The powers that stood behind T. & S. held a meeting that Tuesday afternoon and formed a syndicate. The unknown person who was "bearing" the stock must be whipped into line without a moment's delay, they agreed; and on the morrow they arranged to buy up one hundred and fifty thousand shares of T. & S. and see if he could stand that. Van Rensselaer was prepared to stand a good deal. On Tuesday, the market being strong, he had sold out every share of stock he owned, including even his K. A. holdings, including even all his interest in the great steel corporation he had made; and likewise he had borrowed upon his credit every dollar that he dared. All this cash was at his broker's, and on Wednesday morning when the market opened he was standing in his private office by the ticker, with his one trusted clerk at hand to telephone his orders. The struggle opened slowly, the two giants sparring and feeling each other's strength. The syndicate brokers called loudly for T. & S., but van Rensselaer waited and watched. Some was sold, but it was not his; he was waiting to see if the price would not go up yet higher, to make his enemies bolder, and himself safer. And about eleven o'clock it did start. T. & S. had opened at 155, and trading brisk; five thousand shares had been sold, and then the price went to 155-1/2 to 156-1/2. Then again it went on to 158, and there it stopped. Evidently that was as high as the enemy cared to send it; and after a while van Rensselaer sent his orders,--two thousand shares to five different brokers. T. & S. wavered, went to 157-5/8, then rallied; sales fifteen thousand. Robert sent out again; offers were still being made, and his agents took them. In the board-room one might have seen a frantic crowd of shrieking, gesticulating men about the T. & S. post; such trading had not been seen for months--something was surely "up." As yet it was not perceived that the bull movement was a defensive one, and wild rumors flew about: the Ghoul and Castoria interests were fighting for the road; Mergem was going to run it to Alaska. T. & S. had never touched such a point before--surely it could not stay there. And yet it did stay there, while offer after offer was made. It was not till noon that it started down; and by that time the syndicate had bought its one hundred and fifty thousand shares, of which van Rensselaer had sold them one hundred and thirty thousand.