Chapter IX: State Street

The stringency of the money-market began to frighten even Mr. Sandford who had been predicting a panic. There had been but few failures, and those were generally of houses that ought to fail, being insolvent from losses or mismanagement. Mr. Sandford studied over his sheet of bills payable and receivable almost hourly. The amount intrusted to him by Monroe had been loaned out; for which he was now very sorry, as the rate of interest had nearly doubled since he made the last agreement. This, however, was but a small item in his accounts; other transactions of greater magnitude occupied his attention. As he looked over the array of promisors and indorsers, he said to himself, "I am safe. If these men fail, it will be because the universal bottom has dropped out and chaos come again. If anybody is shaky, it is Stearine. He believes, though, that Bullion will help him through, and extend that note. Perhaps he will. Perhaps, again, he will have enough to do to keep on his own legs. He fancies himself strong because he owns the most of the Neversink Mills. But he doesn't know what I know, that Kerbstone, the treasurer of the Mills, is in the street every day, looking like a gambler when his last dollar is on the table. A few more turns of the screw and down goes Kerbstone. Who knows that the Mills won't tumble, too, and Bullion after them? _He_ may go hang; but we must look after Stearine, and prop him, unnecessary. That twenty thousand is more than we can afford to lose just now. Lucky, there he comes!"

Mr. Stearine entered, not with his usual smile, but with an expression like that of a man trying to be jolly with the toothache. A short, but dexterous cross-examination showed to Sandford, that, if the twenty-thousand-dollar note could be extended over to better times, Stearine was safe. But the note was soon due, and Bullion might be unable or unwilling to renew; in which case, the Vortex would have to meet it. That was a contingency to be provided against; for Mr. Sandford did not intend that the public should know that the credit of the Company had been used for private purposes by its officers. He therefore called in Mr. Fayerweather, the President, and the affair was talked over and settled between them.

"One thing more," said Sandford. "Suppose any one _should_ get wind of this, and grow suspicious;--Bullion himself might be foolish enough to let the cat out of the bag;--we might find the shares of the Vortex in the market, and the bears running them down to an uncomfortable figure."

"True enough. We must stop that."

"The only way is to keep a sharp lookout, and if any of the stock is offered, to buy it up. Half a dozen of us can take all that will be likely to come into market."

"How many shares do you own, Sandford?" asked Mr. Fayerweather, with a quizzical look. "Is this a nice little scheme of yours to run them off at par? It's a shrewd dodge."

"You do me wrong," said Sandford, with a look of wounded innocence. "I merely want to sustain the credit of the Company."

"Oh, no doubt!" said the President. "Well, we will agree, then, not to let the shares fall below ninety, say. It would be suspicious, I think, to hold them higher than that, when money is two and a half per cent. a month."

"Very well. You will see to this? Be careful what men you speak to."

Mr. Sandford, being left alone, bethought him of Monroe. He did not wish to give him a statement of affairs; he had put him off once, and must find some way to satisfy him. How was it to be done? The financier meditated. "I have it," said he; "I'll send him a quarter's interest in advance. That's as much as I can spare in these times, when interest grows like those miraculous pumpkin-vines out West." He drew a check for two hundred dollars, and dispatched it to Monroe by letter.

So Mr. Sandford had all things snug. The Vortex was going on under close-reefed topsails. If the notes he held were paid as they matured, he would have money for new operations; if not, he had arranged that the debtors should be piloted over the bar and anchored in safely till the storm should blow over. Everything was secured, as far as human foresight could anticipate.

Mr. Sandford had now but little use for Fletcher's services, except to look after his debtors,--to know who was "shinning" in the street, or "kite-flying" with accommodation-paper. Still he did not admit the agent into his confidence. But this active and scheming mind was not long without employment. Mr. Bullion had seen him in frequent communication with Sandford, and thereby formed a high opinion of his shrewdness and tact; for he knew that Sandford was very wary in selecting his associates. He sought Fletcher.

"Young man," said Bullion, pointing his wisp of an eyebrow at him, "do you want a job? Few words and keep mum. Yes or no?"

"Yes," said Fletcher, decidedly.

"I like your pluck," said Bullion.

"It doesn't take much pluck to follow Mr. Bullion's lead."

"None of your nonsense. How do you know anything about me, or what I am going to do? I may fail to-morrow,--God forbid!--but when the wind comes, it's the tall trees that are knocked over."

Fletcher thought the comparison rather ludicrous for a man standing on such remarkably short pegs, but he said nothing.

"I mean to sell a few shares of stock, and I want you to do the business. I am not to be known in it."

Fletcher bowed, and asked what the stocks were.

"No matter; any you can sell to advantage. I haven't a share, but I needn't tell you _that_ doesn't make any difference."

"Let me understand you clearly," said Fletcher.

"Sell under. For instance, take a stock that sells to-day at ninety-four; offer to deliver it five days hence at ninety. To-morrow offer it a peg lower, and so on, till the market is easier. When the first contract is up, we shall get the stock at eighty-eight, or less, perhaps,--deliver to the buyers, and pocket the difference."

"But it may not fall."

"It's bound to fall. People that hold stock _must_ sell to pay their notes. Every day brings a fresh lot of shares to the hammer."

"But the bulls may corner you; they will try mightily to keep prices up."

"But they can't corner, I tell you; there are too many of them in distress. Besides, we'll spread; we won't put all our eggs into one basket. If I stuck to 'bearing' one stock, the holders might get all the shares and break me by keeping them so that I couldn't comply with my contracts. I shan't do it. I'll pitch into the 'fancies' mainly; they are held by speculators, who must be short, and they'll come down with a run."

"How deep shall I go in?"

"Fifty thousand, to begin with. However, there won't be many transfers actually made; the bulls will merely pay the differences."

"Or else waddle out of the street lame ducks."

Bullion rubbed his hands, while his eyes shone with a colder glitter.

"Well, you are a bear, truly," said Fletcher, with unfeigned admiration,--"a real Ursa Major."

"To be sure, I'm a bear. What's the use in being a bull in times like these, to be skinned and sold for your hide and tallow?"

"The market is falling, and no mistake."

"Yes, and will fall lower. Stocks haven't been down since '37 so low as you will see them a month from now."

Fletcher bowed----and waited. Bullion pointed the eyebrow again.

"You don't want to begin on an uncertainty. I see. Sharp. Proper enough. I'll give you ten per cent. of the profits,--you to pay the commissions. Each day's work to be set down, and at the end of each week I'll give you a note for your share. That do? I thought it would. I offer a liberal figure, for I think you know something, youngster. Use your judgment, now. Consult me, of course; but mum's the word. If any stock is pushed in, lay hold, and don't be afraid. The holders must sell, and they must sacrifice. We'll skin 'em, by G--," said Bullion, with an excitement that was rare in a cool, hard head like his. Then thinking he had been too outspoken, he resumed his former concise manner.

"All fair, you know. Bargain is a bargain. They must sell; we won't buy, without we buy cheap; their loss, to be sure, but our gain. All trade on the same plan. Seller gets the most he can; buyer pays only what he must."

"That's it," said Fletcher. "Every man for himself in this world."

"Well, good morning, young man. Sharp's the word. Call at my office this afternoon." And, with a queer sweep of the pointed eyebrow, he departed.

What visions of opulence rose before Fletcher's fancy! He would now lay the foundations of his fortune, and, perhaps, accomplish it. He would become a power in State Street; and, best of all, he would escape from his slavery to Sandford, and perhaps even patronize the haughty man he had so long served. How to begin? He could not attend the sales at the Brokers' Board in person, as he was not a member. Should he confide in Danforth? No,--for, with his relations to the house, his own share in the profits would be whittled down. He determined to employ Tonsor, an old acquaintance, who would be glad to buy and sell for the regular commissions. The preliminaries were speedily concluded, and a list of stocks made out on which to operate. The excitement was almost too great for Fletcher to bear. As he counted the piles of bank-bills on his employers' counter, or stacked up heaps of coin, in his ordinary business, he fancied himself another Ali Baba, in a cave to which he had found the Open Sesame, and he could hardly contain himself till the time should come when he should take possession of his unimaginable wealth. He had built air-castles before, but never one so magnificent, so real. He could have hugged Bullion, bear as he was.--We leave Fletcher and his principal on the high road to success.