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THE TITAN
«The scoundrel!» repeated Mr. Norrie Simms, bitterly, almost
rising to his feet. The Douglas Trust Company was heavily interested in American Match.
«What an outrage!» commented Mr. Lawrence, of the Prairie
National, which stood to lose at least three hundred thousand dollars in shrinkage of values on hypothecated stock alone. To this
bank that Cowperwood owed at least three hundred thousand dollars on call.
«Depend on it to fi nd his devil’s hoof in it somewhere», observed
Jordan Jules, who had never been able to make any satisfactory progress in his fi ght on Cowperwood in connection with the city council
and the development of the Chicago General Company. The Chicago Central, of which he was now a director, was one of the banks
from which Cowperwood had judiciously borrowed.
«It’s a pity he should be allowed to go on bedeviling
the town in this fashion», observed Mr. Sunderland Sledd to his
neighbor, Mr. Duane Kingsland, who was a director in a bank
controlled by Mr. Hand.
The latter, as well as Schryhart, observed with satisfaction the effect of Mr. Arneel’s words on the company.
Mr. Arneel now again fi shed in his pocket laboriously, and drew
forth a second slip of paper which he spread out before him. «This
is a time when frankness must prevail», he went on, solemnly, «if
anything is to be done, and I am in hopes that we can do something.
I have here a memorandum of some of the loans which the local
banks have made to Mr. Cowperwood and which are still standing on their books. I want to know if there are any further loans of
which any of you happen to know and which you are willing to
mention at this time».
He looked solemnly around.
Immediately several loans were mentioned by Mr. Cotton and
Mr. Osgood which had not been heard of previously. The company
was now very well aware, in a general way, of what was coming.
441
THEODORE DREISER
«Well, gentlemen», continued Mr. Arneel, «I have, previous to
this meeting, consulted with a number of our leading men. They
agree with me that, since so many banks are in need of funds to
carry this situation, and since there is no particular obligation on
anybody’s part to look after the interests of Mr. Cowperwood, it
might be just as well if these loans of his, which are outstanding,
were called and the money used to aid the banks and the men who
have been behind Mr. Hull and Mr. Stackpole. I have no personal
feeling against Mr. Cowperwood — that is, he has never done me
any direct injury — but naturally I cannot approve of the course he
has seen fi t to take in this case. Now, if there isn’t money available
from some source to enable you gentlemen to turn around, there
will be a number of other failures. Runs may be started on a halfdozen banks. Time is the essence of a situation like this, and we
haven’t any time».
Mr. Arneel paused and looked around. A slight buzz of conversation sprang up, mostly bitter and destructive criticism of
Cowperwood.
«It would be only just if he could be made to pay for this», commented Mr. Blackman to Mr. Sledd. «He has been allowed to play
fast and loose long enough. It is time some one called a halt on him».
«Well, it looks to me as though it would be done tonight», Mr.
Sledd returned.
Meanwhile Mr. Schryhart was again rising to his feet. «I think»,
he was saying, «if there is no objection on any one’s part, Mr. Arneel, as chairman, might call for a formal expression of opinion
from the different gentlemen present which will be on record as
the sense of this meeting».
At this point Mr. Kingsland, a tall, whiskered gentleman, arose
to inquire exactly how it came that Cowperwood had secured these
stocks, and whether those present were absolutely sure that the stock
has been coming from him or from his friends. «I would not like to
think we were doing any man an injustice», he concluded.
442
THE TITAN
In reply to this Mr. Schryhart called in Mr. Stackpole to corroborate him. Some of the stocks had been positively identifi ed. Stackpole
related the full story, which somehow seemed to electrify the company, so intense was the feeling against Cowperwood.
«It is amazing that men should be permitted to do things like
this and still hold up their heads in the business world», said one,
Mr. Vasto, president of the Third National, to his neighbor.
«I should think there would be no diffi culty in securing united action in a case of this kind», said Mr. Lawrence, president of
the Prairie National, who was very much beholden to Hand for past
and present favors.
«Here is a case», put in Schryhart, who was merely waiting for
an opportunity to explain further, «in which an unexpected political
situation develops an unexpected crisis, and this man uses it for his
personal aggrandizement and to the detriment of every other person. The welfare of the city is nothing to him. The stability of the very
banks he borrows from is nothing. He is a pariah, and if this opportunity to show him what we think of him and his methods is not used
we will be doing less than our duty to the city and to one another».
«Gentlemen», said Mr. Arneel, fi nally, after Cowperwood’s different loans had been carefully tabulated, «don’t you think it would
be wise to send for Mr. Cowperwood and state to him directly
the decision we have reached and the reasons for it? I presume all of
us would agree that he should be notifi ed».
«I think he should be notifi ed», said Mr. Merrill, who saw behind this smooth talk the iron club that was being brandished.
Both Hand and Schryhart looked at each other and Arneel while
they politely waited for some one else to make a suggestion. When
no one ventured, Hand, who was hoping this would prove a ripping
blow to Cowperwood, remarked, viciously:
«He might as well be told — if we can reach him. It’s suffi cient
notice, in my judgment. He might as well understand that this is
the united action of the leading fi nancial forces of the city».
443
THEODORE DREISER
«Quite so», added Mr. Schryhart. «It is time he understood,
I think, what the moneyed men of this community think of him and
his crooked ways».
A murmur of approval ran around the room.
«Very well», said Mr. Arneel. «Anson, you know him better
than some of the rest of us. Perhaps you had better see if you can
get him on the telephone and ask him to call. Tell him that we are
here in executive session».
«I think he might take it more seriously if you spoke to him,
Timothy», replied Merrill.
Arneel, being always a man of action, arose and left the room,
seeking a telephone which was located in a small workroom or offi ce den on the same fl oor, where he could talk without fear of being
overheard.
Sitting in his library on this particular evening, and studying
the details of half a dozen art-catalogues which had accumulated
during the week, Cowperwood was decidedly conscious of the probable collapse of American Match on the morrow. Through his brokers and agents he was well aware that a conference was on at this
hour at the house of Arneel. More than once during the day he had
seen bankers and brokers who were anxious about possible shrinkage in connection with various hypothecated securities, and to-night
his valet had called him to the ’phone half a dozen times to talk
with Addison, with Kaffrath, with a broker by the name of Prosser
who had succeeded Laughlin in active control of his private speculations, and also, be it said, with several of the banks whose presidents
were at this particular conference. If Cowperwood was hated, mistrusted, or feared by the overlords of these institutions, such was by
no means the case with the underlings, some of whom, through being merely civil, were hopeful of securing material benefi ts from
him at some future time. With a feeling of amused satisfaction he
was meditating upon how heavily and neatly he had countered on
his enemies. Whereas they were speculating as to how to offset their
heavy losses on the morrow, he was congratulating himself on cor-
444
THE TITAN
responding gains. When all his deals should be closed up he would
clear within the neighborhood of a million dollars. He did not feel
that he had worked Messrs. Hull and Stackpole any great injustice.
They were at their wit’s end. If he had not seized this opportunity to
undercut them Schryhart or Arneel would have done so, anyhow.
Mingled with thoughts of a forthcoming fi nancial triumph
were others of Berenice Fleming. There are such things as fi gments of the brain, even in the heads of colossi. He thought of Berenice early and late; he even dreamed of her. He laughed at himself at times for thus being taken in the toils of a mere girl — the
strands of her ruddy hair — but working in Chicago these days he
was always conscious of her, of what she was doing, of where she
was going in the East, of how happy he would be if they were only
together, happily mated.
It had so happened, unfortunately, that in the course of this
summer’s stay at Narragansett Berenice, among other diversions,
had assumed a certain interest in one Lieutenant Lawrence Braxmar, U.S.N., whom she found loitering there, and who was then
connected with the naval station at Portsmouth, New Hampshire.
Cowperwood, coming East at this time for a few days’ stay in order
to catch another glimpse of his ideal, had been keenly disturbed by
the sight of Braxmar and by what his presence might signify. Up to
this time he had not given much thought to younger men in connection with her. Engrossed in her personality, he could think of
nothing as being able to stand long between him and the fulfi lment of his dreams. Berenice must be his. That radiant spirit, enwrapt in so fair an outward seeming, must come to see and rejoice in
him. Yet she was so young and airy in her mood that he sometimes
wondered. How was he to draw near? What say exactly? What do?
Berenice was in no way hypnotized by either his wealth or fame.
She was accustomed (she little knew to what extent by his courtesy)
to a world more resplendent in its social security than his own. Surveying Braxmar keenly upon their fi rst meeting, Cowperwood had
liked his face and intelligence, had judged him to be able, but had
445
THEODORE DREISER
wondered instantly how he could get rid of him. Viewing Berenice
and the Lieutenant as they strolled off together along a summery
seaside veranda, he had been for once lonely, and had sighed. These
uncertain phases of affection could become very trying at times.
He wished he were young again, single.
To-night, therefore, this thought was haunting him like a gloomy
undertone, when at half past eleven the telephone rang once more,
and he heard a low, even voice which said:
«Mr. Cowperwood? This is Mr. Arneel».
«Yes».
«A number of the principal fi nancial men of the city are gathered
here at my house this evening. The question of ways and means of
preventing a panic to-morrow is up for discussion. As you probably
know, Hull & Stackpole are in trouble. Unless something is done for
them tonight they will certainly fail to-morrow for twenty million
dollars. It isn’t so much their failure that we are considering as it is
the effect on stocks in general, and on the banks. As I understand it,
a number of your loans are involved. The gentlemen here have suggested that I call you up and ask you to come here, if you will, to help
us decide what ought to be done. Something very drastic will have to
be decided on before morning».
During this speech Cowperwood’s brain had been reciprocating
like a well-oiled machine.
«My loans?» he inquired, suavely. «What have they to do with
the situation? I don’t owe Hull & Stackpole anything».
«Very true. But a number of the banks are carrying securities for
you. The idea is that a number of these will have to be called — the
majority of them — unless some other way can be devised to-night.
We thought you might possibly wish to come and talk it over, and
that you might be able to suggest some other way out».
«I see», replied Cowperwood, caustically. «The idea is to sacrifi ce
me in order to save Hull & Stackpole. Is that it?»
His eyes, quite as though Arneel were before him, emitted malicious sparks.
446
THE TITAN
«Well, not precisely that», replied Arneel, conservatively; «but
something will have to be done. Don’t you think you had better
come over?»
«Very good. I’ll come», was the cheerful reply. «It isn’t anything
that can be discussed over the ’phone, anyhow».
He hung up the receiver and called for his runabout. On the way
over he thanked the prevision which had caused him, in anticipation of some such attack as this, to set aside in the safety vaults of
the Chicago Trust Company several millions in low-interest-bearing government bonds. Now, if worst came to worst, these could be
drawn on and hypothecated. These men should see at last how powerful he was and how secure.
As he entered the home of Arneel he was a picturesque and truly
representative fi gure of his day. In a light summer suit of cream and
gray twill, with a straw hat ornamented by a blue-and-white band,
and wearing yellow quarter-shoes of the softest leather, he appeared
a very model of trig, well-groomed self-suffi ciency. As he was ushered into the room he gazed about him in a brave, leonine way.
«A fi ne night for a conference, gentlemen», he said, walking toward a chair indicated by Mr. Arneel. «I must say I never saw so
many straw hats at a funeral before. I understand that my obsequies
are contemplated. What can I do?»
He beamed in a genial, suffi cient way, which in any one else
would have brought a smile to the faces of the company. In him it
was an implication of basic power which secretly enraged and envenomed nearly all those present. They merely stirred in a nervous
and wholly antagonistic way. A number of those who knew him
personally nodded — Merrill, Lawrence, Simms; but there was no
friendly light in their eyes.
«Well, gentlemen?» he inquired, after a moment or two of ominous silence, observing Hand’s averted face and Schryhart’s eyes,
which were lifted ceilingward.
«Mr. Cowperwood», began Mr. Arneel, quietly, in no way disturbed by Cowperwood’s jaunty air, «as I told you over the ’phone,
447
THEODORE DREISER
this meeting is called to avert, if possible, what is likely to be a very
serious panic in the morning. Hull & Stackpole are on the verge of
failure. The outstanding loans are considerable — in the neighborhood of seven or eight million here in Chicago. On the other hand,
there are assets in the shape of American Match stocks and other
properties suffi cient to carry them for a while longer if the banks
can only continue their loans. As you know, we are all facing a falling market, and the banks are short of ready money. Something has
to be done. We have canvassed the situation here to-night as thoroughly as possible, and the general conclusion is that your loans are
among the most available assets which can be reached quickly. Mr.
Schryhart, Mr. Merrill, Mr. Hand, and myself have done all we can
thus far to avert a calamity, but we fi nd that some one with whom
Hull & Stackpole have been hypothecating stocks has been feeding them out in order to break the market. We shall know how to
avoid that in the future» (and he looked hard at Cowperwood), «but
the thing at present is immediate cash, and your loans are the largest and the most available. Do you think you can fi nd the means to
pay them back in the morning?»
Arneel blinked his keen, blue eyes solemnly, while the rest, like
a pack of genial but hungry wolves, sat and surveyed this apparently
whole but now condemned scapegoat and victim. Cowperwood, who
was keenly alive to the spirit of the company, looked blandly and
fearlessly around. On his knee he held his blue-banded straw hat
neatly balanced on one edge. His full mustache curled upward in
a jaunty, arrogant way.
«I can meet my loans», he replied, easily. «But I would not advise
you or any of the gentlemen present to call them». His voice, for all
its lightness, had an ominous ring.
«Why not?» inquired Hand, grimly and heavily, turning squarely about and facing him. «It doesn’t appear that you have extended
any particular courtesy to Hull or Stackpole». His face was red and
scowling.
448
THE TITAN
«Because», replied Cowperwood, smiling, and ignoring the reference to his trick, «I know why this meeting was called. I know that
these gentlemen here, who are not saying a word, are mere catspaws
and rubber stamps for you and Mr. Schryhart and Mr. Arneel and Mr.
Merrill. I know how you four gentlemen have been gambling in this
stock, and what your probable losses are, and that it is to save yourselves from further loss that you have decided to make me the scapegoat. I want to tell you here» — and he got up, so that in his full stature
he loomed over the room —»you can’t do it. You can’t make me your
catspaw to pull your chestnuts out of the fi re, and no rubber-stamp
conference can make any such attempt successful. If you want to know
what to do, I’ll tell you — close the Chicago Stock Exchange to-morrow morning and keep it closed. Then let Hull & Stackpole fail, or
if not you four put up the money to carry them. If you can’t, let your
banks do it. If you open the day by calling a single one of my loans
before I am ready to pay it, I’ll gut every bank from here to the river.
You’ll have panic, all the panic you want. Good evening, gentlemen».
He drew out his watch, glanced at it, and quickly walked to
the door, putting on his hat as he went. As he bustled jauntily down
the wide interior staircase, preceded by a footman to open the door,
a murmur of dissatisfaction arose in the room he had just left.
«The wrecker!» re-exclaimed Norrie Simms, angrily, astounded at this demonstration of defi ance.
«The scoundrel!» declared Mr. Blackman. «Where does he get
the wealth to talk like that?»
«Gentlemen», said Mr. Arneel, stung to the quick by this amazing effrontery, and yet made cautious by the blazing wrath of Cowperwood, «it is useless to debate this question in anger. Mr. Cowperwood evidently refers to loans which can be controlled in his favor,
and of which I for one know nothing. I do not see what can be done
until we do know. Perhaps some of you can tell us what they are».
But no one could, and after due calculation advice was borrowed of caution. The loans of Frank Algernon Cowperwood were
not called.
CHAPTER L
A NEW YORK MANSION
The failure of American Match the next morning was one of
those events that stirred the city and the nation and lingered in
the minds of men for years. At the last moment it was decided that in
lieu of calling Cowperwood’s loans Hull & Stackpole had best be
sacrifi ced, the stock-exchange closed, and all trading ended. This
protected stocks from at least a quotable decline and left the banks
free for several days (ten all told) in which to repair their disrupted
fi nances and buttress themselves against the eventual facts. Naturally, the minor speculators throughout the city — those who had
expected to make a fortune out of this crash — raged and complained, but, being faced by an adamantine exchange directorate,
a subservient press, and the alliance between the big bankers and
the heavy quadrumvirate, there was nothing to be done. The respective bank presidents talked solemnly of «a mere temporary fl urry»,
Hand, Schryhart, Merrill, and Arneel went still further into their
pockets to protect their interests, and Cowperwood, triumphant,
was roundly denounced by the smaller fry as a »bucaneer», a »pirate», a »wolf» — indeed, any opprobrious term that came into their
minds. The larger men faced squarely the fact that here was an enemy worthy of their steel. Would he master them? Was he already
the dominant money power in Chicago? Could he thus fl aunt their
helplessness and his superiority in their eyes and before their underlings and go unwhipped?
450
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