A boy put into his hand a little four-page paper—one of the countless
news-sheets which different houses and interests distributed free for
advertising or other purposes; and a heading “Transcontinental” caught
his eye, among the paragraphs in the _Day’s Events_. He read: “The
directors’ meeting of the Transcontinental R.R. will be held at noon.
It is confidently predicted that the quarterly dividend will be passed,
as it has been for the last three quarters. There is great
dissatisfaction among the stock-holders. The stock has been decidedly
weak, with no apparent inside support; it fell off three points just
before closing yesterday, upon the news of further proceedings by
Western state officials, and widely credited rumours of dissensions
among the directors, with renewed opposition to the control of the
Hopkins interests.”
Ten o’clock came and went, and the ticker began its long journey. There
was intense activity in Transcontinental, many thousands of shares
changing hands, and the price swaying back and forth. When Oliver came
in, in half an hour, it stood at 59-3/8.
“That’s all right,” said he. “Our time will not come till afternoon.”
“But suppose we are wiped out before afternoon?” said the other.
“That is impossible,” answered Oliver. “There will be big buying all
the morning.”
They sat for a while, nervous and restless. Then, by way of breaking
the monotony, Oliver suggested that his brother might like to see the
“Street.” They went around the corner to Broad Street. Here at the head
stood the Sub-treasury building, with all the gold of the government
inside, and a Gatling gun in the tower. The public did not know it was
there, but the financial men knew it, and it seemed as if they had
huddled all their offices and banks and safe-deposit vaults under its
shelter. Here, far underground, were hidden the two hundred millions of
securities of the Oil Trust—in a huge six-hundred-ton steel vault, with
a door so delicately poised that a finger could swing it on its hinges.
And opposite to this was the white Grecian building of the Stock
Exchange. Down the street were throngs of men within a roped arena,
pushing, shouting, jostling; this was “the curb,” where one could buy
or sell small blocks of stock, and all the wild-cat mining and oil
stocks which were not listed by the Exchange. Rain or shine, these men
were always here; and in the windows of the neighbouring buildings
stood others shouting quotations to them through megaphones, or
signalling in deaf and dumb language. Some of these brokers wore
coloured hats, so that they could be distinguished; some had offices
far off, where men sat all day with strong glasses trained upon them.
Everywhere was the atmosphere of speculation—the restless, feverish
eyes; the quick, nervous gestures; the haggard, care-worn faces. For in
this game every man was pitted against every other man; and the dice
were loaded so that nine out of every ten were doomed in advance to
ruin and defeat.
Public-domain text, read in full here on John Shaqi.
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