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Immediately the storm broke anew, more voluble than before, because, if after one hour of
investigation on this Monday morning one insurance company had gone down, what would four
or five hours or a day or two bring forth? It meant that men who had been burned out in Chicago
would not be able to resume business. It meant that all loans connected with this concern had
been, or would be called now. And the cries of frightened "bulls" offering thousand and five
thousand lot holdings in Northern Pacific, Illinois Central, Reading, Lake Shore, Wabash; in all
the local streetcar lines; and in Cowperwood's city loans at constantly falling prices was
sufficient to take the heart out of all concerned. He hurried to Arthur Rivers's side in the lull; but
there was little he could say.
"It looks as though the Mollenhauer and Simpson crowds aren't doing much for the market," he
observed, gravely.
"They've had advices from New York," explained Rivers solemnly. "It can't be supported very
well. There are three insurance companies over there on the verge of quitting, I understand. I
expect to see them posted any minute."
They stepped apart from the pandemonium, to discuss ways and means. Under his agreement
with Stener, Cowperwood could buy up to one hundred thousand dollars of city loan, above the
customary wash sales, or market manipulation, by which they were making money. This was in
case the market had to be genuinely supported. He decided to buy sixty thousand dollars worth
now, and use this to sustain his loans elsewhere. Stener would pay him for this instantly, giving
him more ready cash. It might help him in one way and another; and, anyhow, it might tend to
strengthen the other securities long enough at least to allow him to realize a little something
now at better than ruinous rates. If only he had the means "to go short" on this market! If only
doing so did not really mean ruin to his present position. It was characteristic of the man that
even in this crisis he should be seeing how the very thing that of necessity, because of his
present obligations, might ruin him, might also, under slightly different conditions, yield him a
great harvest. He could not take advantage of it, however. He could not be on both sides of this
market. It was either "bear" or "bull," and of necessity he was "bull." It was strange but true. His
subtlety could not avail him here. He was about to turn and hurry to see a certain banker who
might loan him something on his house, when the gong struck again. Once more trading
ceased. Arthur Rivers, from his position at the State securities post, where city loan was sold,
and where he had started to buy for Cowperwood, looked significantly at him. Newton Targool
hurried to Cowperwood's side.
"You're up against it," he exclaimed. "I wouldn't try to sell against this market. It's no use.
They're cutting the ground from under you. The bottom's out. Things are bound to turn in a few
days. Can't you hold out? Here's more trouble."
He raised his eyes to the announcer's balcony.
"The Eastern and Western Fire Insurance Company of New York announces that it cannot meet
its obligations."
A low sound something like "Haw!" broke forth. The announcer's gavel struck for order.
"The Erie Fire Insurance Company of Rochester announces that it cannot meet its obligations."
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