ed him that Lumber and Fuel Common was the
one stock in which he could safely plunge. Casting aside all
apprehension, so far as Swearengen Jones was concerned, he prepared for
what was to be his one and only venture on the Stock Exchange before
the 23d of the following September. With all the cunning and craftiness
of a general he laid his plans for the attack. Gardner's face was the
picture of despair when Brewster asked him to buy heavily in Lumber and
Fuel.
"Good heavens, Monty," cried the broker, "you're joking. Lumber is away
up now. It can't possibly go a fraction of a point higher. Take my
advice and don't touch it. It opened to-day at 111 3/4 and closed at
109. Why, man, you're crazy to think about it for an instant."
"I know my business, Gardner," said Brewster, quietly, and his
conscience smote him when he saw the flush of mortification creep into
the face of his friend. The rebuke had cut Gardner to the quick.
"But, Monty, I know what I'm talking about. At least let me tell you
something about this stock," pleaded Elon, loyally, despite the wound.
"Gardy, I've gone into this thing carefully, and if ever a man felt
sure about anything I do about this," said Monty, decidedly, but
affectionately.
"Take my word for it Lumber can't go any higher. Think of the
situation; the lumber men in the north and west are overstocked, and
there is a strike ready to go into effect. When that comes the stock
will go for a song. The slump is liable to begin any day."
"My mind is made up," said the other firmly, and Gardner was in
despair. "Will you or will you not execute an order for me at the
opening to-morrow? I'll start with ten thousand shares. What will it
cost me to margin it for ten points?"
"At least a hundred thousand, exclusive of commission, which would be
twelve and a half a hundred shares." Despite the most strenuous
opposition from Gardner, Brewster adhered to his design, and the broker
executed the order the next morning. He knew that Brewster had but one
chance to win, and that was to buy the stock in a lump instead of
distributing it among several brokers and throughout the session. This
was a point that Monty had overlooked.
There had been little to excite the Stock Exchange for some weeks:
nothing was active and the slightest flurry was hailed as an event.
Every one knew that the calm would be disturbed at some near day, but
nobody looked for a sensation in Lumber and Fuel. It was a foregone
|