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and　Merrill　would　lose　in　the　neighborhood　of　six　or　eight　millions　between　them。　　The　local　banks　would　suffer　in　proportion；　though　not　nearly　so　severely；　for；　loaning　at　one…fifty；　they　would　only　sacrifice　the　difference　between　that　and　the　lowest　point　to　which　the　stock　might　fall。

Cowperwood　eyed　the　new…comer；　when　he　entered；　with　an　equivocal　eye；　for　he　knew　well　now　what　was　coming。　　Only　a　few　days　before　he　had　predicted　an　eventual　smash　to　Addison。

〃Mr。　Cowperwood；〃　began　Stackpole；　〃in　this　bag　I　have　fifteen　thousand　shares　of　American　Match；　par　value　one　million　five　hundred　thousand　dollars；　market　value　three　million　three　hundred　thousand　at　this　moment；　and　worth　every　cent　of　three　hundred　dollars　a　share　and　more。　　I　don't　know　how　closely　you　have　been　following　the　developments　of　American　Match。　　We　own　all　the　patents　on　labor…saving　machines　and；　what's　more；　we're　just　about　to　close　contracts　with　Italy　and　France　to　lease　our　machines　and　processes　to　them　for　pretty　nearly　one　million　dollars　a　year　each。　　We're　dickering　with　Austria　and　England；　and　of　course　we'll　take　up　other　countries　later。　　The　American　Match　Company　will　yet　make　matches　for　the　whole　world；　whether　I'm　connected　with　it　or　not。　　This　silver　agitation　has　caught　us　right　in　mid…ocean；　and　we're　having　a　little　trouble　weathering　the　storm。　I'm　a　perfectly　frank　man　when　it　comes　to　close　business　relations　of　this　kind；　and　I'm　going　to　tell　you　just　how　things　stand。　If　we　can　scull　over　this　rough　place　that　has　come　up　on　account　of　the　silver　agitation　our　stock　will　go　to　three　hundred　before　the　first　of　the　year。　　Now；　if　you　want　to　take　it　you　can　have　it　outright　at　one　hundred　and　fifty　dollarsthat　is；　providing　you'll　agree　not　to　throw　any　of　it　back　on　the　market　before　next　December；　or；　if　you　won't　promise　that〃　（he　paused　to　see　if　by　any　chance　he　could　read　Cowperwood's　inscrutable　face）　〃I　want　you　to　loan　me　one　hundred　and　fifty　dollars　a　share　on　these　for　thirty　days　at　least　at　ten　or　fifteen；　or　whatever　rate　you　care　to　fix。〃

Cowperwood　interlocked　his　fingers　and　twiddled　his　thumbs　as　he　contemplated　this　latest　evidence　of　earthly　difficulty　and　uncertainty。　　Time　and　chance　certainly　happened　to　all　men；　and　here　was　one　opportunity　of　paying　out　those　who　had　been　nagging　him。　　To　take　this　stock　at　one…fifty　on　loan　and　peddle　it　out　swiftly　and　fully　at　two…twenty　or　less　would　bring　American　Match　crumbling　about　their　ears。　　When　it　was　selling　at　one…fifty　or　less　he　could　buy　it　back；　pocket　his　profit；　complete　his　deal　with　Mr。　Stackpole；　pocket　his　interest；　and　smile　like　the　well…fed　cat　in　the　fable。　　It　was　as　simple　as　twiddling　his　thumbs；　which　he　was　now　doing。

〃Who　has　been　backing　this　stock　here　in　Chicago　besides　yourself　and　Mr。　Hull？〃　he　asked；　pleasantly。　　〃I　think　that　I　already　know；　but　I　should　like　to　be　certain　if　you　have　no　objection。〃

〃None　in　the　least；　none　in　the　least；〃　replied　Mr。　Stackpole；　accommodatingly。　　〃Mr。　Hand；　Mr。　Schryhart；　Mr。　Arneel；　and　Mr。　Merrill。〃

〃That　is　what　I　thought；〃　commented　Cowperwood；　easily。　　〃They　can't　take　this　up　for　you？　Is　that　it？　Saturated？〃

〃Saturated；〃　agreed　Mr。　Stackpole；　dully。　　〃But　there's　one　thing　I'd　have　to　stipulate　in　accepting　a　loan　on　these。　　Not　a　share　must　be　thrown　on　the　market；　or；　at　least；　not　before　I　have　failed　to　respond　to　your　call。　　I　have　understood　that　there　is　a　little　feeling　between　you　and　Mr。　Hand　and　the　other　gentlemen　I　have　mentioned。　　But；　as　I　sayand　I'm　talking　perfectly　frankly　nowI'm　in　a　corner；　and　it's　any　port　in　a　storm。　　If　you　want　to　help　me　I'll　make　the　best　terms　I　can；　and　I　won't　forget　the　favor。〃

He　opened　the　bag　and　began　to　take　out　the　securitieslong　greenish…yellow　bundles；　tightly　gripped　in　the　center　by　thick　elastic　bands。　　They　were　in　bundles　of　one　thousand　shares　each。　Since　Stackpole　half　proffered　them　to　him；　Cowperwood　took　them　in　one　hand　and　lightly　weighed　them　up　and　down。

〃I'm　sorry；　Mr。　Stackpole；〃　he　said；　sympathetically；　after　a　moment　of　apparent　reflection；　〃but　I　cannot　possibly　help　you　in　this　matter。　　I'm　too　involved　in　other　things　myself；　and　I　do　not　often　indulge　in　stock…peculations　of　any　kind。　　I　have　no　particular　malice　toward　any　one　of　the　gentlemen　you　mention。　　I　do　not　trouble　to　dislike　all　who　dislike　me。　　I　might；　of　course；　if　I　chose；　take　these　stocks　and　pay　them　out　and　throw　them　on　the　market　to…morrow；　but　I　have　no　desire　to　do　anything　of　the　sort。　I　only　wish　I　could　help　you；　and　if　I　thought　I　could　carry　them　safely　for　three　or　four　months　I　would。　　As　it　is〃　He　lifted　his　eyebrows　sympathetically。　　〃Have　you　tried　all　the　bankers　in　town？〃

〃Practically　every　one。〃

〃And　they　can't　help　you？〃

〃They　are　carrying　all　they　can　stand　now。〃

〃Too　bad。　　I'm　sorry；　very。　　By　the　way；　do　you　happen；　by　any　chance；　to　know　Mr。　Millard　Bailey　or　Mr。　Edwin　Kaffrath？〃

〃No；　I　don't；〃　replied　Stackpole；　hopefully。

〃Well；　now；　there　are　two　men　who　are　much　richer　than　is　generally　supposed。　　They　often　have　very　large　sums　at　their　disposal。　　You　might　look　them　up　on　a　chance。　　Then　there's　my　friend　Videra。　　I　don't　know　how　he　is　fixed　at　present。　　You　can　always　find　him　at　the　Twelfth　Ward　Bank。　　He　might　be　inclined　to　take　a　good　portion　of　thatI　don't　know。　　He's　much　better　off　than　most　people　seem　to　think。　　I　wonder　you　haven't　been　directed　to　some　one　of　these　men　before。〃　（As　a　matter　of　fact；　no　one　of　the　individuals　in　question　would　have　been　interested　to　take　a　dollar　of　this　loan　except　on　Cowperwood's　order；　but　Stackpole　had　no　reason　for　knowing　this。　　They　were　not　prominently　identified　with　the　magnate。）

〃Thank　you　very　much。　　I　will；〃　observed　Stackpole；　restoring　his　undesired　stocks　to　his　bag。

Cowperwood；　with　an　admirable　show　of　courtesy；　called　a　stenographer；　and　pretended　to　secure　for　his　guest　the　home　addresses　of　these　gentlemen。　　He　then　bade　Mr。　Stackpole　an　encouraging　farewell。　　The　distrait　promoter　at　once　decided　to　try　not　only　Bailey　and　Kaffrath；　but　Videra；　but　even　as　he　drove　toward　the　office　of　the　first…mentioned　Cowperwood　was　personally　busy　reaching　him　by　telephone。

〃I　say；　Bailey；〃　he　called；　when　he　had　secured　the　wealthy　lumberman　on　the　wire；　〃Benoni　Stackpole；　of　Hull　&　Stackpole；　was　here　to　see　me　just　now。〃

〃Yes。〃

〃He　has　with　him　fifteen　thousand　shares　of　American　Matchpar　value　one　hundred；　market　value　to…day　two…twenty。〃

〃Yes。〃

〃He　is　trying　to　hypothecate　the　lot　or　any　part　of　it　at　one…fifty。〃

〃Yes。〃

〃You　know　what　the　trouble　with　American　Match　is；　don't　you？〃

〃No。　　I　only　know　it's　being　driven　up　to　where　it　is　now　by　a　bull　campaign。〃

〃Well；　listen　to　me。　　It's　going　to　break。　　American　Match　is　going　to　bust。〃

〃Yes。〃

〃But　I　want　you　to　loan　this　man　five　hundred　thousand　dollars　at　one…twenty　or　less　and　then　recommend　that　he　go　to　Edwin　Kaffrath　or　Anton　Videra　for　the　balance。〃

〃But；　Frank；　I　haven't　any　five　hundred　thousand　to　spare。　　You　say　American　Match　is　going　to　bust。〃

〃I　know　you　haven't；　but　draw　the　check　on　the　Chicago　Trust；　and　Addison　will　honor　it。　　Send　the　stock　to　me　and　forget　all　about　it。　　I　will　do　the　rest。　　But　under　no　circumstances　mention　my　name；　and　don't　appear　too　eager。　　Not　more　than　one…twenty　at　the　outside；　do　you　hear？　and　less　if　you　can　get　it。　　You　recognize　my　voice；　do　you？〃

〃Perfectly。〃

〃Drive　over　afterward　if　you　have　time　and　let　me　know　what　happens。〃

〃Very　good；〃　commented　Mr。　Bailey；　in　a　businesslike　way。

Cowperwood　next　called　for　Mr。　Kaffrath。　　Conversing　to　similar　effect　with　that　individual　and　with　Videra；　before　three…quarters　of　an　hour　Cowperwood　had　arranged　completely　for　Mr。　Stackpole's　tour。　　He　was　to　have　his　total　loan　at　one…twenty　or　less。　　Checks　were　to　be　forthcoming　at　once。　　Different　banks　were　to　be　drawn　onbanks　other　than　the　Chicago　Trust　Company。　　Cowperwood　would　see；　in　some　roundabout　way；　that　these　checks　were　promptly　honored；　whether　the　cash　was　there　or　not。　　In　each　case　the　hypothecated　stocks　were　to　be　sent　to　him。　　Then；　having　seen　to　the　perfecting　of　this　little　programme；　and　that　the　banks　to　be　drawn　upon　in　this　connection　understood　perfectly　that　the　checks　in　question　were　guaranteed　by　him　or　others；　he　sat　down　to　await　the　arrival　of　his　henchmen　and　the　turning　of　the　stock　into　his　private　safe。




Chapter　XLVIII



Panic

On　August　4；　1896；　the　city　of　Chicago；　and　for　that　matter　the　entire　financial　world；　was　startled　and　amazed　by　the　collapse　of　American　Match；　one　of　the　strongest　of　market　securities；　and　the　coincident　failure　of　Messrs。　Hull　and　Stackpole；　its　ostensible　promoters；　for　twenty　millions。　　As　early　as　eleven　o'clock　of　the　preceding　day　the　banking　and　brokerage　world　of　Chicago；　trading　in　this　stock；　was　fully　aware　that　something　untoward　was　on　foot　in　connection　with　it。　　Owing　to　the　high　price　at　which　the　stock　was　〃protected；〃　and　the　need　of　money　to　liquidate；　blocks　of　this　stock　from　all　parts　of　the　country　were　being　rushed　to　the　market　with　the　hope　of　realizing　bef