In each instance the stock thus offered was taken by one of Mr. Bayard's
brokers, who little imagined that both he and the broker selling drew
their inspirations from the same source. As demonstrating the finesse of
Mr. Bayard, if one had collected from the forty those orders which they
brought upon the floor that Wednesday morning, and spread them on a
table, they would have exhibited a perfect picture of speculation. One
would have fitted with another, and each in its proper place, until the
whole was like a mosaic of defense. The "bear" pool was met on the
threshold; it was permitted to press forward eighth by eighth according
to a plan; one Bayard broker having made his purchases, another took his
place; it was like clockwork. The whole five hundred and sixty-one
thousand shares were bought and sold; and from first to last there came
never a glimpse of Mr. Bayard.
It had been Mr. Bayard's earlier thought to let Northern Consolidated
fall as low as twenty-five. For the sake of poor men in peril from that
defiance of all things German, Mr. Bayard in the last hours of his
preparations decided to support the market. To hold Northern
Consolidated above thirty against the double pressure of a falling
market and a "bear" raid would be to the general stock list as a prop to
a leaning wall. It would save hundreds from annihilation, and Mr. Bayard
resolved for their rescue. It would cost him nothing, lose him nothing;
once cornered, the question whether that osprey pool were cornered at
twenty or at thirty or at forty was unimportant. The corner complete,
Mr. Bayard with a breath could put Northern Consolidated to fifty, to
one hundred, to five hundred, to one thousand! The measure of his
triumph would be the measure of the mercy of Mr. Bayard. _Vae Victis!_
Our Brennus of the Stocks might demand from the members of the
vanquished pool their final shilling. He might strip them as he was
stripped those thirty years before, and turn them forth naked. For thus
read the iron statutes of the Stock Exchange where quarter is unknown.
Public-domain text, read in full here on John Shaqi.
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