STATE STREET.
The stringency of the money-market began to frighten even Mr. Sandford
who had been predicting a panic. There had been but few failures, and
those were generally of houses that ought to fail, being insolvent from
losses or mismanagement. Mr. Sandford studied over his sheet of bills
payable and receivable almost hourly. The amount intrusted to him by
Monroe had been loaned out; for which he was now very sorry, as the
rate of interest had nearly doubled since he made the last agreement.
This, however, was but a small item in his accounts; other transactions
of greater magnitude occupied his attention. As he looked over the
array of promisors and indorsers, he said to himself, "I am safe. If
these men fail, it will be because the universal bottom has dropped out
and chaos come again. If anybody is shaky, it is Stearine. He believes,
though, that Bullion will help him through, and extend that note.
Perhaps he will. Perhaps, again, he will have enough to do to keep on
his own legs. He fancies himself strong because he owns the most of the
Neversink Mills. But he doesn't know what I know, that Kerbstone, the
treasurer of the Mills, is in the street every day, looking like a
gambler when his last dollar is on the table. A few more turns of the
screw and down goes Kerbstone. Who knows that the Mills won't tumble,
too, and Bullion after them? _He_ may go hang; but we must look after
Stearine, and prop him, unnecessary. That twenty thousand is more than
we can afford to lose just now. Lucky, there he comes!"
Mr. Stearine entered, not with his usual smile, but with an expression
like that of a man trying to be jolly with the toothache. A short, but
dexterous cross-examination showed to Sandford, that, if the
twenty-thousand-dollar note could be extended over to better times,
Stearine was safe. But the note was soon due, and Bullion might be
unable or unwilling to renew; in which case, the Vortex would have to
meet it. That was a contingency to be provided against; for Mr.
Sandford did not intend that the public should know that the credit of
the Company had been used for private purposes by its officers. He
therefore called in Mr. Fayerweather, the President, and the affair was
talked over and settled between them.
"One thing more," said Sandford. "Suppose any one _should_ get wind of
this, and grow suspicious;--Bullion himself might be foolish enough to
let the cat out of the bag;--we might find the shares of the Vortex in
the market, and the bears running them down to an uncomfortable
figure."
"True enough. We must stop that."
"The only way is to keep a sharp lookout, and if any of the stock is
offered, to buy it up. Half a dozen of us can take all that will be
likely to come into market."
"How many shares do you own, Sandford?" asked Mr. Fayerweather, with a
quizzical look. "Is this a nice little scheme of yours to run them off
at par? It's a shrewd dodge."
"You do me wrong," said Sandford, with a look of wounded innocence. "I
merely want to sustain the credit of the Company."
"Oh, no doubt!" said the President.
"Well, we will agree, then, not to let the shares fall below ninety,
say. It would be suspicious, I think, to hold them higher than that,
when money is two and a half per cent. a month."
"Very well. You will see to this? Be careful what men you speak to."
Mr. Sandford, being left alone, bethought him of Monroe. He did not
wish to give him a statement of affairs; he had put him off once, and
must find some way to satisfy him. How was it to be done? The financier
meditated. "I have it," said he; "I'll send him a quarter's interest in
advance. That's as much as I can spare in these times, when interest
grows like those miraculous pumpkin-vines out West." He drew a check
for two hundred dollars, and dispatched it to Monroe by letter.
So Mr. Sandford had all things snug. The Vortex was going on under
close-reefed topsails. If the notes he held were paid as they matured,
he would have money for new operations; if not, he had arranged that
the debtors should be piloted over the bar and anchored in safely till
the storm should blow over. Everything was secured, as far as human
foresight could anticipate.
Mr. Sandford had now but little use for Fletcher's services, except to
look after his debtors,--to know who was "shinning" in the street, or
"kite-flying" with accommodation-paper. Still he did not admit the
agent into his confidence. But this active and scheming mind was not
long without employment. Mr. Bullion had seen him in frequent
communication with Sandford, and thereby formed a high opinion of his
shrewdness and tact; for he knew that Sandford was very wary in
selecting his associates. He sought Fletcher.
"Young man," said Bullion, pointing his wisp of an eyebrow at him, "do
you want a job? Few words and keep mum. Yes or no?"
"Yes," said Fletcher, decidedly.
"I like your pluck," said Bullion.
"It doesn't take much pluck to follow Mr. Bullion's lead."
"None of your nonsense. How do you know anything about me, or what I am
going to do? I may fail to-morrow,--God forbid!--but when the wind
comes, it's the tall trees that are knocked over."
Fletcher thought the comparison rather ludicrous for a man standing on
such remarkably short pegs, but he said nothing.
"I mean to sell a few shares of stock, and I want you to do the
business. I am not to be known in it."
Fletcher bowed, and asked what the stocks were.
"No matter; any you can sell to advantage. I haven't a share, but I
needn't tell you _that_ doesn't make any difference."
"Let me understand you clearly," said Fletcher.
"Sell under. For instance, take a stock that sells to-day at
ninety-four; offer to deliver it five days hence at ninety. To-morrow
offer it a peg lower, and so on, till the market is easier. When the
first contract is up, we shall get the stock at eighty-eight, or less,
perhaps,--deliver to the buyers, and pocket the difference."
"But it may not fall."
"It's bound to fall. People that hold stock _must_ sell to pay their
notes. Every day brings a fresh lot of shares to the hammer."
"But the bulls may corner you; they will try mightily to keep prices
up."
"But they can't corner, I tell you; there are too many of them in
distress. Besides, we'll spread; we won't put all our eggs into one
basket. If I stuck to 'bearing' one stock, the holders might get all
the shares and break me by keeping them so that I couldn't comply with
my contracts. I shan't do it. I'll pitch into the 'fancies' mainly;
they are held by speculators, who must be short, and they'll come down
with a run."
"How deep shall I go in?"
"Fifty thousand, to begin with. However, there won't be many transfers
actually made; the bulls will merely pay the differences."
"Or else waddle out of the street lame ducks."
Bullion rubbed his hands, while his eyes shone with a colder glitter.
"Well, you are a bear, truly," said Fletcher, with unfeigned
admiration,--"a real Ursa Major."
"To be sure, I'm a bear. What's the use in being a bull in times like
these, to be skinned and sold for your hide and tallow?"
"The market is falling, and no mistake."
"Yes, and will fall lower. Stocks haven't been down since '37 so low as
you will see them a month from now."
Fletcher bowed----and waited. Bullion pointed the eyebrow again.
"You don't want to begin on an uncertainty. I see. Sharp. Proper
enough. I'll give you ten per cent. of the profits,--you to pay the
commissions. Each day's work to be set down, and at the end of each
week I'll give you a note for your share. That do? I thought it would.
I offer a liberal figure, for I think you know something, youngster.
Use your judgment, now. Consult me, of course; but mum's the word. If
any stock is pushed in, lay hold, and don't be afraid. The holders must
sell, and they must sacrifice. We'll skin 'em, by G--," said Bullion,
with an excitement that was rare in a cool, hard head like his. Then
thinking he had been too outspoken, he resumed his former concise
manner.
"All fair, you know. Bargain is a bargain. They must sell; we won't
buy, without we buy cheap; their loss, to be sure, but our gain. All
trade on the same plan. Seller gets the most he can; buyer pays only
what he must."
"That's it," said Fletcher. "Every man for himself in this world."
"Well, good morning, young man. Sharp's the word. Call at my office
this afternoon." And, with a queer sweep of the pointed eyebrow, he
departed.
What visions of opulence rose before Fletcher's fancy! He would now lay
the foundations of his fortune, and, perhaps, accomplish it. He would
become a power in State Street; and, best of all, he would escape from
his slavery to Sandford, and perhaps even patronize the haughty man he
had so long served. How to begin? He could not attend the sales at the
Brokers' Board in person, as he was not a member. Should he confide in
Danforth? No,--for, with his relations to the house, his own share in
the profits would be whittled down. He determined to employ Tonsor, an
old acquaintance, who would be glad to buy and sell for the regular
commissions. The preliminaries were speedily concluded, and a list of
stocks made out on which to operate. The excitement was almost too
great for Fletcher to bear. As he counted the piles of bank-bills on
his employers' counter, or stacked up heaps of coin, in his ordinary
business, he fancied himself another Ali Baba, in a cave to which he
had found the Open Sesame, and he could hardly contain himself till the
time should come when he should take possession of his unimaginable
wealth. He had built air-castles before, but never one so magnificent,
so real. He could have hugged Bullion, bear as he was.--We leave
Fletcher and his principal on the high road to success.