He Listened a moment, then answered, “Stand on it at 80 for 12,000 shares. I will be there in a second.” He dropped the receiver. “Jim, we have struck a snag. Arthur Perkins, whom I left on guard at the pole, says Barry Conant has just jumped in and supplied all the bids. He has it down to 81 and is offering it in 5,000 blocks and is aggressive. I must get there quick,” and he shot out of the office.

I sprang for Bob’s telephone: “Perkins, quick!” “What are they doing, Perkins?” I asked a moment later.

“Conant has almost filled me up. He seems to have a hogshead of it on tap,” he answered.

“Buy 50,000 shares, 5,000 each point down; and anything unfilled, give to Bob when he gets there. He is on the way.”

I shut off, and turned to Miss Sands:

“This is no time to stand on ceremony, Miss Sands. Barry Conant is Camemeyer’s and ‘Standard Oil’s’ head broker. His being on the floor means mischief. He never goes into a big whirl personally unless they are out for blood. Bob has exhausted his buying power, and though I tell you frankly that I never speculate, don’t believe in speculation and am in this deal only for Bob and for you I swear I don’t intend to let them wipe the floor with him without at least making them swallow some of the dust they kick up. Please don’t object to my helping out, Miss Sands. Ordinarily I would defer to your wishes, but I love Bob Brownley only second to my wife, and I have money enough to warrant a plunge in stock. If they should turn Bob over in this deal, he well, they’re not going to, if I can prevent it,” and I started for the Exchange on the run.

When I got there the scene beggared description. That of the morning was tame in comparison. A bull market, however terrific, always is tame beside a bear crash. In the few moments it took me to get to the floor, the battle had started. The greater part of the Exchange membership was in a dense mob wedged against the rail behind the Sugar-pole. I could not have got within yards of the centre of that crowd of men, fast becoming panic-stricken, if the fate of nations had depended on my errand. I had witnessed such a scene before. It represented a certain phase of Stock-Exchange-gambling procedure, where one man apparently has every other man on the floor against him. I understood: Bob against them all he trying to stay the onrushing current of dropping prices; they bent on keeping the sluice-gates open. He was backed up against the rail not the Bob of the morning; not a vestige of that cold, brain-nerve-and-body-in-hand gambler remained. His hat was gone, his collar torn and hanging over his shoulder. His coat and waistcoat were ripped open, showing the full length of his white shirt-front, and his eyes were fairly mad. Bob was no longer a human being, but a monarch of the forest at bay, with the hunter in front of him, and closing in upon him, in a great half-circle, the pack of harriers, all gnashing their teeth, baring their fangs, and howling for blood. The hunter directly facing Bob, was Barry Conant very slight, very short, a marvellously compact, handsome, miniature man, with a fascinating face, dark olive in tint, lighted by a pair of sparkling black eyes and framed in jet-black hair; a black mustache was parted over white teeth, which, when he was stalking his game, looked like those of a wolf. An interesting man at all times was this Barry Conant, and he had been on more and fiercer battle-fields than any other half-score members combined. The scene was a rare one for a student of animalised men.

While every other man in the crowd was at a high tension of excitement, Barry Conant was as calm as though standing in the centre of a ten-acre daisy-field cutting off the helpless flowers’ heads with every swing of his arm. Switching stock-gamblers into eternity had grown to be a pastime to Barry Conant. Here was Bob thundering with terrific emphasis “78 for 5,000,” “77 for 5,000,” “75 for 5,000,” “74 for 5,000,” “73 for 5,000,” “72 for 5,000,” seemingly expecting through sheer power of voice to crush his opponent into silence. But with the regularity of a trip-hammer Barry Conant’s right hand, raised in unhurried gesture, and his clear calm “Sold” met Bob’s every retreating bid. It was a battle royal a king on one side, a Richelieu on the other. Though there was frantic buying and selling all around these two generals, the trading was gauged by the trend of their battle. All knew that if Bob should be beaten down by this concentrated modern finance devil, a panic would ensue and Sugar would go none could say how low. But if Bob should play him to a standstill by exhausting his selling power, Sugar would quickly soar to even higher figures than before. It was known that Barry Conant’s usual order from his clients, the “System” masters, for such an occasion as the present was “Break the price at any cost.” On the other hand, every one knew that Randolph & Randolph were usually behind Bob’s big operations; this was evidently one of his biggest; and every man there knew that Randolph & Randolph were seldom backed down by any force.

As Bob made his bid “72 for 5,000,” and got it, I saw a quick flash of pain shoot across his face, and realised that it probably meant he was nearing the end of my last order. I sized it up that there was deviltry of more than usual significance behind this selling movement; that Barry Conant must have unlimited orders to sell and smash. My final order of fifty thousand brought our total up to one hundred and fifty thousand shares, a large amount for even Randolph & Randolph to buy of a stock selling at nearly $200 a share. I then and there decided that whatever happened I would go no further. Just then Bob’s wild eye caught mine, and there was in it a piteous appeal, such an appeal as one sees in the eye of the wounded doe when she gives up her attempt to swim to shore and waits the coming of the pursuing hunter’s canoe. I sadly signaled that I was through. As Bob caught the sign, he threw his head back and bellowed a deep, hoarse “70 for 10,000.” I knew then that he had already bought forty thousand, and that this was the last-ditch stand. Barry Conant must have caught the meaning too. Instantly, like a revolver report, came his “Sold!” Then the compact, miniature mass of human springs and wires, which had until now been held in perfect control, suddenly burst from its clamps, and Barry Conant was the fiend his Wall Street reputation pictured him. His five feet five inches seemed to loom to the height of a giant. His arms, with their fate-pointing fingers, rose and fell with bewildering rapidity as his piercing voice rang out “5,000 at 69, 68, 65,” “10,000 at 63,” “25,000 at 60.” Pandemonium reigned. Every man in the crowd seemed to have the capital stock of the Sugar Trust to sell, and at any price. A score seemed to be bent on selling as low as possible instead of for as much as they could get. These were the shorts who had been punished the day before by Bob’s uplift.

Poor Bob, he was forgotten! An instant after he made his last effort he was the dead cock in the pit. Frenzied gamblers of the Stock Exchange have no more use for the dead cocks than have Mexicans for the real birds when they get the fatal gaff. The day after the contest, or even that same night at Delmonico’s and the clubs, these men would moan for poor Bob; Barry Conant’s moan would be the loudest of them all, and, what is more, it would be sincere. But on battle day away to the dump with the fallen bird, the bird that could not win! I saw a look of deep, terrible agony spread over Bob’s face; and then in a flash he was the Bob Brownley who I always boasted had the courage and the brain to do the right thing in all circumstances. To the astonishment of every man in the crowd he let loose one wild yell, a cross between the war-whoop of an Indian and the bay of a deep-lunged hound regaining a lost scent. Then he began to throw over Sugar stock, right and left, in big and little amounts. He slaughtered the price, under-cutting Barry Conant’s every offer and filling every bid. For twenty minutes he was a madman, then he stopped. Sugar was falling rapidly to the price it finally reached, 90, and the panic was in full swing, but panics seemed now to have no interest for Bob. He pushed his way through the crowd and, joining me, said: “Jim, forgive me. I have dragged you into an enormous loss, have ruined Beulah Sands, her father, and myself. I think at the last moment I did the only thing possible. I threw over the 150,000 shares and so cut off some of our loss. Let us go to the office and see where we stand.” He was strangely, unnaturally calm after that heart-crushing, nerve-tearing day. I tried to tell him how I admired his cool nerve and pluck in about-facing and doing the only thing there was left to do; to tell him that required more real courage and level-headedness than all the rest of the day’s doings; but he stopped me:

“Jim, don’t talk to me. My conceit is gone. I have learned my lesson to-day. My plans were all right, and sound, but poor fool that I was, I did not take into consideration the loaded dice of the master thieves. I knew what they could do, have seen them scores of times, as you have, at their slaughter; seen them crush out the hearts of other men just as good as you or I; seen them take them out and skin and quarter-slice them, unmindful of the agony of those who were dear to and dependent on their owners, but it never seemed to strike me home. It was not my heart, and somehow, I looked at it as a part of the game and let it go at that. To-day I know what it means to be put on the chopping-block of the ‘System’ butchers. I know what it is to see my heart and the heart of one I love and yours, too, Jim systematically skewered to those of the hundreds and thousands of victims who have gone before. Jim, we must be three millions losers, and the men who have our money have so many, many millions that they can’t live long enough even to thumb them over. Men who will use our money on the gambling-table, at the race-tracks, squander it on stage harlots, or in turning their wives and daughters or their neighbours’ wives and daughters into worse than stage harlots. Men, Jim, who are not fit, measured by any standard of decency, to walk the same earth as you and Judge Sands. Men whose painted pets pollute the very air that such as Beulah Sands must breathe. I’ve learned my lesson to-day. I thought I knew the game of finance, but I’m suddenly awakened to a realisation of the dense ignorance I wallowed in. Jim, but for the loading of the dice, I should now have been taking Beulah Sands to her father with the money that the hellish ‘System’ stole from him. Later I should have taken her to the altar, and after, who knows but that I should have had the happiest home and family in all the world, and lived as her people and mine have lived for generations, honest, God-fearing, law-abiding, neighbour-loving men and women, and then died as men should die? But now, Jim, I see a black, awful picture. No, I’m not morbid, I’m going to make a heroic effort to put the picture out of sight; but I’m afraid, Jim, I’m afraid.”

He stopped as we pulled up on the sidewalk in front of Randolph & Randolph’s office. “Here it is on the bulletin. See what did the trick, Jim. They held the Sugar meeting last night instead of waiting till to-morrow, and cut the dividend instead of increasing it. The world won’t know it until to-morrow. Then they will know it, then they will know it. They will read it in the headlines of the papers a few suicides, a few defaulters, a few new convicts, an unclaimed corpse or two at the morgue; a few innocent girls, whose fathers’ fortunes have gone to swell Camemeyer’s and ‘Standard Oil’s’ already uncountable gold, turned into streetwalkers; a few new palaces on Fifth Avenue, and a few new libraries given to communities that formerly took pride in building them from their honestly earned savings. A report or two of record-breaking diamond sales by Tiffany to the kings and czars of dollar royalty, then front-page news stories of clawing, mauling, and hair-pulling wrangles among the stage harlots for the possession of these diamonds. They were not quite sure that the dividend cut alone would do the trick, and they were taking no chances, these mighty warriors of the ‘System,’ so their hireling Senate committee held a session last night and unanimously reported to put sugar on the free list. The people will read that in the morning, and probably the day after they’ll be told that the committee held another session to-night and unanimously reported to take it off the free list. By that time these honourable statesmen will have loaded up with the stock that you and I and Beulah Sands sold, and that other poor devils will slaughter to-morrow after reading their morning papers.”

Bob’s bitterness was terrible. My heart was torn as I listened. He stalked through the office and into that of Beulah Sands. I followed. She was at her desk, and when she looked up, her great eyes opened in wonderment as they took in Bob, his grim, set face, the defiant, sullen desperation of the big brown eyes, the dishevelled hair and clothes. For an instant she stood as one who had seen an apparition.

“Look me over, Beulah Sands,” he said, “look me over to your heart’s content, for you may never again see the fool of fools in all the world, the fool who thought himself competent to cope with men of brains, with men who really know how to play the game of dollars as it is played in this Christian age. Don’t ask me not to call you Beulah; that what I tried to do was for you is the one streak of light in all this black hell. Beulah, Beulah, we are ruined, you, your father, and I, ruined, and I’m the fool who did it.”

She rose from her desk with all the quiet, calm dignity that we had been admiring for three months, and stood facing Bob. She did not seem to see me; she saw nothing but the man who had gone out that morning the personification of hope, who now stood before her the picture of black despair, and she must have thought, “It was all for me.” Suddenly she took the lapels of his torn coat in either hand. She had to reach up to do it, this winsome little Virginia lady. With her big calm blue eyes looking straight into his, she said:

“Bob.”

That was all, but the word seemed to change the very atmosphere in the room. The look of desperation faded from Bob’s face, and as though the words had sprung the hidden catch to the doors of his storehouse of pent-up misery, his eyes filled with hot, blinding tears. His great chest was convulsed with sobs. Again clear, calm, fearless, and tender, came the one syllable, “Bob.” And at that Bob’s self-control slipped the leash. With a hoarse cry, he threw his arms around her and crushed her to his breast. The sacredness of the scene made me feel like an intruder, and I started to leave the room. But in a moment Beulah Sands was her usual self and, turning to me, she said: “Mr. Randolph, please forget what you have seen. For an instant, as I saw Mr. Brownley’s awful misery, I thought of nothing but what he had done for me, what he had tried to do for my father, what a penalty he has paid. From what you said when you left and the fact that I got no word from either of you, I feared the worst and did not dare look at the tape; I simply waited and hoped and prayed. Yes, I prayed as my mother taught me I should pray whenever I was helpless and could do nothing myself. And I felt that God would not let the noble work of two such men be overthrown by those you were battling with. In the midst of a calmness that I took for a good omen, you came. Can you blame me for forgetting myself? Mr. Brownley,” the voice was now calm and self-controlled, “tell me what you have done. Where do we stand?” “There is little to tell,” Bob answered. “Camemeyer and ‘Standard Oil’ have taken me into camp as they would take a stuck pig. They have made a monkeyfied ass out of me, and we are ruined, and I have caused Mr. Randolph a heavy loss. Roughly, I figure that of your four hundred thousand capital and the million four hundred thousand profit you had this morning, only your capital remains.”

Wishing to spare Bob, I interrupted and myself gave the girl briefly the details of what had happened. She listened intently and seemed to take in all the trickery of the “System” masters; seemed to see just what it meant to us and to her. But she made no comment, showed by no outward sign that she suffered. As soon as I was through she turned to Bob, who had stood with his eyes fastened upon her face, as though somewhere out of its soft beauty must come an assurance that this was all a bad dream.

“Mr. Brownley,” she said, “let us figure up just where we stand, so that we may know what to do to recoup. You have said so many times, since I have been here, that Wall Street is magic land; that no man may tell twenty-four hours ahead what will happen to him. You have said it so many times that I believe it. We know that this morning we were at the goal, that we were millions ahead, and all from twenty-four hours’ effort. We have yet almost three months left, and I do not see why we have not just as much chance as we had day before yesterday. Yes, and more, because we know more now. Next time we will include the dividend cuts and the Senate duplicity in our figuring.”

We both dumbly stared in wondering admiration at this marvellous woman. Was it possible that a girl could have such nerve, such courage? Or had woman’s hope, so persistent where her loved ones are concerned, made Beulah Sands blind to the awfulness of the situation? As I looked at her I could not doubt that she fully realised our position, that she was really suffering more than either of us, that she was only acting to ease Bob’s anguish. Bob brought out his memoranda, and in half an hour we had the figures. The total loss was nearly three millions. As Beulah Sands’s 20,000 shares had cost less than ours and Bob figured to leave her capital of $400,000 intact, we felt some comfort. Beulah Sands had watched the figuring with the keenness of an expert, and when Bob announced the final figures, which showed that she still had what she started with, she drew the sheet containing the totals to her. “I was willing to accept your assistance,” she said, “when the deal promised a profit to all of us, because I appreciated your goodness and knew how much it would hurt your feelings if I were churlish about the division; but now that we all lose I must stand my fair share; I must.” She said this in a way that we both knew precluded the possibility of argument. “We owned together 150,000 shares. I was to have had the profits on 20,000 shares. Our total loss is $2,775,000, of which I must bear my just proportion. Mr. Brownley, you will see that $370,000 is charged to my account. I shall have $30,000 left. If our cause is as just as we think, God in his goodness will make this ample for our purposes.”

Though Bob and I were in despair at her determination to strip herself of what Bob had worked so hard to accumulate, we could not help feeling a reverence for her faith and her sturdy independence. She now showed us in her delicate way that she wished to be alone; as we went she held out her hand to Bob. “Mr. Brownley, please, for the sake of the work we have to do, look on the bright side of this calamity, for it has a bright side. You wanted me to send word to my father that we were about to grasp victory. Think if we had sent it then you will know that God is good, even when we think he is chastening us beyond endurance.”

Bob took me into his office. “Jim, you see what a woman can do, and we are taught women are the weaker sex. Now listen to what you must do. Accept my notes for the whole loss, less one hundred thousand which I have to my credit, and which I will pay on account. I won’t listen to any objection. The deal was mine; you came in only to help us out, and I ought never to have tempted you. If I remain in my present busted condition, the notes will be blank paper. Therefore you do me no harm in taking them. If I should strike it rich, I should never feel like a man until I made up the loss.”

It was no use arguing with him in his inflexible mood, so I took his demand notes for $2,405,000. I begged him to go home with me to dinner, but he insisted that he could not face my wife with his last night’s break still fresh in her mind. Next day he did not turn up. Along in the afternoon I received a telegram from him, saying that he was on his way to Virginia, that he needed a rest and would be back in a week. I was worried, nervous. It takes until the next day and the day after, and the week after that, to get down to the deepest misery of an upset such as we had been through. I did not feel easy with Bob out of sight while he was sounding for a new footing. I went to Beulah Sands in hope we might talk over the affair, but when I told her that Bob was to be gone for a week and that I was uneasy, she said in her calm, confident manner: “I don’t think there is anything to worry about, Mr. Randolph. Mr. Brownley is too much of a man to allow an affair of dollars to do anything more than annoy him. He will be back all the better for his rest.” She dropped her long lashes in a this-conversation-is-closed way that we had come to know meant going time.