“Now, how does a securities transaction take place?
“Let us say that you, Mr. Vornan, wish to purchase one hundred shares of XYZ Space Transit Corporation. You have seen in yesterday’s tapes that the market price is currently about forty dollars a share, so you know that you must invest approximately four thousand dollars. Your first step is to contact your broker, which of course can be done by a touch of your finger to your telephone. You place your order with him, and he immediately relays it to the trading floor. The particular data bank in which XYZ Space Transit transactions are recorded takes his call and notes your order. The computer conducts an auction, just as has been done in listed securities on the Exchange since 1792. The offers to sell XYZ Space Transit are matched against the offers to buy. At the speed of light it is determined that one hundred shares are available for sale at forty, and that a buyer exists. The transaction is closed and your broker notifies you. A small commission is his only charge to you; in addition there is a small fee for the computer services of the Exchange. A portion of this goes to the retirement fund of the so-called specialists who formerly handled the matching of buy and sell orders on the trading floor.
“Since everything is handled by computer, you may wonder what is taking place elsewhere on the trading floor. What you see represents a delightful Stock Exchange tradition: although not strictly necessary any longer, we maintain a staff of brokers who buy and sell securities for their own accounts, exactly as in the old days. They are following the precomputer process. Let me trace the course of a single transaction for you…”
In clean, precise tones she showed us what all the mad scurrying on the floor was about. I was startled to realize that it was done purely as a charade; the transactions were unreal and at the end of each day all accounts were canceled. The computer actually handled everything. The noise, the discarded papers, the intricate gesticulations — these were reconstructions of the archaic past, performed by men whose lives had lost their purpose. It was fascinating and depressing: a ritual of money, a running-down of the capitalistic clock. Old brokers who would not retire took part in this daily amusement, I gathered, while alongside them the monstrous shaft of the computer, which had unmanned them a decade previously, gleamed as the erect symbol of their impotence.
Our guide droned on and on, telling us of the stock ticker and the Dow-Jones averages, deciphering the cryptic symbols that drifted dreamily by on the screen, talking of bulls and bears, of short sellers, of margin requirements, of many another strange and wonderful thing. As the climax of her act she switched on a computer output and allowed us to have a squint at the boiling madhouse within the master brain, where transactions took place at improbable speeds and billions of dollars changed hands within moments.
I was awed by the awesomeness of it all. I who had never played the market felt the urge to phone my broker, if I could find one, and get plugged into the great data banks. Sell a hundred GFX! Buy two hundred CCC! Off a point! Up two! This was the core of life; this was the essence of being. The mad rhythm of it caught me completely. I longed to rush toward the computer shaft, spread my arms wide, embrace its gleaming vertical bulk. I envisioned its lines reaching out through the world, even unto the reformed socialist brethren in Moscow, threading a communion of dollars from city to city, and extending perhaps to the Moon, to our coming bases on the planets, to the stars themselves… capitalism triumphant!
The guide faded away. President Norton of the Stock Exchange stepped forward again, beaming pleasantly, and said. “Now, if I can help you with any further problems—”
“Yes,” said Vornan mildly. “What is the purpose, please, of a stock exchange?”
The executive reddened and showed signs of shock. After all this detailed explication… to have the esteemed guest ask what the whole thing was about? We looked embarrassed ourselves. None of us had thought that Vornan had come here ignorant of the basic uses of this enterprise. How had he let himself be taken to the Exchange without knowing what it was he was going to see? Why had he not asked before this? I realized once again that if he were genuine, Vornan must view us as amusing apes whose plans and schemes were funny to watch for their own sake; he was not so much interested in visiting a thing called a Stock Exchange as he was in the fact that our Government earnestly desired him to visit that thing.
“Well,” said the Stock Exchange man, “am I to understand, Mr. Vornan, that in the time that you — that you come from there is no such thing as a securities exchange?”
“Not that I know of.”
“Perhaps under some other name?”
“I can think of no equivalent.”
Consternation. “But how do you manage to transfer units of corporate ownership, then?”
Blankness. A shy, possibly mocking smile from Vornan-19.
“You do have corporate ownership?”
“Pardon,” Vornan said. “I have studied your language carefully before making my journey, but there are many gaps in my knowledge. Perhaps if you could explain some of your basic terms—”
The executive’s easy dignity began to flee. Norton’s checks were mottled, his eyes were flickering like those of a beast trapped in a cage. I had seen something of the same look on Wesley Bruton’s face when he had learned from Vornan that his magnificent villa, built to endure through the ages like the Parthenon and the Taj Mahal, had vanished and been forgotten by 2999, and would have been retained only as a curiosity, a manifestation of baroque foolishness, if it had survived. The Stock Exchange man could not comprehend Vornan’s incomprehension, and it unnerved him.
Norton said, “A corporation is a — well, a company. That is, a group of individuals banded together to do something for profit. To manufacture a product, to perform a service, to—”
“A profit,” said Vornan idly. “What is a profit?”
Norton bit his lip and dabbed at his sweaty forehead. After some hesitation he said, “A profit is a return of income above costs. A surplus value, as they say. The corporation’s basic goal is to make a profit that can be divided among its owners. Thus it must be efficiently productive, so that the fixed costs of operation are overcome and the unit cost of manufacturing is lower than the market price of the product offered. Now, the reason why people set up corporations instead of simple partnerships is—”
“I do not follow,” said Vornan. “Simpler terms, please. The object of this corporation is profit, to be divided among owners, yes? But what is an owner?”
“I was just coming to that. In legal terms—”
“And what use is this profit that the owners should want it?”
I sensed that a deliberate baiting was going on. I looked in worry at Kolff, at Helen, at Heyman. But they seemed hardly to be perturbed. Holliday, our government man, was frowning a bit, but perhaps he thought Vornan-19’s questions more innocent than they seemed to me.
The nostrils of the Stock Exchange man flickered ominously. His temper seemed to be held under tight restraint. One of the media men, alive to Norton’s discomfiture, moved close to flash a camera in his face. He glowered at it.
“Am I to understand,” Norton asked slowly, “that in your era the concept of the corporation is unknown? That the profit motive is extinct? That money itself has vanished from use?”
“I would have to say yes,” Vornan replied pleasantly. “At least, as I comprehend those terms, we have nothing equivalent to them.”
“This has happened in America?” Norton asked in incredulity.
“We do not precisely have an America,” said Vornan. “I come from the Centrality. The terms are not congruous, and in fact I find it hard to compare even approximately—”
“America’s gone? How could that be? When did it happen’?”
“Oh, during the Time of Sweeping, I suppose. Many things changed then. It was long ago. I do not remember an America.”
F. Richard Heyman saw an opportunity to scrape a little history out of the maddeningly oblique Vornan. He swung around an
d said, “About this Time of Sweeping that you’ve occasionally mentioned. I’d like to know—”
He was interrupted by a geyser of indignation from Samuel Norton.
“America gone? Capitalism extinct? It just couldn’t happen! I tell you—”
One of the executive’s aides moved hurriedly to his side and urgently murmured something. The great man nodded. He accepted a violet-hued capsule from the other and touched its ultrasonic snout to his wrist. There was a quick whirr, an intake of what I suppose was some kind of tranquilizing drug. Norton breathed deeply and made a visible effort to collect himself.
More temperately, the Stock Exchange leader said to Vornan, “I don’t mind telling you that I find all this hard to believe. A world without America in it? A world that doesn’t use money? Tell me this, will you, please: Has the whole world gone Communist where you come from?”
There ensued what they call a pregnant silence, during which cameras and recorders were busy catching tense, incredulous, angry, or disturbed facial expressions. I sensed impending disaster. At length Vornan said, “It is another term I do not understand. I apologize for my extreme ignorance. I fear that my world is much unlike yours. However” — at this point he produced his glittering smile, drawing the sting from his words — “it is your world, and not mine, that I have come here to discuss. Please do tell me the use of this Stock Exchange of yours.”
But Norton could not shake his obsession with the contours of Vornan-19’s world. “In a moment. If you’ll tell me, first, how you make purchases of goods — a hint or two of your economic system—”
“We each have all that any person would require. Our needs are met. And now, this idea of corporation ownership—”
Norton turned away in despair. Vistas of an unimaginable future stretched before us: a world without economics, a world in which no desire went unfulfilled. Was it possible? Or was it all the oversimplified shrugging away of details that a mountebank did not care to simulate for us? One or the other, I was beguiled. But Norton was derailed. He gestured numbly to one of the other Stock Exchange men, who came forward brightly to say, “Let’s start right at the beginning. We’ve got this company that makes things. It’s owned by a little group of people. Now, in legal terms there’s a concept known as liability, meaning that the owners of a company are responsible for anything their company might do that’s improper or illegal. To shift liability, they create an imaginary entity called a corporation, which bears the responsibility for any action that might be brought against them in their business capacity. Now, since each member of the owning group has a share in the ownership of this corporation, we can issue stock, that is, certificates representing proportional shares of beneficial interest in the…”
And so on and on. A basic course in economics.
Vornan beamed. He let the whole thing run its route, right to the point where the man was explaining that when an owner wished to sell his share in the company, he found it expedient to work through a central auction system that would put his stock up for the highest bidder, when Vornan quietly and devastatingly admitted that he still couldn’t quite grasp the concepts of ownership, corporations, and profit, let alone the transfer of stock interests. I’m sure he said it just to annoy and goad. He was playing the part now of the man from Utopia, eliciting long explanations of our society and then playfully giving the structure itself a shove by registering ignorance of its underlying assumptions, implying that the underlying assumptions were transient and insignificant. There was a distressed huddle among the offended but stonily reserved Stock Exchange officials. It had never occurred to them that anyone might take this mock-innocent attitude. Even a child knew what money was and what corporations did, even if the concept of limited liability remained elusive.
I felt no great impulse to get mixed up in the awkwardness. My eyes roved idly here and there. Looking toward the great yellow blowup of the stock ticker, I saw:
STOCK EXCHANGE PLAYS HOST TO MAN FROM 2999
And then:
VORNAN-19 ON VISITORS GALLERY NOW
The tape began then to tell of stock transactions and of fluctuating averages. But the damage was done. Action on the trading floor came to a halt. The counterfeit buying and selling stopped, and a thousand faces were upturned to the balcony. Great shouts arose, incoherent, unintelligible. The brokers were waving and cheering. They flowed together, swirling around the trading posts, pointing, waving, crying out mysterious booming noises. What did they want? The Dow-Jones industrial averages for January, 2999? The laying-on of hands? A glimpse of the man from the future? Vornan was at the rim of the balcony, now, smiling, holding up his hands as though delivering a benediction upon capitalism. The last rites, perhaps… extreme unction for the financial dinosaurs.
Norton said, “They’re acting strangely. I don’t like this.”
Holliday reacted to the note of alarm in his voice. “Let’s get Vornan out of here,” he murmured to a guard standing just by my elbow. “There’s the look of a riot starting.”
Tickertape floated through the air. The churning brokers seized long streamers of it, danced around with it, sent it coiling upward toward the balcony. I heard a few shouts against the background of noise: they wanted Vornan to come down among them. Vornan continued to acknowledge their homage.
The ticker declared:
VOLUME AT NOON: 197,452,000
DJIA: 1627.51, up 14.32
An exodus from the trading floor had begun. The brokers were coming upstairs to find Vornan! Our group dissolved in confusion. I was growing accustomed now to making quick exits; Aster Mikkelsen stood beside me, so I seized her by the hand and whispered hoarsely, “Come on, before the trouble starts! Vornan’s done it again!”
“But he hasn’t done anything!”
I tugged at her. A door appeared, and we slipped quickly through it. I looked back and saw Vornan following me, surrounded by his security guards. We passed down a long glittering corridor that coiled tubelike around the entire building. Behind us came shouts, muffled and inchoate. I saw a door marked NO ADMITTANCE and opened it. I was on another balcony, this one overlooking what could only have been the gut of the master computer. Snaky strands of data leaped convulsively from tank to tank. Girls in short smocks rushed back and forth, thrusting their hands into enigmatic openings. What looked like an intestine stretched across the ceiling. Aster laughed. I pulled her after me and we went out again, into the corridor. A robotruck came buzzing up toward us. We sidestepped it. What did the tape say now? FLOOR BROKERS RUN AMOK?
“Here,” Aster said. “Another door!”
We found ourselves at the lip of a dropshaft and stepped blithely into it. Down, down, down…
…and out. Into the warm arcade of Wall Street. Sirens wailed behind us. I paused, gasping, taking my bearings, and saw that Vornan was still behind me, with Holliday and the media crew right in back of him.
“Into the cars!” Holliday ordered.
We made our escape successfully. Later in the day we learned that the Dow-Jones averages had suffered a decline of 8.51 points during our visit to the Exchange, and that two elderly brokers had perished from derangement of their cardiac pacemakers during the excitement. As we sped out of New York City that night, Vornan said idly to Heyman, “You must explain capitalism to me again some time. It seems quite thrilling, in its fashion.”
TEN
We had a simpler time of things at the automated brothel in Chicago. Kralick was a little leery of letting Vornan visit the place, but Vornan requested it himself, and such a request could hardly be denied without risking explosive consequences. At any rate, since such places are legal and even fashionable, there was no reason for refusing, short of lingering puritanism.
Vornan was no puritan himself. That much was clear. He had lost little time commandeering the sexual services of Helen McIlwain, as Helen bragged to us on the third night of our stewardship. There was at least a fair chance that he had had Aster too, though of course neither he
nor Aster was saying anything about it. Having demonstrated an insatiable curiosity for our sexual mores, Vornan could not be kept away from the computerized bordello; and, he slyly told Kralick, it would be part of his continuing education in the mysteries of the capitalistic system. Since Kralick had not been with us at the New York Stock Exchange, he failed to see the joke.
I was delegated to be Vornan’s guide. Kralick seemed embarrassed to ask it of me. But it was unthinkable to let him go anywhere without a watchdog, and Kralick had come to know me well enough to realize that I had no objections to accompanying him to the place. Neither, for that matter, had Kolff, but he was too boisterous himself for such a task, and Fields and Heyman were unfit for it on grounds of excessive morality. Vornan and I set out together through the erotic maze early on a dark afternoon, hours after we had podded into Chicago from New York.
The building was at once sumptuous and chaste: an ebony tower on the Near North Side, at least thirty stories, windowless, the faзade decorated with abstract inlays. There was no indication of the building’s purpose on its door. With great misgivings I ushered Vornan through the climate field, wondering what kind of chaos he would contrive to create inside.
The Masks of Time Page 13
