the financier-第10节

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they　broke。　　I've　seen　rises　the　same　way。　　My　God；　the　rumors　of　the　stock　exchange！　They　beat　the　devil。　　If　they're　going　down　in　ordinary　times　some　one　is　unloading；　or　they're　rigging　the　market。　　If　they're　going　up　God　knows　times　must　be　good　or　somebody　must　be　buyingthat's　sure。　　Beyond　thatwell；　ask　Rivers　to　show　you　the　ropes。　　Don't　you　ever　lose　for　me；　though。　　That's　the　cardinal　sin　in　this　office。〃　　He　grinned　maliciously；　even　if　kindly；　at　that。

Cowperwood　understoodnone　better。　　This　subtle　world　appealed　to　him。　　It　answered　to　his　temperament。

There　were　rumors；　rumors；　rumorsof　great　railway　and　street…car　undertakings；　land　developments；　government　revision　of　the　tariff；　war　between　France　and　Turkey；　famine　in　Russia　or　Ireland；　and　so　on。　　The　first　Atlantic　cable　had　not　been　laid　as　yet；　and　news　of　any　kind　from　abroad　was　slow　and　meager。　　Still　there　were　great　financial　figures　in　the　held；　men　who；　like　Cyrus　Field；　or　William　H。　Vanderbilt；　or　F。　X。　Drexel；　were　doing　marvelous　things；　and　their　activities　and　the　rumors　concerning　them　counted　for　much。

Frank　soon　picked　up　all　of　the　technicalities　of　the　situation。　A　〃bull；〃　he　learned；　was　one　who　bought　in　anticipation　of　a　higher　price　to　come；　and　if　he　was　〃loaded　up〃　with　a　〃line〃　of　stocks　he　was　said　to　be　〃long。〃　　He　sold　to　〃realize〃　his　profit；　or　if　his　margins　were　exhausted　he　was　〃wiped　out。〃　　A　〃bear〃　was　one　who　sold　stocks　which　most　frequently　he　did　not　have；　in　anticipation　of　a　lower　price；　at　which　he　could　buy　and　satisfy　his　previous　sales。　　He　was　〃short〃　when　he　had　sold　what　he　did　not　own；　and　he　〃covered〃　when　he　bought　to　satisfy　his　sales　and　to　realize　his　profits　or　to　protect　himself　against　further　loss　in　case　prices　advanced　instead　of　declining。　　He　was　in　a　〃corner〃　when　he　found　that　he　could　not　buy　in　order　to　make　good　the　stock　he　had　borrowed　for　delivery　and　the　return　of　which　had　been　demanded。　　He　was　then　obliged　to　settle　practically　at　a　price　fixed　by　those　to　whom　he　and　other　〃shorts〃　had　sold。

He　smiled　at　first　at　the　air　of　great　secrecy　and　wisdom　on　the　part　of　the　younger　men。　　They　were　so　heartily　and　foolishly　suspicious。　　The　older　men；　as　a　rule；　were　inscrutable。　　They　pretended　indifference；　uncertainty。　　They　were　like　certain　fish　after　a　certain　kind　of　bait；　however。　　Snap！　and　the　opportunity　was　gone。　　Somebody　else　had　picked　up　what　you　wanted。　　All　had　their　little　note…books。　　All　had　their　peculiar　squint　of　eye　or　position　or　motion　which　meant　〃Done！　I　take　you！〃　Sometimes　they　seemed　scarcely　to　confirm　their　sales　or　purchasesthey　knew　each　other　so　wellbut　they　did。　　If　the　market　was　for　any　reason　active；　the　brokers　and　their　agents　were　apt　to　be　more　numerous　than　if　it　were　dull　and　the　trading　indifferent。　　A　gong　sounded　the　call　to　trading　at　ten　o'clock；　and　if　there　was　a　noticeable　rise　or　decline　in　a　stock　or　a　group　of　stocks；　you　were　apt　to　witness　quite　a　spirited　scene。　　Fifty　to　a　hundred　men　would　shout；　gesticulate；　shove　here　and　there　in　an　apparently　aimless　marmer；　endeavoring　to　take　advantage　of　the　stock　offered　or　called　for。

〃Five…eighths　for　five　hundred　P。　and　W。；〃　some　one　would　call　Rivers　or　Cowperwood；　or　any　other　broker。

Five　hundred　at　three…fourths；〃　would　come　the　reply　from　some　one　else；　who　either　had　an　order　to　sell　the　stock　at　that　price　or　who　was　willing　to　sell　it　short；　hoping　to　pick　up　enough　of　the　stock　at　a　lower　figure　later　to　fill　his　order　and　make　a　little　something　besides。　　If　the　supply　of　stock　at　that　figure　was　large　Rivers　would　probably　continue　to　bid　five…eighths。　　If；　on　the　other　hand；　he　noticed　an　increasing　demand；　he　would　probably　pay　three…fourths　for　it。　　If　the　professional　traders　believed　Rivers　had　a　large　buying　order；　they　would　probably　try　to　buy　the　stock　before　he　could　at　three…fourths；　believing　they　could　sell　it　out　to　him　at　a　slightly　higher　price。　　The　professional　traders　were；　of　course；　keen　students　of　psychology；　and　their　success　depended　on　their　ability　to　guess　whether　or　not　a　broker　representing　a　big　manipulator；　like　Tighe；　had　an　order　large　enough　to　affect　the　market　sufficiently　to　give　them　an　opportunity　to　〃get　in　and　out；〃　as　they　termed　it；　at　a　profit　before　he　had　completed　the　execution　of　his　order。　　They　were　like　hawks　watching　for　an　opportunity　to　snatch　their　prey　from　under　the　very　claws　of　their　opponents。

Four；　five；　ten；　fifteen；　twenty；　thirty；　forty；　fifty；　and　sometimes　the　whole　company　would　attempt　to　take　advantage　of　the　given　rise　of　a　given　stock　by　either　selling　or　offering　to　buy；　in　which　case　the　activity　and　the　noise　would　become　deafening。　Given　groups　might　be　trading　in　different　things；　but　the　large　majority　of　them　would　abandon　what　they　were　doing　in　order　to　take　advantage　of　a　speciality。　　The　eagerness　of　certain　young　brokers　or　clerks　to　discover　all　that　was　going　on；　and　to　take　advantage　of　any　given　rise　or　fall；　made　for　quick　physical　action；　darting　to　and　fro；　the　excited　elevation　of　explanatory　fingers。　Distorted　faces　were　shoved　over　shoulders　or　under　arms。　　The　most　ridiculous　grimaces　were　purposely　or　unconsciously　indulged　in。　　At　times　there　were　situations　in　which　some　individual　was　fairly　smothered　with　arms；　faces；　shoulders；　crowded　toward　him　when　he　manifested　any　intention　of　either　buying　or　selling　at　a　profitable　rate。　　At　first　it　seemed　quite　a　wonderful　thing　to　young　Cowperwoodthe　very　physical　face　of　itfor　he　liked　human　presence　and　activity；　but　a　little　later　the　sense　of　the　thing　as　a　picture　or　a　dramatic　situation；　of　which　he　was　a　part　faded；　and　he　came　down　to　a　clearer　sense　of　the　intricacies　of　the　problem　before　him。　　Buying　and　selling　stocks；　as　he　soon　learned；　was　an　art；　a　subtlety；　almost　a　psychic　emotion。　　Suspicion；　intuition；　feelingthese　were　the　things　to　be　〃long〃　on。

Yet　in　time　he　also　asked　himself；　who　was　it　who　made　the　real　moneythe　stock…brokers？　Not　at　all。　　Some　of　them　were　making　money；　but　they　were；　as　he　quickly　saw；　like　a　lot　of　gulls　or　stormy　petrels；　hanging　on　the　lee　of　the　wind；　hungry　and　anxious　to　snap　up　any　unwary　fish。　　Back　of　them　were　other　men；　men　with　shrewd　ideas；　subtle　resources。　　Men　of　immense　means　whose　enterprise　and　holdings　these　stocks　represented；　the　men　who　schemed　out　and　built　the　railroads；　opened　the　mines；　organized　trading　enterprises；　and　built　up　immense　manufactories。　　They　might　use　brokers　or　other　agents　to　buy　and　sell　on　'change；　but　this　buying　and　selling　must　be；　and　always　was；　incidental　to　the　actual　factthe　mine；　the　railroad；　the　wheat　crop；　the　flour　mill；　and　so　on。　　Anything　less　than　straight…out　sales　to　realize　quickly　on　assets；　or　buying　to　hold　as　an　investment；　was　gambling　pure　and　simple；　and　these　men　were　gamblers。　　He　was　nothing　more　than　a　gambler's　agent。　　It　was　not　troubling　him　any　just　at　this　moment；　but　it　was　not　at　all　a　mystery　now；　what　he　was。　　As　in　the　case　of　Waterman　&　Company；　he　sized　up　these　men　shrewdly；　judging　some　to　be　weak；　some　foolish；　some　clever；　some　slow；　but　in　the　main　all　small…minded　or　deficient　because　they　were　agents；　tools；　or　gamblers。　　A　man；　a　real　man；　must　never　be　an　agent；　a　tool；　or　a　gambleracting　for　himself　or　for　othershe　must　employ　such。　　A　real　mana　financierwas　never　a　tool。　　He　used　tools。　He　created。　　He　led。

Clearly；　very　clearly；　at　nineteen；　twenty；　and　twenty…one　years　of　age；　he　saw　all　this；　but　he　was　not　quite　ready　yet　to　do　anything　about　it。　　He　was　certain；　however；　that　his　day　would　come。





Chapter　VII




In　the　meantime；　his　interest　in　Mrs。　Semple　had　been　secretly　and　strangely　growing。　　When　he　received　an　invitation　to　call　at　the　Semple　home；　he　accepted　with　a　great　deal　of　pleasure。　　Their　house　was　located　not　so　very　far　from　his　own；　on　North　Front　Street；　in　the　neighborhood　of　what　is　now　known　as　No。　956。　　It　had；　in　summer；　quite　a　wealth　of　green　leaves　and　vines。　　The　little　side　porch　which　ornamented　its　south　wall　commanded　a　charming　view　of　the　river；　and　all　the　windows　and　doors　were　topped　with　lunettes　of　small…paned　glass。　　The　interior　of　the　house　was　not　as　pleasing　as　he　would　have　had　it。　　Artistic　impressiveness；　as　to　the　furniture　at　least；　was　wanting；　although　it　was　new　and　good。　　The　pictures　werewell；　simply　pictures。　There　were　no　books　to　speak　ofthe　Bible；　a　few　current　novels；　some　of　the　more　significant　histories；　and　a　collection　of　antiquated　odds　and　ends　in　the　shape　of　books　inherited　from　relatives。　　The　china　was　goodof　a　delicate　pattern。　　The　carpets　and　wall…paper　were　too　high　in　key。　　So　it　went。　　Still；　the　personality　of　Lillian　Semple　was　worth　something；　for　she　was　really　pleasing　to　look　upon；　making　a　picture　wherever　she　stood　or　sat。

There　were　no　childrena　dispensation　of　sex　conditions　which　had　nothing　to　do　with　her；　for　she　longed　to　have　them。　　She　was　without　any　notable　experience　in　social　life；　except　such　as　had　come　to　the　Wiggin　family；　of　which　she　was　a　memberrelatives　and　a　few　neighborhood　friends　visiting。　　Lillian　Wiggin；　that　was　her　maiden　namehad　two