The San Francisco Call. Newspaper, January 14, 1906, Page 2

TH B The Sunday Call has accared & hits of Alfred Henry %x movel of T the serial ri %, “The Presifent,” and & -day gives its readers the & seventh instal ¢ of what is & onceded to be the best and strongest rk of this bril- writer, already ne «o0 well known as the author of Wolfville Days” and “fhe Boss.” “The President” will $ appear in weekly instaliments {§ tn The Sunday Call ustil com- & plete g es & ( the comment of for the Senate sent Daily ge to ews and con- rring gifts the te me CHAPTER XVIL Was Consilodated Sold. How Northern these United d the Mon- face, and eneath the ing and fist- through the message to Con- of the Congres- had been much as said, the n the New hich closed at three. hree heurs the winds ef n a hurricane no one east of the happens in San the New York hur- deferred r of four after word of Tuesday couldn’t for, like e breeze the heard the inued una- and Friday. r in attempting ons drew ex- “tornado,™ language No ome which were Values of turnips. n banks er sisters concerns was that r three of the w big, bur of their at the sma ted the last f The old sh ents The latter stock-king was per- e only ome in the street who 4 a foreknowledge of what daring r White House meditated. To the secrets of courts and were told, for he had an agent elbow of every possibility. The eer was not so well pro- less, with decks cleared, itlasses ground to razor- Lotted was prompt on the instant to of the had been st drop ing those d them as than the pool's fi sly though d been no th of pocket, w not t of be- P at 1 was a five hundred thou- Storrl, among other se- up the French shares He ing of since following v solidated they happened, a compliment attributed to Amerl, nobility or atifying nature which b sh eagerness of to his rcess plain and cents! will arms; but ey will of arms in pawn. i of feeling flattered, ious when the > rowed him it not? The new real risk: the e sold In case he arrange- credit would be He agreed age of the last dollar he pool's $4,000,000 Wednes- bucear iddle of it doing i read the plied ad been 3 hern Consolidated ek was beaten savagely eyes shut, the = until the hed. ‘And if necessary ould sell 400,000 shar: old gray the tions existing, it a sale of 400,000 shares oke to ging mu nousands Northern blind and fren- rush plungingly into the flames like horses at a fire. The old buccaneer felt sure that while he selling 400,000 shares, full 200,000, > 300,000, shares in addition be offered. What stock could itself against such a flood as When the bottom was reached, e time was ripe, the pool would the harvest. It was a beau- pla the more beautiful because of its simplicity! Instantly on the morning of that black Wegdnesday the sale of Northern Consolidated began. Thousands of sh; s in two thousand, five thousand, and even ten thousand lots were thrown upon the market by the old gray buc- caneer. In the roar and tumult of that disastrous day, what would have been in calmer moments a spectacle of as- tonishment passed much unnoticed. The stock world was busy saving itself out of the teeth of destruction, and the smashing and slugging in Northern Consolidated attracted the less atten- tion Northern Consolidated merited ad- miring attention; against that desperate hammering it stood like a wall of granite. Ten, twenty, forty, elghty, over one hundred thousand shares were sold that Wednesday; and yet, marvels of marvels, Northern Consolidated at the day's close had fallen off no more than six points. It !retreated sulienly, slowly, step by step and eighth by eighth; ever and anon it would make a stand and hold a price an hour. Other stocks lost twice and threefold the ground; the stubbornness of Northern Consolidated began to engage the no- tice of men. More than one poor *bull” when sore beset that day took fresh heart from the obstinacy of Northern Consolidated; his own foothold was steadied and made the stronger for it. But the old gray buccaneer refused to be denied; he had quit thinking and begun to act; he would break the back of Northern Consolidated if it took the last share of those four hundred thou- sand! His courage never wavered; he would charge and keep charging; in the end his cavalry work must tell and the lines of 'Northern Consolidated crumple up like paper. All it required was dash and confidence, with an un- derlying grim determination to win or die, and Northern Consolidated must vield. The war was renewed upon Thurs- day, and staggered flercely on through- out the day. Then Friday followed, a roaring, tottering, crashing, smashing fellow of the two days gone before. Millfonaires became beggars and beg- gars milllonaires between breakfast and lunch. As on Wednesday, so also on Thurs- and Friday the stock which be: € ained itsglf was Northern Consoli- dated. And vet no other stock was o bitterly sold! As against thisit.should be added that no other was s0 bitterly bought! Every offer to sell was closed with at the very moment of its birth. At last the end, came; the old gray buccaneer could go no further. He had already oversold his self-fixed limit, having parted with four hundred and eleven thousand shares. The sales were made in the names of the various members of the pool, each selling one-eighth of the whole. Senator Hanway’'s interest, . well as that of Mr. Harley, being 61,3 shares for each, for reasons that SAN FRANCISCO SUNDAY ire_exhibition, was handled e of an agent. Full 150,000 in- nt shares, smoked into the open mar- ket as the old gray buecaneer had antlcf- pated, were also sold, making the round total of 761,000 shares of Northern Can- ed offered and snapped up during three days of fire. It was the atest “bear” rald in the annals of the Stock Exchange, so graybeards said: and what peculiarly marked it for the admiration of mankind was tkat it had had the least success. In three days, with 561,000 shares sold, jthe stock had fallen oniy eleven points. The raid was over and the ‘‘bears” had growlingly re- treated thirty minutes before the close on Friday. Within ten minutes after the last offer to sell, and when it was plain the “bears” had quit the field, un- der a cross-fire of bids that fell as brisk- ly thick as hail, Northern Consolidated was bid up thirteen points. It had stood ¢ forty-one at Tuesday’'s ose; it was forty-three when, ‘bears” routed, the market was over Friday afternoon. And thus disastrously fared the osprey pool. “We're ruined, gentlemen,” coolly re- marked the old gray buccaneer when, with the exception of Senator Hanway, the members of the pool gathered them- selves together Friday evening. ‘‘We're in a corner: we're gone—hook, line and sinker!” “What can we do?” asked Mr. Harley, his face the hue of putty. “‘Nothing!” said the old gray buccaneer, lighting a Spartan clgar. ‘“We're penned . up; whoever has us cornered may now come round and knock us on the head whenever he finds it convenient.” Each broker was given a certain limit ‘““The market is still weak,” observed below which he might buy, and the one, “for all it lived through the panic. orders of no two were in conflict. Each Suppose we creep in to-morrow and cover for his orders would have the uno?— our shorts. The shares are forty-three; Btructed marketto himself. 1 for one think it might be wise to close Mr. Bayard arranged for that fall of the deal and take our losses, even if we e€leven points; the “hear’ rald must seem g0 as high as fifty.” to have effect to encourage the pool. To “For myself,” remarked the old gray thus foster the pool in its hopes, ten of buccaneer, with a half-sneer at what he the forty were to *“sell” Northern Con- regarded as a most childish suggestion, solldated in limited lots; these. sales “I'd be pleased to settle at sixty-five or should augment *bear” enthusiasm. even seventy.” Then, turning to him In each instance the stock thus offered who was for softly buying his way out: Was taken by one of Mr. Bayard’s brok- “Do you imagine that what has hap- ers, who little imagined that both he and pened was accldent? I tell you there’s the broker selling drew their inspirations a shark swimming in these waters—a from the same source. As demonstrating shark so big that by comparison Port the finesse of Mr, Bayard, if one had col- Royal Tom would seem like a dolphin. lected from the forty those orders which And, gentlemen, that shark is after us. they brought upon the floor that Wednes- He's been after us from the beginning; day morning, and spread them on a he’'s got between us and the shore, and table, they would have fitted with an- he'll pull us under when the spirit moves other, and each in its proper place, until him. If you think differently, go into the whole was like a mosaic of defense. the market to-morrow and try to buy The “bear” pool was met on the thres- Northern Consolidated. An attempt to hold; it was permitted to press forward buy 500 shares will put it up ten points.” eighth by eighth according to a plan; The next day, Saturday, the pool sent one Bavard broker havipg made his p quietly into the exchange to buy one cbases, another took his place; it was like thousand shares; that, by way of feeler. clock-work. The whole five hundred and The old gray buccaneer was right; North- siXty-one thousand shares were bought ern Consolidated climbed fifteen points and sold: and from first to last there with the vivacity of a squirrel, and rested came never a glimpse of Mr. Bayard. mockingly at fifty-eight. Following this It" had been Mr. ‘Bayard’s earlier disheartening experiment, which resulted ' thought to let Northern Consolidated fall* in nathing more hopeful than & demand as low as twenty-five. For the sake of for further margins from the pool's brok- poor men in peril from that defiance of all ers, there were no more efforts to “buy.” things German, Mr, Bayard in the last The pool was marked for death; but that, hours of his preparations decided to sup- while discouraging, offered no argument port (n-mrkgt_ fo hold Northern Con- in favor of self-destruction. m!‘dl ed' above thirty against the double ‘When the market opened upon thiat pressure of a falling market and a “bear” storm-swept Wednesday, there were forty 'raid would be to the genmeral stock list brokers on._the floor of the exchange to as a prop to a leaning wall. = It ‘would execute the orders of Mr. Bayard. Not ‘save hundreds from annihilation, and Mr. one of the forty knew of the other thirty- Bayard resoived. for their rescue. It nine; not one was aware of Mr. Bayard would cost him nothing, lose him noth- in the business of the day. Thirty as & ing; once cornered, the question whether maximum had been commissioned to buy that osprey pool were cornefed at.twenty —each man twenty thousand shares—six -or at thirty or. at forty ' hundred thousand shares of ~Northern tant. The corner: complete, Mr. mgm Consolidated. - The orders had come with a breath could, put Northern Con- through banks in the city, and from solidated to 'u."'tr‘%o. to 600, to 10001 banks and brokerages in London, Parls, The measure of his triumph would be the . Berlin_ and :a dozen. ,points “in Europe. measure of . the - _of Bayar They ran from five hundred to as high Vae Vict! +" Brennus of thi as twelve thousand shares the order. might demand from the members of the N '~ was _upimpor- —he always on the CALL. vanquished pool their final shilling. He might strip them as he was stripped those thirty vears before, and turn them forth naked. For thus read the iron statutes of the Stock Exchange where quarter is unknown. It was Mr. Bayard who caused North- ern Consolidated to cltmb, squirrel-wise, to fortysthree as the market closed on Friday, and later to fifty-eight. It had ‘the effect desired; there came the cail for margins. Storri, who had put his last dollar to the hazard, went down, ex- hausted, destroyed, and under foot, and, as parcel of the spoils of that Russlan's overthrow, those French shares were sent to Mr. Bayard. Within ten minutes after he received them they were on their way to Richard, with a letter telling how complete had been the osprey pool's de- feat. For all his dignity and his gray crown of sixty years, Mr. Bayard's eyes were shining like the eves of a child with a new toy. What battle was to that Scriptural hero’s warhorse so was the strife of stocks as breath in the nostrils of Mr. Bayard. Richard’s eyes were as bright as those of Mr. Bayard when he received the French shares, but it was a softer brightness born of thoughts of Dorothy, and in no wise.to be confounded with that battle-glitter which shone in the eyes of the other. Thus ran the note of Mr. Bayard: . “Dear Mr. Storms—Our bears are safely in the pit which we digged for them. The New _five are taking it in a temper of stalid philosophy, being bruins of ex- ence. .We may keep them in the pit what time you will before we begin the butchery—oneé ~week, one month, one year. ' They cannot escape, since my agents on the floor of the Exchange will watch to see that they ‘don’t climb out. The first time an offer nm v or . -a ghare of Northern Con- 1€ shall put the price to three ade, T | S Hopelcssuens, The TEAT. call for margins killed him, and I send, you a specimen of his pelt, to wit, the French shares, with this. for the others, whenever you are ready we will call on them for their fur and their grease and what else is valuable about a bear. Believe me your friend, as was your father the friend of Y “ROBERT LANCE BAYARD.” Richard, now he had possession of those fateful securities, was somewhat put about as to the best manner of getting them into the hands of Mr, Harley. He, Richard, could not personally appear in the transaction. He thought of using the excellent Mr. Gwynn; but that course offered objections, since it would be as- sumed hereafter by Mr. Harley that Richard, because of his confidential rela- tions with Mr. Gwynn, must know the history of those shares. Richard did not care to have such a thought take hold on Mr. Harley: it might later embarrass both Mr, Harley and Richard when the latter called at the Harley house, as he meant shortly to do. Finally he hit upon an idea; he would employ the worthy name of Mr. Fopling. The secret would be safe with ome who, like Mr. Fopling, could never be brought to un- derstand 1t. Being decided ag to a path, Richard In- closed those dangerous shares with a typewritten note to Mr. Harley. The note, speaking in the third person, presented Mr. Fopling’s compliments, explained that Mr. Fopling was glven to understand that Mr. Harley would purchase those partic- ular shares, stated their value as fifteen thousand dollars, and sald that Mr. Har- ley might send his check to Mr. Fopling: This mussive and those shares being safely on their road to Mr. Harley, Rich- ard made speed to hunt up Mr. Fopling. He found the sinless one at the house of his beloved. Fortupe favored Richard; Bess was not there, being across with Dorothy, and, save for the company of Ajax, Mr. Fopling was alone. Mr. Fop- ling was i the Marklin library, glaring feroclously at Ajax, who was blinking disdainful yellow eyes at Mr. Fopling by way of retort. Richard explained to Mr. Fopling that through certain deals in stocks he had become possessed of two hundred shares of one of Mr. Harley’'s pet stocks. Mr. Harley would give. anything to regain them. Richard deésired to return them to Mr. Harley without being known in the business. Would Mr. Fopling permit him tho favor of his name? “He would em- ploy Mr. Fopling’s hame most guardedly. did ‘net tell-Mr. that his sacred name was already in the har- et away, realizing gtpr:l gll‘ s already dead; that first ness of the affair. '\}@SLIDY .JTD\./ s D TAE OLV CUPHUVGEON YOoU MUST STWIF HlI1 FOFP HIS LAST 7)ME. VONT YOU_KNO\/, s YOU' VE —o - The benumbed Mr. Fopling, Wy listen- ing attentively, succeeded in getting an impression that Richard “through lucky dexterity and sleight had obtalned some strange hold in stocks on Mr. Harley, and now in a foolish lenlency was about to & let him go. This excited Mr. Fopling hugely: e put in a most vigorous pro- test. . “Weally, Stawms,” he squeaked, “if you've twapped the old curmudgeon you must stwip him for his last dime, don’t ¥y’ know! I wemembah a song my gov- ernor used to sing; he sald it was his motto. The song wan like this: “When you catch a black cat, skin it, skin it! ‘When: you catch a black cat, skin it to the tall? “Yes, Stawms, use my name as fweely as you please; but I pwotest against letting up on this old cweature Harley.” “But, my dear boy.” observed Richard, “you must consider! Mr. Harley is to be my father-in-law; he’s Dorothy's nmeL" Mr. Fopling declined to consider what he called a “technicality.” Mr. Harley must be squeezed. “Weally, Stawms,” said Mr. Fop! “it's the wules of the game, don’ know.” After no lttle argument, Mr. Fopling yielded to his point. Mr. Fopling, how- eyer, bethought him of troubles of his own, and made condition that Richard stand his friend with Bess as against his enemy, Ajax. “Bess always sides with Ajax” ex- plained Mr. Fopling plaintively, “and it ain't wight!” Richard gave Mr. Fopling a fraternal grip with his mighty hand. . He would be to Mr. Fopling as was Jonathan to David. It should be back to back and heel to heel with them against Ajax. Bess, and all the world! The viglent loy- alty of Richard alarmed Mr. Fopling: ho threw in a word of cautfon. “You mustn't be weckless, Stawms.” Bess came back from the Harley hous and found Hichard with Mr. Bopiing. Besg reported Dorothy’s spirits as im- proved: those rays of comfort emanating from Richard’s promises had put a color in her cheek. “The promises have been redeemed,” observed Richard.” “and I came to tell you first of all-you who have been our truest friend,” and here, to the utter out- rage of Mr. Fopling’s sensibilfties, mgi ajd kissed Bess’s yellow hair. > “Oh. I say, Stawms!™ squeaked Mr. Fogling reproachtully. ey “Mistake, I assure-you!" said again giving Mr. Fopling his “Well. please don't ww"‘,{!" Te-