Thursday, November 12th, was a memorable day in Wall Street. As the gong pealed its the-game’s-closed-till-another-day, the myriad of tortured souls that are supposed to haunt the treacherous bogs and quicksands of the great Exchange, where lie their earthly hopes, must have prayed with renewed earnestness for its destruction before the morrow. Never had the Stock Exchange folded its tents with surer confidence of continuing its victorious march. Sugar advanced with record-breaking total sales to 2071/2 and in the final half-hour carried the whole list of stocks up with it. In that time some of the railroads jumped ten points. Sugar closed at the very top amid great excitement, with Barry Conant taking all offered. During the last thirty minutes it had become evident to all that the boardroom traders and plungers, together with many of the semi-professional gamblers, who operated through commission houses, were selling out their long stock and going short over the opening of the Wall Street hoodoo-day, Friday, the thirteenth of the month. But it was also evident, with the heavy selling at the close and the stiffness of the price, which had never wavered as block after block was thrown on the market, that some powerful interest as well had taken cognisance of the fact that the morrow was hoodoo-day. At the close, most of the sellers, had they been granted another five minutes, would have repurchased, even at a loss, what they had sold, for it looked as though they had sold themselves into a trap. Their anxiety was intensified by the publication, a few minutes later, of this item:

“Barry Conant in coming from the Sugar crowd after the close remarked to a fellow broker, ’By three o’clock to-morrow, Friday, the 13th, will have a new meaning to Wall Street.’ This was interpreted as pointing to a terrific jump in Sugar to-morrow.”

“The Street” knew that the news bureau that sent out this item was friendly to Barry Conant and the “System,” and that it would print nothing displeasing to them. Therefore, this must be, a foreword of the coming harvest of the bulls and the slaughter of the bears.

Others than Ike Bloomstein remarked upon the fact that Bob Brownley had hung close to the Sugar-pole all day, but when the close had come and gone without his having anything to do with the Sugar skyrockets, he dropped out of his fellow-brokers’ minds. Wall Street has no use for any but the “doer.” The poet and the mooner would be no more secure from interruption in the centre of the Sahara than in Wall Street between ten and three o’clock. Some sage has said that the human mind, like the well-bucket, can carry only its fill. The Wall Street mind always has its fill of budding dollars. In consequence, there is never room for those other interests that enter the normal mind.

Friday, the 13th of November, drifted over Manhattan Island in a drear drizzle of marrow-chilling haze, which just missed being rain one of those New York days that give a hesitating suicide renewed courage to cut the mortal coil. By ten o’clock it had settled down on the Stock Exchange and its surrounding infernos with a clamminess that damped the spirits of the most rampant bulls. No class in the world is so susceptible to atmospheric conditions as stock-gamblers. Many a stout-hearted one has been known to postpone the inauguration of a long-planned coup merely because the air filled his blood with the dank chill of superstition. Because of the expected Sugar pyrotechnics, Stock Exchange members had gathered early; the brokers’ offices were crowded to overflowing before ten; the morning papers, not only in New York but in Boston, Philadelphia, and other centres, were filled with stories of the big rise that was to take place in Sugar. The knowing ones saw the ear-marks of the “System’s” press-agent in these stories; and they knew that this industrious institution had not sat up the night before because of insomnia. All the signs pointed to a killing, and a terrific one pointed so plainly that the bears and Sugar shorts found no hope in the atmosphere or the date.

Bob had not been near the office the afternoon before, and as he had not come in by five minutes to ten I decided to go over to the Exchange and see if he were going to mix up in the baiting of the Sugar bears. I had no specific reasons for thinking he was interested except his recent queer actions, particularly his hanging to the Sugar-pole, yet doing nothing, the day before. But it is one of the best-established traditions of stock-gambledom that when an operator has been bitten by a rabid stock he is invariably attracted to it every time afterward that it shows signs of frothing. More than all, I had one of those strong nowhere-born-nowhere-cradled intuitions common to those living in the stock-gambling world, which made me feel the creepy shadow of coming events.

As on that day a few weeks before, the crowd was at the Sugar-pole, but its alignment was different. There in the centre were Barry Conant and his trusted lieutenants, but no opposing rival. None of those hundreds of brokers showed that desperate resolve to do or die that is born of a necessity. They were there to buy or sell, but not to put up a life or death, on-me-depends-the-result fight. Those who were long of stock could easily be distinguished by their expressions of joy from the shorts, who had seen the handwriting on the wall and were filled with uncertainty, fear, terror. The demeanour of Barry Conant and his lieutenants expressed confidence: they were going to do what they were there to do. They showed by their tight-buttoned coats, and squared shoulders that they expected lots of rush, push, and haul work, but apparently they anticipated no last-ditch fighting. The gong pealed and the crowd of brokers sprang at one another, but only for blood, not flesh, bone, heart, and soul; just blood. The first price on Sugar was 211 for 3,000 shares. Someone sold it in a block. Barry Conant bought it. It did not require three eyes to see that the seller was one of his lieutenants. This meant what is known as a “wash” sale, a fictitious one arranged in advance between two brokers to establish the basis for the trades that are to follow one of those minor frauds of stock-gambling by which the public is deceived and the traders and plungers are handicapped with loaded dice. In principle, it is a device older than stock exchanges themselves, and is put to use elsewhere than on the floor. For instance, four genuine buyers want a particular animal worth $200 at a horse auction. Its owner’s pal starts the bidding at $400, and the four, not being up in horse values, are thereby induced to reach for it at between $400 to $500. But human nature, whether at horse sales or at stock-gambling, loves to be “hinky-dinked” as much as the moth loves to play tag with the candle flame. In five minutes Sugar was selling at 221, and the frantic shorts were grabbing for it as though there never was to be another share put on sale, while Barry Conant and his lieutenants were most industriously pushing it just beyond their reaching finger-tips, either by buying it as fast as it was offered by genuine sellers or by taking what their own pals threw in the air.

I was not surprised to see Bob’s tall form wedged in the crowd about two-thirds of the way from the centre. Every other active floor member was there too. Even Ike Bloomstein and Joe Barnes, who seldom went into the big crowds, were on hand, perhaps to catch a flier for their Thanksgiving turkey money, perhaps to get as near the killing as possible. Bob was not trading, although, as on the day before, he never took his eye off Barry Conant. I said to myself, “He is trying to fathom Barry Conant’s movements,” but for what purpose puzzled me. The hands of the big clock on the wall showed that trading had been thirty minutes under way and still Barry Conant was pushing up the price. His voice had just rung out “25 for any part of 5,000” when, like an echo, sounded through the hall, “Sold.” It was Bob. He had worked his way to the centre of the crowd and stood in front of Barry Conant. He was not the Bob who had taken Barry Conant’s gaff that afternoon a few weeks before. I never saw him cooler, calmer, more self-possessed. He was the incarnation of confident power. A cold, cynical smile played around the corners of his mouth as he looked down upon his opponent.

The effect upon Barry Conant was different from that of Bob’s last bid on the day when Beulah Sands’s hopes went skyward in dust. It did not rouse him to the wild, furious desire for the onslaught that he showed then, but seemed to quicken his alert, prolific mind to exercise all its cunning. I think that in that one moment Barry Conant recalled his suspicions of the day before, when he had wondered what Bob’s presence in the crowd meant, and that he saw again the picture of Bob on the day when he himself had ditched Bob’s treasure-train. He hesitated for just the fraction of a second, while he waved with lightning-like rapidity a set of finger signals to his lieutenants. Then he squared himself for the encounter. “25 for 5,000,” Cold, cold as the voice of a condemning judge rang Bob’s “Sold.” “25 for 5,000.” “Sold.” “25 for 5,000.” “Sold.” Their eyes were fixed upon each other, in Barry’s a defiant glare, in Bob’s mingled pity and contempt. The rest of the brokers hushed their own bids and offers until it could have truthfully been said that the floor of the Stock Exchange was quiet, an almost unheard-of thing in like circumstances. Again Barry Conant’s voice, “25 for 5,000.” “Sold.” “25 for 5,000.” “Sold.” Barry Conant had met his master. Whether it was that for the first time in all his wonderful career he realised that the “System” was to meet its Nemesis, or what the cause, none could tell, perhaps not even Barry Conant himself, but some emotion caused his olive face for an instant to turn pale, and gave his voice a tell-tale quiver. Once more pealed forth “25 for 5,000.” That Bob saw the pallor, that he caught the quiver, was evident to all, for the instant his “Sold” rang out, he followed it with “5,000 at 24, 23, 22, 20.” Neither Barry Conant nor any of his lieutenants got in a “Take it”; although whether they wanted to or not was an open question until Bob allowed his voice to dwell just a pendulum swing of time on the 20. It was as if he were tantalising them into sticking by their guns. By the time he paused, Barry Conant’s nerve was back, for his piercing “Take it” had linked to it “20 for any part of 10,000.” The bid was yet on his lips when Bob’s deep voice rang out “Sold.” “Any part of 25,000 at 19, 18, 15, 10.” Hell was now loose. Back and forth, up against the rail, around the room and back and around again, the crowd surged for fifteen of the wildest, craziest minutes in the history of the New York Stock Exchange, a history replete with records of wild and crazy scenes.

At last from sheer exhaustion there came a ten minutes’ lull, which was used in comparing trades. At the beginning of the respite Sugar was selling at 155, for in that quarter-hour of madness it had broken from 210 to 155, but when the ten minutes had elapsed, the stock had worked back to 167. Barry Conant had again taken the centre of the crowd after hastily scanning the brief notes handed him by messenger-boys and giving orders to his lieutenants. He had evidently received reinforcements in the form of renewed orders from his principals. Many of the faces that fringed the inner circle of that crowd were frightful to look upon, some white as though just lifted from hospital pillows, others red to the verge of apoplexy all strained as though awaiting the coming of the jury with a life or death verdict. They all knew that Bob had sold more than a hundred thousand shares of Sugar upon which the profits must be more than four million dollars. Would he resume selling or was he through? Was it short stock, which must be bought back, or long stock; and if long, whose stock? Were the insiders selling out on one another, or were they all selling together, and under cover of Barry Conant’s movements were Camemeyer and “Standard Oil” emptying their bag preparatory to the slaughter of the Washington contingent? All these questions were rushing through the heads of that crowd of brokers like steam through a boiler, now hot, now cold, but always at high pressure, for upon the correctness of the answers depended the fortune of many who breathlessly awaited the renewal or the suspension of the contest. Even Barry Conant’s usually impassive face wore a tinge of anxiety.

Indeed, Bob’s was the only one in the centre of that throng that showed no sign of what was going on behind it. The same cynical smile that had been there since the opening still played around the corners of his mouth as he squared himself in front of his opponent. All knew now that he was not through. Barry Conant had evidently decided to force the fighting, although more cautiously than before. “67 for a thousand.” One of his lieutenants bid 67 for 500, another 67 for 300, and as Bob had not yet shown his intention of meeting their bids, 67 for different amounts was heard all over the crowd. Bob might have been tossing a mental coin to decide the advisability of buying back what he had sold; he might have been adding up the bids as they were made. He said nothing for a fraction of a minute, which to those tortured men must have seemed like an age. Then with a wave of his hand, as though delivering a benediction, he swept the circle with a cold-blooded, “Sold the lot,600 in all.”

“Sixty-seven for a thousand” again Barry Conant’s bid. “Sold.” “67 for 5,000.” “Sold.” “66 for a thousand.” “Sold.” The drop from five thousand to one thousand and a dollar a share in Barry Conant’s bids was the mortally wounded but still game general’s “Sound the retreat.” Bob heard it. “Any part of 10,000 at 65, 64, 62, 60.” The din was now as fierce as before. The entire crowd, all but Barry Conant and his lieutenants, seemed to have concluded that Bob’s renewal of attack meant that his was the winning side, and those who had been hanging on to their stock, hoping against hope, and those who were short and had been undecided whether to cover or to hold on and sell more for greater profits, vied with one another in a frantic effort to sell. All could now feel the coming panic. All could see that it was to be a bad one, as the least informed on the floor knew that there was a tremendous amount of Sugar stock in the hands of Washington novices at speculation and of others who had bought it at high prices. Sugar was now dropping two, three, five dollars a share between trades, and the panic was spreading to the other poles, as is always the case, for when there are sudden large losses in one stock, the losers must throw over the other stocks they hold to meet this loss, and thus the whole structure tumbles like a house of cards. Sugar had just crossed 110 when the loud bang of the president’s gavel resounded through the room. Instantly there was a silence as of death. All knew the meaning of the sound, the most ominous ever heard in a stock exchange, calling for the temporary suspension of business while the president announces the failure of some member or house.

Perkins, Blanchard & Company

Announce that They Cannot Meet Their Obligations

This statement that one of the oldest houses had been swamped in the crash Bob had started caused further frantic selling, and, as though every member had employed the lull to refill his lungs, a howl arose that pealed and wailed to the dome.

I watched Bob closely; in fact, it was impossible for me to take my eyes off him; he seemed absolutely unmindful of the agonised shrieks about him, for the frenzied brokers were no longer crying their bids or offers, but screaming them. He still continued relentlessly to hammer Sugar, offering it in thousand and tens of thousand lots.

Again and again the gavel fell, and again and again an announcement of failure was followed by blood-curdling howls. When Sugar struck 80 not 180, but plain 80 it seemed that the last day of stock speculation was at hand. Announcements were being made every few minutes of the failure of this bank, the closing of the doors of that trust company. Where would it end? What power could stop this Niagara of molten dollars? Suddenly above the tumult rose Bob Brownley’s voice. He must have been standing on his tiptoes. His hands were raised aloft. He seemed to tower a head above the mob. His voice was still clear and unimpaired by the terrible strain of the past two hours. To that mob it must have sounded like the trumpet of the delivering angel. “80 for any part of 25,000 Sugar.” Instantly Sugar was hurled at him from all sides of the crowd. He was the only buyer of moment who had appeared since Sugar broke 125. Barry Conant and his lieutenants had disappeared like snowflakes at the opening of the door of the firebox of a locomotive speeding through the storm. In a few seconds Bob had been sold all the 25,000 he had bid for. Again his voice rang out: “80 for 25,000.” The sellers momentarily halted. He got only a few thousands of his twenty-five. “85 for 25,000.” A few thousands more. “90 for 25,000.” Still fewer thousands. His bidding was beginning to tell on the mob. A cry ran through the room into the crowds around the other poles “Brownley has turned!” and taking renewed courage at the report, the bulls rallied their forces and began to bid for the different stocks, which a moment before it had seemed that no one wanted at any price.

In a chip of a minute the whole scene changed; there was almost as wild a panic on the up side as there had been on the down. Bob Brownley continued buying Sugar until he had pushed it above 150. He then went about tallying up his trades. At the end of ten minutes’ calculation he returned to the centre and bought 11,000 shares more; coming out, his eye caught mine.

“Jim, have you been here long?”

“An eternity. I was here at the opening and I pray God never to put me through another two hours like the past two. It seems a hideous dream, a nightmare. Bob, in the name of God what have you been doing?”

He gave me a wild, awful look of exultation. Sublime triumph shone in those blazing brown orbs, triumph such as I had never seen in the eyes of man.

“Jim Randolph, I have been giving Wall Street and its hell ‘System’ a dose of its own poison, a good full-measure dose. They planned by harvesting a fresh crop of human hearts and souls on the bull side to give Friday the 13th a new meaning. Tradition says Friday the 13th is bear Saints’ day. I believe in maintaining old traditions, so I harvested their hearts instead. I will tell you about it some time, Jim, but now I must see Beulah Sands. Jim Randolph, I’ve saved her and her father. I’ve made them a round three millions and a strong seven millions for myself.”

He almost yelled it as he rushed away and left me dazed, stupefied. A moment, and I came to. Something urged me to follow him.