The discoverer had given to the creature, whose foot-mark had remained unalterably impressed upon the tender (!) coal, the learned name of _Protornithos lithanthracoides_.
"Ho, ho!" exclaimed the united bodies of geologists, physiologists, professors, philosophers, artisans, and artesian-well borers, "that is indeed a long word!"
One set of learned men declared the thing to be possible, another denied its possibility.
And why was it not possible? Because at the period of coal-formations neither birds nor any one of the mammalia could exist, or did exist, in the bowels of the earth. There we find only traces of plants, of mussels, of fish sometimes.
And why is it credible? Because in these days we make discoveries every day. Humboldt declared that in the antediluvian world no apes had ever lived, for the reason that the fossil of an ape had never been found. Since then one fossil ape has been discovered in England, in France three of the Ourang species.
By degrees the strife raged in every newspaper; it was taken up in English, French, German, and American publications. At last it was proposed that the matter should be referred to a commission of five well-known professors, to whom the petrifaction should be submitted, and who should decide the question in dispute. Doctor Felicius offered one thousand ducats to the one who would prove that his bird"s claw was not a bird"s claw.
The tribunal of the five learned judges examined the petrifaction with microscopical attention, and after a long sitting brought in a unanimous verdict that the impression was not made by the claw of a Protornithos, but was that of a leaf belonging to the plant _Annularia longefolia_; in fact, there could be no question of the bird species, as the specimen of coal produced was not brown coal, but the _purest_ black, in which coal formation it was not possible for even a bird to exist.
Doctor Felix Kaulmann quietly paid the thousand ducats, and thanked the whole republic of professors for the service they had rendered to the Bondavara coal; such an advertis.e.m.e.nt could not have been obtained at an expense of forty thousand ducats. Let people say that the Protornithos was a humbug--who cares? The reputation of the Bondavara coal was firmly established on the best scientific grounds.
The period had now arrived when the undertaking should be floated at the exchange. This, perhaps, is the greatest science on earth. The stock-exchange has its good and its bad days. Sometimes it is full of electricity, the sheep frolic in the meadow; at other times they hang their heads and will not touch the beautiful gra.s.s. Sometimes they come bleating to the shepherd to beg that he will shear them, for their wool presses too heavily on them; another day they b.u.t.t their heads together and will not listen to their leader. Again, and no one can tell why, when the bell-wether begins to run, all the rest of the flock run after him; neither the shepherd nor his dog can stop them.
The science lies in knowing when there is good weather on the stock-exchange. On a favorable day men are in such excellent humor--there is so much gold in every pocket, everything goes well--that even a company for the excavation and alienation of the icebergs would find bidders. On a bad day the best and safest speculation would get not a single offer.
It was on one of the good days that the Bondavara Coal Company made its _debut_ at the Vienna Stock-exchange. It caught on, and by the day on which the subscriptions should be paid into the Bank of Kaulmann came round it was necessary to have a military cordon drawn across the street, to allow the stream of people to pa.s.s through in any sort of order. The subscribers had, in fact, collected before the doors early in the morning; those who were strong trusted to their own strength to make way for themselves by elbow force. In the crush battered hats and torn coats were matters of small consequence; verbal insults and personal injuries, such as pushing and squeezing, were treated as nothing. The windows of the bank which looked on the street were burst open, and some excited individual called out:
"I subscribe ten thousand, a hundred thousand, a million!"
When at last six o"clock struck, and the doors of the bank were closed, a stentorian voice called from the balcony to the crowd below:
"The subscription is closed!"
What a disappointment for those who had not been able to get their money in in time! They went away dejected men.
The Bondavara mine had indeed "caught on." Instead of ten millions, eight hundred and twenty thousand millions had been subscribed. Did the subscribers really possess all that money? Certainly not. Each one deposited the tenth portion of the sum subscribed as a guarantee, and this only on paper; actual money the company did not as yet touch.
Those who made part of the vast crowd, who tore the coats from one another"s backs, were not blessed with a superfluity of money, neither had they the slightest interest in the production of coal, but to-day it is fine weather on the exchange; the Bondavara Company"s bonds stand at par. Every one wanted to make this small profit; that done they care no more for the bonds or the company.
It is, however, a fact that trees do not grow in heaven. Prince Waldemar was at the head of the countermine, and he was one of the cleverest, most astute men "on "change."
To understand the business the reader should be himself a speculator.
It is carried on something after this fashion. Those who want to buy in are oftentimes men of straw; they merely want shares to sell them at once to the first bidder. As a natural consequence, this lowers the value; there is a fall, sometimes a total collapse. If the investment is a sound one it recovers vitality, and the shares go up again. There is, however, a way to guard against this trick. Almost every company has a syndicate, whose office is to ascertain whether the applicants for shares are men of straw or not. Pending the inquiry, the time is made use of to employ certain agents, to whom a free gift is made of, say, five hundred shares. These men immediately set up a tremendous uproar; they drive up the shares, they tear the certificates out of one another"s hands, screaming out the high rate at which they are buying. But the general market sees no shares pa.s.s; the experienced ones know that this is all a well-acted farce, and that any one who has ready-money need only go to the fountain-head and buy as many shares as he wants at par. On the other hand, the bears are waiting their time to rush in and cause such a depreciation as will run down the shares to almost nothing. When they have got them at this low figure they may allow them to rise again.
The only one who loses in this cruel game is the small capitalist, who has ventured, poor soul, on ice, and who has sacrificed his little all at the shrine of the golden calf, taken his carefully h.o.a.rded store, his hard-earned salary out of his drawer, and has cast it upon these unprofitable waters, tempted by the tales of high interest, and the like. All of a sudden the bears have rushed in, the mine has exploded, his hopes are blown into air, vanished like a dream; his shares are so much waste-paper. He goes home certainly a sadder if not a wiser man.
Well for him if he is not a beggar. This is how they manage matters on the stock-exchange.
CHAPTER XIX
FILTHY LUCRE
In the town of X---- there is a street called Greek Street. It is a circle, or crescent, of pretty houses, which at one time were erected and peopled by Greek merchants. In the middle of the street stands a church with a facade of marble and a splendid gilt tower, whose bells are the most tuneful in the whole town. It is said that when those bells were cast the Greeks threw, with both hands, silver coins into the liquid metal.
Old Francis Csanta was now the last of the race. Once he had been a jovial fellow, a careless, free liver, towards ladies a gallant cavalier, among men a desperate gambler. With years he became silent, moody, miserly, avoided the company of his fellow man or woman, and was a hater of music and all pleasure. The more he indulged in solitude the worse his peculiarities grew. So soon as one of his former friends, or relations, or boon companions died, he bought the house in which they had lived. By degrees the whole street belonged to him; only one house remained, and that next door to his own. This had been occupied by a connection of his who had left one daughter.
Strangely enough, she had not followed the general custom of celibacy, but had married, and was the wife of a music-master, who enjoyed the Magyar name of Belenyi. This pair had in due course a son born to them, to whom they gave the name of Arpad.
This vexed old Csanta sorely. Why should the last remaining Greek girl have married--above all, married a music-master? Why should there be a son? Why should that son be baptized Arpad? And why should these annoying circ.u.mstances take place under his very nose? The house, too, was an offence; the only house in the street that did not belong to him. The church was his; no one went in except himself; the clergyman said ma.s.s for him only. He was the patron, the congregation, the curator, the vestryman, the supporter; he filled every office; he was everything. When he was dead the church would be closed, the gra.s.s would grow upon the threshold.
The generation in the next house showed no sign of dying; the boy Arpad was as lively as an eel. At the age of five he threw his ball over the roof, and it fell into the old Greek"s garden, who there and then confiscated it. The lad gave him much more annoyance.
About this time evil days came to the country. The Hungarians and the Austrians killed one another. The reason of their so doing is hard to find. Historians of the present day say that it was all child"s play, and that the cause lay in the refusal of the Hungarian sepoys--who are Mohammedans--to bite off cartridges which had been prepared with the fat of swine--the German method. Or did this happen in India? Nowadays it is all uncertain; mostly what is known about it comes through the songs of the poets, and who believes them?
What interests us in this old story is that it has to do with Ivan Behrend, and how he came to dwell in the Belenyi"s house. It so happened that he was one of the regiment who repulsed an a.s.sault on the town, and in consequence he was billeted on the music-master and his wife. He was well liked. He was young then, and had good spirits.
One day the poor musician, coming home through the streets, was struck by a sh.e.l.l, and brought into his house dead. Such things happen occasionally in time of war. Little Arpad was an orphan, and then it was that Ivan adopted him as his son. A short time after this Ivan laid down his arms and retired into private life. Why he did so, and where he went, is quite immaterial. Before he went Ivan gave the widow Belenyi all the gold he had with him, so that with this money Arpad"s musical education might be paid for. He did not care for the gold, and he could not have employed it better. If he had taken it with him, who knows into what worthless hands it would have fallen?
He hadn"t been long gone when a Hungarian government official stood in the market-place of X----, and, to the accompaniment of much drumming, gave out the government order that all German bank-notes should be brought to the great square, and there made into a funeral-pile and set fire to. Any one refusing to obey this order should be dealt with accordingly. Every one knew what this meant, and all who didn"t wish _to be dealt with_ hastened to bring their bank-notes, which were then and there burned.
The widow Belenyi had her little savings, a few hundred gulden. What should she do? It went hard with her to see her money thrown into the fire. She went to her rich neighbor and besought him to help her, and to change her money into Hungarian bank-notes. The old Greek at first refused to listen, but by-and-by he relented and did as she wished. He even did more, for after a week had pa.s.sed he came to her and said:
"I will no longer keep the money which your father lent to me at the rate of six per cent. Here it is for you--ten thousand gulden; take it, and make what you can of it." As he spoke he paid her the whole sum in Hungarian bank-notes.
A week later another commandant arrived in the town; this one was a German. The next morning more drumming was heard in the market-place, and the order was given that all who possessed Hungarian bank-notes must give them up to have them burned. Those who refused would be shot or hanged.
The poor widow ran weeping to her neighbor, and asked what she should do. The whole sum he had given her lay in her drawer untouched. If it were taken from her she and her child must beg or starve. Why had he given her this money? Why had he changed her German notes if he knew that this was going to happen?
"How could I know it?" shrieked Csanta; and, still screaming, he went on to lament over himself. "If you are beggared, so am I--ten thousand times more beggared than any one. I haven"t a copper coin in the house. I don"t know how I can pay even for a bit of meat. I shall have a hundred thousand bank-notes burned. I am ruined! I am a beggar!"