"I"m betting that he has writer"s cramp every time he tries it,"
a.s.serted Wix.
"But I signed an agreement with him last night. He must write."
"Does this look anything like that agreement," asked Wix, and from his pocket drew the doc.u.ment, torn once across each way. Gilman gazed at the pieces blankly. "I got it away from him, and tore it up myself, last night," continued Wix. "Also, I ran the gentleman out of town on the five-thirty-seven this morning, headed due east and still going."
"What do you mean?" gasped Gilman. "Why, man, you"ve taken away the only chance I had to get even. I _have_ to make money, I tell you!"
"Be calm, little Cliffy," admonished Wix soothingly. "I"m going to get it its money. Look here, Gilman, this man was a fake and I made him say so, but his coming here gave me an idea. I"m going to open a bucket-shop, and you"re going to back it."
"Not a bucket-shop!" objected Gilman, aghast at the very name.
"Yes, a bucket-shop. Do you know how they operate? Of course not, merely having played against them. Well, suppose you gamble a thousand bushels of wheat on a two-cent margin, holding for a two-cent advance.
What happens to your twenty dollars? The bucket expert takes out his buying commission of one-fourth cent a bushel. A straight broker takes off one-eighth cent, but your man milks you for a nifty little total of two dollars and a half, because you"re a piker. If wheat goes down one and three-fourths cents you lose the other seventeen-fifty, don"t you?"
"Yes," admitted Gilman.
"If it goes up two cents the man closes the deal and takes out another one-fourth cent a bushel for closing. That"s another two-fifty. You get back thirty-five dollars. Your bucket-shop man is practically betting fifteen dollars of his money against twenty of yours on worse than an even break. Pretty good game for the bucket-shop man, isn"t it? But there"s more. He doesn"t take as much risk as matching pennies on a three-to-four shot. Suppose he has one man betting that wheat will go up and another that it will go down. Each man puts up twenty, and one must lose. The man with the bucket runs no chances, and every time he takes in forty dollars he pays out only thirty-five of it.
Twelve and one-half per cent. of all the money that pa.s.ses through his hands stays there. Moreover, the winner puts his right back into the game, and the loser rakes up more, to win back what he lost. Pretty syrupy, eh? The only trouble with you is that you have been playing this game from the wrong end. Now, you"re going to play it from the inside. I"m going to rent an office to-day. You"re to back me to the extent of three thousand dollars, and we"ll split the profits."
Gilman"s eyes glistened. He was one who did his thinking by proxy, and reflected enthusiasm with vast ease.
"Do you suppose it would take the three thousand all at once?" he asked with some anxiety.
"No, we won"t need it in a lump," Wix decided, after some sharp thought over Gilman"s nervousness; "but it must be where we can get all or any part of it at a minute"s notice."
Gilman drew such an obvious breath of relief that Wix became once more thoughtful; but it was a thoughtfulness that brought with it only hardening of the jaw and steeling of the eyes.
CHAPTER IV
WHICH SHOWS THE EASIEST WAY TO MAKE A BUCKET-SHOP PAY
Within three days, Wix, who was a curious blend of laziness and energy, had fitted up an office in a sample-room leading off the lobby of the Grand Hotel. Over the name on the door he puzzled somewhat, and it was only his hatred for every component syllable of "Jonathan Reuben Wix" that caused the sign finally to appear as "La Salle Grain and Stock Brokerage Company." The walls were freshly papered in deep red, a thick, red carpet was put upon the floor, a resplendent cashier"s wicket and desk were installed, fine leather-padded chairs faced a neatly ruled blackboard; and the speculative element of Filmore walked right into its first real bucket-shop and made itself at home. It was a positive pleasure to lose money there, and it was a joy to have young Wix take it. He did it so jovially.
Punctually every evening Wix handed to Gilman his half of the profits on the trades closed that day, and each week the profits became larger. Gilman was thrown into a constant state of delight; Wix bought him a horse and buggy. Gilman saw fortune just ahead of him; Wix saw possible disaster. It pained him to note that Filmore was optimistic.
There were many more bulls than bears, which was not the ideal condition. There should have been a bear to offset every bull, in which case the La Salle Grain and Stock Brokerage Company would have run no risk whatever.
Of course, the inevitable happened. All the wheat and stock gamblers of Filmore got in on a strong bull market and stayed in. When the market finally turned back and the "longs" were frightened out, the crash came, and every dollar was lost of the original three thousand.
Wix, having antic.i.p.ated the possibility of such an event, was disappointed but "game." Gilman, having more at stake and being at best a cheerful winner only, was frantic.
"What shall I do? What shall I do?" he moaned, over and over.
"Dig up more money," Wix cheerfully advised him.
"I can"t!" cried Gilman. "I"ve gone now even deeper than I dared." He was silent for a long time. Great beads of perspiration came on his brow. His hair was wet. "Wix," he finally burst out, "I"ve got to tell you something; something that no living creature knows but me."
"No, you don"t!" Wix sharply stopped him. "If you have any secrets, keep them to yourself. I am stone deaf."
Gilman"s eyes widened with a look of positive terror. For the first time in his life he had met that glare in the eyes of a supposed friend which denied friendship, sentiment or emotion of any sort; which told only of cold self-interest. Two or three times he essayed to speak, but he could not. He only stood with his sides heaving, like a spent dog.
"There is no use whining about this thing," Wix went on sharply.
"We"ve got to raise money, and that"s all there is to it. How about your profits that I"ve been handing you? I"ve spent mine."
There was no answer.
"You said something about owing four hundred dollars before we began,"
Wix went on. "I suppose you repaid that--that loan."
Gilman dumbly nodded.
"I"ve paid you over a thousand dollars rake-off. I suppose you saved the rest of it?"
Again Gilman nodded his head.
"Well, bring me that six hundred or whatever it is."
Gilman mechanically produced it, all in one-hundred-dollar bills folded very flat.
That morning Wix faced the business anew with six hundred dollars, and felt keenly his limited capital. His severe losses had been a good advertis.e.m.e.nt, and every man who had won a dollar was prepared to put it back. Wix, with a steady hand at the helm, stood through this crisis most admirably, refusing trades from buyers until he had sellers enough to offset them, and refusing excess trades from sellers until he had buyers to balance. Within two weeks he had a comfortable little sum, but now the daily division of spoils brought no balm to Gilman. He was suddenly old, and upon his face were appearing lines that would last him throughout his life. Upon the florid countenance of Wix there was not even the shadow of a crease.
"Good money, boy," said he to Gilman, upon the day he handed over the completion of five hundred dollars. "This business is like a poker game. If the players stick at it long enough the kitty will have all the money."
"I don"t want it all," replied Gilman wearily. "Wix, if I ever get back the twenty-five hundred dollars that it will take to make me square, I swear before my Maker," and he held up his trembling, white hand, "never to touch another investment outside the bank as long as I live."
"Your liver must be the color of a sick salmon," retorted Wix, but nevertheless he was himself disillusioned. The bucket-shop business was not what he had imagined it to be. It was not "easy money!" It had fluctuations, must be constantly watched, was susceptible to bankruptcy--and meant work! The ideal enterprise was one which, starting from nothing, involved no possible loss; which yielded a large block of cold cash within a short time, and which was then ended. Daw"s idea was the most ideal that had come under his observation. That was really an admirable scheme of Daw"s, except for one very serious drawback. It was dangerous. Now, if as clever a plan, and one without any menace from the law, could only be hinged upon some more legitimate business--say a bucket-shop concern....
There is no a.n.a.lyzing a creation, an invention. It is not deliberately worked out, step by step. It is a flash of genius. At this moment young Wix created. The principle he evolved was, in fact, to stand him in good stead in a score of "safe" operations, but, just now, it was a gaudy new thing, and its beauty almost blinded him. The same idea had been used by many men before him, but Wix did not know this, and he created it anew.
"Sam," he said to the cigar-store man next morning, "I want you to invest in The La Salle Grain and Stock Brokerage Company."
"Not any," declared Sam. "You have two hundred of my money now."
"Not the entire roll," denied Wix. "I only got twelve and one-half per cent."
"If you"d take twelve and a half per cent. eight times you"d have it all," retorted Sam. "That"s why I quit. I stood to lose two hundred dollars on a seven-point drop, or win a hundred and seventy-five on an eight-point raise. When I finally figured out that I had the tweezers into my hair going and coming, I didn"t wish any more."
"But suppose I"d offer you a chance to stand on the other side of the counter and take part of the change?"
"I"d let you stand right here and talk a while. What"s the matter?"
"Haven"t capital enough," explained Wix. "I think I refused to take a trade of yours one time, just because I had to play safe. I had to be in position to pay off all my losses or quit business."
"How much are you increasing?" asked Glidden, interested.