by London, Jack
They drank—that is, Nathaniel Letton took mineral water served by the smoothly operating machine of a lackey who inhabited the place, while Dowsett took Scotch and soda and Daylight a cocktail. Nobody seemed to notice the unusualness of a Martini at midnight, though Daylight looked sharply for that very thing; for he had long since learned that Martinis had their strictly appointed times and places. But he liked Martinis, and, being a natural man, he chose deliberately to drink when and how he pleased. Others had noticed this peculiar habit of his, but not so Dowsett and Letton; and Daylight's secret thought was: "They sure wouldn't bat an eye if I called for a glass of corrosive sublimate."
Leon Guggenhammer arrived in the midst of the drink, and ordered Scotch. Daylight studied him curiously. This was one of the great Guggenhammer family; a younger one, but nevertheless one of the crowd with which he had locked grapples in the North. Nor did Leon Guggenhammer fail to mention cognizance of that old affair. He complimented Daylight on his prowess—"The echoes of Ophir came down to us, you know. And I must say, Mr. Daylight—er, Mr. Harnish, that you whipped us roundly in that affair."
Echoes! Daylight could not escape the shock of the phrase—echoes had come down to them of the fight into which he had flung all his strength and the strength of his Klondike millions. The Guggenhammers sure must go some when a fight of that dimension was no more than a skirmish of which they deigned to hear echoes.
"They sure play an almighty big game down here," was his conclusion, accompanied by a corresponding elation that it was just precisely that almighty big game in which he was about to be invited to play a hand. For the moment he poignantly regretted that rumor was not true, and that his eleven millions were not in reality thirty millions. Well, that much he would be frank about; he would let them know exactly how many stacks of chips he could buy.
Leon Guggenhammer was young and fat. Not a day more than thirty, his face, save for the adumbrated puff sacks under the eyes, was as smooth and lineless as a boy's. He, too, gave the impression of cleanness. He showed in the pink of health; his unblemished, smooth-shaven skin shouted advertisement of his splendid physical condition. In the face of that perfect skin, his very fatness and mature, rotund paunch could be nothing other than normal. He was constituted to be prone to fatness, that was all.
The talk soon centred down to business, though Guggenhammer had first to say his say about the forthcoming international yacht race and about his own palatial steam yacht, the Electra, whose recent engines were already antiquated. Dowsett broached the plan, aided by an occasional remark from the other two, while Daylight asked questions. Whatever the proposition was, he was going into it with his eyes open. And they filled his eyes with the practical vision of what they had in mind.
"They will never dream you are with us," Guggenhammer interjected, as the outlining of the matter drew to a close, his handsome Jewish eyes flashing enthusiastically. "They'll think you are raiding on your own in proper buccaneer style."
"Of course, you understand, Mr. Harnish, the absolute need for keeping our alliance in the dark," Nathaniel Letton warned gravely.
Daylight nodded his head. "And you also understand," Letton went on, "that the result can only be productive of good. The thing is legitimate and right, and the only ones who may be hurt are the stock gamblers themselves. It is not an attempt to smash the market. As you see yourself, you are to bull the market. The honest investor will be the gainer."
"Yes, that's the very thing," Dowsett said. "The commercial need for copper is continually increasing. Ward Valley Copper, and all that it stands for,—practically one-quarter of the world's supply, as I have shown you,—is a big thing, how big, even we can scarcely estimate. Our arrangements are made. We have plenty of capital ourselves, and yet we want more. Also, there is too much Ward Valley out to suit our present plans. Thus we kill both birds with one stone—"
"And I am the stone," Daylight broke in with a smile.
"Yes, just that. Not only will you bull Ward Valley, but you will at the same time gather Ward Valley in. This will be of inestimable advantage to us, while you and all of us will profit by it as well. And as Mr. Letton has pointed out, the thing is legitimate and square. On the eighteenth the directors meet, and, instead of the customary dividend, a double dividend will be declared."
"And where will the shorts be then?" Leon Guggenhammer cried excitedly.
"The shorts will be the speculators," Nathaniel Letton explained, "the gamblers, the froth of Wall Street—you understand. The genuine investors will not be hurt. Furthermore, they will have learned for the thousandth time to have confidence in Ward Valley. And with their confidence we can carry through the large developments we have outlined to you."
"There will be all sorts of rumors on the street," Dowsett warned Daylight, "but do not let them frighten you. These rumors may even originate with us. You can see how and why clearly. But rumors are to be no concern of yours. You are on the inside. All you have to do is buy, buy, buy, and keep on buying to the last stroke, when the directors declare the double dividend. Ward Valley will jump so that it won't be feasible to buy after that."
"What we want," Letton took up the strain, pausing significantly to sip his mineral water, "what we want is to take large blocks of Ward Valley off the hands of the public. We could do this easily enough by depressing the market and frightening the holders. And we could do it more cheaply in such fashion. But we are absolute masters of the situation, and we are fair enough to buy Ward Valley on a rising market. Not that we are philanthropists, but that we need the investors in our big development scheme. Nor do we lose directly by the transaction. The instant the action of the directors becomes known, Ward Valley will rush heavenward. In addition, and outside the legitimate field of the transaction, we will pinch the shorts for a very large sum. But that is only incidental, you understand, and in a way, unavoidable. On the other hand, we shall not turn up our noses at that phase of it. The shorts shall be the veriest gamblers, of course, and they will get no more than they deserve."
"And one other thing, Mr. Harnish," Guggenhammer said, "if you exceed your available cash, or the amount you care to invest in the venture, don't fail immediately to call on us. Remember, we are behind you."
"Yes, we are behind you," Dowsett repeated.
Nathaniel Letton nodded his head in affirmation.
"Now about that double dividend on the eighteenth—" John Dowsett drew a slip of paper from his note-book and adjusted his glasses.
"Let me show you the figures. Here, you see..."
And thereupon he entered into a long technical and historical explanation of the earnings and dividends of Ward Valley from the day of its organization.
The whole conference lasted not more than an hour, during which time Daylight lived at the topmost of the highest peak of life that he had ever scaled. These men were big players. They were powers. True, as he knew himself, they were not the real inner circle. They did not rank with the Morgans and Harrimans. And yet they were in touch with those giants and were themselves lesser giants. He was pleased, too, with their attitude toward him. They met him deferentially, but not patronizingly. It was the deference of equality, and Daylight could not escape the subtle flattery of it; for he was fully aware that in experience as well as wealth they were far and away beyond him.
"We'll shake up the speculating crowd," Leon Guggenhammer proclaimed jubilantly, as they rose to go. "And you are the man to do it, Mr. Harnish. They are bound to think you are on your own, and their shears are all sharpened for the trimming of newcomers like you."
"They will certainly be misled," Letton agreed, his eerie gray eyes blazing out from the voluminous folds of the huge Mueller with which he was swathing his neck to the ears. "Their minds run in ruts. It is the unexpected that upsets their stereotyped calculations—any new combination, any strange factor, any fresh variant. And you will be all that to them, Mr. Harnish. And I repeat, they are gamblers, and they will deserve all that befalls them. They clog
and cumber all legitimate enterprise. You have no idea of the trouble they cause men like us—sometimes, by their gambling tactics, upsetting the soundest plans, even overturning the stablest institutions."
Dowsett and young Guggenhammer went away in one motor-car, and Letton by himself in another. Daylight, with still in the forefront of his consciousness all that had occurred in the preceding hour, was deeply impressed by the scene at the moment of departure. The three machines stood like weird night monsters at the gravelled foot of the wide stairway under the unlighted porte-cochere. It was a dark night, and the lights of the motor-cars cut as sharply through the blackness as knives would cut through solid substance. The obsequious lackey—the automatic genie of the house which belonged to none of the three men,—stood like a graven statue after having helped them in. The fur-coated chauffeurs bulked dimly in their seats. One after the other, like spurred steeds, the cars leaped into the blackness, took the curve of the driveway, and were gone.
Daylight's car was the last, and, peering out, he caught a glimpse of the unlighted house that loomed hugely through the darkness like a mountain. Whose was it? he wondered. How came they to use it for their secret conference? Would the lackey talk? How about the chauffeurs? Were they trusted men like "our" Mr. Howison? Mystery? The affair was alive with it. And hand in hand with mystery walked Power. He leaned back and inhaled his cigarette. Big things were afoot. The cards were shuffled even the for a mighty deal, and he was in on it. He remembered back to his poker games with Jack Kearns, and laughed aloud. He had played for thousands in those days on the turn of a card; but now he was playing for millions. And on the eighteenth, when that dividend was declared, he chuckled at the confusion that would inevitably descend upon the men with the sharpened shears waiting to trim him—him, Burning Daylight.
CHAPTER III
Back at his hotel, though nearly two in the morning, he found the reporters waiting to interview him. Next morning there were more. And thus, with blare of paper trumpet, was he received by New York. Once more, with beating of toms-toms and wild hullaballoo, his picturesque figure strode across the printed sheet. The King of the Klondike, the hero of the Arctic, the thirty-million-dollar millionaire of the North, had come to New York. What had he come for? To trim the New Yorkers as he had trimmed the Tonopah crowd in Nevada? Wall Street had best watch out, for the wild man of Klondike had just come to town. Or, perchance, would Wall Street trim him? Wall Street had trimmed many wild men; would this be Burning Daylight's fate? Daylight grinned to himself, and gave out ambiguous interviews. It helped the game, and he grinned again, as he meditated that Wall Street would sure have to go some before it trimmed him.
They were prepared for him to play, and, when heavy buying of Ward Valley began, it was quickly decided that he was the operator. Financial gossip buzzed and hummed. He was after the Guggenhammers once more. The story of Ophir was told over again and sensationalized until even Daylight scarcely recognized it. Still, it was all grist to his mill. The stock gamblers were clearly befooled. Each day he increased his buying, and so eager were the sellers that Ward Valley rose but slowly. "It sure beats poker," Daylight whispered gleefully to himself, as he noted the perturbation he was causing. The newspapers hazarded countless guesses and surmises, and Daylight was constantly dogged by a small battalion of reporters. His own interviews were gems. Discovering the delight the newspapers took in his vernacular, in his "you-alls," and "sures," and "surge-ups," he even exaggerated these particularities of speech, exploiting the phrases he had heard other frontiersmen use, and inventing occasionally a new one of his own.
A wildly exciting time was his during the week preceding Thursday the eighteenth. Not only was he gambling as he had never gambled before, but he was gambling at the biggest table in the world and for stakes so large that even the case-hardened habitues of that table were compelled to sit up. In spite of the unlimited selling, his persistent buying compelled Ward Valley steadily to rise, and as Thursday approached, the situation became acute. Something had to smash. How much Ward Valley was this Klondike gambler going to buy? How much could he buy? What was the Ward Valley crowd doing all this time? Daylight appreciated the interviews with them that appeared—interviews delightfully placid and non-committal. Leon Guggenhammer even hazarded the opinion that this Northland Croesus might possibly be making a mistake. But not that they cared, John Dowsett explained. Nor did they object. While in the dark regarding his intentions, of one thing they were certain; namely, that he was bulling Ward Valley. And they did not mind that. No matter what happened to him and his spectacular operations, Ward Valley was all right, and would remain all right, as firm as the Rock of Gibraltar. No; they had no Ward Valley to sell, thank you. This purely fictitious state of the market was bound shortly to pass, and Ward Valley was not to be induced to change the even tenor of its way by any insane stock exchange flurry. "It is purely gambling from beginning to end," were Nathaniel Letton's words; "and we refuse to have anything to do with it or to take notice of it in any way."
During this time Daylight had several secret meetings with his partners—one with Leon Guggenhammer, one with John Dowsett, and two with Mr. Howison. Beyond congratulations, they really amounted to nothing; for, as he was informed, everything was going satisfactorily.
But on Tuesday morning a rumor that was disconcerting came to Daylight's ears. It was also published in the Wall Street Journal, and it was to the effect, on apparently straight inside information, that on Thursday, when the directors of Ward Valley met, instead of the customary dividend being declared, an assessment would be levied. It was the first check Daylight had received. It came to him with a shock that if the thing were so he was a broken man. And it also came to him that all this colossal operating of his was being done on his own money. Dowsett, Guggenhammer, and Letton were risking nothing. It was a panic, short-lived, it was true, but sharp enough while it lasted to make him remember Holdsworthy and the brick-yard, and to impel him to cancel all buying orders while he rushed to a telephone.
"Nothing in it—only a rumor," came Leon Guggenhammer's throaty voice in the receiver. "As you know," said Nathaniel Letton, "I am one of the directors, and I should certainly be aware of it were such action contemplated." And John Dowsett: "I warned you against just such rumors. There is not an iota of truth in it—certainly not. I tell you on my honor as a gentleman."
Heartily ashamed of himself for his temporary loss of nerve, Daylight returned to his task. The cessation of buying had turned the Stock Exchange into a bedlam, and down all the line of stocks the bears were smashing. Ward Valley, as the ape, received the brunt of the shock, and was already beginning to tumble. Daylight calmly doubled his buying orders. And all through Tuesday and Wednesday, and Thursday morning, he went on buying, while Ward Valley rose triumphantly higher. Still they sold, and still he bought, exceeding his power to buy many times over, when delivery was taken into account. What of that? On this day the double dividend would be declared, he assured himself. The pinch of delivery would be on the shorts. They would be making terms with him.
And then the thunderbolt struck. True to the rumor, Ward Valley levied the assessment. Daylight threw up his arms. He verified the report and quit. Not alone Ward Valley, but all securities were being hammered down by the triumphant bears. As for Ward Valley, Daylight did not even trouble to learn if it had fetched bottom or was still tumbling. Not stunned, not even bewildered, while Wall Street went mad, Daylight withdrew from the field to think it over. After a short conference with his brokers, he proceeded to his hotel, on the way picking up the evening papers and glancing at the head-lines. BURNING DAYLIGHT CLEANED OUT, he read; DAYLIGHT GETS HIS; ANOTHER WESTERNER FAILS TO FIND EASY MONEY. As he entered his hotel, a later edition announced the suicide of a young man, a lamb, who had followed Daylight's play.
What in hell did he want to kill himself for? was Daylight's muttered comment.
He passed up to his rooms, ordered a Martini cocktail, took off his shoes, and sat
down to think. After half an hour he roused himself to take the drink, and as he felt the liquor pass warmingly through his body, his features relaxed into a slow, deliberate, yet genuine grin. He was laughing at himself.
"Buncoed, by gosh!" he muttered.
Then the grin died away, and his face grew bleak and serious. Leaving out his interests in the several Western reclamation projects (which were still assessing heavily), he was a ruined man. But harder hit than this was his pride. He had been so easy. They had gold-bricked him, and he had nothing to show for it. The simplest farmer would have had documents, while he had nothing but a gentleman's agreement, and a verbal one at that. Gentleman's agreement. He snorted over it. John Dowsett's voice, just as he had heard it in the telephone receiver, sounded in his ears the words, "On my honor as a gentleman." They were sneak-thieves and swindlers, that was what they were, and they had given him the double-cross. The newspapers were right. He had come to New York to be trimmed, and Messrs. Dowsett, Letton, and Guggenhammer had done it. He was a little fish, and they had played with him ten days—ample time in which to swallow him, along with his eleven millions. Of course, they had been unloading on him all the time, and now they were buying Ward Valley back for a song ere the market righted itself. Most probably, out of his share of the swag, Nathaniel Letton would erect a couple of new buildings for that university of his. Leon Guggenhammer would buy new engines for that yacht, or a whole fleet of yachts. But what the devil Dowsett would do with his whack, was beyond him—most likely start another string of banks.
