THE MAN WHO WON.

Star (Christchurch), Issue 7201, 12 September 1901, Page 4

THE MAN WHO WON.

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. (By EDWIN LEFEVRE.) "Brown,". s«aid Mr John P. Greener, as lie turned away from the ticker in the corner, "I wish you would go. over to the Board and see how tha market is for lowa Mid-and. Find out how much stock there is for sale and who has it. It ought to be pretty well distributed about the Street." "What's up in it?" asked his partner, fcuriously. " Nothing — yet," answered Greener, •quietly. , He sat down, at his desk and took up a letter, headed " President's Office, Keo■lcuk and Northern Railway Company, '.Keokuk, lowa." When he had finished the entire sixteen closely-written pa^es, be arose and paced slowly up and down his He was a sallow-faced, black-bearded little man, slender— abnost frail locking— •with a high but rather narrow forehead. His eyes were furtive, shifty bits of brown light. He was thinking, and tbink.ng to •ome purpose. Anyone, even a stranger, eeeing him, would have known that he •who thinking of something big— the fore_«ad was responsible for ths impression ; aad also of semi-thing tricky, unscrupulous, «old-blood€d— llis eyes were to blame there. lAt length his brow cleared. He mutter-ed: " I must have that road. Then, a consolijdation with mv Keokuk and Northern ; *nd a new system,' thafc will endure ao long as the country!" ■ „, _ Brown returned in a half-hour and rete_fted. There was very Uttle stock for eale below 42d0l a share— a few small lots' held by unimportant commission Biouses. The vendible supply increased at 44, and at 46 "inside stock v uid come \mt," which, translated into plain EngU_b, meant that whenever the price ct lowa Midland Railway Company stock rose to 46d0l per share, directors of the comjpany or close friends of theirs would be found : willing to part with their holdings It was thus evident that the greater part of such stock cf the lowa Midland as the Street was "carrying" speculatively waji j m<it ! for ; sale at such a price as would be regarded in th. light of •* great barewn fey Mr John F: Greener, prepideut de facto of the rival Keokuk and Northern Railway. -b_t : better kuown to countess •'lambs," and widows, aud orphans, and fcrother -financiers as the Napoleon of the __._r£_-t' "Any supporting orders?" piped Greener. (Stocks are "supported," or bought or. declines, so that the price shall not go down too much, and above all not toes quickly.) "Bagley has orders to buy 300 shares every quarter of a point down until o7 is reached, and then to take 5000 *«««_?* that figure. He got them direct from Wil? . lette himself." Bagley was a broker who 'made a specialty of dealing in lowa Midland. Willett- was the president of. the company. „ "Willetts;" squeaked Greener, was m Council Bluffs this mornipg. He is to take part in the ceremonies of unveihng the Soldiers' Monument, which begin at one o'clock-that is. within twenty minutes. Allowing for difference in time. He. will be out of the reach of the telegraph for the afternoon." -■'■■,'.■, _. Brown laughed, "No wonder they are fcfraid of yon." „<_ . „,_. "Brown," said Greener, start the Bwvement by selling 10,000 shares -f lowa 3_i<-land. Divide it up among the boys «n the floor. It wouldbe well if the room Sire frightened by the selling. It w more important for us to get the P^ down ■____ to put out shorts at high figures, .rwant that stock down." I he had mere_y desired to sell, the stock "short he r^ould have gone about it carefully, to •disturb the price as little as possible n "If you want that I think j;ou 11 get it, eaid Brawn. 'As he was going out Mr Greener squeaked after him: "Keep them Buessing: keep them guessing. -•'That" mused Mr John F. Greener, "'ought to mean a three or four-point break in lowa Midland at the very least, and perfcaps we can work through the peg at 37 jW&I see." By the "peg" he meant the gjire at which the supporting orders to v were heaviest. __ _■ . ' A few minutes later the lowa Midland *post" on the floor of the Stock Exphapge Was surrounded by a dozen puzzled and »ppre!hensive but gentlemanly brokers. And itill a few minutes later the same spot iwas a seethfing whirlpool of maniacal hu-. »»mty. It waa appalling, the eight of these gesticulating, yelling, fighting, coatIjearing, fisticuffing brokers— appalling and •vulgar, selfish, unipleasant, . ungerttlemanly _ut en_nently typical. -And all that caused tbe tKU-sfonnation was the fact thafc Mr .Brown had been seen whispering to Harry .Wils-n,- and Harry Wilson had left him, gone to tha lowa Midland crowd, and so|d 1000 ribarea at 424 a 1 "1 42 - Then ..Mr Brown had; been eeen speaking with W. G. Carleton in what struck witnesses as being a jnore or less agitaibed manner, jind later Carleton 'hadl sauntered careles-ly over to tiie lowa Midland precinct, and, after displaying great, very great, indifference ftbcflrfc "the world in general, but mosfc par-Hac-ffiarly about the market for lowa Midland, had sold 1500 shares to Bagley, the epec'ialisfc, at 41J, 41|, and 41*. Mr Brown was now watched by two or three scores of sharp eyes, all having the same expression. . 'And he was observed: to look about him app-_hensively amd then begin to converse -with Frank J. Pratt ; whereupon Pratt, as ' fast as has fa* legs would carry him, hasteoed to "lowa Midland" ahd sold 2000 giux-s at an average price of 41. The observant' eyes had 'by this taken on a new ' expr-S-ion— of .ndecisoon ; but when tbey beheld Mr Brown anxiously beckon to his "particular" friend, Dan Simpson, ond saw ehrill-voiced Dan rush like mad nnifco tihe increasing crowd aud sell 5000 shares of lowa Midland, apparently regartlless of price, the observant eyes ceased to observe Brown. Activity was transiesrecl to their owners' throats as they )tJ-ought to emulate Sisnpson and the rest of Itke Browam " whdsperees," as Brown called them w_en speaking to Greener. Everybody scented" danger, especially as the same " whisperees " had not " given up " tine name bf Brown and Greener as the real Sellers, 'but had sold as though eaoh Brown+4_ced man was acting for himself — which every other man in the room knew was lout of -the. question, and -which, in turn, $_a_ase_ the general uneasiness. Ifc was a •confident and yet a. mystifying movement. It became nuare rnadd«_iingly perplexing. 7w__e_ certain brokers, believed to be " close (to the inside," also be^an to sell the stock. Everybody started to do likewise. And iweryboidy asked tho same question — •"Wihat's tihie matter?" — and reoeived an Hyalanche of answers, all different bufc all J unfavourable. One man said ifc was crop failures, 4 another mentioned divers kinds D_ bugs, a thdrd asserted it was extensive firash-outa and ruinous landslides, and bankjruptdng attacks by a socialistic legislature, j jmd receivership probabilities. 'Each of th_se was a good and sufficient j reason why lowa Midland stock should be sold. The comparison is odiously trite, £itft Hhe growth of an adverse rumour in \

B____»___M__W__---iWMM-------_-____l Wall Street really resembles nothing sr> much as the traditional snowball rolling down a hilb'ide- and becoming larger and larger as i: rolls . ur.til it is hug., terrific, with appalling possibilities fer evil. The Board Room became lowa-Mi'lland-mad. Speculators often stampede — jusfc , like other animals. No stock can withstand ther rush to sell, even though it bs ".protected" or "supported" by its manipulators, much less ,•'. stock like lowa Midland, whose market sponsor was out of town, and out of reach of the telegraph. From all over th. room men rushed to Brown, who was sitting calmly at the Erie "post," chatting pleasantly with a friend. "Brown, what's up in lowa Midland?" one of them asked, feverishly. The othei _ listened eagerly. Brown might have said. "I don't know," rudely, and turned hi? back on them. But te d-d not. He respond?!.' jocularly: "It sieeiw; to me that j.me thing is down in lowa Midland, fchafc .'Cime-i.thir.g being about three pom.**. I should say. Ha! ha!" By this time nearly all the listeners had concluded that, -inca Brown refused to tell, there must bo fom'-thing "seriouf — something very serious. Brown obviously waa. still sell'ng the s7ock through other brokers, and would keep the bad news to himself until be lu-d marketed his "Mre." After that, probably k. weukl become interestingly garrulon;. They therefore advised their, respective offices to get rid of their lowa Midland piock. It might be all right ; but it might be all wrong. And it was* going down fast. Mr Greener in his office was looking at the "tape" as it came out of the little electrical printing machine that records the transactions and prices. The Fallow- faced Jittle man ." permitted himself a slight — a very- slight — smile. The tane showed: "IA. MTD., 1000. 39; ?-00. 38| ; 500. | ; 300. _ ; 200. _■; \ ; 300. 58." He turned away to summon a clerk, to whom he s<a' _ : "Mr Rock, please send for# Mr Oo'olidfce. Make haste." "Very well, sir." A portly, wh-ite-waistcoated, white-haired man. with scow-white., short-cropped side whiskers, burst unceremoniously-, into the room. 7 - 7 . "How do you do. .Mr Ormiston?" , squeaked Greener, cordially. "Greener." panted the portly man, " what's, the matter with lowa Midland?" "How should I know?" in a half-com-plaining,. -half : petulan'fc squeak. " Brown started the selling. I saw it myself: Greener. I did you a good turn once in Central District Telegraph. I'm long. 6000 shares', of this lowa Midland. For God's sake, man, if you know any 7 thing " -." Mr Ormistoin, all I know is what I learn frcm my confidential reports of the lowa. croi). Along the line of the Keokuk and Northern the crop is not what I hoped for." And he shook his head dolefully. j " Ticky-ticky-ticky tick !" said tho tick- 1 cor, calmly. ' . \ The portly man approached the little machine. "Thirty-seven-and-an-eighth. Th;r:y- j seven!" lie shouted. "Great Scott! she's "going down like a — " He did not finish the comparison, but rushed oufc of the office without pausing to say good-bye. At one o'clock his 6000 shares at 42_d0l represented 255,000d01. Now, at two o'clock, at 37d01. the same stock would fetch about 222.000de1. A depreciation of 33,000d0l in an hour is apt to make one neglectful of* the littie niceties. An additional un-nicety was the obvious fact thab an attempt co sell 6000 shares on a declining market would inevitably cause a still further drop. Mr Ormiston was excusable. - ' Again. Mr Greener summoned a confidential clerk. ."Mr Rock," he squeaked, placidly, •'telephone Mr Brown that Ormiston, Monkhouse and Co. are about to sell 6000 shares of lowa Midland and that Mr Coolidge must not pay -more than 35 for it." "Mr Coolidge is in your, private rocm-, sir," announced an ofiice boy. The little financier, with an expressionless, sallow face, confronted his chief confidential broker. Their relations were unsuspected by the Street. Everybody thought Coohd'ge was a pleasant and honourable man. -.-■'• "Coolidge, go to the Board at once. Ormiston is going to sell 6000 shares of lowa Midland. Get it as cheap as you cam. Don't lie In a hurry, though. ' "How much shall I buy?" asked the broker, jotting down a few figures in his order book. "As much as -you can ; ail that is offered below 37," squeaked the Napoleon of the Street. It was a 'Napoleonic order. "And, Coolidge, I don't want this known by any one. Clear the stock yourself." It meant that Mr Coolidge 1 was to pub the stock through the Clearing House in his own name. As there is a charge for this service, in addition to the usual buying or selling commission, such steps are nofc resorted to unless ifc is desired to conceal the identity of the broker's principal, should the "latter be a fellow -member of tho Exchange. "Very well, Mr Greener. Good morning." And the broker went out on a run. "Whew!" he whistled when he was in the street on his way to the Stock Exchange, a few doors -below. " Brown and Greener must be short "at least 50,000 or 60,000 shar.es." This was five times too much. But ifc showed tbat Mr Greener was impartial in his distribution of er-. Ron eous impressions. He wanted to accumulate -the stock rather than "cover" a short line ; but there was no reason why even his mosfc trusted broker should know it, Ormiston's 6000 shares found their way to Mr Coolidge's office at from 34| to 35jJ. Mr Brown in the meantime had succeeded in farcing down the prices by the usual tricks. . The man who once had done Greener a good turn now did him another —the gif. of 40,000iol! In addition. Coolidge, employing several brokers, purchased 23,000 shares in all. which meant that Mr Greener, after "covering" Brown's early "short sales," was in possession of fully 14.000 shares cf the common stock of the lowa Midland Railway Company, a-t a price averaging ■nearly six points lower than they could have been bought on the preceding day, which is to say 75,00Qd0l cheaper. But Brown "and Greener had made as much on the-'r short sales, which was actually equivalent to having the lambs pay a man for the privilege of being shorn by bim! Such tras the first of a series of skirmishes by means of which the diminutive Napoleon of the street captured the floating supply of lowa Midland stock, until he had no less than 65.000 shares safe in his clutches. All the old tricks that he knew and new devices he invented were used to hide from the street the fact that Mr Greener was buying the stock on every opportunity. Bufc beyond a certain limit extensive purchases of a particular .stock cannot be concealed from the thousand shrewd men who make their living—a very good living, endeed — by ngt being blind. First one thing, then another, told these men thab some power.ful financier or group of financiers had bought enormously of lowa Midland, "absorbing" unostentatiously all the

Bi_^___Bl_B____________-__a__-_B---i-ri«»-'i-i- — - j stock shaken out by the violent _ flurrrniior.s of 'lie pa?fc few month.-. 'I h:s rant : and th? remarks hi -• :mproT.-me-Ti of hnr-- : ne*.* alono; the line of ihe -' n;ir ' caiiftd ;i I "Kiib^nntial ri*e " in thn pv.ee of the ? rompv:v's tprurit.'.'. But r.n one mi>I rpoic. 1 the lii lie >7-ipnl?on with the -shiny i eves nrd the squeak and the g?n;us. who j had bnu.hr, in tho open msrkf.r. through i unMispprVed broker?, nnd in lown fr.-.m the j local hollers, hv menus of scent :- gents. ut** ; l ho hud acilumuintcd 78,600 share*. Brown .".iid to his partner, one nay. a littlo uncasilv: "SuppoJin*: we « n '« ? ot any more rtock. whf-r arc we going to do with what, we have?'' Tt try to sell it. however oarefully, would be sure to break ths market. , • • -Brown," ?qufak°dthe btrle man, ptaintivelv, "I have cnr.chvlrd thar in ca?e I can* 1 - cct enough sio-k to hrin-T Wii^t-s ard V* crowd"— the President -of the. lowa. Midland and his fellow-directors— " *o my wav of t':iiikirtc. we ha/1 hotter sell the block w? now 'hold to the Keokuk ar.d Northern Ti-ulwav Company at the market pr _° of 6Pdol a share. Perhaps wa could even run it up a- little higher. Our stock cost, us on an average 51dol a share. \A c covll take our payment oi-e-half in casb find ha'f in first "roortgase bords at a fair discount The deal would be highly beneficial to the Keokuk and Northern Com-na-ny. .since, havine such a large block of her 'rival's stock, there would be rio more fighting and rate-cutting. Our company would, be . a powerful factor in the lowa Midland's- affairs, -for tre ought to have two or possibly three directors in their Board." "Greener." said Brown, "shake! "Oh, no; not yet," squeaked the little man, deprecatingly. Shortly afterward began a campaign of liostilitv aigainsfc the management of the Towa Midland Railway Company and President Willetts in particular. Ifc was a bitter campaign of defamation, of ingenious accusations, and of alarming prognostications. All the newspapers, important or obscure, subsidised or honest, began to print articles of the kind technically knowr. as "roasts." The road, it tras declared, had escaped a receivership by a sheer miracle. President Willetts's incompetence was stupendous and incurable. There was, in sooth, some basis for the complaints, and many stockholders were undoubtedly dissatisfied with the Willetts "dynasty." But not even the newspapers themselves knew that they were merely moving in response to wires artistically pulled by a financial genius of tbe _Tst water. The stock once more declined. ' Not knowing who was fighting him, President' Willetts Was unable to defend himself effectively. Many, timid cr disgusted holders sold out. Mr Greener gave no sign of life ; bufc his brokers bought the stock offered for sale. • At length a well-known and talkative broker confided to an intimate friend, who told his intimate- friend in confidence, who whispered to his chum, who told, etc.. etc., tha.t Mr John F. Greener had been responsible for the fall and. rise of lowa Midland stock ; 'that for months be had been buying ifc on the Stock Exchange ; that be had quietly, picked up some large blocks in loWa>. All of which was very sad, and, worse still, true. Also, that Mr Greener now held 182,300 shares of tbe stock, which was even sadder, but untrue. It really was very well done. The annual meeting of the company was only six weeks away. The reporters rushed to Mr Greener's office. The little financier would, not be seen. At length he reluctantly consented to b& interviewed. He admitted, after a skilful display of unwillingness, that be had bought Iowa" Midland stock. 'As to ihe amount, he said that was*not of intent to tbe general public. The reporters finally cornered him and succeeded in making the little financier say, with a fleeting and very peculiar smoile : " Yes ; it is over 100,000 shares." And not another word could the newspaper men get out of him. Being an intelligent man, he never lied for publication. Each reporter who saw that smile and the furtive look that accompanied ib went away convinced to the life-wagering point that Mr John F. Greene, was in control of the lowai Midland. And tbey wrote accordingly. Presidents Willetts all but had an apoplectic stroke. The Street disgustedly said: "Another successful, villainous plot of Greener's!" And such was his reputation) as an " absorber " of _rJads and roads' profits that the stock declined ten points in two days. Investors and speculators alike displayed a fram-tic desire not to be identified in any way or manner with, one of Mr Greener's properties. The little financier had not been mistaken. His last card was his own evil reputation! He had reserved dt'for the end. On the widespread fear that followed bis broker's autistic indiscretion" he wa_ aile to "scoop" 32,000 shares more at low figures. Such is tbe value of fame! He now held 110,600 shares, or onethird of the lowa, Midland Railroad Company's entire capital stook— enough to coerce Willetts into making very profitable arrangements with Mr Greener's Keokuk and Northern Railway Company. Of course, the absolute control of the lowa Midland was best of all, if it only could be secured. Bufc of this the sallow-faced little, man with the-high forehead and the shifty eyes was doubtful. He confessed as mucb to Brown, ending with : " It's a shame, too. I could make so much out of that property!" He estimated— it had cost him ll.OOOdol to secure the necessa,ry data— thafc Willetts and his clique held 105,000 shares, so tbat there were still 122,000 shares unaccounted for— probably scattered among small investors throughout the country, who did not care who managed the road so long as they received pleasant promises of dividends, and also among banking houses and anti-Greener men, who, though they did not approve of Willetts, disapproved even more . emphaticailly and vehemently of Greener and his methods. If he . could nob buy the stock itself he must try amd secure proxies. He knew tha* some of the trust companies held a fair amount of the longedfor stock. He laid siege to them. He bombarded then, with promises and ponied an enfilading fire of pledges so honourable, so eminently sound and business-like, as to pierce the armour of their distrust. In the end they actually grew to believe that they were acting wisely when, they pledged their support to Mr Greener. Tbe guarantee be gave tbem seemed ironclad, and they agreed to give him their proxies whenever be should send for them. He called bis clerk Rock and told him.: "Go to the Rural Trust Company and to the Commercial Loan and Trust Company. See Mr Roberts and Mr Morgan. They will give you some lowa Midland • proxies made out to Frederick Rook or John F. Greener." Rock was a good-looking, quiet chap, with a very well-shaped head 'and-' a reso- . lute chin. manners were pleasing. He : bad a habit of looking one straight in the eves, but did not always succeed thereby in. conveying an impression of straightforwardness. But he certainly impressed ■ one as being bold and keen. His fellowclerks used to say that Rock spent his spare time in studying the financial operations of the Napoleon of the Street With the same care and- minuteness that military students go over the campaigns of Napoleon Bonaparte— which was the truth. "Mr Greener," said' Rock, "you are carrying 110,000 shares of stock, are you not?" . " Eh'?' squeaked Greener, innocently. " I figure that, unless you are doing something outside this office, you will need proxies for 50.000 shares more to give yoa absolute control and elect your own Board of directors and carry out your plan, m connection with, Keokuk and Northern.." Not by so much as the twinkling of en eye did 'the little man betray thafc he was interested in Rock's words. " Mr Greener," said the clerk, very earnestly, "I should like to try and get them for you." , "Yes," he squeaked, absent-mindedly. " Yes, sir," answered Rock.

"Grv »h?ad. then," said Mr Greener, I csrc-losslv. " l^ot. m<? knew next week how you nre getting <>n. An LXprt' : .7nn c-f •;tis. , ..ppniniment eamo into Rock's fac.\ v.-iun-upr.n Greener added: "Of cour-e if you succeed I'll do well by you." "Wliat will you do, Mr GrcE.r.er?' asked th? clerk, looking straight at him. " T!l c;ivo you," he squeaked, encouragin.lv. "ie:i thousand dollar?." " Is that n. good price for the work, Mr. Greener? T may have to pay out a. go.x! deal," added tb?.' young clerk" with a faint touch of bitterr.ess. •' Tt is -all tliat it is worth to me. Mr Rock, and I think it is worth more to nic than to anybody else. I'll raise your salary from sixteen. hundred to two thousand a year. That's a great deal more money than I had at your age, Mr Rock." "Very weli," said Rock, quietly. "I'll do the best I can." But once away from Greener, his face flushed with anger and indignation. "Ten thousand for what might be worth ten millions to the financier!" Tbe clerk had studied Greener's Napoleonic methods for two years. He had learned patience for one thing, aud he had waited for his chance. It had come at last, and he knew it. Events make the man. Rock had thought carefully, intelligently, and, besfc of all, coolly. He had planned logically. It was a good plan ; ib was a> feasible plan, and ib could not be upset by meddlesome courts. How Mr John F. Greener had failed to think of the same plan was a bit strange. The unscrupulousness of it did not frighten the clerk. He had the instincts of a financier of the Greener school. The clerk all that week did nothing but collect the lowa Midland proxies promised by the complaisant trust companies. They amounted to 21.200 shares. From prominent brokerage houses, by means of alluring and unauthorised premises, he secured 7100 share**; in all he had 28,300 shares. This meant that at the approaching annual meeting Mr Greener could vote 138.900 shares out of a possible total of 320,000. Unless the opposition could unite, the election was already sure to " go Mr Greener's way." From time to time, when the little financier would ask Rock how he was progressing, the clerk would tell him he was doing as well as- could be expected. He also told Mr Greener that tbe trust companies bad given only 14.000 shares, and) he said nothing whatever of the 7100 shares he had Secured from the friendly brokers. It was a desperate risk, this concealing from Mr Greener how well he had done; but the clerk was bold. The moment Rock became convinced that there were no more pro-Greener proxies to be bad by hook or crook, he began his attack on the' enemy. His problem was to capture the anti-Greener votes — or stock. He proceeded to put his olan into, effect. And the plan of this healthy clerk, with the unflinching eves and the resolute ohdn, was worthy of the sallow-faced little man with the furtive look and the great forehead. . "It is a case of heads I win ; tails you lose," Rock muttered to himself, exultihgly. 1^ Wall Street were .personified and eiidowed with speech, it would probably stay the same words many times a day. The young man presented himself forthwith at the office of Weddell, Hopkins and Co.. prominent bankers and bitter enemies of Mr John F. Greener and his methods. They knew Rock as one cf the confidential'clerks of Brown and Greener, and he had no difficulty in securing an audience from Mr Weddell. " Good /.morning, Mr Weddell. * " Good morning, sir," «said the banker, coldly. "I must say I'm somewhat surprised at the presumption of your people in fending you to me." "Mr wVddell," said Rock, a trifle too eagerly to be artistic, "I've left the firm cf = 'Brown and Greener. They were," he added, youthfully, "too rascally for me. Mr Weddell's face froze solid. He feared an application for ai position. "Ye—es?" he said. His voice matched his face in frigidity. "Mr Weddell," said the young clerk, looking straight into the old banker's eyes, "you. in common with other honest men, have been wishing you could prevent Mr Greener from wrecking the lowa Midland. Now Mr Weddell," he went on, eagerly, as the enthusiasm of the plan grew upon him, "I know all about Mr Greeners plans, and resources, and I want you to help me fight him. If ycu do we will win, " How will you go about it?" asked the old banker, evasively. He was not certain this was not some trick of the versatile Mr John F. Greener. "Mr Greener," answered young Kock, " has not control of the property. He has only 110,600 shares. I had access to the books, and I know to a share. ' "I don't wish you to betray an employer's secrets, even though he may be my enemy. I do not care to hear any more." He was an old-fashioned banker, was Mr Weddell. "I am, net betraying any secrets. He himself said he had over 100,000 shares, and ail the reporters jumped at the conclusion that he had aotually a controlling interest. And that is what he will have, unless you help me. I have proxies here for 28*300 shares from trust companies and commission houses. My plan is to get all the proxies I can from the anti-Greener and the anti-Willetts stockholders. Then we can make Mr Willetts give us pledges in black and white to inaugurate the muchneeded reforms and stop has policy of extravagance and his costly traffio arrangements. Willetts wili do it to save himself and the road from falling into Greeners hands. But there's no time to lose, Mr Weddell." The exciteittent of the game he was playing stimulated him like wine. "And you?' P queried the old banker, meaningly. "Where do you come in?" The insinuation was his last weapon. The young man's was really the only feasible plan that he could see. "I? It might be, Mr Weddell, that after the election I' could be appointed assistant secretary of the company, as an evidence of good faith on the part of the reform management. I can keep tabs on them and represent the Weddell-Hopkins interest. The salary," he added, with truly artistic significance, ''cculd be 5000dol a year. I have been getting just one-half that." His salary was exactly 1600dol ; bufc why minimise one's commercial value? The old banker walked up an down . . . "By gad, sir, you shall have our proxies," said Mr Weddell, at length. " It would be well not to let Mr Greener suspect this," added Rock. And the banker agreed with him. Weddell, Hopkins and Co. held 14,000 shares of lowa Midland stock, and on. the next day Rock received their proxies. Coming from so well-known, ko notoriously anti-Greener a house, they served as credentials to him, and h% was able to convince many doubting Thomases. He .secured proxies from practically all the antiGreener stock held in the city, as well as in Philadelphia and Boston. His day-long absences from the office aroused iio suspicions there, since everybody thought he was working in the interest of Brown and Greener. All told, the proxies he had secured from Mr Greener's friends and from his foes amounted to 61,830 shares. It was really a remarkable performance. He felt very proud

of it. As to consequences, he had carefully wci.hfd ihrin. IU was working for I' re. -kr; cfc IV'ric. He tv.-i* Ir-unc! to suc-cc-fd. on whichever f-ide the coin came down. Mr Greener called him into the pri vats office. '• Mr Rock, hew about those lowa Midland proxies*''' "T have them Fafe," answered the clerk, a bit defiantly. " How many?" Rock pulled out- a piece of paper, though he knew the- figures by liJ'rirt-. He said, in a tone he endeavoured to irake nonchalant : "I have exactly 61,830 shores." -What? Wliat?" The Napoleon's voice overflowed 1 with asfcc_ : i. .i-ment. Rock looked Ktraight into Greener's shifty brown .eyes. " I said." he repeated 1 , "that I had proxies for 61,830 -hares." Mr Greener re-nitmbered himself. "1 congratulate you, Mr Hock, on keeping your word. You wi _ find I keep mine equally well," he s-aid inn his tuo-rma-l squeak. "We may a.s well have an understanding now as any other time, Mr Greener.' Rock's eyes did not kavc the sallow faco ol tte great railroad wrecker. He knew he had crcssedi the Rubicon. He was fighting for his future, for the prosperity of his dir-'aircs. An_ he was fighting a giant of giari.'. AIL this the clerk thought ; ■and the thought braced him wonderfully. Ho became selfpossessed, discriminating — a. Napolecii'ic bud about to- burst into full blnom. "What do you mean?" squeaked Mi Greener, naively. Mr Brown entered. He was j_?t in time to hear the clerk sny : " Ycu have, all told, 110.000 shares of lowa. Midland. President Willetts andl h-is crowd control about the same amount." "Yes," said the sallow-f«ce-d little man. His forehead was moist — barely moist — with perspiration, but his face was expressionless. Hi's eyes were less furtive ; tha* was all. He was looking intently mow at the young clerk, for he understood. "Well, some of the' proxies stand in the nam© of Frederick -Rock or John F. Greeoaer, but the greater part in my nam© alone. I can vote the entire lot as I please. And whichever side. I votsi for 'will have am absolute majority. Mr Greener, I .have the naming of the directors, and therefore of the president of the lowa Mid-and. And you can't, prevent me *, and) you cam?t touch me; and you oan't do a. d' d thing to me!" he ended, defiantly. It was nearly all superfluous, inartistic. But, youth — _ defect one overcomes with time ! " You infernal scoundrel !" shouted Mr Brown. He had a short, thick neck, and anger made, his face dangerously purple. "I secured most of the proxies," continued Rock, in. a tone that savoured slightly of self-defence, "by assuring Weddell, Hopkins and Co. and their friends tbat I would vote against Mr Greener." He paused. "Go ahead', Mr Rock," squeaked Mr Greener; ''don', be afraid to talk." The pale little man with the black beard amd 1 the high forehead! nofc only had' a great genius for finance, but possessed wonderful nerve. His squeak was an inconsistency ; but it served to make him human. " You offered me 10,000dol cash and 2000dbl a year." " Yes," admitted Mr Greener,, meekly. "How much dio you wa„t?" His look became furtive again. A great weight had' been removed from bis. mind. Rock perceived it amd- became evem more courageous. '' Wed_a_, Hopkins and Co. and their friends tvamt me to vote the Willetts ticket, Mr Wiillett's having promised to make im•portainb reforms. My rewaa*d is to ba the position of assistant secretary, with headquarters in New York, at a salary of 5000 d-il a year, to say nothing of the backing of Weddell, Hopkins and Co." " I'll dk> as much and give you 20,000d0l in cash," said) Mr Greener, quietly. "No. I want to join the New York Stock Exchange-. I want you to buy me a seat andl I want you to give me some of your business. And I wamt ycu to lend! me 50,000di0l oa my note." '.'Yes?" "Mr Greener, you know what I con do ; and I know what the absolute control of the lowa Midlands means to you, and wha* the comeoli'dation with Keokuk and Northern or the lease of the one by the other would do for both of thean— _»d for you. And I want to be your broker. I'll serve you feithfully, Mr Greener." "Rock," squeaked Mr Greener, "shake hands. I understand jusb how you feel about this. I'll buy you a seat amd I'll give you all the business I can, and I'll lend! you 100,000dol without any note. I think 1 know you now. The seat you shall have jusb as soon as it can be bought. My interests shall be your inteirests in the future." "I've made all the necessary arrangements. I can buy the seat at a moment's notice," said Rock, calnnly, though his heart waa beating wiU'dlv for sheer joy of victory. " lb will cost 23,(J00d01." "Td'l Mr Simpson to make out my personal cheque for _5,00C__," pipedthe Napoleon of the Street, almost oardi'alily. " Th-thauk you very much, Mr Greener," st__nn_-red the bold clerk. "The proxies " " Oh, that's all right," interrupted Mr John F. Greener. " You'll go to Des Moines with us. You're one of us now. I've long wanted a ma_ like you. But, Rock, nowadays young met. are either gamblers or fools," ho added, with a final plaintive squeak. A week later Mr Green.fr was elected president of the lowa Midland Railway Company amd Mr Rock was elected a member of the New York Stock Exchange.