The San Francisco Call. Newspaper, December 24, 1905, Page 2

\CiSCO_ SUNDAY the serial rights of Aifred Henrs Tewis' great movel of modern § tics, “The President,” and X -dsy gives its readers the 3 fourth Installment of what ix & omeeded to be the bext T stromgest work of shix bril- i} ‘remchant writer, nirendy & o well known as the author of “Woltyille Days” and “The £ Boxs.” “The President” wil & ppear in weekly instaliments 2 I'be Sunday Call until com- & pleted bod s exa ke es with M " who 1lis rite with was with he . w s Mr. Har- L p guard and h ve so gigantic v i vet they e feas you w You » Ru: Pact the v point best te , it granted b land wherever it became what wharf and is so much gold in California becomes reports hed t deep. The yne hundred miles c bundred feet i 's play: you may d t engineers; they show k be i of a ke § ittle river.. Here so ar guaranteces . from ronto, Lawrence which set is ance a standing shoul f steameh! fostered with then the Czar r Iy in and see what T dc forg- ing th final Russia rallway links required to unite the ends of this inter- are to know,” went on Storri, hat my vernment, the Petersburg Government, is paternal. It will give whatever, In the way of land rights and is demanded by the exigencles of cried Storri in conclusion, papers conces- lian, and Chinese, is an idea the ficence of which the ages cannot It is simple, it is have three-score nd railway and ave companies owning elevators and fac- nd s and mills. Each will tal of from two to two of dollars. Over all stoc ose smaller know wh what its capital for the cost price of empire, end: it will demand full thirty bil- ink of the president of such a He will by him- 5. What ame it for that mighty Portuguese who was first to send his ship around the globe; name it Credit Ma- gellan! 1 sweat from his in October, c rri n and came and ¥ with his Credit when $ Harley was in a per- vas »se thirty billions did it. Mr. H was no stolc inmoved in the sence of such wealth, the graphic Storris made those billic al When had done, Mr. Harley gulped and gasped a bit, and then asked if he might rethin the armful of papers for further consideration. He would like to go over them carefully; particularly those Canadian reports and assurances that related to the canal. “My dear, good friend,” cried Storri, with a magnificent wave of the hand, ‘you may do what yvou will!” here are m reckoned shrewd " in business, whose shre s can be ov come by clphers. It is’as though the: were wise up to seven figures. Mr. Har- ley was of these; hc had his boundaries His Instincts wi his policie: sound, his su age, s than nine m rdened beyond that s 1 break down: and since pi& instinets, policies and his icions rested wholly upon his imag- when the others f need Th just - is to a luke the began to drown. When Storri—Pelion upon Ossa steamship on railway, and canal on steams} nd banking and lumber and mining and twenty other companies’ on top of these, Mr. Harley was dazed and benumbed. When Storri concluded and capped all with his Credit Magellan, c: ital thirty billions, it was, so far as Mr. Harley is to be considered, like taking a child to sea. In the haze and the blur of it, Mr. Harley could see nothing, say nothing; his impulse was to be alone and collect himself. He felt as might one who has been staring at the sun. Storri's picture of an enterprise so vast that it proposed to set out the world like a mighty pan of milk, and skim the cream from two hemispheres, dazzled him and ceused his wits to Jose their way. At the end of three days, Mr. Harley had begun to get his bearings; he was still fascinated, but the fog was lifting. Step by step he went over Storri's grand posals; and, while he had now his ., each step seemed only to take him more deeply into a wilderness of admira- tion. That very admiration filled him with a sense of dull alarm. He resolved to have other counsel than his own. Were he and Storri to embark upon this world-girdling enterprise, they must have would take the project loving souls; he would L their opinions by asking their aid. Mr. Harley went to New York and called about him a quintet of gentlemen, certain money each of whom had been with *him and Senator Hanway in more than one affair of shady profit. Mankind does not change, its methods change, and trade has still its Kidds and Blackbeards. Present com- merce has its pirates and its piracies; only the buccaneers of now do not launch ships, but stock companies, while Wall and Broad streets are their Spanish Main. They do not, like Francis Drake, lay off and on at the Isthmus to stop plate ships; they seek their galleons in the Stock Exchange. Those five to gather at the 1 of Mr. Harley were of our modern Drakes. He told them, under seal of secrecy, Storri’s programme, and put before them the documents, Russian, Ca- nadian and Chinese. Mr. Harley felt somewhat justified of his enthusiasm when he observed the serious glow i the eves of those five. They sent to Mott street, and brought back a learned Oriental to translate the nese silk. The Mott street one, him- eIf a substantial merchant and a Mongol of high caste, appeared wrapped in' rus- tling brocade nd an_odor of opium. When he beheld the yellow silk he bent own himself, and smote the floor three times with" his forehead. More than anything told by Mr. Harley did this profound obeisance of the Mott street Oriental leave its impress upon the five. They, themselves, bowed to nothing save gold; the silken document must record a fran- chi: of gravity and money-moment to thus set their v with his head! the peror’ one gave Mf. F silken docum or to beating the carpet Having done dye honor to ignature, the Mott street rley and his friends the nt's purport in English. It granted every right, raflway, wharf and gold, asserted by Storri. Then Mr. Har- ley wiréd that nobleman to join them in New York. Storri had not been informed of Mr. Harley's New York visit. But he had counted on it. and the summons in no wise smote him ith surprise. Once with Mr. Harley and the ad- venturous five, Storri again went over his proje beginning at the Chin: Railway and closing with Credit Magel- lan, capital $30,000,000,000. Not one who heard went unconvinced; not one but was willing”to commence in practical fashion the carrying out of this high financial dream bt It was the romance—for money-making has its romances—and the adventurous unecertainty of the thing, the pushing into the unknown, which formed ' the lure. Have you ever considered t nine of ten among those who went with De Soto and Balboa and Coronado and Cortez and Pizarro, if asked by some quiet neig bor, would have r d him the I $100 unless secured by fivefold the And yet the last man jack would peril life and fortune blindly in o worlds unknown, for profits guessed at, agai: dangers neither to be counted ner foresecy. Be not too much stricken of amazement, therefore, when now the cold ones, who would not } e bought a American r d without counting the or ies and weighing every spike and fish-plate to send millions adrift on invasion ‘of Asla 10,000 m wway. Besides, as the five with Air. Harley laid out their campaign, any que n of Oriental da » was for the present put aside. “The way to commence.” said one «f the five—one grown gray in first looting companies and then scuttling them—‘the way to commence is by getting possession of Northern Consolidated. Once in con- trol of the railroad, we have linked the Pacific with the Great Lakez; after that we can turn to the matter of subsidies for the two steamship lines, and the ap pointment of those commissions to con sider the Canadian canal.’”” Then, turn- ing to Mr. Harl “You, of cou speak for Senator Hanway Mr. Harley gave assurance that Senator Hanwa for what might be demanded Congressionally would be with him. Then they laid their plotting heads to- gether over a conquest of Northern Co: solidated. Under the experienced counsel of the old gray scuttler of innocent companies, this procedure was resolved upon. North- ern Consolidated was selling at 43. At that figure over $49,000,000 would be re- quired to buy the road. There was little or no chance of its reaching a higher quotation during the coming ninety days; and ninety days would bring them into February with Congress in session over two months. b No, it was not the purpose of the pool to buy Northern Consolidated at 43; those gifted stock ospreys knew a better plan They would begin with a “bear” move- ment against the stock. It was their be- lief, if the market were properly un- dermined, that Northern Consolidated could be sold down below 20, bly as low as 15 When it reached lowest levels they would make their swoop. The pool would have encugh profit from the “bear’” movement to pay for the road. If they succeeded in sell- ing Northern Consolidated off twenty points—and they believed,. by going cau- tiously and intelligently to work, the feat was easy—the profits would equal the purchase sum required. In “bearing” the stock and breaking it down to a point where the pool might seize upon the road without risk or out- lay on its own intriguing part, the potent Senator Hanway would come in. At the beginning of Congress he must offer a Senate resolution for a special commit- tee of three to investigate certain claims and charges against Northern Consoli- dated. That corporation had long owed the Government, no one knew how much. It had stolen timher and stripped moun- tain ranges with its larcenies; alsp it bad 1 rapacious paw. «pon vast strctches of the public domain. It was within the power of the committec. ng honestly, to report Northern Coi idated as in default to the Gover for what number of millions its ind iniagination might fix upof? Who measure the road's lumber robber! those thefts of land? Moreover, the van- dal aggressions of Northern Consolidated made a reason for rescinding divers pub- lic grants—the present values. whereof were almost too high for cstimation, and without which the road could not exist ~that, in its inception as a railroad, had been made it by Congress. Scnator Hanway, under Senatc cour- tesies, would be named chairman of the special committees. He would conduct the investigation and write the report It was reasonable to assume, under the public as well as the private conditions named, that Senator Hanway's iindings, and the Senate action he must urge and bring about, would knock the bottom out )¢ Northern Consolidated. It must fall to twenty by every rule of spsculation. Facing collection by the Government of those claims for lands ravished and pine trees swept away, to say naught of los- ing original grants which were as its life-blood to Northern Consolidated, the value of the stock—to speak most hope- fully in its favor—would be diminisired by one-half. The conspirators grew in confidence as they taiked, and at the end looked upon Northern Consolidated as already In their talens. They named the old gray buc- caneer to manage for the pool. The amount to be paid in by each of the eight members—for they counted Senator Han- way—was settled at five hundred thou- sand dollars. Four millions would be. re- quired to start the ball rolling; the ‘‘bear” movement in the beginning would de- mand margins. Once under headway, it would take care of itself. It would suc- ceed like a barrel downhill. Storri_did not protest the suggestion of the old gray buccaneer that four mil- lions be contributed to form a working capital for the pool. His share of a half- CALL. million meant Hfty thousand more dollars than Storri at the time possessed. but he did not propose to have the others dis- cover the fact. Somehow he would scrape together those fifty thousand; his note might do. Being, like every savage, a congenial gambler, Storri went into the pool with zest as well as confidence, and rejoiced in speculation that offered chances wide enough to employ his last Qollar in the stake. Moreover, those four milllons would not be asked for before the first of January. Other speculations might intervene, and nrovide those lack- ing fifty thousand. Mr. Harley laid the Storri project. and the nlans of the pool to selze Northern Consolidated, before Senator Hanway. That candidate for the Presidency knitted bis brow and dondered the business. As with Mr. Harley and the pirate five, the mad grandeur of the idea charmed him. One element seemed blain; there could come no s from the raid on Northern Consolidated. He might go that far with safety, and a certainty of profit: for in the Senate committee of investigation he, himself, would play the controllifg ca “The proposal,” said Senator Hanway, when he and Mr. Harley conferred, “while gigantic in its unfoldment, seem a reasonable one. After all, it is the amount involved that staggers rather than what obstables must be overcome. Taken piecomeal, I do not say that the entire scheme, even Credit Magellan, with its thirty bildons, may not work through. The resolution naming a com- mittee to, look into the clalms ana charges against Northern Securitles ought to help my Presidential canvass. 1t cannot avold telling in my favor with thoughtful men. They will see that I am one who is jealously guarding public interests.” “An1 the resolution.” suggested Mr. ley, “‘appointing a commission for the adian canal, and inviting the Ottawa government to do the same, ought also to rneak in your favor. ~Consider what an impetus such a waterway would glve our Northwestern commerces “Yes,” replied Senator Hanway, “I think you are right. It will knock a third off freight rates on much of the trade between the oceans, and save heavily in time. Those subsidies, however, must go over until next session. Subsidies are not popular, and these must be left until af- ter next November's elections. Then, of course, they may be safely taken up The various conierences over Storrl's enterprise and the conseguent coming to- gether of Storri and Mr. Harley, took place a faw weeks prior to Richard’s ap- pearance in this chronicle. Both Storri and Mr. Harley were fond of stocks in their ups and downs, and now, being much . together, they were in and out, partners in a dozen different deals. Mr. Harléy attended to most of these; and Storri learned certain peculi- arities belonging to that gentleman. Mr. Harley, for one solvent matter, was pe- nurious to the point of dimes: also, Mr. Harley took no risks. Mr. Harley was villing to book a joint deal in both Stor- ri's name and his own; or in his own for the common good of Storri and himself. But Mr. Harley would not give a joint order solely in Storri's name. Evidently, Mr. Harley would not trustStorrl to di- ¥ as “were called for. Z F Y FIMSELF; vide profits with him where the case rest- ed only upon that Russian’s honor. No more would he draw his own check for Storri's marsins; and one day our nobl man lost money because of Mr. Harley’ cautious delicacy in that behalf. The ma ket went the wrong way, and Storri ¢oul not'be found when additional margins Whereupon Mr. Harley closed out his friend at a loss of $7000. Storri knitted his brows when he knew, but offered no comment. In fact, he treat- ed the affair so lightly that Mr. Harley felt relieved; that latter speculator had been somewhat disturbed in his mind cor cerning Storr{’s opinion of what, it a best description, evinced ni trust of Storri, and cast In negative fa: fon a slur upon that gentleman. Mr. Harley was too ready with his be- lief tn Storri’s indifference; that the lat- ter, for all his surface stolcism,.took a serious, not to say a revengeful, view of the business, found indication on a later painful day. The experience taught Storri that he might expect neither favor nor generosity from Mr. Harley; and this, corsidering how, in all they must ac venture in Credit Magellan Mr. Harley would have him in his power, filled Storrl with an angry uneasiness. He decided that for his own security, if nothing more, he might better bestir himself to counter grip upon Mr. Harley upon Storri And the ambush began to lie in for ey: and at a lurking, sprawling warfare that sets gins and deadfalls, and b ftself on surprise, your s makes a formidable soldier. Storri, wisely and without price, had one in day aided a sugar compan securing Russlan foothold in Odessa. hat aid 5 ground-bait meant to lure the su fa- ar vor. This sugar company made more profit on its stocks than on its sugar. It was In the habit, with one device or an- other, of sending the quotations of its shares up and down like an elevator. In requital of that Odessa good, the pr dent of the sugar company, the week after, gave Storrl a private hint to sell sugar stock. Storri responded by placing an order selling 10,000 shares Storri took no one Into his confic touching sugar. Going the other wa > urged Mr, Harley to buy on their mutual account 2000 shares, assuring him that he had been given word, from sources ab- solutely sure, of a coming “bull” move- ment in the stock. ' Mr. Harley, who knew of that Odessa favor, believed. Storri, as further evi- dence of faith, gave Mr. Harley a check covering what initial margins would be required for his half of the purchase; (7 “THIK OF THE FRESZENT 2UCI7 A COMFARY ! HE TJLL ZAVE BANK 4 50 T s B SV 5 B}M e L TONZEX o make all secure, he placed nds two hundred ch company worth that a dollars. any argument to exist,” he gave Mr. Harley ies, “for closing me oul ant o laughed, and took the acceptance always camd Harl bought those two thousand at eleven o'clock.. Two later extra was being eried a the streets. The sugar company had ordered half of its refineries closed; Harley shares some alleged lccse screw In sugar trade was given as the reason. With the order-closing down the re: fineries, t stock began to tumble Within' t minutes it had slumped off six points. There came a call for fur- ther margins, and Mr. Harley offered Storri's French stack. The security was niable, but a technicality got in way to trip- M Harley. Th securitfes were or iginal shares, n Storrf's name. On the back sre, was . no Storri signatur sual assigr ment in blank n thefr pr eived. M phone and t shap r r me to get there cried th gentle n_exeited! He was wway. “Don't -hesi tate; el r backs of the certi pe v dom't know signatt 1 no one Wwill thi ot coming through ways _thereuy ferment with tumblis 2 pen,” and, with th life, forged Storri's ried to.the Broker's ging. all,” it was a storm, ken off at the ool Storri, on his pri- hi 1 thousar nd Storri, = his signature nty thousand,” Gomme Storri 2t should mére than offs those se: usang lost byfme when he refused to protect my deals, A fom th and here Storri ran a dark, exultant glance 9