On the basis of these suggestions Arneel made a mental calculation, and found that Cowperwood was indebted apparently to the tune of about three million dollars on call, if not more.
“I haven’t all the facts,” he said, at last, slowly and distinctly. “If we could talk with some of the presidents of our banks tonight, we should probably find that there are other items of which we do not know. I do not like to be severe on anyone, but our own situation is serious. Unless something is done tonight Hull & Stackpole will certainly fail in the morning. We are, of course, obligated to the various banks for our loans, and we are in honor bound to do all we can for them. The good name of Chicago and its rank as a banking center is to a certain extent involved. As I have already told Mr. Stackpole and Mr. Hull, I personally have gone as far as I can in this matter. I suppose it is the same with each of you. The only other resources we have under the circumstances are the banks, and they, as I understand it, are pretty much involved with stock on hypothecation. I know at least that this is true of the Lake City and the Douglas Trust.”
“It’s true of nearly all of them,” said Hand. Both Schryhart and Merrill nodded assent.
“We are not obligated to Mr. Cowperwood for anything so far as I know,” continued Mr. Arneel, after a slight but somewhat portentous pause. “As Mr. Schryhart has suggested here today, he seems to have a tendency to interfere and disturb on every occasion. Apparently he stands obligated to the various banks in the sums we have mentioned. Why shouldn’t his loans be called? It would help strengthen the local banks, and possibly permit them to aid in meeting this situation for us. While he might be in a position to retaliate, I doubt it.”
Mr. Arneel had no personal opposition to Cowperwood—none, at least, of a deep-seated character. At the same time Hand, Merrill, and Schryhart were his friends. In him, they felt, centered the financial leadership of the city. The rise of Cowperwood, his Napoleonic airs, threatened this. As Mr. Arneel talked he never raised his eyes from the desk where he was sitting. He merely drummed solemnly on the surface with his fingers. The others contemplated him a little tensely, catching quite clearly the drift of his proposal.
“An excellent idea—excellent!” exclaimed Schryhart. “I will join in any programme that looks to the elimination of this man. The present situation may be just what is needed to accomplish this. Anyhow, it may help to solve our difficulty. If so, it will certainly be a case of good coming out of evil.”
“I see no reason why these loans should not be called,” Hand commented. “I’m willing to meet the situation on that basis.”
“And I have no particular objection,” said Merrill. “I think, however, it would be only fair to give as much notice as possible of any decision we may reach,” he added.
“Why not send for the various bankers now,” suggested Schryhart, “and find out exactly where he stands, and how much it will take to carry Hull & Stackpole? Then we can inform Mr. Cowperwood of what we propose to do.”
To this proposition Mr. Hand nodded an assent, at the same time consulting a large, heavily engraved gold watch of the most ponderous and inartistic design. “I think,” he said, “that we have found the solution to this situation at last. I suggest that we get Candish and Kramer, of the stock-exchange” (he was referring to the president and secretary, respectively, of that organization), “and Simmons, of the Douglas Trust. We should soon be able to tell what we can do.”
The library of Mr. Arneel’s home was fixed upon as the most suitable rendezvous. Telephones were forthwith set ringing and messengers and telegrams despatched in order that the subsidiary financial luminaries and the watchdogs 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.
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 Chronicle and director of the Third National; Norrie Simms, president of the Douglas Trust Company; Walter Rysam Cotton, once an active wholesale coffee-broker, but now a director principally of various institutions, were all en route. It was a procession of solemn, superior, thoughtful gentlemen, and all desirous of giving the right appearance and of making the correct impression. For, be it known, of all men none are so proud or vainglorious over the minor trappings of materialism as those who have but newly achieved them. It is so essential apparently to fulfil in manner and air, if not in fact, the principle of “presence” which befits the role of conservator of society and leader of wealth. Every one of those named and many more—to the number of thirty—rode thus loftily forth in the hot, dry evening air and were soon at the door of the large and comfortable home
