The public had shied at the proposition at first. Then those who had
been lured by golden promises commenced to draw ten, fifteen, even
twenty-five, per cent a month on their investments. On one occasion a
“dividend” of seventy per cent was declared. The first investors had
their money back and still were credited with the original investment.
The news was received with incredulity, but as more and greater
dividends were declared hundreds and then thousands had flocked to
invest. Branch offices of the company, lavishly furnished and equipped
with telegraph and telephone communications with all tracks, were
established in a score of cities. Money poured into the Long Investment
Company by tens of thousands, then almost by millions. Each month
the “investors” received astonishing dividends. Some perhaps knew or
suspected that the dividends were being paid out of the fresh capital,
but, being gamblers, they threw their money into the gamble, betting
that they would draw out their principal and more before the bubble
burst.
In New York, Kirtin waited, watching the expansion of the bubble and
timing almost to the hour when the crash must come. In his safe nearly
fifty per cent of the money received, changed into bills of large
denominations, was packed in cases, and in his desk were reservations
of staterooms on every vessel departing for Europe in the next
fortnight. The bubble had endured longer than he expected. There was
more than a million dollars packed in the cases, and more than that
amount already had been transferred and deposited in various European
banks. He hesitated, undecided as to whether to risk another week of
delay--and decided that the time had come to reap the last harvest and
permit the gleanings to remain.
Public-domain text, read in full here on John Shaqi.
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