"I think he might take it more seriously if you spoke to him, Timothy,"
replied Merrill.
Arneel, being always a man of action, arose and left the room, seeking a telephone which was located in a small workroom or office den on the same floor, where he could talk without fear of being overheard.
Sitting in his library on this particular evening, and studying the details of half a dozen art-catalogues which had acc.u.mulated during the week, Cowperwood was decidedly conscious of the probable collapse of American Match on the morrow. Through his brokers and agents he was well aware that a conference was on at this hour at the house of Arneel. More than once during the day he had seen bankers and brokers who were anxious about possible shrinkage in connection with various hypothecated securities, and to-night his valet had called him to the "phone half a dozen times to talk with Addison, with Kaffrath, with a broker by the name of Prosser who had succeeded Laughlin in active control of his private speculations, and also, be it said, with several of the banks whose presidents were at this particular conference. If Cowperwood was hated, mistrusted, or feared by the overlords of these inst.i.tutions, such was by no means the case with the underlings, some of whom, through being merely civil, were hopeful of securing material benefits from him at some future time. With a feeling of amused satisfaction he was meditating upon how heavily and neatly he had countered on his enemies. Whereas they were speculating as to how to offset their heavy losses on the morrow, he was congratulating himself on corresponding gains. When all his deals should be closed up he would clear within the neighborhood of a million dollars. He did not feel that he had worked Messrs. Hull and Stackpole any great injustice.
They were at their wit"s end. If he had not seized this opportunity to undercut them Schryhart or Arneel would have done so, anyhow.
Mingled with thoughts of a forthcoming financial triumph were others of Berenice Fleming. There are such things as figments of the brain, even in the heads of colossi. He thought of Berenice early and late; he even dreamed of her. He laughed at himself at times for thus being taken in the toils of a mere girl--the strands of her ruddy hair--but working in Chicago these days he was always conscious of her, of what she was doing, of where she was going in the East, of how happy he would be if they were only together, happily mated.
It had so happened, unfortunately, that in the course of this summer"s stay at Narragansett Berenice, among other diversions, had a.s.sumed a certain interest in one Lieutenant Lawrence Braxmar, U.S.N., whom she found loitering there, and who was then connected with the naval station at Portsmouth, New Hampshire. Cowperwood, coming East at this time for a few days" stay in order to catch another glimpse of his ideal, had been keenly disturbed by the sight of Braxmar and by what his presence might signify. Up to this time he had not given much thought to younger men in connection with her. Engrossed in her personality, he could think of nothing as being able to stand long between him and the fulfilment of his dreams. Berenice must be his.
That radiant spirit, enwrapt in so fair an outward seeming, must come to see and rejoice in him. Yet she was so young and airy in her mood that he sometimes wondered. How was he to draw near? What say exactly?
What do? Berenice was in no way hypnotized by either his wealth or fame. She was accustomed (she little knew to what extent by his courtesy) to a world more resplendent in its social security than his own. Surveying Braxmar keenly upon their first meeting, Cowperwood had liked his face and intelligence, had judged him to be able, but had wondered instantly how he could get rid of him. Viewing Berenice and the Lieutenant as they strolled off together along a summery seaside veranda, he had been for once lonely, and had sighed. These uncertain phases of affection could become very trying at times. He wished he were young again, single.
To-night, therefore, this thought was haunting him like a gloomy undertone, when at half past eleven the telephone rang once more, and he heard a low, even voice which said:
"Mr. Cowperwood? This is Mr. Arneel."
"Yes."
"A number of the princ.i.p.al financial men of the city are gathered here at my house this evening. The question of ways and means of preventing a panic to-morrow is up for discussion. As you probably know, Hull & Stackpole are in trouble. Unless something is done for them tonight they will certainly fail to-morrow for twenty million dollars. It isn"t so much their failure that we are considering as it is the effect on stocks in general, and on the banks. As I understand it, a number of your loans are involved. The gentlemen here have suggested that I call you up and ask you to come here, if you will, to help us decide what ought to be done. Something very drastic will have to be decided on before morning."
During this speech Cowperwood"s brain had been reciprocating like a well-oiled machine.
"My loans?" he inquired, suavely. "What have they to do with the situation? I don"t owe Hull & Stackpole anything."
"Very true. But a number of the banks are carrying securities for you.
The idea is that a number of these will have to be called--the majority of them--unless some other way can be devised to-night. We thought you might possibly wish to come and talk it over, and that you might be able to suggest some other way out."
"I see," replied Cowperwood, caustically. "The idea is to sacrifice me in order to save Hull & Stackpole. Is that it?"
His eyes, quite as though Arneel were before him, emitted malicious sparks.
"Well, not precisely that," replied Arneel, conservatively; "but something will have to be done. Don"t you think you had better come over?"
"Very good. I"ll come," was the cheerful reply. "It isn"t anything that can be discussed over the "phone, anyhow."
He hung up the receiver and called for his runabout. On the way over he thanked the prevision which had caused him, in antic.i.p.ation of some such attack as this, to set aside in the safety vaults of the Chicago Trust Company several millions in low-interest-bearing government bonds. Now, if worst came to worst, these could be drawn on and hypothecated. These men should see at last how powerful he was and how secure.
As he entered the home of Arneel he was a picturesque and truly representative figure of his day. In a light summer suit of cream and gray twill, with a straw hat ornamented by a blue-and-white band, and wearing yellow quarter-shoes of the softest leather, he appeared a very model of trig, well-groomed self-sufficiency. As he was ushered into the room he gazed about him in a brave, leonine way.
"A fine night for a conference, gentlemen," he said, walking toward a chair indicated by Mr. Arneel. "I must say I never saw so many straw hats at a funeral before. I understand that my obsequies are contemplated. What can I do?"
He beamed in a genial, sufficient way, which in any one else would have brought a smile to the faces of the company. In him it was an implication of basic power which secretly enraged and envenomed nearly all those present. They merely stirred in a nervous and wholly antagonistic way. A number of those who knew him personally nodded--Merrill, Lawrence, Simms; but there was no friendly light in their eyes.
"Well, gentlemen?" he inquired, after a moment or two of ominous silence, observing Hand"s averted face and Schryhart"s eyes, which were lifted ceilingward.
"Mr. Cowperwood," began Mr. Arneel, quietly, in no way disturbed by Cowperwood"s jaunty air, "as I told you over the "phone, this meeting is called to avert, if possible, what is likely to be a very serious panic in the morning. Hull & Stackpole are on the verge of failure.
The outstanding loans are considerable--in the neighborhood of seven or eight million here in Chicago. On the other hand, there are a.s.sets in the shape of American Match stocks and other properties sufficient to carry them for a while longer if the banks can only continue their loans. As you know, we are all facing a falling market, and the banks are short of ready money. Something has to be done. We have canva.s.sed the situation here to-night as thoroughly as possible, and the general conclusion is that your loans are among the most available a.s.sets which can be reached quickly. Mr. Schryhart, Mr. Merrill, Mr. Hand, and myself have done all we can thus far to avert a calamity, but we find that some one with whom Hull & Stackpole have been hypothecating stocks has been feeding them out in order to break the market. We shall know how to avoid that in the future" (and he looked hard at Cowperwood), "but the thing at present is immediate cash, and your loans are the largest and the most available. Do you think you can find the means to pay them back in the morning?"
Arneel blinked his keen, blue eyes solemnly, while the rest, like a pack of genial but hungry wolves, sat and surveyed this apparently whole but now condemned scapegoat and victim. Cowperwood, who was keenly alive to the spirit of the company, looked blandly and fearlessly around. On his knee he held his blue--banded straw hat neatly balanced on one edge. His full mustache curled upward in a jaunty, arrogant way.
"I can meet my loans," he replied, easily. "But I would not advise you or any of the gentlemen present to call them." His voice, for all its lightness, had an ominous ring.
"Why not?" inquired Hand, grimly and heavily, turning squarely about and facing him. "It doesn"t appear that you have extended any particular courtesy to Hull or Stackpole." His face was red and scowling.
"Because," replied Cowperwood, smiling, and ignoring the reference to his trick, "I know why this meeting was called. I know that these gentlemen here, who are not saying a word, are mere catspaws and rubber stamps for you and Mr. Schryhart and Mr. Arneel and Mr. Merrill. I know how you four gentlemen have been gambling in this stock, and what your probable losses are, and that it is to save yourselves from further loss that you have decided to make me the scapegoat. I want to tell you here"--and he got up, so that in his full stature he loomed over the room--"you can"t do it. You can"t make me your catspaw to pull your chestnuts out of the fire, and no rubber-stamp conference can make any such attempt successful. If you want to know what to do, I"ll tell you--close the Chicago Stock Exchange to-morrow morning and keep it closed. Then let Hull & Stackpole fail, or if not you four put up the money to carry them. If you can"t, let your banks do it. If you open the day by calling a single one of my loans before I am ready to pay it, I"ll gut every bank from here to the river. You"ll have panic, all the panic you want. Good evening, gentlemen."
He drew out his watch, glanced at it, and quickly walked to the door, putting on his hat as he went. As he bustled jauntily down the wide interior staircase, preceded by a footman to open the door, a murmur of dissatisfaction arose in the room he had just left.
"The wrecker!" re-exclaimed Norrie Simms, angrily, astounded at this demonstration of defiance.
"The scoundrel!" declared Mr. Blackman. "Where does he get the wealth to talk like that?"
"Gentlemen," said Mr. Arneel, stung to the quick by this amazing effrontery, and yet made cautious by the blazing wrath of Cowperwood, "it is useless to debate this question in anger. Mr. Cowperwood evidently refers to loans which can be controlled in his favor, and of which I for one know nothing. I do not see what can be done until we do know. Perhaps some of you can tell us what they are."
But no one could, and after due calculation advice was borrowed of caution. The loans of Frank Algernon Cowperwood were not called.
Chapter L
A New York Mansion
The failure of American Match the next morning was one of those events that stirred the city and the nation and lingered in the minds of men for years. At the last moment it was decided that in lieu of calling Cowperwood"s loans Hull & Stackpole had best be sacrificed, the stock-exchange closed, and all trading ended. This protected stocks from at least a quotable decline and left the banks free for several days (ten all told) in which to repair their disrupted finances and b.u.t.tress themselves against the eventual facts. Naturally, the minor speculators throughout the city--those who had expected to make a fortune out of this crash--raged and complained, but, being faced by an adamantine exchange directorate, a subservient press, and the alliance between the big bankers and the heavy quadrumvirate, there was nothing to be done. The respective bank presidents talked solemnly of "a mere temporary flurry," Hand, Schryhart, Merrill, and Arneel went still further into their pockets to protect their interests, and Cowperwood, triumphant, was roundly denounced by the smaller fry as a "bucaneer," a "pirate," a "wolf"--indeed, any opprobrious term that came into their minds. The larger men faced squarely the fact that here was an enemy worthy of their steel. Would he master them? Was he already the dominant money power in Chicago? Could he thus flaunt their helplessness and his superiority in their eyes and before their underlings and go unwhipped?
"I must give in!" Hosmer Hand had declared to Arneel and Schryhart, at the close of the Arneel house conference and as they stood in consultation after the others had departed. "We seem to be beaten to-night, but I, for one, am not through yet. He has won to-night, but he won"t win always. This is a fight to a finish between me and him.
The rest of you can stay in or drop out, just as you wish."
"Hear, hear!" exclaimed Schryhart, laying a fervently sympathetic hand on his shoulder. "Every dollar that I have is at your service, Hosmer.
This fellow can"t win eventually. I"m with you to the end."
Arneel, walking with Merrill and the others to the door, was silent and dour. He had been cavalierly affronted by a man who, but a few short years before, he would have considered a mere underling. Here was Cowperwood bearding the lion in his den, dictating terms to the princ.i.p.al financial figures of the city, standing up trig and resolute, smiling in their faces and telling them in so many words to go to the devil. Mr. Arneel glowered under lowering brows, but what could he do?
"We must see," he said to the others, "what time will bring. Just now there is nothing much to do. This crisis has been too sudden. You say you are not through with him, Hosmer, and neither am I. But we must wait. We shall have to break him politically in this city, and I am confident that in the end we can do it." The others were grateful for his courage even though to-morrow he and they must part with millions to protect themselves and the banks. For the first time Merrill concluded that he would have to fight Cowperwood openly from now on, though even yet he admired his courage. "But he is too defiant, too cavalier! A very lion of a man," he said to himself. "A man with the heart of a Numidian lion."
It was true.
From this day on for a little while, and because there was no immediate political contest in sight, there was comparative peace in Chicago, although it more resembled an armed camp operating under the terms of some agreed neutrality than it did anything else. Schryhart, Hand, Arneel, and Merrill were quietly watchful. Cowperwood"s chief concern was lest his enemies might succeed in their project of worsting him politically in one or all three of the succeeding elections which were due to occur every two years between now and 1903, at which time his franchises would have to be renewed. As in the past they had made it necessary for him to work against them through bribery and perjury, so in ensuing struggles they might render it more and more difficult for him or his agents to suborn the men elected to office. The subservient and venal councilmen whom he now controlled might be replaced by men who, if no more honest, would be more loyal to the enemy, thus blocking the extension of his franchises. Yet upon a renewal period of at least twenty and preferably fifty years depended the fulfilment of all the colossal things he had begun--his art-collection, his new mansion, his growing prestige as a financier, his rehabilitation socially, and the celebration of his triumph by a union, morganatic or otherwise, with some one who would be worthy to share his throne.
It is curious how that first and most potent tendency of the human mind, ambition, becomes finally dominating. Here was Cowperwood at fifty-seven, rich beyond the wildest dream of the average man, celebrated in a local and in some respects in a national way, who was nevertheless feeling that by no means had his true aims been achieved.
He was not yet all-powerful as were divers Eastern magnates, or even these four or five magnificently moneyed men here in Chicago who, by plodding thought and labor in many dreary fields such as Cowperwood himself frequently scorned, had reaped tremendous and uncontended profits. How was it, he asked himself, that his path had almost constantly been strewn with stormy opposition and threatened calamity?
Was it due to his private immorality? Other men were immoral; the ma.s.s, despite religious dogma and fol-de-rol theory imposed from the top, was generally so. Was it not rather due to his inability to control without dominating personally--without standing out fully and clearly in the sight of all men? Sometimes he thought so. The humdrum conventional world could not brook his daring, his insouciance, his constant desire to call a spade a spade. His genial sufficiency was a taunt and a mockery to many. The hard implication of his eye was dreaded by the weaker as fire is feared by a burnt child. Dissembling enough, he was not sufficiently oily and make-believe.
Well, come what might, he did not need to be or mean to be so, and there the game must lie; but he had not by any means attained the height of his ambition. He was not yet looked upon as a money prince.
He could not rank as yet with the magnates of the East--the serried Sequoias of Wall Street. Until he could stand with these men, until he could have a magnificent mansion, acknowledged as such by all, until he could have a world-famous gallery, Berenice, millions--what did it avail?
The character of Cowperwood"s New York house, which proved one of the central achievements of his later years, was one of those flowerings--out of disposition which eventuate in the case of men quite as in that of plants. After the pa.s.sing of the years neither a modified Gothic (such as his Philadelphia house had been), nor a conventionalized Norman-French, after the style of his Michigan Avenue home, seemed suitable to him. Only the Italian palaces of medieval or Renaissance origin which he had seen abroad now appealed to him as examples of what a stately residence should be. He was really seeking something which should not only reflect his private tastes as to a home, but should have the more enduring qualities of a palace or even a museum, which might stand as a monument to his memory. After much searching Cowperwood had found an architect in New York who suited him entirely--one Raymond Pyne, rake, raconteur, man-about-town--who was still first and foremost an artist, with an eye for the exceptional and the perfect. These two spent days and days together meditating on the details of this home museum. An immense gallery was to occupy the west wing of the house and be devoted to pictures; a second gallery should occupy the south wing and be given over to sculpture and large whorls of art; and these two wings were to swing as an L around the house proper, the latter standing in the angle between them. The whole structure was to be of a rich brownstone, heavily carved. For its interior decoration the richest woods, silks, tapestries, gla.s.s, and marbles were canva.s.sed. The main rooms were to surround a great central court with a colonnade of pink-veined alabaster, and in the center there would be an electrically lighted fountain of alabaster and silver. Occupying the east wall a series of hanging baskets of orchids, or of other fresh flowers, were to give a splendid glow of color, a morning-sun effect, to this richly artificial realm. One chamber--a lounge on the second floor--was to be entirely lined with thin-cut transparent marble of a peach-blow hue, the lighting coming only through these walls and from without. Here in a perpetual atmosphere of sunrise were to be racks for exotic birds, a trellis of vines, stone benches, a central pool of glistening water, and an echo of music. Pyne a.s.sured him that after his death this room would make an excellent chamber in which to exhibit porcelains, jades, ivories, and other small objects of value.