It was not until noon of the next day, after two hours of preparatory
conference, that Hildreth sent Braine as courteous a note as his most
accomplished clerk could manufacture, asking him to meet Duncan, Tucker
and Fanning in the bank parlor, "for consultation upon matters of deep
interest to all of us."
A little after one, Braine appeared at the bank, and greeted the others
without seeming in the least conscious that he had kept the personal
representatives of a good many millions of dollars waiting for an hour.
Meantime the group had agreed upon a plan of operations, which had only
the one defect of being founded upon a total misapprehension of Braine's
situation, attitude and intentions. A fresh perusal of the series of
articles on "Thebes as a Railroad Centre," together with Hildreth's
report of the message he had received from Braine in answer to his own,
the day before, had led the quartette to certain conclusions.
"He knows what we're up to," was the verdict of Tucker, a pudgy little
man, with a voice at least an octave too low for his apparent
bellows-power; "at least he's worked out enough of it to bank on. He's
making a strike. He proposes to get in with us, and it's my opinion
we've got to let him in."
"Yes, but how far?" asked Fanning, a very thin person, with a high
forehead, over which the skin seemed stretched with drum head tension.
"Well, of course, a fellow like that," said Hildreth, "isn't like one of
us. He'll think it a big fortune if we let him in enough to give him a
little bank account, and let his wife go to some fashionable
watering-place every summer. He doesn't know how much a combination of
this kind means. My notion is for us to take his ferry franchise and the
railroad charter--he doesn't know what that piece of paper is worth, I
fancy--and capitalize the ferry at two hundred thousand dollars, and the
railroad at ten millions. The road won't cost more than three millions
at the outside to build, and a ferry-boat can be had, with the landing
traps, for thirty-five thousand dollars. We'll assign Braine two hundred
thousand dollars' worth of stock in the road, and twenty-five thousand
dollars in the ferry company. The figures will knock him over. Of
course, we can fix it so as to throw most of the earnings of the ferry
and connecting road over to our other properties. The idea of having
$225,000 in anything will fetch him. It sounds big, that sort of thing,
to a fellow that's rooted for his living as Braine has. He's sharp, but
of course he doesn't know how these things are managed. He's had no
experience."
"But we'll need his brains now and then, Hildreth," said Duncan, "and
mustn't set him in antagonism to us. He'll find out after a while what
his stock is worth, and then he'll fight us, sure. Can we afford to risk
that?"
"That's a fact," said Hildreth; "well, how will it do to give him the
stock and a clean cash twenty-five thousand dollars? He'll be rich on
that, or think himself so. And we can help him in his political schemes,
too. He is ambitious, and we shall want him in politics. I'll suggest
politics after the money part is broached."
And so, when Braine entered, Hildreth was equipped.
"We've been reading your articles with interest, Braine," he began, "but
we find you've been a little misled by your enthusiasm and
hopefulness." A few months earlier, Hildreth had called that sort of
thing "going off at half cock," but he thought it best to be more
circumspect now. "After all," he continued, "I'm to blame for it, you
know, because I ought to have kept you better posted."
"Would you mind telling me just wherein I have been misled?" asked
Braine, without manifesting the least concern as to the seriousness of
his blunders.
"Well, you see it's this way. We haven't got control of the Southern
lines yet. Van Duyn disappointed us, and--"
"Yes--well?" said Braine.
"Your saying we have secured control may bother us a little in the
negotiations."
"Did I say you had got control of the Southern lines? I don't recall
it."
"Certainly; you say," reading, "'a strong body of capitalists have
secured control of the lines south of Columbia.'"
"I see. Well?"
"Oh, I don't know as it need be very serious. It will pass as a careless
newspaper statement."
"Certainly. Call it that and lay it on my shoulders. Nobody will mind
me. Well, what else?"
"Well, I ought to have told you that we haven't got a good ready yet to
begin work on the new line from here to Columbia, and we haven't yet
succeeded in buying a controlling interest in the Northern road," said
Hildreth.
"You never told me," said Braine, but without any look of surprise at
the information, "that you contemplated doing anything with the Northern
road, after you shut it off the river front by the levee transfer."
"Didn't I? That must have been an oversight. Well I'll tell you now.
I'll be perfectly frank, Braine, for we're all in one boat you know. Our
plan was to sell Northern down to the breaking point on the strength of
its being cut off from the river, and then, when the bottom dropped out
of it, to go in and buy up a controlling interest, consolidate the road
with the Central, and send the stock up again."
"Why didn't you carry out the plan?" asked Braine, with languid
interest. "It looks like a very good one."
"That's where the trouble lies. Somebody else sold the stock short on
the quiet before we began, and he must have made a pile on the operation
too, for the market was sold so deep that when we touched it, it tumbled
to pieces like a barrel with the hoops off. And then when we began to
buy on the broken market, we found another block in our way. Somebody
had quietly bought while we were selling, and now holds a big block of
the stock off the market. We've bought every share we can get, till
we've sent the market up to where it was before the break, and even a
little higher, but we can't get enough to control."
"What do you mean to do about it?" queried Braine.
"We're waiting for the fellow to weaken, and that's where the trouble
comes in. Your article will stiffen him up like thunder. You must admit
that you were too previous this time, Braine."
"Perhaps so. But what do you suggest now?"
"Well, we count on you to patch things up. Can't you get up some news
about the thing, to knock out the impression you've made?"
"No," answered Braine, "that would never do. The first condition of
success in journalism is never to print false and misleading news."
"Confound journalism!" Hildreth could not altogether repress his
irritation. "The whole game is at stake, my dear fellow, and you're one
of us, you know."
"Am I? How much? You've never told me."
Here Tucker winked at Fanning, and Duncan nodded at Tucker. It was clear
that Braine was "striking," and they were now getting at the marrow of
the matter.
"We've just been talking that over," said Hildreth with eager
confidence; "and this is what we think we can afford to do for you,"
handing Braine a memorandum. "It's extremely liberal, you see, but we
want to be as liberal as possible with you. We haven't forgotten how you
served us at the pinch, and we want your brains hereafter."
Braine scanned the memorandum carelessly. Then he handed it back, and
said:
"My brains cannot be had at the price. I've been trying them a little,
recently, and find they're worth more to me than you offer."
"Might I ask, Mr. Braine," interposed Duncan, snapping his fingers
against his knuckles, "what is your notion of a fair arrangement between
us?"
"Certainly," answered Braine; "and in order that you may not think me
unreasonable, I will first explain how matters stand with me. In the
first place, it seems only proper to say that it was I who, in the
absence of any hint of your plans from Mr. Hildreth, made the mistake of
selling Northern short in New York."
"You!" exclaimed Hildreth. "You! Why, where on earth did you get the
money?"
"You lent me enough. It don't take a great deal of margin to sell short
with, on a falling market. By the way, I'd like to give you my check for
the amount I owe you, and take up my note before maturity, if it's all
the same to you. Besides I have some friends in New York who are pretty
strong--the Van Duyns and others--sit still and hear me out, please," as
the others rose in astonishment at the mention of that name. "As I was
saying, I sold Northern short till the collapse came, and you will be
glad to know that I netted a very comfortable profit when the stock
tumbled from 73 to 37--just reversing the figures, which seems to me an
interesting coincidence. By that time, Van Duyn and his friends had gone
in with me in some plans I had formed. We thought, upon looking over the
ground, that we could see a way by which the Northern road could force
its way to the river in spite of the levee grant. In fact, I am pretty
well convinced that the grant can be wholly invalidated if necessary. I
hold conclusive proofs that the aldermen were bribed to make it. I
thought if I asked to have it rescinded, all parties would probably
consent rather than risk the submission of this proof to a grand jury."
By this time the four bankers were reduced, as to their moral natures,
to the condition of pulp. They said nothing. They simply listened.
"However, that is aside. As I was saying, we thought Northern stock a
good purchase at the price, so we bought it up to full recovery."
Here Braine paused, and going to the cooler drew a glass of water, which
was far from perfectly clear as he held it between him and the light for
inspection before drinking.
"Now that Thebes is sure of growth, Hildreth,"--it was the first time
Braine had ever spoken to the banker by his name, without the prefix of
courtesy,--"we must begin to think about a water supply, don't you think
so? I'll write the thing up in a few days. I'm only waiting for some
books on the subject, for which I have sent to New York."
"Confound the water supply!" ejaculated Hildreth. "Go on, can't you?"
"Oh, yes; about Northern. Well, we held the block of stock you referred
to just now. In fact we have a trifle over fifty-one per cent, and we
don't care to sell. It ought to go to par, or above, when the Southern
connection is formed. I own the ferry franchise, you know, and the Van
Duyn syndicate--by the way, Van Duyn is to be here next week, as my
guest. I shall have the pleasure of asking you to meet him at dinner,
Hildreth, and you also, Mr. Duncan, if you're in Thebes so long."
He passed over Tucker and Fanning quite as if they had not been present.
"As I was saying, the Van Duyn syndicate has a ninety-nine years lease
on the lines south of Columbia. That must have been what I referred to
in the article where I spoke of a 'strong body of capitalists.' Now our
idea is to build the connecting link south, finish the Northern line to
the river, and make one system of our properties. We've ordered, from
Hambleton's yards, a ferry boat capable of transferring trains without
breaking freight bulk, or disturbing through passengers. We shall be
independent of the Central rivalry, of course, as that road will be
dependent on us for a southern connection; but it was the general
feeling in New York that consolidation is better than throat-cutting,
and I am authorized by my associates to consider any propositions you
gentlemen may see fit to make touching a traffic arrangement, or better
still, a close alliance. It might be possible for us to get together and
arrange for a consolidation of the Central with our properties, on fair
terms. That is for you, gentlemen, to consider. It would save some
friction, as, of course, in the event of its not being done, we should
naturally not be able, with justice to our own stockholders, to offer as
favorable terms on through business to a road in rivalry with a part of
our line, as to a road owned by ourselves, and an integral part of our
system. We shall in any case be as courteous to you gentlemen of the
Central, however, as we can with a due regard to the welfare of our own
properties. I think that is all I have to say, and as you gentlemen
probably have business affairs of your own to discuss, I will withdraw.
Good morning, gentlemen."
What passed in that bank parlor after Braine's departure, there is no
means of knowing now. Braine felt no uneasiness as to the result,
however. He sent a cipher dispatch to Van Duyn, and then went home to
read "In Memoriam" to Helen for an hour before supper. When Van Duyn had
translated the dispatch, it read as follows:
"Exploded bomb this afternoon. Effect satisfactory. Delicacy about
witnessing a family quarrel prompted me to withdraw. They will ask for
our terms to-morrow, and accept them. Have asked Hildreth and Duncan to
meet you at dinner next week. They won't come. Engineer reports easy
construction on line to Columbia. Country flat, timber abundant, and
only two small bridges."
When Braine shut up the volume of Tennyson that evening, and went to
supper with his arm around Helen, he stopped, imprinted a caress upon
her lips and said:
"I feel this evening just as I did many years ago, on the day I whipped
Cale Dodge."
But he did not explain why.