THE STORY OF A PANIC

I

Two long-faced young men and one old man with a long face sat upon the

veranda of the Country Club of Westchester, and looked, now into the

depths of pewter mugs containing mint and ice among other things, and

now across Pelham Bay to the narrow pass of water between Fort Schuyler

and Willets Point. Through this pass the evening fleet of Sound steamers

had already torn with freight and passengers for New Haven, Newport,

Fall River, and Portland; and had already disappeared behind City Island

Point, and in such close order that it had looked as if the _Peck_,

which led, had been towing the others. The first waves from the

paddle-wheels of the great ships had crossed the three miles of

intervening bay, and were slapping at the base of the seawall that

supported the country club pigeon grounds and lawn-tennis terraces, when

another vessel came slowly and haughtily into view from between the

forts. She was as black as the king of England's brougham, and as smart;

her two masts and her great single funnel were stepped with the most

insolent rake imaginable. Here and there where the light of the setting

sun smote upon polished brass she shone as with pools of fire.

"There she is," said Powers. He had been sitting in his shirt sleeves,

but now he rose and put on his coat as if the sight of the huge and

proud yacht had chilled him. Brett, with a petulant slap, killed a

swollen mosquito against his black silk ankle bone. The old man,

Callender, put his hand to his forehead as if trying to remember

something; and the yacht, steaming slower and slower, and yet, as it

seemed, with more and more grandeur and pride of place--as if she knew

that she gave to the whole bayscape, and the pale Long Island shore

against which she moved in strong relief, an irrefutable note of

dignity--presently stopped and anchored, midway between the forts and

City Island Point; then she began to swing with the tide, until she

faced New York City, from which she had just come.

Callender took his hand from his forehead. He had remembered.

"Young gentlemen," he said, "that yacht of Merriman's has been reminding

me every afternoon for a month of something, and I've just thought what.

You remember one day the _Merrimac_ came down the James, very slowly,

and sunk the _Cumberland_, and damaged and frightened the Union fleet

into fits, just the way Merriman has been going down to Wall Street

every morning and frightening us into fits? Well, instead of finishing

the work then and there, she suddenly quit and steamed off up the river

in the same insolent, don't-give-a-hoot way that Merriman comes up from

Wall Street every afternoon. Of course, when the _Merrimac_ came down to

finish destroying the fleet the next day, the _Monitor_ had arrived

during the night and gave her fits, and they called the whole thing off.

Anyhow, it's that going-home-to-sleep-on-it expression of the

_Merrimac's_ that I've been seeing in the _Sappho_."

"You were on the _Monitor_, weren't you?" asked Powers cheerfully.

The old man did not answer, but he was quite willing that Powers and

Brett, and the whole world for that matter, should think that he had

been. Powers and Brett, though in no cheerful mood, exchanged winks.

"I don't see why history shouldn't repeat itself," said Powers.

"You don't!" said Brett. "Why, because there isn't any _Monitor_ waiting

for Merriman off Wall Street."

"And just like the Civil War," said Callender, "this trouble in the

street is a rich man's quarrel and a poor man's war. Just because old

Merriman is gunning for Waters, you, and I, and the rest of us are about

to go up the spout."

Callender was a jaunty old man, tall, of commanding presence and smart

clothes. His white mustache was the epitome of close-cropped neatness.

When he lost money at poker his brown eyes held exactly the same twinkle

as when he won, and it was current among the young men that he had

played greatly in his day--great games for great stakes. Sometimes he

had made heavy winnings, sometimes he had faced ruin; sometimes his

family went to Newport for the summer and entertained; sometimes they

went to a hotel somewhere in some mountains or other, where they didn't

even have a parlor to themselves. But this summer they were living on in

the town house, keeping just enough rooms open, and a few servants who

had weathered former panics, and who were willing to eat dry bread in

bad times for the sake of the plentiful golden butter that they knew was

to be expected when the country believed in its own prosperity and

future. Just now the country believed that it was going to the dogs. And

Mr. Merriman, the banker, had chosen the opportunity to go gunning for

Mr. Waters, the railroad man. The quarrel between the great men was

personal; and so because of a couple of nasty tempers people were being

ruined daily, honest stocks were selling far below their intrinsic

value, United States Steel had been obliged to cut wages, there was a

strike on in the Pennsylvania coal fields, and the Callenders, as I have

said, were not even going to the cheapest mountain top for the summer.

Brett alone was glad of this, because it meant that little Miss

Callender would occasionally come out to the country club for a game of

tennis and a swim, and, although she had refused to marry him on twenty

distinct occasions, he was not a young man to be easily put from his

purpose. Nor did little Miss Callender propose to be relinquished by him

just yet; and she threw into each refusal just the proper amount of

gentleness and startled-fawn expression to insure another proposal

within a month.

Brett, looking upon Callender as his probable father-in-law, turned to

the old gentleman and said, with guileful innocence:

"Isn't there anything you can do, sir, to hold Merriman off? Powers and

I are in the market a little, but our customers are in heavy, and the

way things are going we've got to break whether we like it or not."

Ordinarily Callender would have pretended that he could have checkmated

Merriman if he had wanted to--for in some things he was a child, and it

humored him to pretend, and to intimate, and to look wise; but on the

present occasion, and much to Powers's and Brett's consternation, he

began to speak to them gravely, and confidentially, and a little

pitifully. They had never before seen him other than jaunty and

debonair, whether his family were at Newport or in the mountains.

"It's all very well for you boys," he said; "you have youth and

resiliency on your side. No matter what happens to you now, in money or

in love, you can come again. But we old fellows, buying and selling with

one foot in the grave, with families accustomed to luxury dependent on

us"--he paused and tugged at his neatly ordered necktie as if to free

his throat for the passage of more air--"some of us old fellows," he

said, "if we go now can never come again--never."

He rose abruptly and walked into the house without a word more; but

Brett, after hesitating a moment, followed him. Mr. Callender had

stopped in front of the "Delinquent List." Seeing Brett at his elbow, he

pointed with a well-groomed finger to his own name at the beginning

of the C's.

"If I died to-night," he said, neither gravely nor jocosely, but as if

rather interested to know whether he would or would not, "the club would

have a hard time to collect that sixteen dollars."

"Are you serious, sir?" Brett asked.

"If to-morrow is a repetition of to-day," said Mr. Callender, "you will

see the name of Callender & Co. in the evening papers." His lips

trembled slightly under his close-cropped mustache.

"Then," said Brett, "this is a good opportunity to ask you, sir, if you

have any objection to me as a candidate for your youngest daughter."

Mr. Callender raised his eyebrows. So small a thing as contemplated

matrimony did not disturb him under the circumstances.

"My boy," he said, "I take it you are in earnest. I don't object to you.

I am sure nobody does."

"Oh, yes," said Brett; "_she_ does."

He had succeeded in making Mr. Callender laugh.

"But," Brett went on, "I'd like your permission to go on trying."

"You have it," said her father. "Will you and Powers dine with me?"

"No," said Brett. "Speaking as candidate to be your son-in-law, you

cannot afford to give us dinner; and in the same way I cannot afford to

buy dinner for you and Powers. So Powers will have to be host and pay

for everything. I shall explain it to him.... But look here, sir, are

you really up against it?"

To Brett's consternation, Callender suddenly buried his face in his

hands and groaned aloud.

"Don't," said Brett; "some one's coming."

Callender recovered his usual poise with a great effort. But no one

came.

"As far as my wishes go, sir," said Brett, "I'm your son. You never had

a son, did you? If you had a son, and if he were young and resilient,

you'd talk to him and explain to him, and in that way, perhaps, you'd

get to see things so clearly in your own mind that you'd be able to

think a way out. Why don't you talk to me as if I were your son? You see

I want to be so very much, and that's half the battle."

Callender often joked about his affairs, but he never talked about them.

Now, however, he looked for a moment keenly into the young man's frank

and intelligent face, hesitated, and then, with a grave and courtly bow,

he waved his hand toward two deep chairs that stood in the corner of the

room half facing each other, as if they themselves were engaged in

conversation.

Twenty minutes later Callender went upstairs to dress for dinner, but

Brett rejoined Powers on the piazza. He sat down without looking at

Powers or speaking to him, and his eyes, crossing the darkening bay,

rested once more on the lordly silhouette of the _Sappho_. In the

failing light she had lost something of her emphatic outline, and was

beginning to melt, as it were, into the shore.

Brett and Powers were partners. Powers was the floor member of the firm

and Brett ran the office. But they were partners in more ways than the

one, and had been ever since they could remember. As little boys they

had owned things in common without dispute. At St. Marks Powers had

pitched for the nine, and Brett had caught. In their senior year at New

Haven they had played these positions to advantage, both against Harvard

and Princeton. After graduation they had given a year to going around

the world. In Bengal they had shot a tiger, each giving it a mortal

wound. In Siam they had won the doubles championship at lawn tennis.

When one rode on the water wagon the other sat beside him, and vice

versa. Powers's family loved Brett almost as much as they loved Powers,

and if Brett had had a family it would probably have felt about Powers

in the same way.

As far as volume of business and legitimate commissions went, their firm

was a success. It could execute orders with precision, despatch, and

honesty. It could keep its mouth shut. But it had not yet learned to

keep out of the market on its own account. Regularly as a clock ticks

its profits were wiped out in speculation. The young men believed in the

future of the country, and wanted to get rich quick, not because they

were greedy, but because that desire is part of the average American's

nature and equipment. Gradually, however, they were "getting wise," as

the saying is. And they had taken a solemn oath and shaken hands upon

it, that if ever they got out of their present difficulties they would

never again tempt the goddess of fortune.

"Old man's in bad, I guess," said Powers.

"I shouldn't wonder," said Brett, and was ashamed to feel that he must

not be more frank with his partner. "We're all in bad."

"The _Cumberland_ has been sunk," said Powers, "and the rest of us are

aground and helpless, waiting for the _Merrimac_ to come down the river

in the morning." He shook his fist at the distant _Sappho_. "Why," he

said, "even if we knew what he knows it's too late to do anything,

unless _he_ does it. And he won't. He won't quit firing until Waters

blows up."

"I've a good notion," said Brett, "to get out my pigeon gun, take the

club launch, board the _Sappho_ about midnight, hold the gun to old

Merriman's head, and make him promise to save the country; or else make

him put to sea, and keep him there. If he were kidnapped and couldn't

unload any more securities, the market would pull up by itself." The

young men chuckled, for the idea amused them in spite of their troubles.

By a common impulse they turned and looked at the club's thirty-foot

naphtha launch at anchor off the club's dock; and by a common impulse

they both pointed at her, and both exclaimed:

"The _Monitor_!"

Then, of course, they were very careful not to say anything more until

they had crooked together the little fingers of their right hands, and

in silence registered a wish each. Then each spoke the name of a famous

poet, and the spell was ended.

"What did you wish?" said Brett idly.

Powers could be very courtly and old fashioned.

"My dear boy," he said, "I fancy that I wished for you just what you

wished for yourself."

Before this they had never spoken about her to each other.

"I didn't know that you knew," said Brett. "Thanks."

They shook hands. Then Brett broke into his gay, happy laugh.

"That," said he, "is why you have to pay for dinner for Mr. Callender

and me."

"Are we to dine?" asked Powers, "before attacking the _Merrimac_?"

"Always," assented Brett, "and we are to dress first."

The two young men rose and went into the house, Powers resting his hand

affectionately on Brett's further shoulder. It was so that they had come

off the field after striking out Harvard's last chance to score.

At dinner Mr. Callender, as became his age and experience, told the

young men many clean and amusing stories. Though the clouds were thick

about his head he had recovered his poise and his twinkling eye of the

good loser. Let his night be sleepless, let the morrow crush him, but

let his young friends remember that he had gone to his execution calm,

courteous, and amusing, his mustache trimmed, his face close-shaved, his

nails clean and polished. They had often, he knew, laughed at him for

his pretensions, and his affectation of mysterious knowledge, and all

his little vanities and superiorities, but they would remember him for

the very real nerve and courage that he was showing, and knew that he

was showing. The old gentleman took pleasure in thinking that although

he was about to fail in affairs, he was not going to fail in character.

He even began to make vague plans for trying again, and when, after a

long dinner, they pushed back their chairs and rose from the table,

there was a youthful resiliency in the voice with which he challenged

Powers to a game of piquet.

"That seems to leave me out," said Brett.

"Well," said Mr. Callender, with snapping eyes, "can you play well

enough to be an interesting opponent, or can't you?"

"No, I can't," said Brett. "And anyway, I'm going out in the launch to

talk things over with Merriman." He shrugged his shoulders in a superior

way, and they laughed; but when they had left him for the card-room he

walked out on the veranda and stood looking through the darkness at the

_Sappho's_ distant lights, and he might have been heard muttering, as if

from the depths of very deep thought:

"Why not?"

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