Banks and banking -- France -- History -- 19th -- Fiction
Several days passed, however, the second fortnight of November
arrived, and each morning Saccard postponed his visit, more and more
bewildered by the torrent which was bearing him along. The quotation
of two thousand three hundred francs had just been reached and he
was delighted, albeit feeling that resistance was being offered at
the Bourse, and indeed becoming more and more pronounced as the rise
continued. Evidently some group of 'bears' was taking up position,
entering upon the struggle timidly as yet, venturing as a rule on mere
outpost skirmishes, although on two occasions he found himself obliged
to give orders to buy under cover of borrowed names, so that there
might be no pause in the upward march of the quotations. The system of
making the Bank buy up its own shares, speculate with them, and thus
devour itself, was at last being put into practice.
One evening, thoroughly stirred by his passionate fever, Saccard
could not help speaking of the matter to Madame Caroline. 'I fancy
that things will soon be getting warm,' said he; 'we have become too
strong, and they find us in their way. I can scent Gundermann. I know
his tactics: he will begin selling regularly, so much to-day, so much
to-morrow, increasing the amount until he succeeds in shaking us.'
Interrupting him, she said gravely: 'If he has any Universals he does
right to sell.'
'What! he does right to sell!'
'No doubt, my brother told you so. All quotations above two thousand
francs are absurd.'
He looked at her, and, quite beside himself, gave vent to an angry
outburst: 'Sell them! Dare to sell your own shares! Yes, play against
me, since you want me to be defeated!'
She blushed slightly, for, truth to tell, she had only the day before
sold a thousand of her shares in obedience to her brother's orders; and
this sale, like some tardy act of honesty, had eased her feelings. As
Saccard did not put any direct questions to her, she did not confess
the matter to him, but her embarrassment increased when he added: 'For
instance, there were some defections yesterday, I am sure of it. Quite
a large parcel of shares came into the market, and quotations would
certainly have fallen if I hadn't intervened. It wasn't Gundermann
who made such a stroke as that. His system is a slower one, though
the result in the long run is more crushing. Ah! my dear, I am quite
confident, but still I can't help trembling, for it's nothing to defend
one's life in comparison with having to defend one's money and that of
others.'
Public-domain text, read in full here on John Shaqi.
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