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and Merrill would lose in the neighborhood of six or eight millions between them。 The local banks would suffer in proportion； though not nearly so severely； for； loaning at one…fifty； they would only sacrifice the difference between that and the lowest point to which the stock might fall。
Cowperwood eyed the new…comer； when he entered； with an equivocal eye； for he knew well now what was coming。 Only a few days before he had predicted an eventual smash to Addison。
〃Mr。 Cowperwood；〃 began Stackpole； 〃in this bag I have fifteen thousand shares of American Match； par value one million five hundred thousand dollars； market value three million three hundred thousand at this moment； and worth every cent of three hundred dollars a share and more。 I don't know how closely you have been following the developments of American Match。 We own all the patents on labor…saving machines and； what's more； we're just about to close contracts with Italy and France to lease our machines and processes to them for pretty nearly one million dollars a year each。 We're dickering with Austria and England； and of course we'll take up other countries later。 The American Match Company will yet make matches for the whole world； whether I'm connected with it or not。 This silver agitation has caught us right in mid…ocean； and we're having a little trouble weathering the storm。 I'm a perfectly frank man when it comes to close business relations of this kind； and I'm going to tell you just how things stand。 If we can scull over this rough place that has come up on account of the silver agitation our stock will go to three hundred before the first of the year。 Now； if you want to take it you can have it outright at one hundred and fifty dollarsthat is； providing you'll agree not to throw any of it back on the market before next December； or； if you won't promise that〃 （he paused to see if by any chance he could read Cowperwood's inscrutable face） 〃I want you to loan me one hundred and fifty dollars a share on these for thirty days at least at ten or fifteen； or whatever rate you care to fix。〃
Cowperwood interlocked his fingers and twiddled his thumbs as he contemplated this latest evidence of earthly difficulty and uncertainty。 Time and chance certainly happened to all men； and here was one opportunity of paying out those who had been nagging him。 To take this stock at one…fifty on loan and peddle it out swiftly and fully at two…twenty or less would bring American Match crumbling about their ears。 When it was selling at one…fifty or less he could buy it back； pocket his profit； complete his deal with Mr。 Stackpole； pocket his interest； and smile like the well…fed cat in the fable。 It was as simple as twiddling his thumbs； which he was now doing。
〃Who has been backing this stock here in Chicago besides yourself and Mr。 Hull？〃 he asked； pleasantly。 〃I think that I already know； but I should like to be certain if you have no objection。〃
〃None in the least； none in the least；〃 replied Mr。 Stackpole； accommodatingly。 〃Mr。 Hand； Mr。 Schryhart； Mr。 Arneel； and Mr。 Merrill。〃
〃That is what I thought；〃 commented Cowperwood； easily。 〃They can't take this up for you？ Is that it？ Saturated？〃
〃Saturated；〃 agreed Mr。 Stackpole； dully。 〃But there's one thing I'd have to stipulate in accepting a loan on these。 Not a share must be thrown on the market； or； at least； not before I have failed to respond to your call。 I have understood that there is a little feeling between you and Mr。 Hand and the other gentlemen I have mentioned。 But； as I sayand I'm talking perfectly frankly nowI'm in a corner； and it's any port in a storm。 If you want to help me I'll make the best terms I can； and I won't forget the favor。〃
He opened the bag and began to take out the securitieslong greenish…yellow bundles； tightly gripped in the center by thick elastic bands。 They were in bundles of one thousand shares each。 Since Stackpole half proffered them to him； Cowperwood took them in one hand and lightly weighed them up and down。
〃I'm sorry； Mr。 Stackpole；〃 he said； sympathetically； after a moment of apparent reflection； 〃but I cannot possibly help you in this matter。 I'm too involved in other things myself； and I do not often indulge in stock…peculations of any kind。 I have no particular malice toward any one of the gentlemen you mention。 I do not trouble to dislike all who dislike me。 I might； of course； if I chose； take these stocks and pay them out and throw them on the market to…morrow； but I have no desire to do anything of the sort。 I only wish I could help you； and if I thought I could carry them safely for three or four months I would。 As it is〃 He lifted his eyebrows sympathetically。 〃Have you tried all the bankers in town？〃
〃Practically every one。〃
〃And they can't help you？〃
〃They are carrying all they can stand now。〃
〃Too bad。 I'm sorry； very。 By the way； do you happen； by any chance； to know Mr。 Millard Bailey or Mr。 Edwin Kaffrath？〃
〃No； I don't；〃 replied Stackpole； hopefully。
〃Well； now； there are two men who are much richer than is generally supposed。 They often have very large sums at their disposal。 You might look them up on a chance。 Then there's my friend Videra。 I don't know how he is fixed at present。 You can always find him at the Twelfth Ward Bank。 He might be inclined to take a good portion of thatI don't know。 He's much better off than most people seem to think。 I wonder you haven't been directed to some one of these men before。〃 （As a matter of fact； no one of the individuals in question would have been interested to take a dollar of this loan except on Cowperwood's order； but Stackpole had no reason for knowing this。 They were not prominently identified with the magnate。）
〃Thank you very much。 I will；〃 observed Stackpole； restoring his undesired stocks to his bag。
Cowperwood； with an admirable show of courtesy； called a stenographer； and pretended to secure for his guest the home addresses of these gentlemen。 He then bade Mr。 Stackpole an encouraging farewell。 The distrait promoter at once decided to try not only Bailey and Kaffrath； but Videra； but even as he drove toward the office of the first…mentioned Cowperwood was personally busy reaching him by telephone。
〃I say； Bailey；〃 he called； when he had secured the wealthy lumberman on the wire； 〃Benoni Stackpole； of Hull & Stackpole； was here to see me just now。〃
〃Yes。〃
〃He has with him fifteen thousand shares of American Matchpar value one hundred； market value to…day two…twenty。〃
〃Yes。〃
〃He is trying to hypothecate the lot or any part of it at one…fifty。〃
〃Yes。〃
〃You know what the trouble with American Match is； don't you？〃
〃No。 I only know it's being driven up to where it is now by a bull campaign。〃
〃Well； listen to me。 It's going to break。 American Match is going to bust。〃
〃Yes。〃
〃But I want you to loan this man five hundred thousand dollars at one…twenty or less and then recommend that he go to Edwin Kaffrath or Anton Videra for the balance。〃
〃But； Frank； I haven't any five hundred thousand to spare。 You say American Match is going to bust。〃
〃I know you haven't； but draw the check on the Chicago Trust； and Addison will honor it。 Send the stock to me and forget all about it。 I will do the rest。 But under no circumstances mention my name； and don't appear too eager。 Not more than one…twenty at the outside； do you hear？ and less if you can get it。 You recognize my voice； do you？〃
〃Perfectly。〃
〃Drive over afterward if you have time and let me know what happens。〃
〃Very good；〃 commented Mr。 Bailey； in a businesslike way。
Cowperwood next called for Mr。 Kaffrath。 Conversing to similar effect with that individual and with Videra； before three…quarters of an hour Cowperwood had arranged completely for Mr。 Stackpole's tour。 He was to have his total loan at one…twenty or less。 Checks were to be forthcoming at once。 Different banks were to be drawn onbanks other than the Chicago Trust Company。 Cowperwood would see； in some roundabout way； that these checks were promptly honored； whether the cash was there or not。 In each case the hypothecated stocks were to be sent to him。 Then； having seen to the perfecting of this little programme； and that the banks to be drawn upon in this connection understood perfectly that the checks in question were guaranteed by him or others； he sat down to await the arrival of his henchmen and the turning of the stock into his private safe。
Chapter XLVIII
Panic
On August 4； 1896； the city of Chicago； and for that matter the entire financial world； was startled and amazed by the collapse of American Match； one of the strongest of market securities； and the coincident failure of Messrs。 Hull and Stackpole； its ostensible promoters； for twenty millions。 As early as eleven o'clock of the preceding day the banking and brokerage world of Chicago； trading in this stock； was fully aware that something untoward was on foot in connection with it。 Owing to the high price at which the stock was 〃protected；〃 and the need of money to liquidate； blocks of this stock from all parts of the country were being rushed to the market with the hope of realizing bef