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Updated: May 25, 2025
We were taken off the mules and securely tied to one another, our guard watching us without intermission till morning. We were then packed as before and carried westward across the desert. After a four days' journey, painful even to be remembered, we re-entered the valley of Navajoa.
The second annual meeting of the Tecolote stockholders found Whitney H. Stoddard in the chair. Henry Rimrock Jones was too busy on the stock market to permit of his getting away. He was perfecting a plan where by throwing in all his money, and all he could borrow at the bank, he hoped to wrest from Stoddard his control of Navajoa, besides dealing a blow to his pride.
You're obligated to make up a total deficiency of nearly a million at the bank; your loans have been called, and mine have been called, and the stock is forfeit for the debt. You've lost your stock that you bought on a margin and unless you can take up these loans, every blessed share of Navajoa will go to Stoddard and his bank." "To Stoddard!
Navajoa went down to eighteen and sixteen and then it jumped back to twenty. Big buying developed, but still Rimrock sold short and again Navajoa slumped. At the end of the day it stood at twenty and he prepared for the next step in his campaign. He had beaten Navajoa down to nearly half its former price and without parting with a single share.
As he dashed down the hall and out into the street and into the first taxi that passed it seemed but a cynical way of saying that his sole sweetheart was gold; but when he reached his room and glanced at the tape its meaning was written plain. Navajoa was quoted at six. He brushed aside his excited clerk and called up Buckbee on the 'phone.
The president paused and glanced at him mildly, but Rimrock had thrown down his stock. "No," he said, "you can take this Navajoa or I'll quit and go somewhere else. I wouldn't put up a single share of Tecolote if you'd give me your whole, danged bank." "Very well," said the president with a fleeting smile, "we'll accept your Navajoa. My secretary will arrange it but mind this is on a call loan!
But look at Navajoa, how balled up that company is with its stocks all scattered around. Until it comes in for transfer nobody knows who's got it. They may be sold clear out and never know it. No, I may look easy, but I've been dog-bit once and I've got the leg to show for it.
The money that Rimrock put up that night, after talking it over in the cafe, that money was doubled within the next three days, and the stock still continued to advance. It was invested on a margin in Navajoa Copper, a minor holding of the great Hackmeister combine that Stoddard had set out to break.
It was dangerous ground and Rimrock trod it warily, buying Navajoa in the most roundabout ways; yet month after month increased his holdings until his credit at the bank was stretched. If they asked for collateral he could turn over his Navajoa, although that would tip off his hand; but his note was still good and he went in deeper as the date of the annual meeting drew near.
We, too, came in for a share of their curiosity; but O'Cork was "the elephant." They had seen hair like ours oftentimes upon their Mexican captives; but, beyond a doubt, Barney's was the first red poll that had ever been scratched in the valley of Navajoa.
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