Ing except loans, loans, loans, and the need of protecting

“I was just running over my affairs again to see where I them. If he could only get an additional deposit of two or stood in case—” He looked quizzically at his son, and Frank three hundred thousand dollars from Stener. But that, in the smiled again.

face of possible financial difficulties, was rank criminality.

“I wouldn’t worry, father. I told you how I fixed it so that All depended on the morrow.

Butler and that crowd will support the market. I have Rivers Monday, the ninth, dawned gray and cheerless. He was up and Targool and Harry Eltinge on ‘change helping me sell with the first ray of light, shaved and dressed, and went over, out, and they are the best men there. They’ll handle the situ-under the gray-green pergola, to his father’s house. He was ation carefully. I couldn’t trust Ed or Joe in this case, for the up, also, and stirring about, for he had not been able to sleep.

moment they began to sell everybody would know what was His gray eyebrows and gray hair looked rather shaggy and going on with me. This way my men will seem like bears disheveled, and his side-whiskers anything but decorative.

hammering the market, but not hammering too hard. I ought The old gentleman’s eyes were tired, and his face was gray.

to be able to unload enough at ten points off to raise five Cowperwood could see that he was worrying. He looked up hundred thousand. The market may not go lower than that.

from a small, ornate escritoire of buhl, which Ellsworth had You can’t tell. It isn’t going to sink indefinitely. If I just knew found somewhere, and where he was quietly tabulating a list what the big insurance companies were going to do! The of his resources and liabilities. Cowperwood winced. He hated morning paper hasn’t come yet, has it?” to see his father worried, but he could not help it. He had He was going to pull a bell, but remembered that the ser-hoped sincerely, when they built their houses together, that vants would scarcely be up as yet. He went to the front door the days of worry for his father had gone forever.

himself. There were the Press and the Public Ledger lying

“Counting up?” he asked, familiarly, with a smile. He damp from the presses. He picked them up and glanced at wanted to hearten the old gentleman as much as possible.

the front pages. His countenance fell. On one, the Press, was 186

Dreiser

spread a great black map of Chicago, a most funereal-look-of this stock-jobbing business. I wish I had never gotten into ing thing, the black portion indicating the burned section.

It.” He returned to his drawing-room and scanned both ac-He had never seen a map of Chicago before in just this clear, counts most carefully.

definite way. That white portion was Lake Michigan, and Then, though it was still early, he and his father drove to there was the Chicago River dividing the city into three al-his office. There were already messages awaiting him, a dozen most equal portions—the north side, the west side, the south or more, to cancel or sell. While he was standing there a side. He saw at once that the city was curiously arranged, messenger-boy brought him three more. One was from Stener somewhat like Philadelphia, and that the business section and said that he would be back by twelve o’clock, the very was probably an area of two or three miles square, set at the earliest he could make it. Cowperwood was relieved and yet juncture of the three sides, and lying south of the main stem distressed. He would need large sums of money to meet vari-of the river, where it flowed into the lake after the southwest ous loans before three. Every hour was precious. He must and northwest branches had united to form it. This was a arrange to meet Stener at the station and talk to him before significant central area; but, according to this map, it was all any one else should see him. Clearly this was going to be a burned out. “Chicago in Ashes” ran a great side-heading set hard, dreary, strenuous day.

in heavily leaded black type. It went on to detail the suffer-Third Street, by the time he reached there, was stirring ings of the homeless, the number of the dead, the number of with other bankers and brokers called forth by the exigen-those whose fortunes had been destroyed. Then it descanted cies of the occasion. There was a suspicious hurrying of feet—

upon the probable effect in the East. Insurance companies that intensity which makes all the difference in the world and manufacturers might not be able to meet the great strain between a hundred people placid and a hundred people dis-of all this.

turbed. At the exchange, the atmosphere was feverish. At the

“Damn!” said Cowperwood gloomily. “I wish I were out sound of the gong, the staccato uproar began. Its metallic 187

The Financier

vibrations were still in the air when the two hundred men ers, the ‘change gong sounded, and trading stopped. All the who composed this local organization at its utmost stress of brokers and traders faced about to the little balcony, where calculation, threw themselves upon each other in a gibber-the secretary of the ‘change made his announcements; and ing struggle to dispose of or seize bargains of the hour. The there he stood, the door open behind him, a small, dark, interests were so varied that it was impossible to say at which clerkly man of thirty-eight or forty, whose spare figure and pole it was best to sell or buy.

pale face bespoke the methodic mind that knows no ventur-Targool and Rivers had been delegated to stay at the cenous thought. In his right hand he held a slip of white paper.

ter of things, Joseph and Edward to hover around on the

“The American Fire Insurance Company of Boston an-outside and to pick up such opportunities of selling as might nounces its inability to meet its obligations.” The gong offer a reasonable return on the stock. The “bears” were de-sounded again.

termined to jam things down, and it all depended on how Immediately the storm broke anew, more voluble than well the agents of Mollenhauer, Simpson, Butler, and others before, because, if after one hour of investigation on this supported things in the street-railway world whether those Monday morning one insurance company had gone down, stocks retained any strength or not. The last thing Butler what would four or five hours or a day or two bring forth?

had said the night before was that they would do the best It meant that men who had been burned out in Chicago they could. They would buy up to a certain point. Whether would not be able to resume business. It meant that all they would support the market indefinitely he would not loans connected with this concern had been, or would be say. He could not vouch for Mollenhauer and Simpson. Nor called now. And the cries of frightened “bulls” offering thou-did he know the condition of their affairs.

sand and five thousand lot holdings in Northern Pacific, While the excitement was at its highest Cowperwood came Illinois Central, Reading, Lake Shore, Wabash; in all the in. As he stood in the door looking to catch the eye of Riv-local streetcar lines; and in Cowperwood’s city loans at con-188

Dreiser

stantly falling prices was sufficient to take the heart out of the means “to go short” on this market! If only doing so did all concerned. He hurried to Arthur Rivers’s side in the not really mean ruin to his present position. It was charac-lull; but there was little he could say.

teristic of the man that even in this crisis he should be seeing

“It looks as though the Mollenhauer and Simpson crowds how the very thing that of necessity, because of his present aren’t doing much for the market,” he observed, gravely.

obligations, might ruin him, might also, under slightly dif-

“They’ve had advices from New York,” explained Rivers ferent conditions, yield him a great harvest. He could not solemnly. “It can’t be supported very well. There are three take advantage of it, however. He could not be on both sides insurance companies over there on the verge of quitting, I of this market. It was either “bear” or “bull,” and of necessity understand. I expect to see them posted any minute.” he was “bull.” It was strange but true. His subtlety could not They stepped apart from the pandemonium, to discuss ways avail him here. He was about to turn and hurry to see a and means. Under his agreement with Stener, Cowperwood certain banker who might loan him something on his house, could buy up to one hundred thousand dollars of city loan, when the gong struck again. Once more trading ceased.

above the customary wash sales, or market manipulation, by Arthur Rivers, from his position at the State securities post, which they were making money. This was in case the market where city loan was sold, and where he had started to buy had to be genuinely supported. He decided to buy sixty thou-for Cowperwood, looked significantly at him. Newton sand dollars worth now, and use this to sustain his loans Targool hurried to Cowperwood’s side.

elsewhere. Stener would pay him for this instantly, giving

“You’re up against it,” he exclaimed. “I wouldn’t try to sell him more ready cash. It might help him in one way and against this market. It’s no use. They’re cutting the ground another; and, anyhow, it might tend to strengthen the other from under you. The bottom’s out. Things are bound to turn securities long enough at least to allow him to realize a little in a few days. Can’t you hold out? Here’s more trouble.” something now at better than ruinous rates. If only he had He raised his eyes to the announcer’s balcony.

189

The Financier

“The Eastern and Western Fire Insurance Company of New who, now finding the market favorable to their designs in its York announces that it cannot meet its obligations.” falling condition, were harvesting a fortune. But what was A low sound something like “Haw!” broke forth. The that to him? Business was business. There was no use selling announcer’s gavel struck for order.

at ruinous figures, and he gave his lieutenants orders to stop.

“The Erie Fire Insurance Company of Rochester announces Unless the bankers favored him heavily, or the stock exchange that it cannot meet its obligations.” was closed, or Stener could be induced to deposit an addi-Again that “H-a-a-a-w!”

tional three hundred thousand with him at once, he was ru-Once more the gavel.