The Spenders: A Tale of the Third GenerationWilson, Harry Leon
General
The Spenders: A Tale of the Third Generation
Wilson, Harry Leon
Inheritance and succession -- Fiction; United States -- Social life and customs -- Fiction
"There was one rule in poker your pa had," said Uncle Peter. "If a hand
is worth calling on, it's worth raising on. He jest never _would_ call.
If he didn't think a hand was worth raising, he'd bunch it in with the
discards, and wait fur another deal. I don't know much about the game,
but _he_ said it was a sound rule, and if it was sound in poker, why
it's got to be sound in this game. That's all I can tell you. You know
what you hold, and if 'tain't a hand to lay down, it must be a hand to
raise on. Of course, if you'd been brash and ignorant in your first
calculations--if you'd made a fool of yourself at the start--but
shucks! you're the son of Daniel J. Bines, ain't you?"
The rule and the clever provocation had their effect.
"I'll raise as long as I have a chip left, Uncle Peter. Why, only
to-day I had a tip that came straight from Shepler, though he never
dreamed it would reach me. That Pacific Cable bill is going to be
rushed through at this session of Congress, sure, and that means enough
increased demand to send Consolidated back where it was. And then, when
it comes out that they've got those Rio Tinto mines by the throat,
well, this anvil chorus will have to stop, and those Federal Oil sharks
and Shepler will be wondering how I had the face to stay in."
The published rumours regarding Consolidated began to conflict very
sharply. Percival read them all hungrily, disregarding those that did
not confirm his own opinions. He called them irresponsible newspaper
gossip, or believed them to be inspired by the clique for its own ends.
He studied the history of copper until he knew all its ups and downs
since the great electrical development began in 1887. When Fouts, the
broker he traded most heavily with, suggested that the Consolidated
Company was skating on thin ice, that it might, indeed, be going
through the same experience that shattered the famous Secretan corner a
dozen years before, Percival pointed out unerringly the vital
difference in the circumstances. The Consolidated had reduced the
production of its controlled mines, and the price was bound to be
maintained. When his adviser suggested that the companies not in the
combine might cut the price, he brought up the very lively rumours of a
"gentlemen's agreement" with the "non-combine" producers.
"Of course, there's Calumet and Hecla. I know that couldn't be gunned
into the combination. They could pay dividends with copper at ten cents
a pound. But the other independents know which side of their stock is
spread with dividends, all right."
When it was further suggested that the Rio Tinto mines had sold ahead
for a year, with the result that European imports from the United
States had fallen off, and that the Consolidated could not go on for
ever holding up the price, Percival said nothing.
Public-domain text, read in full here on John Shaqi.
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