First harvests : $b An episode in the life of Mrs. Levison Gower : A satire without a moralStimson, Frederic Jesup
General
First harvests : $b An episode in the life of Mrs. Levison Gower : A satire without a moral
Stimson, Frederic Jesup
American fiction -- 19th century
But the artful Tamms had still one more trick in his bag. In the
momentary hush that followed this first discharge of heavy guns,
Charlie got another telegram. It was dated Brooklyn, like the first.
“Allegheny Central--special stockholders meeting for dividend--books
close to-morrow.” Tamms would have compressed the gospel of eternal
life into ten words.
Then a clever idea struck young Townley. If they had no money, neither
had Remington and his crowd any stock. “Post this telegram,” he said to
his clerk who had brought it. And then:
“I want ten thousand more of Allegheny Central--_cash_.”
Now “cash” meant that the stock must be delivered that day, as the
books closed on the morrow.
There was another pause. He could hear the younger brokers among his
adversaries anxiously inquiring the loaning rate on Allegheny Central.
Now Charlie knew very well there was none to loan.
“I’ll give seventy-six for ten thousand, cash.” And this time there was
a sort of wolf-like howl; but no other response.
“Seventy-seven?--Seventy-eight?--EIGHTY?”
The baffled deacon turned his quid again. “Seventy--at the opening,”
said he at last. But Charlie laughed scornfully.
“I want it now, please, deacon.” And here some of those rich young
men who had been at the dinner, seeing a turn in the tide of battle,
ranged themselves on Townley’s side. The price was run up with
astounding rapidity. “Eighty--one--two--three--five--” the deacon
looked on impotently. Not for one moment did he believe--nor, perhaps,
many others there--that the house of Townley & Tamms could meet this
contract. But the rules of trade forbade inquiring into that, so long
as they had met their obligations.
“NINETY,” said Charlie, in ill-concealed triumph. And the hammer fell,
and the morning board was over; and there was a sort of cheer from
the money-seeking multitude. Throughout the length and breadth of the
greatest trading nation in the world it would be known in a few minutes
that Allegheny had closed at ninety, bid. All danger of further calls
for margin on that day at least was removed; and Charlie went back in
triumph to the office.
And even yet, though it is three years since--and three years is a
generation on Wall Street--this great battle is remembered; and the
audacity of young Charlie Townley and how he stood up before the great
bear leader is told, as Romans told how Horatio held the bridge; told
by brokers about their firesides, if they have firesides, to their
children, when they have any. And Charlie’s memory was kept bright; and
his deeds of prowess not forgotten. For it was many a long month before
he appeared upon the floor again.
Public-domain text, read in full here on John Shaqi.
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