He decided that he could not; and when he reached a decision, Ford was not the man to hesitate before taking the plunge. On the morning of the third day he called Truitt, sometime superintendent of the C. P. & D., and now acting manager of the Chicago Extension, and gave him his instructions.
"You say there are three grain trains moving on the line now, Mr.
Truitt: there will be three more before night. Keep them coming, and give them the right of way over everything but the United States mails.
Can you handle this without help from me?"
"We"ll give it a pretty stiff try," was the prompt rejoinder. "But you are not going to leave us, are you, Mr. Ford?"
"No; but for the next forty-eight hours I am going to lock my door, and I don"t want to be disturbed for anything less than a disaster or a wire from New York. Please give orders accordingly, will you?"
The orders were given; and, left with his force of stenographers, Ford began to walk the floor, dictating right and left. Letters and telegrams to steel mills, to contractors, to bridge builders, to the owners of grading outfits, and to labor agencies, clicked out of the typewriters in a steady and unbroken stream, and the din was like that of a main-line telegraph office on a hot piece of track.
All day long, and far into the night, the office force wrought unceasingly, digging away at the mountain of preliminary correspondence; and by the next morning the wire replies were beginning to come in.
Then came the crux. To insure prompt delivery of material, definite orders must be placed immediately. A delay of a single day might entail a delay of weeks in the shipments. Yet the risk of plunging the company into debts it might never be able to pay was appalling. What if the stock should not go up as prefigured?--if the bonds could not be floated?
It was with the feeling that he might well be signing his own death-warrant that Ford put his name to the first order for two hundred thousand dollars" worth of steel rails for immediate delivery to the company"s line in Chicago. But after the first cold submergence it came more easily, and when he left the office an hour before midnight, a cool million would not have covered the obligations he had a.s.sumed during the strenuous day.
Kenneth was sitting up for him when he reached his hotel, and the usually impa.s.sive face of the general counsel reflected trouble.
"Out with it," said Ford wearily; and suddenly the new million of indebtedness became a mountain weight to grind him to powder.
"We"re blocked," was the brief announcement. "Two of the grain trains are in, and the Transcontinental lawyers have won the toss. We"re enjoined by the court from using the service tracks to the elevators.
Didn"t your local people tell you?"
"No," said Ford. "I had given orders that I was not to be disturbed. But what of it? You expected something of the sort, didn"t you?"
"Yes; and I provided for it. The injunction will be dissolved when we have our final hearing; but long before that time the mischief will be irreparable, I"m afraid."
"How?"
"It will be blazoned far and wide that we can"t deliver the goods--that the opposition has done us up. I"ve tried to keep it out of the newspapers, or, rather, to persuade them not to make too much of it. But it wouldn"t go. The Transcontinental has all the pull in this town, it appears."
"And you think it will affect the price of the stock?"
"It is bound to, temporarily, at least. And coming upon the heels of to-day"s sudden tumble--"
"What"s that?" demanded Ford, dry-lipped, adding: "I haven"t seen a paper since morning."
Kenneth wagged his head gloomily. "It"s pretty bad. P. S-W. closed at thirty-three--five points off yesterday"s market."
"Good Lord!" Ford"s groan was that of a man smitten down in the heat of the fight. "Say, Kenneth, within a single sweep of the clock-hands I have contracted for more than a million dollars" worth of material for the western extension--more than a million dollars" worth!"
"Well, I"m afraid you have sinned in haste to repent at leisure," said the lawyer, with a weary man"s disregard for the amenities. Then he added: "I"m going to bed. I"ve had about all I can stand for one day."
Ford went to the room clerk for his key; reeled would be the better word, since his brain was whirling. There was a telegram in his box, and he tore it open with fresh and sharper misgivings. It was from Adair.
The sick man"s getting sicker. What is the matter with your prescription? Stock gone off five points, and the bears are squeezing us to beat the band. Stories flying on the Street that we are a kite without an effective tail; that the courts will keep us out of the elevators. What do you say?
Ford consulted his watch. There was barely time to catch the midnight train for New York, and his determination was taken on the spur of the moment. It was all or nothing, now.
Hastily writing a wire to the cashier of the Denver bank where he kept his personal account, and another to Adair, and leaving brief notes for Kenneth and Truitt, he took a cab and had himself driven at a gallop to the Union Station. He was the last man through the platform gates, but he made his train, and was settling himself in the sleeper when another telegram was thrust into his hand. This was from Frisbie, at Saint"s Rest; and that it brought more bad news might be argued from the way in which he crushed it slowly in his hand and jammed it into his pocket. On this day, if never before, he was proving the truth of the old adage that misfortunes do not come singly.
Upon arriving in New York late the following evening, he had himself driven to the Waldorf, where he found Adair waiting for him. A few words sufficed to outline the situation, which the lapse of another day had made still more desperate. So far from recovering, the falling stock had dropped to twenty-nine and a half, and there was every indication that the bottom was not yet reached.
"How do you account for it?" asked Ford, when the dismal tale had been told.
"Oh, it"s easy enough, when you know how," was the light-hearted rejoinder. "As I wired you, there was something of a scramble on the floor of the Exchange last week when we were fighting to find out whether we should control our own majority or let the Transcontinental have it. Our pool got its fifty-one per cent. all right, but in the nature of things the enemy stood as the next largest stock-holder in P. S-W., since they"d been buying right and left against us. Now, since we don"t need any more, and n.o.body else wants it, all the Transcontinental people have to do is to unload on the market, and down she goes."
Ford looked incredulous, and then wrathful.
"Adair, tell me: did I have to stop my work when my time is worth fifty dollars a minute, and come all the way to New York to tell you folks what to do?" he demanded.
Adair"s laugh was utterly and absolutely care-free.
"It looks that way, doesn"t it? Have you got the compelling club up your sleeve, as usual?"
"A boy might carry it--and swing it, too," was the disgusted answer.
"When does the board meet again? Or has it concluded to lie down in the harness?"
"Oh, it gets together every morning--got the meeting habit, you know.
Everybody"s in a blue funk, but we still have the daily round-up to swap funeral statistics."
"All right. Meet me here in the morning, and we"ll go and join the procession. Can you make it nine o"clock?"
"Sure. It"s too late to go home, and I"ll stay here. Then you"ll be measurably certain that I can"t escape. May I see the tip end of the club?"
"No," said Ford grumpily. "You don"t deserve it. Go to bed and store up a head of steam that will carry you through the hardest day"s work you ever hoped to do. Good night."
They met again at the breakfast-table the following morning, and Ford talked pointedly of everything save the P. S-W. predicament. One of Adair"s past fads had been the collecting of odd weapons; Ford discovered this and drew the young man skilfully into a discussion of the medieval secrets of sword-tempering.
"I"ve a bit of the old Damascus, myself," said the engineer. "Tybee--he was on the Joppa-Jerusalem road in the building--picked it up for me.
Curious piece of old steel; figured and flowered and etched and inlaid with silver. There were jewels in the pommel once, I take it; the settings are still there to show where some practical-turned vandal dug them out."
Adair was quite at a loss to guess how old swords and their histories could bear upon the financial situation, but he was coming to know Ford better. Some one has said that it is only the small men who are careful and troubled on the eve of a great battle. So the talk was of ancient weapons until the time for action arrived; and a smooth-faced gentleman sitting at a near-by table and marked down by Ford--though not by Ford"s companion--listened for some word of enlightenment on the railroad situation, and was cruelly disappointed.
"Why wouldn"t you talk?" asked Adair, when they were driving down-town in the young millionaire"s auto. "Or rather, why did you persist in keeping me to the old swords?"
Ford laughed.
"For one reason, I enjoy the old swords--as a relaxation. For another, Mr. Jeffers Hawley, who was once one of the Transcontinental lawyers in Denver, was sitting just behind you, with eager ears. You didn"t know that. Hold on a minute; tell your man to stop at the Chemical Bank. I want you to introduce me to the cashier."
"Now, what the deuce are you starting a New York bank account for?"
queried Adair, as they came out of the bank together and climbed into the tonneau of the waiting touring car. "Couldn"t you draw on the treasurer? What"s the use of your being the a.s.sistant to the president, I"d like to know?"
"Wait," was the answer; and the questioner waited, perforce.
The board was already in session when the two young men were admitted to the private room in the rear of the Broad Street offices, and Ford was welcomed as a man who has recklessly steered the ship upon the rocks.
There were even some open recriminations, notably on the part of the president; but Ford sat quietly under them, making no defense, and folding and refolding a slip of paper in his fingers as he listened.