"Not the slightest."
"Right again. When 26 Broadway[1] gives the secret order to the Washington boss and he pa.s.ses it out to the grafters, there will be a quiet acc.u.mulation of the stock, won"t there?"
"You"ve got that right, Bob."
"And the man who first knows when Washington begins to take on Sugar is the man who should load up quick and rush it up to a high level. If he does it quickly, the stockholders, who now have it, will get a juicy slice of the ripening melon, a slice that otherwise would go to those greedy hypocrites at Washington, who are always publicly proclaiming that they are there to serve their fellow countrymen, but who never tire of expressing themselves to their brokers as not being in politics for their health."
"So far, good reasoning," I commented.
"Jim, the man who first knows when the Senators and Congressmen and members of the Cabinet begin to buy Sugar, is the man who can kill four birds with one stone: Win back a part of Judge Sands"s stolen fortune; increase his own pile against the first of January, when, if the little Virginian lady is short a few hundred thousand of the necessary amount, he could, if he found a way to induce her to accept it, supply the deficiency; fatten up a good friend"s bank account a million or so, and do a right good turn for the stockholders who are about to be, for the hundredth time, bled out of profit rightfully theirs."
Bob was afire with enthusiasm, the first I had seen him show for three months. Seeing that I had followed him without objection so far, he continued:
"Well, Jim, I know the Washington buying has begun. All I know I have dug out for myself and am free to use it any way I choose. I have gone over the deal with Beulah Sands, and we have decided to plunge. She has a balance of about four hundred thousand dollars, and I"m going to spread it thin. I am going to buy her 20,000 shares and to take on 10,000 for myself. If you went in for 20,000 more, it would give me a wide sea to sail in. I know you never speculate, Jim, for the house, but I thought you might in this case go in personally."
"Don"t say anything more, Bob," I replied. "This time the rule goes by the board. But I will do better: I"ll put up a million and you can go as high as 70,000 for me. That will give you a buying power of 100,000, and I want you to use my last 50,000 shares as a lifter."
I had never speculated in a share of stock since I entered the firm of Randolph & Randolph, and on general, special, and every other principle was opposed to stock gambling, but I saw how Bob had worked it out, and that to make the deal sure it was necessary for him to have a good reserve buying power to fall back on if, after he got started, the "System"
masters, whose game he was b.u.t.ting in to and whose plans he might upset should try to shake down the price to drive him out of their preserves.
Bob knew how I looked at his proposed deal and ordinarily would not have allowed me to have the short end of it, but so changed had he become in his anxiety to make that money for the Virginians that he grabbed at my acceptance.
"Thank you, Jim," he said fervently, and he continued: "Of course, I see what"s going through your head, but I"ll accept the favour, for the deal is bound to be successful. I know your reason for coming in is just to help out, and that you won"t feel badly because your last 50,000 shares will be used more as a guarantee for the deal"s success than for profit.
And Miss Sands could not object to the part you play, as she did at the underwriting, for you will get a big profit anyway."
Next day Sugar was lively on the Exchange. Bob bought all in sight and handled the buying in a masterly way. When the closing gong struck, Beulah Sands had 20,000 shares, which averaged her 115; Bob and I had 30,000 at an average of 125, and the stock had closed 132 bid and in big demand.
Miss Sands"s 20,000 showed $340,000 profit, while our 30,000 showed $210,000 at the closing price. All the houses with Washington wires were wildly scrambling for Sugar as soon as it began to jump. And it certainly looked as though the shares were good for the figures set for them by Bob, $175, at which price the Sands"s profits would be $1,200,000. Bob was beside himself with joy. He dined with Kate and me, and as I watched him my heart almost stopped beating at the thought--"if anything should happen to upset his plans!" His happiness was pathetic to witness. He was like a child. He threw away all the reserve of the past three months and laughed and was grave by turns. After dinner, as we sat in the library over our coffee, he leaned over to my wife and said:
"Katherine Randolph, you and Jim don"t know what misery I have been in for three months, and now--will to-morrow never come, so I may get into the whirl and clean up this deal and send that girl back to her father with the money! I wanted her to telegraph the judge that things looked like she would win out and bring back the relief, but she would not hear of it. She is a marvellous woman. She has not turned a hair to-day. I don"t think her pulse is up an eighth to-night. She has not sent home a word of encouragement since she has been here, more than to tell her father she is doing well with her stories. It seems they both agreed that the only way to work the thing out was "whole hog or none," and that she was to say nothing until she could herself bring the word "saved" or "lost." I don"t know but she is right. She says if she should raise her father"s hopes, and then be compelled to dash them, the effect would be fatal."
Bob rushed the talk along, flitting from one point to another, but invariably returning to Beulah Sands and to-morrow and its saving profits. Finally, he got to a pitch where it seemed as though he must take off the lid, and before Kate or I realised what was coming he placed himself in front of us and said:
"Jim, Kate, I cannot go into to-morrow without telling you something that neither of you suspect. I must tell some one, now that everything is coming out right and that Beulah is to be saved; and whom can I tell but you, who have been everything to me?--I love Beulah Sands, surely, deeply, with every bit of me. I worship her, I tell you, and to-morrow, to-morrow if this deal comes out as it must come, and I can put $1,500,000 into her hands and send her home to her father, then, then, I will tell her I love her, and Jim, Kate, if she"ll marry me, good-bye, good-bye to this h.e.l.l of dollar-hunting, good-bye to such misery as I have been in for three months, and home, a Virginia home, for Beulah and me." He sank into a chair and tears rolled down his cheeks Poor, poor Bob, strong as a lion in adversity, hysterical as a woman with victory in sight.
The next day Sugar opened with a wild rush: "25,000 shares from 140 to 152." That is the way it came on the tape, which meant that the crowd around the Sugar-pole was a mob and that the transactions were so heavy, quick, and tangled that no one could tell to a certainty just what the first or opening price was; but after the first lull, after the gong, there were officially reported transactions aggregating 25,000 shares and at prices varying from 140 to 152. I was over on the floor to see the scramble, for it was noised about long before ten o"clock that Sugar would open wild, and then, too, I wanted to be handy if Bob should need any quick advice.
A minute before the gong struck, there were three hundred men jammed around the Sugar-pole; men with set, determined faces; men with their coats b.u.t.toned tight and shoulders thrown back for the rush to which, by comparison, that of a football team is child"s play. Every man in that crowd was a picked man, picked for what was coming. Each felt that upon his individual powers to keep a clear head, to shout loudest, to forget nothing, to keep his feet, and to stay as near the centre of the crowd as possible, depended his "floor honour," perhaps his fortune, or, what was more to him, his client"s fortune. Nearly every man of them was a college graduate who had won his spurs at athletics or a seasoned floor man whose training had been even more severe than that of the college campus. When it is known before the opening of the Exchange that there are to be "things doing" in a certain stock, it is the rule to send only the picked floor men into the crowd. There may be a fortune to make or to lose in a minute or a sliver of a minute. For instance, the man who that morning was able to s.n.a.t.c.h the first 5,000 shares sold at 140 could have resold them a few minutes afterward at 152 and secured $60,000 profit. And the man who was sent into the crowd by his client to sell 5,000 shares at the "opening" and who got but 140, when the price would be 152 by the time he reported to his customer, was a man to be pitied. Again, the trader who the night before had decided that Sugar had gone up too fast, and who had "shorted" (that is, sold what he did not have, with the intention of repurchasing at a lower price than he sold it for) 5,000 shares at 140 and who, finding himself in that surging mob with Sugar selling at 152, could only get out by taking a loss of $60,000, or by taking another chance of later paying 162--such a trader was also to be pitied.
No one who scanned the crowd that morning would have believed that the calm, set face on that erect Indian figure, occupying the very centre of that horde of gamblers who were only awaiting the ringing clang of the gong to hurl themselves like madmen at each other, was the hysterical man who the night before was wildly praying for this moment. Nearly every man in that crowd was calm, but Bob Brownley was the calmest of them all. It"s the Exchange code that at any cost of heart or nerve-tear a man must retain good form until the gong strikes. Then, that he must be as near the uncaged tiger as human mind and body can be made. Only I realised what volcano raged inside my chum"s bosom. If any other man of the crowd had known, Bob"s chances of success would have been on par with a Canadian canoeist short-cutting Niagara for Buffalo. Nine-tenths of the Stock Exchange game is not letting your left brain-lobe know what race your right is in until the winning numbers and the also-rans are on the board.
If one of those three hundred chain-lightning thinkers or any of their ten thousand alert a.s.sociates knew in advance the intentions of a fellow broker, the word would sweep through that crowd with the sureness of uncorked ether, and the other two hundred and ninty nine, at gong-strike, would be at each others" throats for his vitals, and before he knew the game had started would have his bones picked to a vulture-finish cleanness. Suddenly, as I watched the scene, there rang through the great hall the first sharp stroke of the gong. There were no echoes heard that morning. The metallic voice was yet shaping its command to "at "em, you fiends" when from three hundred throats burst the wild sound of the Stock Exchange yell. No other sound in any of the open or hidden places of all nature duplicates the yell of a great Stock Exchange at an exciting opening. It not only fills and refills s.p.a.ce, for the volume is terrific, but it has an individuality all its own, coming from the incisive "take-mine-I"ve-got yours," from the aggressive, almost arrogant "you-can"t-you-won"t-have-your-way," the confident "by-heaven-I-will"
individual notes that enter into the whole, as they blend with the shrill scream of triumph and the die-away note of disappointment, when the floor men realise their success or their failure. I picked Bob"s magnificently resonant voice from the ma.s.s--"40 for any part of 10,000 Sugar." It was this daring bid that struck terror to the bears and filled the bulls[2]
with a frenzy of encouragement. Again it rang out--"45 for any part of 25,000"; and a third time--"50 for any part of 50,000."
The great crowd was surging all over the room. Hats were smashed and coats were being stripped from their owners" backs as though made of paper, and now and then a particularly frantic buyer or seller would be borne to the floor by the impetus of those who sought to fill his bid or grab his offer. Through all the wild whirl, straight and erect and commanding was the form of Bob, his face cold and expressionless as an iceberg. In five minutes the human ma.s.s had worked back to the Sugar-pole and there was the inevitable lull while its members "verified."
I could see by the few entries Bob was making on his pad that he had been compelled to buy but little. This meant that his campaign was working smoothly, that he was driving the market up by merely bidding, and that he had the greater part of my 50,000 yet unbought, which inturn meant he could continue to push up the price, or in the event of his opponents"
attempting to run it down, he would be under the market with big supporting orders.
Suddenly the lull was broken. Bob"s voice rang out again--"153 for any part of 10,000 Sugar." Again the gamblers closed in and for another five minutes the opening scene was duplicated, with only a shade less fierceness. After ten minutes" mad trading a mighty burst of sound told that Sugar was 160 bid. Then Bob worked his way out of the crowd, and pa.s.sing by me fairly hissed, "By heaven, Jim, I"ve got them cinched!"
I went back to the office. In a few minutes Bob without a word strode through my office and into the little room occupied by Beulah Sands. He closed the door behind him, a thing that he had never done before. It was only a minute till he opened it and called to me. In his eyes was a strange look, a look that came from the blending of two mighty pa.s.sions, one joy, the other I could not make out, unless it was that soft one, which suppressed love, emerging from terrible uncertainty, generates in deep natures and which usually finds vent in tears. Beulah Sands was a study. Her heart was evidently swaying and tugging with the news Bob had brought her. She must have seen the nearness of release from the torture that had been filling her soul during the past three months, and yet such was the remarkable self-control of the woman, such her n.o.ble courage, that she refused to show any outward sign of her feelings. She was the reserved, dignified girl I had ever seen her. "Jim, Miss Sands and I thought it best that we should have a little match up at this stage of our deal," Bob began. "I want to know if you both agree with me on adhering to the original plans to close out at 175. I never felt surer of my ground than in this deal. The stock is 163 on the tape right now." He glanced at the white paper ribbon whose every foot on certain days spells Heaven or h.e.l.l to countless mortals, as it rolled out of the ticker in the corner of the office. "Yes, there she goes again--3, 4, 4 and 1,200 at a half.
There is a tremendous demand from all quarters. Washington"s buying is unlimited; the commission-houses are tumbling over one another to get aboard and the shorts are scared to a paralysed muteness. They don"t know whether to jump in and cover or to stand their present hands, but they have no pluck to fight the rise, that is certain. The news bureaus have just published the story that I am buying for Randolph & Randolph, and they for the insiders; that the new tariff is as good as pa.s.sed; and that at the directors" meeting to-morrow the Sugar dividend will be increased, and that it is agreed on all sides she won"t stop going until she crosses 200. I"ve been obliged to take on only 18,000 of your 50,000, and at present prices there is over two hundred thousand profit in them. I think I could go back there and in thirty minutes have it to 180. Then if I rested on it until about one o"clock and threw myself at it for real fireworks up to the close, I could, under cover of them, let slip about half our purchases, and to-morrow open her with a whirl and let go the balance. If I"m in luck I"ll average 180-185 for the whole bunch, but I"ll be satisfied if I get an average of 175, which would allow me to sell it on a dropping scale to 160."
I agreed that his campaign was perfect, and Beulah Sands said in her usual quiet way, "It is entirely in your hands, Mr. Brownley. I don"t see how any advice from us can help."
Bob went back to the Exchange and I into my office. Bob had been right again. In ten minutes the tape began to scream Sugar. With enormous transactions it ran up in fifteen minutes to 188, in three more it dropped to 181, and then steadily mounted to 185, dulled up, and was healthy steady. Presently Bob was back and we sat down again.
"I"ve bought 20,000 more for you, Jim, on that bulge. I"ve 38,000 in all of the last 50,000, which leaves me 12,000 reserve. The average is "way under 75, and there must be $400,000 for you in it now and a strong $1,400,000 in Miss Sands"s 20,000, and $1,800,000 in our 30,000. They say it"s bad business to count chickens in the sh.e.l.l, but ours are tapping so hard to get out I can"t help doing it this once. I"m going to keep away from the floor for an hour or so, then I will go over and wind it up and--good G.o.d, Beulah--Miss Sands--are you ill?"
The girl"s face was ashen gray and she seemed to be gasping for breath. I rushed for some water while Bob seized both her hands, but in an instant the blood came to her cheeks with a rush and she said, "I was dizzy for a moment. It must have been the thought of taking $1,800,000 back to father that upset me. With that amount father could make good all the trust funds, and have back enough of his own fortune to make us seem, after what we have been going through, richer than we were before. Pardon me, Mr.
Randolph, won"t you, when I say--G.o.d bless you and every one whom you hold dear, G.o.d bless you? What could I or my father have done but for you and Mr. Brownley?"
She turned her big eyes full upon Bob, filled with a light such as can come only to a woman"s eyes, only to a woman before whom, as she stands on the brink of h.e.l.l, suddenly looms her heaven.
Sharp and shrill rang Bob"s Exchange telephone. The ring seemed shriller; it certainly was longer than usual. Bob jumped for the receiver.
Chapter III.
He Listened a moment, then answered, "Stand on it at 80 for 12,000 shares.
I will be there in a second." He dropped the receiver. "Jim, we have struck a snag. Arthur Perkins, whom I left on guard at the pole, says Barry Conant has just jumped in and supplied all the bids. He has it down to 81 and is offering it in 5,000 blocks and is aggressive. I must get there quick," and he shot out of the office.
I sprang for Bob"s telephone: "Perkins, quick!" "What are they doing, Perkins?" I asked a moment later.
"Conant has almost filled me up. He seems to have a hogshead of it on tap," he answered.
"Buy 50,000 shares, 5,000 each point down; and anything unfilled, give to Bob when he gets there. He is on the way."
I shut off, and turned to Miss Sands:
"This is no time to stand on ceremony, Miss Sands. Barry Conant is Camemeyer"s and "Standard Oil"s" head broker. His being on the floor means mischief. He never goes into a big whirl personally unless they are out for blood. Bob has exhausted his buying power, and though I tell you frankly that I never speculate, don"t believe in speculation and am in this deal only for Bob--and for you--I swear I don"t intend to let them wipe the floor with him without at least making them swallow some of the dust they kick up. Please don"t object to my helping out, Miss Sands.
Ordinarily I would defer to your wishes, but I love Bob Brownley only second to my wife, and I have money enough to warrant a plunge in stock.
If they should turn Bob over in this deal, he--well, they"re not going to, if I can prevent it," and I started for the Exchange on the run.
When I got there the scene beggared description. That of the morning was tame in comparison. A bull market, however terrific, always is tame beside a bear crash. In the few moments it took me to get to the floor, the battle had started. The greater part of the Exchange membership was in a dense mob wedged against the rail behind the Sugar-pole. I could not have got within yards of the centre of that crowd of men, fast becoming panic-stricken, if the fate of nations had depended on my errand. I had witnessed such a scene before. It represented a certain phase of Stock-Exchange-gambling procedure, where one man apparently has every other man on the floor against him. I understood: Bob against them all--he trying to stay the onrushing current of dropping prices; they bent on keeping the sluice-gates open. He was backed up against the rail--not the Bob of the morning; not a vestige of that cold, brain-nerve-and-body-in-hand gambler remained. His hat was gone, his collar torn and hanging over his shoulder. His coat and waistcoat were ripped open, showing the full length of his white shirt-front, and his eyes were fairly mad. Bob was no longer a human being, but a monarch of the forest at bay, with the hunter in front of him, and closing in upon him, in a great half-circle, the pack of harriers, all gnashing their teeth, baring their fangs, and howling for blood. The hunter directly facing Bob, was Barry Conant--very slight, very short, a marvellously compact, handsome, miniature man, with a fascinating face, dark olive in tint, lighted by a pair of sparkling black eyes and framed in jet-black hair; a black mustache was parted over white teeth, which, when he was stalking his game, looked like those of a wolf. An interesting man at all times was this Barry Conant, and he had been on more and fiercer battle-fields than any other half-score members combined. The scene was a rare one for a student of animalised men.
While every other man in the crowd was at a high tension of excitement, Barry Conant was as calm as though standing in the centre of a ten-acre daisy-field cutting off the helpless flowers" heads with every swing of his arm. Switching stock-gamblers into eternity had grown to be a pastime to Barry Conant. Here was Bob thundering with terrific emphasis "78 for 5,000," "77 for 5,000," "75 for 5,000," "74 for 5,000," "73 for 5,000,"
"72 for 5,000," seemingly expecting through sheer power of voice to crush his opponent into silence. But with the regularity of a trip-hammer Barry Conant"s right hand, raised in unhurried gesture, and his clear calm "Sold" met Bob"s every retreating bid. It was a battle royal--a king on one side, a Richelieu on the other. Though there was frantic buying and selling all around these two generals, the trading was gauged by the trend of their battle. All knew that if Bob should be beaten down by this concentrated modern finance devil, a panic would ensue and Sugar would go none could say how low. But if Bob should play him to a standstill by exhausting his selling power, Sugar would quickly soar to even higher figures than before. It was known that Barry Conant"s usual order from his clients, the "System" masters, for such an occasion as the present was "Break the price at any cost." On the other hand, every one knew that Randolph & Randolph were usually behind Bob"s big operations; this was evidently one of his biggest; and every man there knew that Randolph & Randolph were seldom backed down by any force.
As Bob made his bid "72 for 5,000," and got it, I saw a quick flash of pain shoot across his face, and realised that it probably meant he was nearing the end of my last order. I sized it up that there was deviltry of more than usual significance behind this selling movement; that Barry Conant must have unlimited orders to sell and smash. My final order of fifty thousand brought our total up to one hundred and fifty thousand shares, a large amount for even Randolph & Randolph to buy of a stock selling at nearly $200 a share. I then and there decided that whatever happened I would go no further. Just then Bob"s wild eye caught mine, and there was in it a piteous appeal, such an appeal as one sees in the eye of the wounded doe when she gives up her attempt to swim to sh.o.r.e and waits the coming of the pursuing hunter"s canoe. I sadly signaled that I was through. As Bob caught the sign, he threw his head back and bellowed a deep, hoa.r.s.e "70 for 10,000." I knew then that he had already bought forty thousand, and that this was the last-ditch stand. Barry Conant must have caught the meaning too. Instantly, like a revolver report, came his "Sold!" Then the compact, miniature ma.s.s of human springs and wires, which had until now been held in perfect control, suddenly burst from its clamps, and Barry Conant was the fiend his Wall Street reputation pictured him. His five feet five inches seemed to loom to the height of a giant.
His arms, with their fate-pointing fingers, rose and fell with bewildering rapidity as his piercing voice rang out--"5,000 at 69, 68, 65," "10,000 at 63," "25,000 at 60." Pandemonium reigned. Every man in the crowd seemed to have the capital stock of the Sugar Trust to sell, and at any price. A score seemed to be bent on selling as low as possible instead of for as much as they could get. These were the shorts who had been punished the day before by Bob"s uplift.
Poor Bob, he was forgotten! An instant after he made his last effort he was the dead c.o.c.k in the pit. Frenzied gamblers of the Stock Exchange have no more use for the dead c.o.c.ks than have Mexicans for the real birds when they get the fatal gaff. The day after the contest, or even that same night at Delmonico"s and the clubs, these men would moan for poor Bob; Barry Conant"s moan would be the loudest of them all, and, what is more, it would be sincere. But on battle day away to the dump with the fallen bird, the bird that could not win! I saw a look of deep, terrible agony spread over Bob"s face; and then in a flash he was the Bob Brownley who I always boasted had the courage and the brain to do the right thing in all circ.u.mstances. To the astonishment of every man in the crowd he let loose one wild yell, a cross between the war-whoop of an Indian and the bay of a deep-lunged hound regaining a lost scent. Then he began to throw over Sugar stock, right and left, in big and little amounts. He slaughtered the price, under-cutting Barry Conant"s every offer and filling every bid. For twenty minutes he was a madman, then he stopped. Sugar was falling rapidly to the price it finally reached, 90, and the panic was in full swing, but panics seemed now to have no interest for Bob. He pushed his way through the crowd and, joining me, said: "Jim, forgive me. I have dragged you into an enormous loss, have ruined Beulah Sands, her father, and myself. I think at the last moment I did the only thing possible. I threw over the 150,000 shares and so cut off some of our loss. Let us go to the office and see where we stand." He was strangely, unnaturally calm after that heart-crushing, nerve-tearing day. I tried to tell him how I admired his cool nerve and pluck in about-facing and doing the only thing there was left to do; to tell him that required more real courage and level-headedness than all the rest of the day"s doings; but he stopped me:
"Jim, don"t talk to me. My conceit is gone. I have learned my lesson to-day. My plans were all right, and sound, but poor fool that I was, I did not take into consideration the loaded dice of the master thieves. I knew what they could do, have seen them scores of times, as you have, at their slaughter; seen them crush out the hearts of other men just as good as you or I; seen them take them out and skin and quarter-slice them, unmindful of the agony of those who were dear to and dependent on their owners, but it never seemed to strike me home. It was not my heart, and somehow, I looked at it as a part of the game and let it go at that.