He could have withdrawn from the battle then with a pitiful remnant of
the Fanning-Smiths and their associates--that is, he thought he could,
for he did not dream of the existence of the "corner." But he chose
the opposite course. He flung off his disguise and boldly attacked the
stock with selling orders openly in the name of the Fanning-Smiths.
"When they see us apparently unloading our own ancestral property I
think they'll take to their heels," he said. But his face was pale as
he awaited the effect of his assault.
The price staggered, trembled. The clamor of the battle alarmed those
in the galleries of the Stock Exchange--Zabriskie's brokers selling,
the brokers of the mysterious speculator buying, the speculating public
through its brokers joining in on either side; men shrieking into each
other's faces as they danced round and round the Great Lakes pillar.
The price went down, went up, went down, down, down--Zabriskie had
hurled selling orders for nearly fifty thousand shares at it and Dumont
had commanded his guns to cease firing. He did not dare take any more
offerings; he had reached the end of the ammunition he had planned to
expend at that particular stage of the battle.
The alarm spread and, although Zabriskie ceased selling, the price
continued to fall under the assaults of the speculating public, mad to
get rid of that which its own best friends were so eagerly and so
frankly throwing over. Down, down, down to one hundred and twenty, to
one hundred and ten, to one hundred and five----
Zabriskie telephoned victory to his nominal commander, lifting him,
weak and trembling, from the depths into which he had fallen, to an at
least upright position upon his embossed leather throne. Then
Zabriskie began stealthily to cover his appallingly long line of
"shorts" by making purchases at the lowest obtainable prices--one
hundred and four--one hundred and three--one hundred and
one--ninety-nine--one hundred and six!
The price rebounded so rapidly and so high that Zabriskie was forced to
stop his retreat. Dumont, noting the celerity with which the enemy
were escaping under cover of the demoralization, had decided no longer
to delay the move for which he had saved himself. He had suddenly
exploded under the falling price mine after mine of buying orders that
blew it skyward. Zabriskie's retreat was cut off.
But before he had time to reason out this savage renewal of the assault
by that mysterious foe whom he thought he had routed, he saw a new and
more dreadful peril. Brackett, his firm's secret broker, rushed to him
and, to make himself heard through the hurly-burly, shouted into his
ear:
"Look what's doing in Woolens!"
Public-domain text, read in full here on John Shaqi.
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