Финансист

Chapter XXIII

           IfFrankshouldnotbeablepromptlyonthemorrowtomeetthecallwhichthebankmighthavetomakeforonehundredandfiftythousanddollars,theonusandscandalofthesituationwouldbeonhim.

           Ontheotherhand,hissonwasmeditatingonthetangledrelationinwhichhenowfoundhimselfinconnectionwiththecitytreasurerandthefactthatitwasnotpossibleforhimtosupportthemarketalone.Thosewhoshouldhavebeeninapositiontohelphimwerenowasbadoffashimself.Thereweremanyunfavorablepointsinthewholesituation.Drexel&Co.hadbeenboomingrailwaystocks—loaningheavilyonthem.JayCooke&Co.hadbeenbackingNorthernPacific—werepracticallydoingtheirbesttobuildthatimmensetranscontinentalsystemalone.Naturally,theywerelongonthatandhenceinaticklishposition.Atthefirstwordtheywouldthrowovertheirsurestsecurities—governmentbonds,andthelike—inordertoprotecttheirmorespeculativeholdings.Thebearswouldseethepoint.Theywouldhammerandhammer,sellingshortallalongtheline.Buthedidnotdaretodothat.Hewouldbebreakinghisownbackquickly,andwhatheneededwastime.Ifhecouldonlygettime—threedays,aweek,tendays—thisstormwouldsurelyblowover.

           Thethingthatwastroublinghimmostwasthematterofthehalf-millioninvestedwithhimbyStener.Afallelectionwasdrawingnear.Stener,althoughhehadservedtwoterms,wasslatedforreelection.

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