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You all know who Babson is, the biggest stock-market advertiser in the country. Well, Babson's vanity is to be a great man outside of his own line. He owns a big country place down East, near the old town of Singatuck; one of the oldest towns on the coast. Babson is as new as Singatuck is old. The people didn't care much about his patronizing ways.
"It is too abominable to be borne! Olive, why should we not tell the exact facts of this thing? We did agree very willingly at the time to keep the secret. But I am not willing now, and you are being sacrificed to the stock-market. That is the whole truth of it! If these editors knew the truth they would be chanting your praises.
The entire period in the affairs of the Erie system from the ascendancy of Daniel Drew in 1851 to the end of the Civil War witnessed an endless succession of stock-market exploits both large and small. In the spring of 1866, however, Drew found an opportunity to achieve a real masterpiece in manipulation.
Merely utilitarian arguments have never convinced nor converted mankind, and they never will; for mankind knows that there is something better. Its homage will never be commanded by peace, presented as the tutelary deity of the stock-market.
She knew of course what he meant how it had taken his father-in-law's great fortune, and taken no small slice, to surround him with an element in which, all too fatally weighted as he had originally been, he could pecuniarily float; and with this reminder other things came to her how strange it was that, with all allowance for their merit, it should befall some people to be so inordinately valued, quoted, as they said in the stock-market, so high, and how still stranger, perhaps, that there should be cases in which, for some reason, one didn't mind the so frequently marked absence in them of the purpose really to represent their price.
You know, Monsieur, that, in the stock-market especially, and more or less in every other kind of speculation, the greater part of the transactions are fictitious, to a certain extent.
Suffice it to say that the events were generally similar to those already recounted stock-market corners, over-issues of bonds and stocks, injunctions, court orders, arrests, legislative bribes. Less than a week after his election Jay Gould frankly announced that the company had just issued $10,000,000 of convertible bonds and that a third of these had already been converted into stock.
"Well, old man," said I, "I'm satisfied with the prosaic methods of the gas companies, the book-agents, and the riggers of the stock-market. Give me Wall Street and you take Dick Turpin and all his crew. But what has set your mind to working on the Dick Turpin end of it anyhow? Thinking of going in for that sort of thing yourself?" "M-m-m yes," replied Holmes, hesitatingly. "I am.
Make me the notes, and let the operations go on another week." With an increased respect for his agent, when he found that he could neither humbug nor frighten him, Bullion filled out and signed the notes. Next they reviewed the stock-market, and decided upon the course to be pursued.
As we sat at breakfast in a Fifth Avenue hotel I ran my eye eagerly over the stock-market reports and the financial news, and rallied Maude for a lack of spirits. "Aren't you glad to be home?" I asked her, as we sat in a hansom. "Of course I am, Hugh!" she protested. "But I can't look upon New York as home, somehow. It frightens me." I laughed indulgently. "You'll get used to it," I said.
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