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hemes of his have eaten up too much capital。 There is another election coming on next fall； and he knows we are going to fight tooth and nail。 He needs money to electrify his surface lines。 If we could trace out exactly where he stands； and where he has borrowed； we might know what to do。〃
〃Unless I am greatly mistaken；〃 replied Arneel； 〃he is in a tight place or is rapidly getting there。 This silver agitation is beginning to weaken stocks and tighten money。 I suggest that our banks here loan him all the money he wants on call。 When the time comes； if he isn't ready； we can shut him up tighter than a drum。 If we can pick up any other loans he's made anywhere else； well and good。〃
Mr。 Arneel said this without a shadow of bitterness or humor。 In some tight hour； perhaps； now fast approaching； Mr。 Cowperwood would be promised salvation〃saved〃 on condition that he should leave Chicago forever。 There were those who would take over his property in the interest of the city and upright government and administer it accordingly。
Unfortunately； at this very time Messrs。 Hand； Schryhart； and Arneel were themselves concerned in a little venture to which the threatened silver agitation could bode nothing but ill。 This concerned so simple a thing as matches； a commodity which at this time； along with many others； had been trustified and was yielding a fine profit。 〃American Match〃 was a stock which was already listed on every exchange and which was selling steadily around one hundred and twenty。
The geniuses who had first planned a combination of all match concerns and a monopoly of the trade in America were two men； Messrs。 Hull and Stackpolebankers and brokers； primarily。 Mr。 Phineas Hull was a small； ferret…like； calculating man with a sparse growth of dusty…brown hair and an eyelid； the right one； which was partially paralyzed and drooped heavily； giving him a characterful and yet at times a sinister expression。
His partner； Mr。 Benoni Stackpole； had been once a stage…driver in Arkansas； and later a horse…trader。 He was a man of great force and calculationlarge； oleaginous； politic； and courageous。 Without the ultimate brain capacity of such men as Arneel； Hand； and Merrill； he was； nevertheless； resourceful and able。 He had started somewhat late in the race for wealth； but now； with all his strength； he was endeavoring to bring to fruition this plan which； with the aid of Hull； he had formulated。 Inspired by the thought of great wealth； they had first secured control of the stock of one match company； and had then put themselves in a position to bargain with the owners of others。 The patents and processes controlled by one company and another had been combined； and the field had been broadened as much as possible。
But to do all this a great deal of money had been required； much more than was in possession of either Hull or Stackpole。 Both of them being Western men； they looked first to Western capital。 Hand； Schryhart； Arneel； and Merrill were in turn appealed to； and great blocks of the new stock were sold to them at inside figures。 By the means thus afforded the combination proceeded apace。 Patents for exclusive processes were taken over from all sides； and the idea of invading Europe and eventually controlling the market of the world had its inception。 At the same time it occurred to each and all of their lordly patrons that it would be a splendid thing if the stock they had purchased at forty…five； and which was now selling in open market at one hundred and twenty； should go to three hundred； where； if these monopolistic dreams were true； it properly belonged。 A little more of this stockthe destiny of which at this time seemed sure and splendidwould not be amiss。 And so there began a quiet campaign on the part of each capitalist to gather enough of it to realize a true fortune on the rise。
A game of this kind is never played with the remainder of the financial community entirely unaware of what is on foot。 In the inner circles of brokerage life rumors were soon abroad that a tremendous boom was in store for American Match。 Cowperwood heard of it through Addison； always at the center of financial rumor； and the two of them bought heavily； though not so heavily but that they could clear out at any time with at least a slight margin in their favor。 During a period of eight months the stock slowly moved upward； finally crossing the two…hundred mark and reaching two…twenty； at which figure both Addison and Cowperwood sold； realizing nearly a million between them on their investment。
In the mean time the foreshadowed political storm was brewing。 At first a cloud no larger than a man's hand； it matured swiftly in the late months of 1895； and by the spring of 1896 it had become portentous and was ready to burst。 With the climacteric nomination of the 〃Apostle of Free Silver〃 for President of the United States； which followed in July； a chill settled down over the conservative and financial elements of the country。 What Cowperwoodhad wisely proceeded to do months before； others less far…seeing； from Maine to California and from the Gulf to Canada； began to do now。 Bank…deposits were in part withdrawn； feeble or uncertain securities were thrown upon the market。 All at once Schryhart； Arneel； Hand； and Merrill realized that they were in more or less of a trap in regard to their large holdings in American Match。 Having gathered vast quantities of this stock； which had been issued in blocks of millions； it was now necessary to sustain the market or sell at a loss。 Since money was needed by many holders； and this stock was selling at two…twenty； telegraphic orders began to pour in from all parts of the country to sell on the Chicago Exchange； where the deal was being engineered and where the market obviously existed。 All of the instigators of the deal conferred； and decided to sustain the market。 Messrs。 Hull and Stackpole； being the nominal heads of the trust； were delegated to buy； they in turn calling on the principal investors to take their share； pro rata。 Hand； Schryhart； Arneel； and Merrill； weighted with this inpouring flood of stock； which they had to take at two…twenty； hurried to their favorite banks； hypothecating vast quantities at one…fifty and over； and using the money so obtained to take care of the additional shares which they were compelled to buy。
At last； however； their favorite banks were full to overflowing and at the danger…point。 They could take no more。
〃No； no； no！〃 Hand declared to Phineas Hull over the 'phone。 〃I can't risk another dollar in this venture； and I won't！ It's a perfect proposition。 I realize all its merits just as well as you do。 But enough is enough。 I tell you a financial slump is coming。 That's the reason all this stock is coming out now。 I am willing to protect my interests in this thing up to a certain point。 As I told you； I agree not to throw a single share on the market of all that I now have。 But more than that I cannot do。 The other gentlemen in this agreement will have to protect themselves as best they can。 I have other things to look out for that are just as important to me； and more so； than American Match。〃
It was the same with Mr。 Schryhart； who； stroking a crisp； black mustache； was wondering whether he had not better throw over what holdings he had and clear out； however； he feared the rage of Hand and Arneel for breaking the market and thus bringing on a local panic。 It was risky business。 Arneel and Merrill finally agreed to hold firm to what they had； but； as they told Mr。 Hull； nothing could induce them to 〃protect〃 another share； come what might。
In this crisis naturally Messrs。 Hull and Stackpoleestimable gentlemen bothwere greatly depressed。 By no means so wealthy as their lofty patrons； their private fortunes were in much greater jeopardy。 They were eager to make any port in so black a storm。 Witness； then； the arrival of Benoni Stackpole at the office of Frank Algernon Cowperwood。 He was at the end of his tether； and Cowperwood was the only really rich man in the city not yet involved in this speculation。 In the beginning he had heard both Hand and Schryhart say that they did not care to become involved if Cowperwood was in any way； shape； or manner to be included； but that had been over a year ago； and Schryhart and Hand were now； as it were； leaving both him and his partner to their fates。 They could have no objection to his dealing with Cowperwood in this crisis if he could make sure that the magnate would not sell him out。 Mr。 Stackpole was six feet one in his socks and weighed two hundred and thirty pounds。 Clad in a brown linen suit and straw hat （for it was late July）； he carried a palm…leaf fan as well as his troublesome stocks in a small yellow leather bag。 He was wet with perspiration and in a gloomy state of mind。 Failure was staring him in the facegiant failure。 If American Match fell below two hundred he would have to close his doors as banker and broker and； in view of what he was carrying； he and Hull would fail for approximately twenty million dollars。 Messrs。 Hand； Schryhart； Arneel； and Merrill would lose in the neighborhood of six or eight millions between them。 The local banks w