Capitalists and financiers -- Fiction; Criminals -- Fiction; Wall Street (New York, N.Y.) -- Fiction
That was the explanation of why the ordinary precautions for staving
off a panic were not taken by the partners. That was why they denied
themselves to everybody who brought no news of Mr. W. H. Garrettson; and
such was the discipline of the office that no word was brought to the
palefaced partners in the inner office about the big break in stocks or
of the newspaper extras.
It was the fatal mistake. By the time Walter Johnson, by accident or
force of habit, or possibly subconsciously, moved by the telepathic
message of the ticker, approached the little instrument the slump in
stocks had taken on the proportions of a panic.
“Great Scott! Fifty-eight for steel!”
“No!” incredulously shouted Lane.
“It'll never do!”
“Yes, but--”
Walter Johnson, forgetting that Mr. Garrettson was a man who liked to
do things in his own way, rushed out of the private office and began
to give out buying-orders to the better-known of the Garrettson
brokers--they kept some of these for the effect of obvious “Garrettson
buying.” It was all the firm could do to check the decline. No matter
what had happened, the house of Garrettson must not lie about it!
Silence, yes; untruth, never! And yet silence might be taken as
corroboration of the awful stories. He could not say that the great
Garrettson was alive and could not say he was dead. He must not mention
Hotel Cressline. A trying situation! To the news-agency men, who would
put out the news on the Street, from whom also the daily papers would
get it, he said, very calmly and impressively:
“I know of no reason why anybody should sell Consolidated Steel. The
iron trade is in excellent shape; the company is doing the biggest
business in its history at reasonable but remunerative prices, and we
consider the stock a good investment. We deprecate these violent
speculative movements. They are designed to frighten timid holders. I
advise every man who owns Consolidated Steel stock to hold on to it.
“But about Mr. Gar--”
“Not another word!” he said, firmly, with a smile that was a masterpiece
of will-power.
The newspaper men translated it: “Not a word about W. H. Garrettson!”
And in the Stock Exchange a similar construction was put upon the
message. What was wanted was to know whether the great Garrettson was
dead or not--the kidnapping was by now accepted as a fact!--and if
so what would be done with the enormous Garrettson holdings of Steel.
Wherefore the traders sold more of the same stock--short--and the
bona-fide holders could develop no conviction strong enough as to the
wisdom of holding on, so long as the price continued to go down.
Jenkins arrived at the Cressline in time to find Dr. Pierson engaged in
a fight with the office force, who would not show Suite D to him or send
up any message. But Jenkins, who in his youth had been a book agent,
succeeded in inducing the management to break open the door after
repeated knocking brought no response from within.
Public-domain text, read in full here on John Shaqi.
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