I expect to see them posted any minute."
They stepped apart from the pandemonium, to discuss ways and means.
Under his agreement with Stener, Cowperwood could buy up to one hundred thousand dollars of city loan, above the customary wash sales, or market manipulation, by which they were making money.
This was in case the market had to be genuinely supported.
He decided to buy sixty thousand dollars worth now, and use this to sustain his loans elsewhere.
Stener would pay him for this instantly, giving him more ready cash.
It might help him in one way and another; and, anyhow, it might tend to strengthen the other securities long enough at least to allow him to realize a little something now at better than ruinous rates.
If only he had the means "to go short" on this market!
If only doing so did not really mean ruin to his present position.
It was characteristic of the man that even in this crisis he should be seeing how the very thing that of necessity, because of his present obligations, might ruin him, might also, under slightly different conditions, yield him a great harvest.
He could not take advantage of it, however.
He could not be on both sides of this market.
It was either "bear" or "bull," and of necessity he was "bull."
It was strange but true.
His subtlety could not avail him here.
He was about to turn and hurry to see a certain banker who might loan him something on his house, when the gong struck again.
Once more trading ceased.
Arthur Rivers, from his position at the State securities post, where city loan was sold, and where he had started to buy for Cowperwood, looked significantly at him.
Newton Targool hurried to Cowperwood's side.
"You're up against it," he exclaimed.
"I wouldn't try to sell against this market.
It's no use.
They're cutting the ground from under you.
The bottom's out.
Things are bound to turn in a few days.
Can't you hold out?
Here's more trouble."
He raised his eyes to the announcer's balcony.
"The Eastern and Western Fire Insurance Company of New York announces that it cannot meet its obligations."
A low sound something like "Haw!" broke forth.
The announcer's gavel struck for order.
"The Erie Fire Insurance Company of Rochester announces that it cannot meet its obligations."
Again that "H-a-a-a-w!"
Once more the gavel.
"The American Trust Company of New York has suspended payment."
"H-a-a-a-w!"
The storm was on.
"What do you think?" asked Targool.
"You can't brave this storm.
Can't you quit selling and hold out for a few days?
Why not sell short?"
"They ought to close this thing up," Cowperwood said, shortly.
"It would be a splendid way out.
Then nothing could be done."
He hurried to consult with those who, finding themselves in a similar predicament with himself, might use their influence to bring it about.
It was a sharp trick to play on those who, now finding the market favorable to their designs in its falling condition, were harvesting a fortune.
But what was that to him?
Business was business.
There was no use selling at ruinous figures, and he gave his lieutenants orders to stop.
Unless the bankers favored him heavily, or the stock exchange was closed, or Stener could be induced to deposit an additional three hundred thousand with him at once, he was ruined.