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THE TITAN
Schryhart’s idea, like that of Hand, was to cause Hull & Stackpole to relinquish all their holdings for nothing to the banks in
order that, under pressure, the latter might carry the stocks he
and the others had hypothecated with them until such a time as
the company might be organized at a profi t. At the same time he
was intensely resentful against Cowperwood for having by any
fl uke of circumstance reaped so large a profi t as he must have done.
Plainly, the present crisis had something to do with him. Schryhart was quick to call up Hand and Arneel, after Stackpole had
gone, suggesting a conference, and together, an hour later, at Arneel’s offi ce, they foregathered along with Merrill to discuss this
new and very interesting development. As a matter of fact, during
the course of the afternoon all of these gentlemen had been growing more and more uneasy. Not that between them they were not
eminently capable of taking care of their own losses, but the sympathetic effect of such a failure as this (twenty million dollars),
to say nothing of its reaction upon the honor of themselves and
the city as a fi nancial center, was a most unsatisfactory if not disastrous thing to contemplate, and now this matter of Cowperwood’s
having gained handsomely by it all was added to their misery. Both
Hand and Arneel growled in opposition when they heard, and
Merrill meditated, as he usually did, on the wonder of Cowperwood’s subtlety. He could not help liking him.
There is a sort of municipal pride latent in the bosoms of most
members of a really thriving community which often comes to
the surface under the most trying circumstances. These four men
were by no means an exception to this rule. Messrs. Schryhart, Hand,
Arneel, and Merrill were concerned as to the good name of Chicago
and their united standing in the eyes of Eastern fi nanciers. It was
a sad blow to them to think that the one great enterprise they had
recently engineered — a foil to some of the immense affairs which
had recently had their genesis in New York and elsewhere — should
have come to so untimely an end. Chicago fi nance really should not
be put to shame in this fashion if it could be avoided. So that when
431
THEODORE DREISER
Mr. Schryhart arrived, quite warm and disturbed, and related in detail what he had just learned, his friends listened to him with eager
and wary ears.
It was now between fi ve and six o’clock in the afternoon and still
blazing outside, though the walls of the buildings on the opposite
side of the street were a cool gray, picked out with pools of black
shadow. A newsboy’s strident voice was heard here and there calling
an extra, mingled with the sound of homing feet and street-cars —
Cowperwood’s street-cars.
«I’ll tell you what it is», said Schryhart, fi nally. «It seems to me
we have stood just about enough of this man’s beggarly interference. I’ll admit that neither Hull nor Stackpole had any right to go
to him. They laid themselves and us open to just such a trick as has
been worked in this case». Mr. Schryhart was righteously incisive,
cold, immaculate, waspish. «At the same time», he continued, «any
other moneyed man of equal standing with ourselves would have
had the courtesy to confer with us and give us, or at least our banks,
an opportunity for taking over these securities. He would have come
to our aid for Chicago’s sake. He had no occasion for throwing these
stocks on the market, considering the state of things. He knows very
well what the effect of their failure will be. The whole city is involved,
but it’s little he cares. Mr. Stackpole tells me that he had an express
understanding with him, or, rather, with the men who it is plain have
been representing him, that not a single share of this stock was to be
thrown on the market. As it is, I venture to say not a single share of
it is to be found anywhere in any of their safes. I can sympathize
to a certain extent with poor Stackpole. His position, of course, was
very trying. But there is no excuse — none in the world — for such
a stroke of trickery on Cowperwood’s part. It’s just as we’ve known
all along — the man is nothing but a wrecker. We certainly ought to
fi nd some method of ending his career here if possible».
Mr. Schryhart kicked out his well-rounded legs, adjusted his
soft-roll collar, and smoothed his short, crisp, wiry, now blackishgray mustache. His black eyes fl ashed an undying hate.
432
THE TITAN
At this point Mr. Arneel, with a cogency of reasoning which did
not at the moment appear on the surface, inquired: «Do any of you
happen to know anything in particular about the state of Mr. Cowperwood’s fi nances at present? Of course we know of the Lake Street
‘L’ and the Northwestern. I hear he’s building a house in New York,
and I presume that’s drawing on him somewhat. I know he has four
hundred thousand dollars in loans from the Chicago Central; but
what else has he?»
«Well, there’s the two hundred thousand he owes the Prairie
National», piped up Schryhart, promptly. «From time to time I’ve
heard of several other sums that escape my mind just now».
Mr. Merrill, a diplomatic mouse of a man — gray, Parisian,
dandifi ed — was twisting in his large chair, surveying the others
with shrewd though somewhat propitiatory eyes. In spite of his old
grudge against Cowperwood because of the latter’s refusal to favor
him in the matter of running street-car lines past his store, he had
always been interested in the man as a spectacle. He really disliked
the thought of plotting to injure Cowperwood. Just the same, he felt
it incumbent to play his part in such a council as this. «My fi nancial agent, Mr. Hill, loaned him several hundred thousand not long
ago», he volunteered, a little doubtfully. «I presume he has many
other outstanding obligations».
Mr. Hand stirred irritably.
«Well, he’s owing the Third National and the Lake City as much
if not more», he commented. «I know where there are fi ve hundred
thousand dollars of his loans that haven’t been mentioned here.
Colonel Ballinger has two hundred thousand. He must owe Anthony Ewer all of that. He owes the Drovers and Traders all of one
hundred and fi fty thousand».
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 to-night,
433
THEODORE DREISER
we should probably fi nd that there are other items of which we do
not know. I do not like to be severe on any one, but our own situation is serious. Unless something is done to-night 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 to-day, 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 fi nancial 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 fi ngers. 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.
434
THE TITAN
The present situation may be just what is needed to accomplish this.
Anyhow, it may help to solve our diffi culty. 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 fi nd 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 fi xed upon as the most
suitable rendezvous. Telephones were forthwith set ringing and
messengers and telegrams despatched in order that the subsidiary
fi nancial luminaries and the 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 offi cial 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 fi nancial 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 fi gures 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 fulfi l in manner and air, if not in fact, the principle of «presence» which befi ts
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
436
THE TITAN
loftily forth in the hot, dry evening air and were soon at the door of
the large and comfortable home of Mr. Timothy Arneel.
That important personage was not as yet present to receive
his guests, and neither were Messrs. Schryhart, Hand, nor Merrill.
It would not be fi tting 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 offi ces, 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 fi nancial weight and intelligence of the city appeared as
solemn as owls under the pressure of a rumored impending fi nancial crisis. Before Arneel’s appearance there was a perfect buzz of
minor fi nancial 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!»
437
THEODORE DREISER
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 profi ting or were in any way involved had come to
any one present — not as yet.
At eight-thirty exactly Mr. Arneel fi rst 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 fi ne 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
438
THE TITAN
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 fi nally, 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, fi rmly, «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 fi shed 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.
439
THEODORE DREISER
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 offi cers 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 fi nancial 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 fi nancial 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».
Mr. Arneel paused, and Mr. Norrie Simms, more excitable than
most by temperament, chose to exclaim, bitterly: «The wrecker!»
A stir of interest passed over the others accompanied by murmurs of
disapproval.
«The moment he got the stock in his hands as collateral», continued Mr. Arneel, solemnly, «and in the face of an agreement not to
throw a share on the market, he has been unloading steadily. That
is what has been happening yesterday and to-day. Over fi fteen thousand shares of this stock, which cannot very well be traced to outside sources, have been thrown on the market, and we have every
reason to believe that all of it comes from the same place. The result is that American Match, and Mr. Hull and Mr. Stackpole, are on
the verge of collapse».
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