CHAPTER X
NAPOLEON OF FINANCE
The next two months were busy ones for Brewster. Miss Drew saw himquite as often as before the important interview, but he was always apuzzle to her.
"His attitude is changed somehow," she thought to herself, and then sheremembered that "a man who wins a girl after an ardent suit is oftenlike one who runs after a street car and then sits down to read hispaper."
In truth after the first few days Monty seemed to have forgotten hiscompetitors, and was resting in the consciousness of his assuredposition. Each day he sent her flowers and considered that he had morethan done his duty. He used no small part of his income on the flowers,but in this case his mission was almost forgotten in his love forBarbara.
Monty's attitude was not due to any wanting of his affection, but tothe very unromantic business in which he was engaged. It seemed to himthat, plan as he might, he could not devise fresh ways and means toearn $16,000 a day. He was still comfortably ahead in the race, but afamine in opportunities was not far remote. Ten big dinner parties anda string of elaborate after-the-play suppers maintained a fair butinsufficient average, and he could see that the time was ripe forradical measures. He could not go on forever with his dinners. Peoplewere already beginning to refer to the fact that he was warming histoes on the Social Register, and he had no desire to become thelaughing stock of the town. The few slighting, sarcastic remarks abouthis business ability, chiefly by women and therefore reflected from themen, hurt him. Miss Drew's apparently harmless taunt and Mrs. Dan'sopen criticism told plainly enough how the wind was blowing, but it wasPeggy's gentle questions that cut the deepest. There was such honestconcern in her voice that he could see how his profligacy was troublingher and Mrs. Gray. In their eyes, more than in the others, he feltashamed and humiliated. Finally, goaded by the remark of a bankdirector which he overheard, "Edwin P. Brewster is turning handspringsin his grave over the way he is going it," Monty resolved to redeemhimself in the eyes of his critics. He would show them that his brainwas not wholly given over to frivolity.
With this project in mind he decided to cause a little excitement inWall Street. For some days he stealthily watched the stock market andplied his friends with questions about values. Constant reading andobservation finally convinced him that Lumber and Fuel Common was theone stock in which he could safely plunge. Casting aside allapprehension, so far as Swearengen Jones was concerned, he prepared forwhat was to be his one and only venture on the Stock Exchange beforethe 23d of the following September. With all the cunning and craftinessof a general he laid his plans for the attack. Gardner's face was thepicture of despair when Brewster asked him to buy heavily in Lumber andFuel.
"Good heavens, Monty," cried the broker, "you're joking. Lumber is awayup now. It can't possibly go a fraction of a point higher. Take myadvice and don't touch it. It opened to-day at 111 3/4 and closed at109. Why, man, you're crazy to think about it for an instant."
"I know my business, Gardner," said Brewster, quietly, and hisconscience smote him when he saw the flush of mortification creep intothe face of his friend. The rebuke had cut Gardner to the quick.
"But, Monty, I know what I'm talking about. At least let me tell yousomething about this stock," pleaded Elon, loyally, despite the wound.
"Gardy, I've gone into this thing carefully, and if ever a man feltsure about anything I do about this," said Monty, decidedly, butaffectionately.
"Take my word for it Lumber can't go any higher. Think of thesituation; the lumber men in the north and west are overstocked, andthere is a strike ready to go into effect. When that comes the stockwill go for a song. The slump is liable to begin any day."
"My mind is made up," said the other firmly, and Gardner was indespair. "Will you or will you not execute an order for me at theopening to-morrow? I'll start with ten thousand shares. What will itcost me to margin it for ten points?"
"At least a hundred thousand, exclusive of commission, which would betwelve and a half a hundred shares." Despite the most strenuousopposition from Gardner, Brewster adhered to his design, and the brokerexecuted the order the next morning. He knew that Brewster had but onechance to win, and that was to buy the stock in a lump instead ofdistributing it among several brokers and throughout the session. Thiswas a point that Monty had overlooked.
There had been little to excite the Stock Exchange for some weeks:nothing was active and the slightest flurry was hailed as an event.Every one knew that the calm would be disturbed at some near day, butnobody looked for a sensation in Lumber and Fuel. It was a foregoneconclusion that a slump was coming, and there was scarcely any tradingin the stock. When Elon Gardner, acting for Montgomery Brewster; tookten thousand shares at 108 3/4 there was a mighty gasp on the Exchange,then a rubbing of eyes, then commotion. Astonishment was followed bynervousness, and then came the struggle.
Brewster, confident that the stock could go no higher, and that sooneror later it must drop, calmly ordered his horse for a ride in thesnow-covered park. Even though he knew the venture was to be a failurein the ordinary sense he found joy in the knowledge that he was doingsomething. He might be a fool, he was at least no longer inactive. Thefeel of the air was good to him. He was exhilarated by the glitter ofthe snow, the answering excitement of his horse, the gaiety and sparkleof life about him.
Somewhere far back in his inner self there seemed to be the sound ofcheering and the clapping of hands. Shortly before noon he reached hisclub, where he was to lunch with Colonel Drew. In the reading-room heobserved that men were looking at him in a manner less casual than wascustomary. Some of them went so far as to smile encouragingly, andothers waved their hands in the most cordial fashion. Three or fourvery young members looked upon him with admiration and envy, and eventhe porters seemed more obsequious. There was something strangelyoppressive in all this show of deference.
Colonel Drew's dignity relaxed amazingly when he caught sight of theyoung man. He came forward to meet him and his greeting almost carriedMonty off his feet.
"How did you do it, my boy?" cried the Colonel. "She's off a point ortwo now, I believe, but half an hour ago she was booming. Gad, I neverheard of anything more spectacular!"
Monty's heart was in his mouth as he rushed over to the ticker. It didnot take him long to grasp the immensity of the disaster. Gardner hadbought in at 108 3/4, and that very action seemed to put new life intothe stock. Just as it was on the point of breaking for lack of supportalong came this sensational order for ten thousand shares; and therecould be but one result. At one time in the morning Lumber and Fuel,traded in by excited holders, touched 113 1/2 and seemed in a fair wayto hold firm around that figure.
Other men came up and listened eagerly. Brewster realized that his dashin Lumber and Fuel had been a master-stroke of cleverness whenconsidered from the point of view of these men, but a catastrophe fromhis own.
"I hope you sold it when it was at the top," said the Colonel anxiously.
"I instructed Gardner to sell only when I gave the word," said Monty,lamely. Several of the men looked at him in surprise and disgust.
"Well, if I were you I'd tell him to sell," remarked the Colonel,coldly.
"The effect of your plunge has worn off, Brewster, and the other sidewill drive prices down. They won't be caught napping again, either,"said one of the bystanders earnestly.
"Do you think so?" And there was a note of relief in Monty's voice.
From all sides came the advice to sell at once, but Brewster was not tobe pushed. He calmly lighted a cigarette, and with an assured air ofwisdom told them to wait a little while and see.
"She's already falling off," said some one at the ticker.
When Brewster's bewildered eyes raced over the figures the stock wasquoted at 112. His sigh of relief was heard but misunderstood. He mightbe saved after all. The stock had started to go down and there seemedno reason why it should stop. As he intended to purchase no more it wasfair to assume that the backbone was at the breaking point. The crashwas
bound to come. He could hardly restrain a cry of joy. Even while hestood at the ticker the little instrument began to tell of a furtherdecline. As the price went down his hopes went up.
The bystanders were beginning to be disgusted. "It was only a flukeafter all," they said to each other. Colonel Drew was appealed to urgeMonty to save himself, and he was on the point of remonstrance when themessage came that the threatened strike was off, and that the men werewilling to arbitrate. Almost before one could draw breath thisstartling news began to make itself felt. The certainty of a greatstrike was one of the things that had made Brewster sure that the pricecould not hold. With this danger removed there was nothing tojeopardize the earning power of the stock. The next quotation was apoint higher.
"You sly dog," said the Colonel, digging Monty in the side. "I hadconfidence in you all the time."
In ten minutes' time Lumber and Fuel was up to 113 and soaring.Brewster, panic-stricken, rushed to the telephone and called up Gardner.
The broker, hoarse with excitement, was delighted when he recognizedBrewster's voice.
"You're a wonder, Monty! I'll see you after the close. How the devildid you do it?" shouted Gardner.
"What's the price now?" asked Brewster.
"One thirteen and three-fourths, and going up all the time. Hooray!"
"Do you think she'll go down again?" demanded Brewster.
"Not if I can help it."
"Very well, then, go and sell out," roared Brewster.
"But she's going up like--"
"Sell, damn you! Didn't you hear?"
Gardner, dazed and weak, began selling, and finally liquidated the fullline at prices ranging from 114 to 112 1/2, but Montgomery Brewster hadcleared $58,550, and all because it was he and not the market that gotexcited.