An imagination verging toward the figurative finds on entering the New
York Stock-Exchange a strong suggestion of having penetrated a die with
which Giants have been casting lots. The first impression is one of
cubical dimensions--and unless the curb be drawn, a fancy so spurred
will plunge to yet other conceits that bring home the cynical parallel.
On the particular morning when Hamilton Burton's car had been pelted by
agitators in Union square the opening gong sounded from the president's
gallery on every promise of a quiet day. Here in Money's cardinal
nerve-center there had been inevitable rumblings of future eruptions
from pent-up apprehensions of panic, but this morning the spring sun
came laughing through the great windows at the east and the idle brokers
laughed back.
The psychology of this mart where the world trades with neither counter
nor show-case nor tangible wares is fitful. It responds nervously and
swiftly to the gloom of fog or the smile of sun, as well as to the
pulse-beat of the telegraph. Around the sixteen "posts" where the little
army of operators drifted as idly as though they met there by chance, no
urgency of business manifested itself. But back of this tricky calm hung
a cloud of anxiety. A sense of delicate balance, which a gust might
capsize, lay at the back of each mind, troubling it with vague
forebodings. Conditions were ripe for sudden hysteria. Meanwhile
well-groomed young men in pongee office coats and their equally sleek
elders killed time with newspapers or resumed threads of conversation
broken off at parting last night in drawing-room or theater-foyer. The
circular benches around the posts blossomed with magazines and a group
formed about two brokers who gravely fought out chess problems on a
pocket board. Noise of a sort there was, for on the floor of the
Exchange a "quiet" day is not as a quiet day elsewhere. Unimportant bids
and sales elicited sporadic shouts and clamor, but for the most part
these demonstrations were tinged with laughter and badinage. Seemingly
the membership of Finance's College of Cardinals was skylarking with
indecorous levity. Activity of a sort there was, too, as the litter of
torn-up slips and memoranda on the floor attested. Yet the silent goings
and comings of the floor attendants in their cadet-gray livery were
placid, and for that environment unhurried. Around none of the posts
surged the pandemonium of real activity and the two great blackboards
that break the marble whiteness of the walls at the north and south
twinkled no feverish signals from brokerage offices to floor operators.
But within two hours the smile of the spring sun died behind a cloud and
a rumor insinuatingly whispered itself about the floor. Magnet-wise it
drew men from scattered points into focal groups and panic-wise it
stamped a growing apprehension on faces that had been expressionless.
"Where did this ridiculous canard originate?" demanded a pompous and
elderly gentleman as he tugged at his closely cropped mustache with a
nervousness belying his scepticism. His vis-à-vis shook a dubious head.
"All I get is that Hamilton Burton is out in war paint for a bear
raid--damn him!"
"And why not?" a third broker truculently demanded. "He brought on the
'little panic' of two years ago and mopped up enough to double his
fortune. House after house went to the wall that day, but it was a
glorious victory for him. History repeats, gentlemen."
"Where will he be most likely to hit?" The question came nervously from
a thin man who chewed at a pencil. About his inquiring eyes were the
harassed little crow-feet of anxiety.
"When he smashes us, we'll know all right. There's nothing ambiguous
about his wallops. I hoped the damned pirate was satisfied. He ought to
be."
"Vat you mean, sadisfied?" A passing figure with a strong Teutonic
countenance halted at the edge of the crowd and glared--but his hatred
was for Hamilton Burton. "Sadisfied--not till der American toller and
der sovereign and der louis d'or vear his portrait vill he pe
sadisfied."
"There's one comfort," hazarded a lone optimist, "Hamilton Burton
recognizes no conventions of finance; he heeds no laws. He's the most
brilliant brigand in the Street--and every hand is against him. He's
always just one jump behind a billion dollars--but also he may find
himself just one jump ahead of the wolf."
But for one optimist there were scores of pessimists and disquiet
mounted like a fever. The floor was nervous.
Across from the president's gallery is another balcony like it, for in
all but its processes of business this is a temple of justly balanced
symmetry and proportion.
There sits an operator, controlling an electric switchboard provided
with one button for each floor member. When one of these buttons is
pressed a flap swings down on the great wall blackboards and a white
number flashes into sight. It stands for a while, then twinkles again
into blackness, but in the meantime it has summoned its man to telephone
communication with his office. In periods of stress these imperative
signals register the rise and fall of anxiety's barometer.
Now the quiet boards began to break into a sudden epidemic of appearing
and vanishing numerals and men hurried to the booths where wires linked
the central floor with outlying offices. Each line buzzed to the same
portent.
"Rumor credits Burton with plans for a bear raid. Watch him. Send word
of his first move. The time is ripe for an avalanche."
Suddenly around one post voices rose. They went from calm to shouts,
from shouts to yells, then broke in a crescendo of turmoil. Collars came
loose and voices grew hoarse. The restrained anxiety had swept into an
open furore of fear. It looked as if the bottom were dropping out of
Coal Tar Products. At once a dozen operators raced for their telephones.
Hamilton Burton had struck, and his first blow was on Coal Tars! That
was the whispered word that ran like wild fire.
While this turbulence was going forward, Hamilton Burton sat in his
twentieth-floor office, gazing fixedly up at a portrait of Napoleon.
About the walls were several other portraits of the emperor. Busts in
bronze and marble gazed down with those same inscrutable eyes. One
important likeness was missing. It was that which shows the face of a
man broken in defeat--the wistful St. Helena eyes that seem always
brooding out over the ruins of mighty dreams.
Carl Bristoll opened the door, and the musing face turned with the
impatient frown of a broken revery.
"Mr. Malone's secretary on the 'phone," announced the young man. "Mr.
Malone wants to know if you can come at once to his office."
"Tell Mr. Malone"--Burton snapped his words out irritably--"that if he
wants to find me I will be here in my own office for just thirty
minutes."
The employee hesitated in momentary embarrassment, then he added:
"Of course, you know that I mean J.J. Malone himself, sir?"
Burton laughed. "In the world of finance, Carl, I didn't know there
_was_ more than one Malone."
Also, reflected the secretary as he closed the door behind him, there
was in the world of finance only one who would care to ignore a summons
from that source.
A few minutes afterward the door opened again, opened to frame the bulky
figure of a man who had swept by those who sought to announce his
coming. The heavy brows of J.J. Malone were contracted over smoldering
gray eyes which many men feared and all but a few obeyed. At his elbow
followed the slight wiry figure of a companion with nervous eyes, and a
cigar which was always chewed and never lighted. This man had come, as
Ham had come, from the hardness of some barren farm and had obdurately
hammered his path by the sheer insistence of his brain into the inner
circle of an oligarchy. These two greatest of America's money barons
ignored the gesture with which the younger Warwick invited them to be
seated. In the brief silence that followed upon their entrance was the
portent of a brewing tempest. At last Malone said crisply:
"I sent for you, Mr. Burton. Most men come to me when I send for them."
"In several respects I differ from most men." The reply was too quiet to
ring flippant. It was merely the assurance of invincible self-faith, and
for an instant the man who had not in years been compelled to soften the
iron grip of his mastery gazed his astonishment.
Then Malone burst into an oriflamme of anger. He was a whirlwind of fury
before whose raging any small or timid man must have shriveled. The eyes
that shone out under the heavy lashes as he paced the place, with
clenched hands, were batteries raining shrapnel of wrath.
From their gray depths they blackened into ink, across which shot the
red and yellow flocks of a fiery and passionate autocracy. The iron jaw,
inherited from seafaring forefathers, snapped on words of threat,
rebuke, and invective. He wore his sixty-five years as lightly as
foliage, standing straight and strong like a poplar tree, save as he
bent to the gusts of his own passion. Where his clenched fist fell upon
desk or table the furniture trembled. Through the frosted glass of the
door Hamilton Burton saw the shadows of hurrying figures and knew that
the secretaries and stenographers out there were in a flutter of uneasy
excitement. Wall street knew what it meant when the "old man" was on the
rampage.
While this tempest endured the nervous-looking man took a chair and sat
silent. His attitude was hunched up and he chewed on his unlighted
cigar, while his restless gaze traveled here, there, everywhere. On
casual glance one might have overlooked him as negligible, thereby
falling gravely into error. The giant and the slight man had this
kinship, that in the workings of great finance they were mainspring and
balance wheel, and at their prompting many divisions of the world's
industrial armies marched or marked time.
Suddenly J.J. Malone fell silent, and then Hamilton Burton spoke. He
spoke with a surprising calm for one of his uncompromising arrogance.
Perhaps it accorded with his whim to chill his words with icy insolence
that they might cut the more and point the greater contrast when he
chose to unleash his own hot wrath.
"You sent for me, Malone. I declined to come to you. Then you came to
me. As yet you have shown no reason for the visit except to swear around
my office like a drunken and abusive pirate. If you have nothing for
temperate discussion, I will now say good-day to you. Take with you the
honors of war, sir. You have outcussed me. I acknowledge your
superiority in billingsgate--"--he paused and for an instant his voice
mounted, as he added--"and in nothing else!"
"Have you reached so secure a stage, then, that you can defy and insult
Harrison and myself? Are you prepared to declare war on the entire world
of finance?" Now Malone spoke with regained composure, but an ominous
undernote of threat. "Let's have done with pretense. In so far as any
individuals can make or break--we can. When you came, an unlicked cub,
into the world of large affairs it was through us you made the alliances
upon which your success is built. However great you conceive yourself to
be, 'Consolidated' still recognizes in us its active heads."
Hamilton Burton replied with a smile of unruffled calm. "You say I came
to you. Many men have come to you, only to go away again with empty
hands."
"You did not."
"No. You took me to your hearts--but why? Was it because you pitied me?
Has pity or gentle courtesy ever yet prevented 'Consolidated' from
crucifying a victim? You conceded me my seat at your directorates only
because you were compelled to recognize my value there. You lifted me
from the ranks to the general staff of finance because of unescapable
conviction that I inherently belonged among you; that I should take my
place there as an ally or an enemy. You had a suspicion then of what I
_knew_ before I ever saw a city--that I could not be stopped."
"Grant for the sake of brevity that Genius and Destiny are your
handmaidens." Malone leaned across the table, resting his weight on his
planted knuckles. Under his shaggy brows his eyes burned deeply and
satirically. Across from him Hamilton Burton stood, younger, slenderer
and more pliant of pose; his eyes meeting those of his protagonist,
level and unwavering. "Grant that all your self-adulation is
warrantable. Now that you have attained this place in the councils of
the few, do you mean to become only a wrecker and a spoiler? Do you
recognize no rules of war? Do you adhere to no principles of loyalty?
Are you merely a breeder of storms and a maker of panics? Because if you
are, by the Eternal God, I think we are yet strong enough to stamp you
out--to utterly obliterate you!"
"So"--the younger man's lips twisted in a smile of cool irony--"you have
come as the guardians of conservatism to admonish me, the fractious
child of the Dollar family. It is delightful, gentlemen, to encounter
in actual life so humorous a situation." Then the mouth line grew set
again and the voice hardened. "Well, I make you no pledges. I say to
you, to hell with the laws you draw for your own advantage and break
when it suits your profit. I acknowledge no vested right in you to
assail me as a wrecker--you who have risen on wreckage. You will not
obliterate me. You will not even try."
Harrison from his chair gazed thoughtfully and silently out of the
window. He watched a gull dip over the East River. He shifted the cigar
to the other side of his mouth and across his gray eyes flickered a
ghost of amusement. After a long pause he inquired in an impassive
voice:
"Why?"
"Because just as you at first accepted me for my usefulness, so you will
again come to me when you need me, and you know you will need me. We are
playing the same game and it's no child's kissing game. When you have
both the wish and power to crush me, I shall expect no kindly warning at
your hands. When you need me, you will let no dislike bar my door to
your coming. By the way, why did you come?"
"Your ticker isn't silent out there. It's not your custom to be
uninformed." It was Malone who spoke. "You know that the floor is
seething--and why!"
"I know that the market opened quiet and that later Coal Tars broke and
there is a flurry--a panicky feeling perhaps. It doesn't surprise me."
For an instant Malone regarded his former protegé across the table.
Hamilton Burton's fingers had fallen on a small bronze paper-weight. It
was an eagle with spread wings, not the bird of freedom, but the eagle
of the emperor's standards.
"You perplex me," admitted the elder financier shortly. "You make great
pretense of open frankness; brazen defiance even, and yet you choose to
cloak every attack and to move by stealth. You know that just now such a
flurry may precipitate a general panic that will shake and waste the
nation like a fever in its marrow. Apparently you are deliberately
breaking the market, yet you speak innocently of the matter as of
something with which you have no concern."
For an instant it was Burton who laughed.
"And even yet, gentlemen, you have for active business men, bent on
stemming a tide of disaster, spent much time in generalities and little
on any concrete suggestion."
"We acted before we began to talk," said J.J. Malone; "we have taken
steps to support Coal Tars, but the times are parlous. The tidal wave of
a panic mounts rapidly. If you insist on forcing us into a duel on the
floor of the Stock-Exchange today, the pillars of public confidence may
be seriously shaken. By two o'clock this afternoon the president's gavel
will be falling to announce failures. The disaster that we have feared
will come. In the end we shall beat you, but all of us will have wasted
ourselves in an exhausting struggle. There will be wreckage strewn from
ocean to ocean. We have come to remonstrate. We have come to urge peace
among ourselves and to warn you that a war between us is hardly a thing
for you to court."
"In short," Burton's words came with a snap that his eyes, too,
reflected, "you charge this flurry to my authorship. You come urging
peace with threats. Almost, gentlemen, you tempt me to do what you
charge me with doing. Threats have never seemed to me a persuasive
argument for peace." He paused and then laughed. "Go hack to your
respective sanctums of righteousness and plunder and you will see that
this tide will soon turn. It is not in my plans that this day shall go
down in Exchange history as a bear day. When I resolve on that, your
threats will hardly alter me. This is not that day. The rumor of my
attack is absurd. My brokers will be found bracing the market. The next
time that you feel an itch to coerce me, regard my answer as given in
advance. It is that you may go to hell. Good-day."
When they had gone Burton sent for Carl Bristoll and smilingly nodded
toward the outer door.
"The folks out there seemed excited," he commented drily. "Kindly
suggest to them that it's unnecessary for them to advertise their lack
of confidence in their chief by scurrying about during my interviews
like chickens when a hawk hovers overhead." Then he recounted what had
occurred--for this was one of the matters in which the secretary might
be admitted to his confidence. At the end of the recital Carl shook his
head. "I think you were magnanimous, sir. Though you didn't start it you
might have taken toll of the downward movement and lived up to your name
of the Great Bear. They were playing into your hands, I should say."
Hamilton Burton laughed.
"Carl, you are young. A man can fork Hades up from its bottom-most
clinkers only once in so often. I don't butcher my swine until I have
fattened them. When the day comes, be assured they won't call me off,
but until I am ready I don't strike." He took a turn or two across the
floor and halted at the center of the room. His eyes were burning now
with an intense fire of egotism.
"Their anger--their threats: it's all incense they burn to my power,
but, good God, Carl, how they hate me!"
* * * * *
As the ship which was bringing Jefferson Edwardes back to his native
shores drew near enough for the Navesink light to wink its welcome, the
banker found himself in a pensive mood. The last evening of the voyage
was being celebrated with a dance on deck, but Edwardes, who had
remained somewhat of a recluse during the passage over, was content to
play the part of the onlooker.
The expectant spirit of home-coming lent a cheery animation to the
rhythmic swaying of the dancing figures and brought a light to their
eyes. Jefferson Edwardes realized that his own mood was difficult to
analyze. His childhood had been spent in world-wandering and his youth
in the exile of a battle for life in the mountains. His later young
manhood had found its setting in such capitals as St. Petersburg and
Berlin. It had been a life full of activity, yet strangely solitary and
dominated by dreams and imagination. Now he realized that the most
tangible thing to which he looked forward at home was a meeting with
Mary Burton, and with the thought that tomorrow morning would bring the
sky-line of Manhattan into view, a decided misgiving possessed him. He
had heretofore treated the thing half-humorously--as a pleasant, but
vague, dream. It could no longer remain so. He realized that it had been
a definite enough dream to keep the door of his heart closed upon other
women. He must see her and if, after seeing her, his dream could no
longer exist he knew that it would be to him and his life a serious
matter. A chance acquaintance of the voyage had known her and spoken of
her. He was an Englishman of title and a thoroughly likable fellow.
Somehow Edwardes fancied that this man's own heart carried a scar and
that he had sought to be more than a casual friend to Mary Burton--and
had failed. So the American felt a delicacy in asking those questions
which might have enlightened him. Yet the talk that had passed between
them had heightened his already keen impatience to see the girl with
whom he had so strangely and intangibly fallen into an attitude which,
in his own thoughts, was not unlike that of a lover.
For a time he would be very busy. His duties as head of the banking
house which had for generations borne a high and honorable name in large
affairs would occupy him with strenuous activities. The house of
Edwardes and Edwardes stood as a pillar of conservatism in finance. He
meant that its splendid record should under his guidance suffer no loss
of prestige or confidence.
Unlike the tigerish methods of the more modern school, from which sprang
such spectacular figures as Hamilton Burton, there was in the older days
a different conception of business--and of that conception the firm of
Edwardes and Edwardes was a worthy example.
The men who had founded it had recognized ideals and grave
responsibilities beyond the importance of mere profits. A deep pride in
the honor upon which they had based their upbuilding had actuated them,
and in none of the line was that pride stronger than in this new head
who feared nothing save dishonor and prized nothing above integrity.