“At least a hundred thousand, exclusive of commission, which would be twelve and a half a hundred shares.” Despite the most strenuous opposition from Gardner, Brewster adhered to his design, and the broker executed the order the next morning. He knew that Brewster had but one chance to win, and that was to buy the stock in a lump instead of distributing it among several brokers and throughout the session. This was a point that Monty had overlooked.
There had been little to excite the Stock Exchange for some weeks: nothing was active and the slightest flurry was hailed as an event. Every one knew that the calm would be disturbed at some near day, but nobody looked for a sensation in Lumber and Fuel. It was a foregone conclusion that a slump was coming, and there was scarcely any trading in the stock. When Elon Gardner, acting for Montgomery Brewster; took ten thousand shares at 108 3/4 there was a mighty gasp on the Exchange, then a rubbing of eyes, then commotion. Astonishment was followed by nervousness, and then came the struggle.
Brewster, confident that the stock could go no higher, and that sooner or later it must drop, calmly ordered his horse for a ride in the snow-covered park. Even though he knew the venture was to be a failure in the ordinary sense he found joy in the knowledge that he was doing something. He might be a fool, he was at least no longer inactive. The feel of the air was good to him. He was exhilarated by the glitter of the snow, the answering excitement of his horse, the gaiety and sparkle of life about him.
Somewhere far back in his inner self there seemed to be the sound of cheering and the clapping of hands. Shortly before noon he reached his club, where he was to lunch with Colonel Drew. In the reading-room he observed that men were looking at him in a manner less casual than was customary. Some of them went so far as to smile encouragingly, and others waved their hands in the most cordial fashion. Three or four very young members looked upon him with admiration and envy, and even the porters seemed more obsequious. There was something strangely oppressive in all this show of deference.
Colonel Drew’s dignity relaxed amazingly when he caught sight of the young man. He came forward to meet him and his greeting almost carried Monty off his feet.
“How did you do it, my boy?” cried the Colonel. “She’s off a point or two now, I believe, but half an hour ago she was booming. Gad, I never heard of anything more spectacular!”
Monty’s heart was in his mouth as he rushed over to the ticker. It did not take him long to grasp the immensity of the disaster. Gardner had bought in at 108 3/4, and that very action seemed to put new life into the stock. Just as it was on the point of breaking for lack of support along came this sensational order for ten thousand shares; and there could be but one result. At one time in the morning Lumber and Fuel, traded in by excited holders, touched 113 1/2 and seemed in a fair way to hold firm around that figure.
Other men came up and listened eagerly. Brewster realized that his dash in Lumber and Fuel had been a master-stroke of cleverness when considered from the point of view of these men, but a catastrophe from his own.
“I hope you sold it when it was at the top,” said the Colonel anxiously.
“I instructed Gardner to sell only when I gave the word,” said Monty, lamely. Several of the men looked at him in surprise and disgust.
“Well, if I were you I’d tell him to sell,” remarked the Colonel, coldly.
“The effect of your plunge has worn off, Brewster, and the other side will drive prices down. They won’t be caught napping again, either,” said one of the bystanders earnestly.
“Do you think so?” And there was a note of relief in Monty’s voice.
From all sides came the advice to sell at once, but Brewster was not to be pushed. He calmly lighted a cigarette, and with an assured air of wisdom told them to wait a little while and see.
“She’s already falling off,” said some one at the ticker.
When Brewster’s bewildered eyes raced over the figures the stock was quoted at 112. His sigh of relief was heard but misunderstood. He might be saved after all. The stock had started to go down and there seemed no reason why it should stop. As he intended to purchase no more it was fair to assume that the backbone was at the breaking point. The crash was bound to come. He could hardly restrain a cry of joy. Even while he stood at the ticker the little instrument began to tell of a further decline. As the price went down his hopes went up.
The bystanders were beginning to be disgusted. “It was only a fluke after all,” they said to each other. Colonel Drew was appealed to urge Monty to save himself, and he was on the point of remonstrance when the message came that the threatened strike was off, and that the men were willing to arbitrate. Almost before one could draw breath this startling news began to make itself felt. The certainty of a great strike was one of the things that had made Brewster sure that the price could not hold. With this danger removed there was nothing to jeopardize the earning power of the stock. The next quotation was a point higher.
“You sly dog,” said the Colonel, digging Monty in the side. “I had confidence in you all the time.”
In ten minutes’ time Lumber and Fuel was up to 113 and soaring. Brewster, panic-stricken, rushed to the telephone and called up Gardner.
The broker, hoarse with excitement, was delighted when he recognized Brewster’s voice.
“You’re a wonder, Monty! I’ll see you after the close. How the devil did you do it?” shouted Gardner.
“What’s the price now?” asked Brewster.
“One thirteen and three-fourths, and going up all the time. Hooray!”
“Do you think she’ll go down again?” demanded Brewster.
“Not if I can help it.”
“Very well, then, go and sell out,” roared Brewster.
“But she’s going up like—”
“Sell, damn you! Didn’t you hear?”
Gardner, dazed and weak, began selling, and finally liquidated the full line at prices ranging from 114 to 112 1/2, but Montgomery Brewster had cleared $58,550, and all because it was he and not the market that got excited.
CHAPTER XI
COALS OF FIRE
It was not that he had realized heavily in his investments which caused his friends and his enemies to regard him in a new light; his profit had been quite small, as things go on the Exchange in these days. The mere fact that he had shown such foresight proved sufficient cause for the reversal of opinion. Men looked at him with new interest in their eyes, with fresh confidence. His unfortunate operations in the stock market had restored him to favor in all circles. The man, young or old, who could do what he had done with Lumber and Fuel well deserved the new promises that were being made for him.
Brewster bobbed uncertainly between two emotions—elation and distress. He had achieved two kinds of success—the desired and the undesired. It was but natural that he should feel proud of the distinction the venture had brought to him on one hand, but there was reason for despair over the acquisition of $50,000. It made it necessary for him to undertake an almost superhuman feat—increase the number of his January bills. The plans for the ensuing spring and summer were dimly getting into shape and they covered many startling projects. Since confiding some of them to “Nopper” Harrison, that gentleman had worn a never-decreasing look of worry and anxiety in his eyes.
Rawles added to his despair a day or two after the Stock Exchange misfortune. He brought up the information that six splendid little puppies had come to bless his Boston terrier family, and Joe Bragdon, who was present, enthusiastically predicted that he could get $100 apiece for them. Brewster loved dogs, yet for one single horrible moment he longed to massacre the helpless little creatures. But the old affection came back to him, and he hurried out with Bragdon to inspect the brood.
“And