But the old gray buccaneer refused to be denied; he had quit thinking
and begun to act; he would break the back of Northern Consolidated if it
took the last share of those four hundred thousand! His courage never
wavered; he would charge and keep charging; in the end his cavalry work
must tell and the lines of Northern Consolidated crumple up like paper.
All it required was dash and confidence, with an underlying grim
determination to win or die, and Northern Consolidated must yield.
The war was renewed upon Thursday, and staggered fiercely on throughout
the day. Then Friday followed, a roaring, tottering, crashing, smashing
fellow of the two days gone before. Millionaires became beggars and
beggars millionaires between breakfast and lunch.
As on Wednesday, so also on Thursday and Friday the stock which best
sustained itself was Northern Consolidated. And yet no other stock was
so bitterly sold! As against this it should be added that no other was
so bitterly bought! Every offer to sell was closed with at the very
moment of its birth.
At last the end came; the old gray buccaneer could go no further. He had
already oversold his self-fixed limit, having parted with four hundred
and eleven thousand shares. The sales were made in the names of the
various members of the pool, each selling one-eighth of the whole.
Senator Hanway's interest, as well as that of Mr. Harley, being
fifty-one thousand three hundred and fifty shares for each, for reasons
that do not require exhibition, was handled in the name of an agent.
Full one hundred and fifty thousand innocent shares, smoked into the
open market as the old gray buccaneer had anticipated, were also sold,
making the round total of five hundred and sixty-one thousand shares of
Northern Consolidated offered and snapped up during those three days of
fire. It was the greatest "bear" raid in the annals of the Stock
Exchange, so graybeards said; and what peculiarly marked it for the
admiration of mankind was that it had had the least success. In three
days, with five hundred and sixty-one thousand shares sold, the stock
had fallen only eleven points. The raid was over and the "bears" had
growlingly retreated thirty minutes before the close on Friday. Within
ten minutes after the last offer to sell, and when it was plain the
"bears" had quit the field, under a cross-fire of bids that fell as
briskly thick as hail, Northern Consolidated was bid up thirteen points.
It had stood forty-one at Tuesday's close; it was forty-three when,
"bears" routed, the market was over Friday afternoon. And thus
disastrously fared the osprey pool.
"We're ruined, gentlemen," coolly remarked the old gray buccaneer when,
with the exception of Senator Hanway, the members of the pool gathered
themselves together Friday evening. "We're in a corner; we're
gone--hook, line, and sinker!"
"What can we do?" asked Mr. Harley, his face the hue of putty.
Public-domain text, read in full here on John Shaqi.
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