watch-dogs of the various local treasuries might come and, as it were, put their seal on this secret decision, which it was obviously presumed no minor official or luminary would have the temerity to gainsay.
Chapter XLIX.
Mount Olympus
By eight o’clock, at which hour the conference was set, the principal financial personages of Chicago were truly in a great turmoil. Messrs. Hand, Schryhart, Merrill, and Arneel were personally interested! What would you? As early as seven-thirty there was a pattering of horses’ hoofs and a jingle of harness, as splendid open carriages were drawn up in front of various exclusive mansions and a bank president, or a director at least, issued forth at the call of one of the big quadrumvirate to journey to the home of Mr. Arneel. Such interesting figures as Samuel Blackman, once president of the old Chicago Gas Company, and now a director of the Prairie National; Hudson Baker, once president of the West Chicago Gas Company, and now a director of the Chicago Central National; Ormonde Ricketts, publisher of the
That important personage was not as yet present to receive his guests, and neither were Messrs. Schryhart, Hand, nor Merrill. It would not be fitting for such eminent potentates to receive their underlings in person on such an occasion. At the hour appointed these four were still in their respective offices, perfecting separately the details of the plan upon which they had agreed and which, with a show of informality and of momentary inspiration, they would later present. For the time being their guests had to make the best of their absence. Drinks and liquors were served, but these were of small comfort. A rack provided for straw hats was for some reason not used, every one preferring to retain his own head-gear. Against the background of wood panneling and the chairs covered with summer linen the company presented a galleryesque variety and interest. Messrs. Hull and Stackpole, the corpses or victims over which this serious gathering were about to sit in state, were not actually present within the room, though they were within call in another part of the house, where, if necessary, they could be reached and their advice or explanations heard. This presumably brilliant assemblage of the financial weight and intelligence of the city appeared as solemn as owls under the pressure of a rumored impending financial crisis. Before Arneel’s appearance there was a perfect buzz of minor financial gossip, such as:
“You don’t say?”
“Is it as serious as that?”
“I knew things were pretty shaky, but I was by no means certain how shaky.”
“Fortunately, we are not carrying much of that stock.” (This from one of the few really happy bankers.)
“This is a rather serious occasion, isn’t it?”
“You don’t tell me!”
“Dear, dear!”
Never a word in criticism from any source of either Hand or Schryhart or Arneel or Merrill, though the fact that they were back of the pool was well known. Somehow they were looked upon as benefactors who were calling this conference with a view of saving others from disaster rather than for the purpose of assisting themselves. Such phrases as, “Oh, Mr. Hand! Marvelous man! Marvelous!” or, “Mr. Schryhart—very able—very able indeed!” or, “You may depend on it these men are not going to allow anything serious to overtake the affairs of the city at this time,” were heard on every hand. The fact that immense quantities of cash or paper were involved in behalf of one or other of these four was secretly admitted by one banker to another. No rumor that Cowperwood or his friends had been profiting or were in any way involved had come to any one present—not as yet.
At eight-thirty exactly Mr. Arneel first ambled in quite informally, Hand, Schryhart, and Merrill appearing separately very shortly after. Rubbing their hands and mopping their faces with their handkerchiefs, they looked about them, making an attempt to appear as nonchalant and cheerful as possible under such trying circumstances. There were many old acquaintances and friends to greet, inquiries to be made as to the health of wives and children. Mr. Arneel, clad in yellowish linen, with a white silk shirt of lavender stripe, and carrying a palm-leaf fan, seemed quite refreshed; his fine expanse of neck and bosom looked most paternal, and even Abrahamesque. His round, glistening pate exuded beads of moisture. Mr. Schryhart, on the contrary, for all the heat, appeared quite hard and solid, as though he might be carved out of some dark wood. Mr. Hand, much of Mr. Arneel’s type, but more solid and apparently more vigorous, had donned for the occasion a blue serge coat with trousers of an almost gaudy, bright stripe. His ruddy, archaic face was at once encouraging and serious, as though he were saying, “My dear children, this is very trying, but we will do the best we can.” Mr. Merrill was as cool and ornate and lazy as it was possible for a great merchant to be. To one person and another he extended a cool, soft hand, nodding and smiling half the time in silence. To Mr. Arneel as the foremost citizen and the one of largest wealth fell the duty (by all agreed as most appropriate) of assuming the chair—which in this case was an especially large one at the head of the table.
There was a slight stir as he finally, at the suggestion of Schryhart, went forward and sat down. The other great men found seats.
“Well, gentlemen,” began Mr. Arneel, dryly (he had a low, husky voice), “I’ll be as brief as I can. This is a very unusual occasion which brings us together. I suppose you all know how it is with Mr. Hull and Mr. Stackpole. American Match is likely to come down with a crash in the morning if something very radical isn’t done to-night. It is at the suggestion of a number of men and banks that this meeting is called.”
Mr. Arneel had an informal, tete-a-tete way of speaking as if he were sitting on a chaise-longue with one other person.
“The failure,” he went on, firmly, “if it comes, as I hope it won’t, will make a lot of trouble for a number of banks and private individuals which we would like to avoid, I am sure. The principal creditors of American Match are our local banks and some private individuals who have loaned money on the stock. I have a list of them here, along with the amounts for which they are responsible. It is in the neighborhood of ten millions of dollars.”
Mr. Arneel, with the unconscious arrogance of wealth and power, did not trouble to explain how he got the list, neither did he show the slightest perturbation. He merely fished down in one pocket in a heavy way and produced it, spreading it out on the table before him. The company wondered whose names and what amounts were down, and whether it was his intention to read it.
“Now,” resumed Mr. Arneel, seriously, “I want to say here that Mr. Stackpole, Mr. Merrill, Mr. Hand, and myself have been to a certain extent investors in this stock, and up to this afternoon we felt it to be our duty, not so much to ourselves as to the various banks which have accepted this stock as collateral and to the city at large, to sustain it as much as possible. We believed in Mr. Hull and Mr. Stackpole. We might have gone still further if there had been any hope that a number of others could carry the stock without seriously injuring themselves; but in view of recent developments we know that this can’t be done. For some time Mr. Hull and Mr. Stackpole and the various bank officers have had reason to think that some one has been cutting the ground from under them, and now they know it. It is because of this, and because only concerted action on the part of banks and individuals can save the financial credit of the city at this time, that this meeting is called. Stocks are going to continue to be thrown on the market. It is possible that Hull & Stackpole may have to liquidate in some way. One thing is certain: unless a large sum of money is gathered to meet the claim against them in the morning, they will fail. The trouble is due indirectly, of course, to this silver agitation; but it is due a great deal more, we believe, to a piece of local sharp dealing which has just come to light, and which has really been the cause of putting the financial community in the tight place where it stands to-night. I might as well speak plainly as to this matter. It is the work of one man—Mr. Cowperwood. American Match might have pulled through and the city been have spared the danger which now confronts it if Mr. Hull and Mr. Stackpole had not made the mistake of going to this man.”
