In "bearing" the stock and breaking it down to a point where the pool
might seize upon the road without risk or outlay on its own intriguing
part, the potent Senator Hanway would come in. At the beginning of
Congress he must offer a Senate resolution for a special committee of
three to investigate certain claims and charges against Northern
Consolidated. That corporation had long owed the government, no one knew
how much. It had stolen timber and stripped mountain ranges with its
larcenies; also it had laid rapacious paw upon vast stretches of the
public domain. It was within the power of any committee, acting
honestly, to report Northern Consolidated as in default to the
government for what number of millions its indignant imagination might
fix upon. Who was to measure the road's lumber robberies, or those
thefts of land? Moreover, the vandal aggressions of Northern
Consolidated made a reason for rescinding divers public grants--the
present values whereof were almost too high for estimation, and without
which the road could not exist--that, in its inception as a railroad,
had been made it by Congress.
Senator Hanway, under Senate courtesies, would be named chairman of the
special committees. He would conduct the investigation and write the
report. It was reasonable to assume, under the public as well as the
private conditions named, that Senator Hanway's findings, and the Senate
action he must urge and bring about, would knock the bottom out of
Northern Consolidated. It must fall to twenty by every rule of
speculation. Facing collection by the government of those claims for
lands ravished and pine trees swept away, to say naught of losing
original grants which were as its life-blood to Northern Consolidated,
the value of the stock--to speak most hopefully in its favor--would be
diminished by one-half.
The conspirators grew in confidence as they talked, and at the end
looked upon Northern Consolidated as already in their talons. They named
the old gray buccaneer to manage for the pool. The amount to be paid in
by each of the eight members--for they counted Senator Hanway--was
settled at five hundred thousand dollars. Four millions would be
required to start the ball rolling; the "bear" movement in the beginning
would demand margins. Once under headway, it would take care of itself.
It would succeed like a barrel downhill.
Public-domain text, read in full here on John Shaqi.
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