This was in case the market had to be genuinely supported. He decided to buy sixty thousand dollars worth now, and use this to sustain his loans elsewhere. Stener would pay him for this instantly, giving him more ready cash. It might help him in one way and another; and, anyhow, it might tend to strengthen the other securities long enough at least to allow him to realize a little something now at better than ruinous rates. If only he had the means "to go short" on this market! If only doing so did not really mean ruin to his present position. It was characteristic of the man that even in this crisis he should be seeing how the very thing that of necessity, because of his present obligations, might ruin him, might also, under slightly different conditions, yield him a great harvest. He could not take advantage of it, however. He could not be on both sides of this market. It was either "bear" or "bull," and of necessity he was "bull." It was strange but true. His subtlety could not avail him here. He was about to turn and hurry to see a certain banker who might loan him something on his house, when the gong struck again. Once more trading ceased. Arthur Rivers, from his position at the State securities post, where city loan was sold, and where he had started to buy for Cowperwood, looked significantly at him.
Newton Targool hurried to Cowperwood's side.
"You're up against it," he exclaimed. "I wouldn't try to sell against this market. It's no use. They're cutting the ground from under you. The bottom's out. Things are bound to turn in a few days. Can't you hold out? Here's more trouble."
He raised his eyes to the announcer's balcony.
"The Eastern and Western Fire Insurance Company of New York announces that it cannot meet its obligations."
A low sound something like "Haw!" broke forth. The announcer's gavel struck for order.
"The Erie Fire Insurance Company of Rochester announces that it cannot meet its obligations."
Again that "H-a-a-a-w!"
Once more the gavel.
"The American Trust Company of New York has suspended payment."
"H-a-a-a-w!"
The storm was on.
What do you think?" asked Targool. "You can't brave this storm.
Can't you quit selling and hold out for a few days? Why not sell short?"
"They ought to close this thing up," Cowperwood said, shortly.
"It would be a splendid way out. Then nothing could be done."
He hurried to consult with those who, finding themselves in a similar predicament with himself, might use their influence to bring it about. It was a sharp trick to play on those who, now finding the market favorable to their designs in its falling condition, were harvesting a fortune. But what was that to him?
Business was business. There was no use selling at ruinous figures, and he gave his lieutenants orders to stop. Unless the bankers favored him heavily, or the stock exchange was closed, or Stener could be induced to deposit an additional three hundred thousand with him at once, he was ruined. He hurried down the street to various bankers and brokers suggesting that they do this--close the exchange. At a few minutes before twelve o'clock he drove rapidly to the station to meet Stener; but to his great disappointment the latter did not arrive. It looked as though he had missed his train. Cowperwood sensed something, some trick; and decided to go to the city hall and also to Stener's house. Perhaps he had returned and was trying to avoid him.
Not finding him at his office, he drove direct to his house. Here he was not surprised to meet Stener just coming out, looking very pale and distraught. At the sight of Cowperwood he actually blanched.
"Why, hello, Frank," he exclaimed, sheepishly, "where do you come from?"
"What's up, George?" asked Cowperwood. "I thought you were coming into Broad Street."
"So I was," returned Stener, foolishly, "but I thought I would get off at West Philadelphia and change my clothes. I've a lot of things to 'tend to yet this afternoon. I was coming in to see you." After Cowperwood's urgent telegram this was silly, but the young banker let it pass.
"Jump in, George," he said. "I have something very important to talk to you about. I told you in my telegram about the likelihood of a panic. It's on. There isn't a moment to lose. Stocks are 'way down, and most of my loans are being called. I want to know if you won't let me have three hundred and fifty thousand dollars for a few days at four or five per cent. I'll pay it all back to you. I need it very badly. If I don't get it I'm likely to fail.
You know what that means, George. It will tie up every dollar I have. Those street-car holdings of yours will be tied up with me.
I won't be able to let you realize on them, and that will put those loans of mine from the treasury in bad shape. You won't be able to put the money back, and you know what that means. We're in this thing together. I want to see you through safely, but I can't do it without your help. I had to go to Butler last night to see about a loan of his, and I'm doing my best to get money from other sources. But I can't see my way through on this, I'm afraid, unless you're willing to help me." Cowperwood paused. He wanted to put the whole case clearly and succinctly to him before he had a chance to refuse--to make him realize it as his own predicament.
