led the way up the soft banks of sand to the street and its plank-walks. It must be very pleasant to be able to bathe so easily," said Charlie, trying hard to walk on the plank-walk beside her and yet keep out of his fair guide's drip. 66 Yes, it's ever so much nicer than dressing in the bathing-houses," said Miss Remington. "Did you drive over from the Branch? I'm told it's awfully gay there, this season;" and Charlie admitted that it was. They had now reached the main street of the town, and Charlie could not but admire the genuineness of Miss Remington's constitution, as the hot sun streamed upon her wet face and her salted locks hung heavily behind her. The hotel was now before them, and after indicating the gentlemen's parlor to her guests, she herself disappeared by a side entrance. The great parlor contained nothing of human interest but a leather-bound Bible on a marble centre-table; and Tamms and Charlie Townley soon gravitated to the piazza, where, feet upon rail, and Tamms (who smoked at all times and junctures) with a cigar in his mouth, they awaited the coming of their host. Soon he appeared, with another young lady, more slender and, if possible, wetter than Miss Sadie, walking nervously, Mrs. Remington steaming hopelessly in their wake. "My wife can't stay," said the Deacon, after the first moments of compliment had passed; "she's got to get ready for dinner. And now tell me all about it, Tamms," said he, as he drew a chair up beside them. It was curious to watch the contrast between Remington's evident nervousness and Tamms's entire self-possession; and Charlie watched it. "Have a cigar?" said Tamms, politely drawing another black one from his pocket. "You know I never smoke, Tamms. But what's this about the Starbuck Oil?" "Well, you know about all there is about it," said Tamms, lazily. "It can't pay interest on the Terminal bonds, that's all. They never ought to have paid any dividend, in my opinion." This remark cleverly cut from under his feet the rejoinder Remington had in mind; and he looked at Tamms helplessly. "This is a pretty state of things," said he, at last. "I thought the Company had consolidated with Allegheny Central.” "The Allegheny Central voted to consolidate with Starbuck Oil, but I don't know that the Starbuck Oil ever consolidated with Allegheny. The Terminal bonds were issued by the Starbuck Oil and properly authorized by the directors; but for the other question, you remember, we never got the control." This was a home-thrust; for, as Charlie now remembered, the Deacon held the balance of power in the stock; and he had always refused to commit himself upon this point. "It looks bad for Starbuck Oil-it does, indeed," added Mr. Tamms, thoughtfully, stroking his smooth chin and eying Remington closely. "And I tell you what, Remington: I felt that I had more or less got you into this thing, and I came down to tell you about it while there was yet time. There isn't money enough in the treasury to pay the September coupon; that's certain. But nobody knows it yet." "Well," said Remington, with an evident effort, one other thing is certain, and that is that it's nearly dinner-time. Don't you gentlemen want to brush up a bit?" Tamms answered that it was unnecessary, and Remington left upon that pretext. But Charlie noticed that he took the door that led to the hotel telegraph office. "Remington thought that he was doing a very shrewd thing in keeping that stock," said Tamms, dryly; and he went on smoking, but kept his eyes intently fixed upon an imaginary point in air, about eighteen inches in front of his own nose. While Charlie was watching him, the young ladies, much transmogrified, came down for dinner. But the dinner was a long and weary meal, made up of many courses; no wine was served, but the hotel made up for this by giving them, at intervals, three glasses of ice-cream. "You must find it very pleasant here, Mrs. Remington," was Tamms's contribution to the conversation; and "We're not much acquainted yet--I think it's rather too gay," was her reply. The two Miss Remingtons showed an evi dent inclination to converse with Charlie, but seemed as if restrained by the presence of their elders; and Charlie was not sorry when the nuts and raisins appeared, and they took their leave. The Deacon had seemed greatly preoccupied; but he walked with them to their buggy and fast horses, and Sadie Remington with Charlie. "Of course, you know, Tamms," said the Deacon, by way of parting, "I'm much obliged to you for the point." "Don't mention it, Deacon, don't mention it," said Tamms, heartily, as he climbed in and gathered up the reins. "I hope, Mr. Townley, now you've found the way, you'll be neighborly and come and see us often," said Sadie Remington. She was really a very pretty girl, thought Charlie; he had done her some injustice in her mermaid garb; and he was able to regret the impossibility of returning to Ocean Grove with some sincerity. Tamms said very little going home; and Charlie's mind was also active. "The Governor" had certainly made of him his most intimate and confidential clerk; but such was his cleverness that Charlie felt he knew rather less of Mr. Tamms's projects than he did before. Upon one thing, after some reflection, Charlie was decided; and that was to very carefully tear up and throw away the telegram he had written the night before for Mrs. Gower. For Tamms had given too much advice to the Deacon, by half. The next day Charlie got up betimes, and was driven to the pier by Mr. Tamms. "I need not tell you," said that gentleman, "not to say anything about what I told you, or of our seeing the Deacon yesterday." "Of course not," said Charlie. "The Deacon is a very overbearing man in business affairs," added Tamms, absently. "And by the way, Townley, any chance bits of Allegheny Central stock you can pick up-at the board, you may take for us." "Certainly," said Charlie. much?" self; but he held his peace; and by ten o'clock he was back at the office and hard at work. Mr. Tamms did not return; and Charlie had orders to tell everyone that he was temporarily out of Wall Street, taking his well-earned vacation at the seaside. On that day there began to be a sudden activity in Starbuck Oil. At first the price went up a point or two; and then some thousand shares were thrown upon the market, and it fell more than twenty points. Charlie fancied that the selling came from the good Deacon; but who the buyers were, his sharpest investigations failed to show. On the day after, there were rumors of a coming deficit, and the stock went down with a rush, carrying with it the Terminal bonds. The same afternoon there was an item on the "tape" to the effect that the September coupon would probably have to be funded. The next day was a Sunday; but on Monday poor Charlie was flooded with letters, angry and beseeching, and with irate or troubled customers, who were holders of the bonds in question. He had but one course open to him: to those who had paid for the bonds, he regretted that unforeseen expenses had made the Terminal enterprise so unprofitable; and to those who had not paid for their bonds as yet, he added a polite request for further " margin." Mr. Tamms in person dropped in late that afternoon; and Charlie told him the condition of affairs, though he could have sworn that gentleman was paying no attention to any word he spoke. "Keep at it," he said, when Charlie had got through. "You can tell them that we, too, have a large block of bonds, besides owning nearly all the stock, and are heavy losers ourselves. No one could foresee it, of course. Mr. Townley still at Lenox, I suppose?" Charlie said that he was, and Tamms departed, saying that he would be in again to-morrow. And Charlie went up to the Columbian Club, and read the following "How item in The Evening Post: "The late depression in Starbuck Oil securities is believed to have been caused by the fact that the property has failed to earn its fixed charges in the past six months. The selling has come largely "By Jove," said Charlie to himself, "I ought to have telegraphed Flossie Gower, after all.” But then he re-read the article and began to reconsider it. Charlie was a young man addicted to much reconsideration. It was a very strange thing that a responsible newspaper should go out of its way to print an item like that-an item which might seriously injure the credit of a prominent banking-house. Why (for Charlie had studied law in his youth), it was almost libellous. Tamms had read the paper before leaving the office, and had not seemed particularly disturbed. "Does he want it to be supposed we lost money?-and certainly," said Charlie to himself, "the Governor is a clever fellow." The next day was the first of August, and Charlie had arranged to begin his summer vacation by going to Newport that afternoon. He was early at the office, but found Tamms there already, dictating to a couple of stenographers. He was tearing up little pieces of paper, crumpling them up into balls, and throwing them into one corner of the room. Now, this was a way he had when things were going to his liking; but Charlie did not venture to speak to him about the item in The Evening Post. Moreover, a copy of that journal lay open on his desk. "Shall I buy any more Allegheny, sir?" said Charlie. "How much more have we got?" "About eight thousand shares, so far -from 91 to five-eighths." "Buy all you can up to 92 or so," said Tamms, cheerfully. Suddenly, a still full-bodied, though rather senile voice was heard in the main office, asking for Mr. Tamms. Charlie started, and even Tamms sprang to his feet. And Charlie fancied that that gentleman's face turned, if possible, a shade paler than its wont. "What's this, Tamms?" cried the old VOL. IV.-14 gentleman, already angry, as the door flew open, without heeding Charlie's presence: "What's this about the Starbuck Terminal bonds?" And Charlie could see, through the open door, the clerks in the outer office huddling their shoulders over their ledgers, in evident consciousness of a coming breeze. Mr. Townley's face was crimson with excitement, as he panted in his stiff collar, his white hair making his face seem the redder, and his bald head beady with perspiration. Tamms had always a sort of patient, semi-patronizing tone in talking over business with his senior partner; but this time he tried, and tried in vain, to resume his usual manner. "I am sorry to say," he began slowly, "that hitherto-the Terminal property has not proved-a profitable enterprise.' وو "Stuff-and-nonsense!" interposed Mr. Townley, his sputtering enunciation in strange contrast with Tamms's clearcut tones. You yourself told me it promised most excellently." I fear "So I did sir-last winter. that I was mistaken," said Tamms, humbly. Mistaken, eh! Well, sir, and what do you propose to do about it?" "I see nothing for it--but to fund the next coupon-and attempt a reorganization-" "I do not mean as a director, sir; with that business you are familiar. But as a banker-as a New York merchant—as a member-damn it, sir, as a member of the house of Charles Townley & Son?" In his anger, the old gentleman had used the former name of the firm; and there was an ugly glitter in Tamms's eye, which he carefully kept from meeting old Mr. Townley's. "As a member of the firm of Townley & Tamms," said he, "I see nothing to do but to look over our customers' margins and bear our own losses." Charlie made a motion to go. 66 Stay there, Mr. Townley," ordered the old gentleman, "and learn once for all the traditions of the house of Charles Townley & Son. So, Mr. Tamms, a year after bringing out these bonds, with the ink hardly dry upon them, before the 'second coupon is cut, you propose that we who fathered them should stand by and see our clients and the public, who relied upon our recommendation and our name, deceived in both?" "I don't see what else we can do, sir. We are not the Starbuck Oil Company." Tamms tried still to patronize; but Charlie marvelled that a man who seemed so large the day before with Deacon Remington should seem so small to-day before an angry old man with white hair who had outlived his business usefulness and sputtered when he spoke. "I will show you, then. Mr. Townley, will you please take down this letter. Charlie moved his chair to a table and wrote, while Mr. Townley dictated: "Messrs. Townley & Tamms-regret that unforeseen circumstances have caused an embarrassment in the affairs of the Starbuck Oil Company-but have decided to guaranty the coupons on the Terminal Trust bonds-until the property has been put upon a paying basis.From those who prefer-Messrs. Townley & Tamms will take back the bonds sold by them-paying the price originally paid therefor, with accrued interest." "There, sir," said Mr. Townley to Charlie, 'you will have five hundred copies of that circular dated to-day and printed immediately. And Mr. Tamms, you will kindly see that a copy is mailed to every one of our correspondents and clients or our partnership may end at once." "Certainly, sir," said Tamms, calmly. "I presume you know what an amount of ready money this action may require ?" "No, sir, I do not," said Mr. Townley. It may force us into liquidation," said Mr. Tamms. "Fiddle-de-dee," said Mr. Townley, as he rose and left the office. Tamms looked after him long and curiously, as an artist might look after a retreating cow which had just knocked over his easel and trampled on his study of pastoral life. Charlie looked at Tamms. The hour for him to be upon the Stock Exchange had long since passed; but he still sat there, and nothing was said for some time. Finally Tamms took a bit of paper, and began to roll it up into little balls. "It is very unnecessary for Mr. Townley to take up such a quixotic attitude," said he. "That sort of thing is all very well in Shakespeare." And he threw his little balls of paper, with great accuracy, one into each of the three other corners of the room. "What shall I do, sir, about the circular?” "You must have it printed at once, and mailed, as Mr. Townley directed. But Mr. Lauer will attend to that." (Lauer was the bookkeeper.) "This insane action of Townley's will require considerable ready money. You must go to the board at once, and sell some Allegheny Central." Tamms had endeavored to assume his slightly contemptuous air in speaking of his partner; but it seemed to Charlie that there was still a pallor in his sharp face that belied his jauntiness. "How much shall I sell, sir?" "All we've got," said Tamms, curtly. Charlie nodded, and jumped up to leave the room. When he got to the streetdoor a clerk came running after him. "Don't sell yourself-get Lawson, Rawson & Co. to do it," said Tamms, as he turned back. Charlie nodded again, and was off. Now, Lawson, Rawson & Co. were Deacon Remington's brokers; ergo, Tamms did not want people to know he was selling; ergo, he was selling in good earnest. It looked bad. And he had thought Tamms such a clever fellow! Charlie was very busy at the stockboard that afternoon. He bought a few hundred shares himself, but this had little avail in staying the price against the thousands with which Lawson, Rawson & Co. deluged the market. Charlie did not trouble himself much then with thinking; he had no positive capital in the firm of Townley & Tamms; but he had a feeling that it was a critical moment for them. He could not help a slight wonder that Tamms had yielded to his senior so easily; but then he reflected that a violent rupture at such a juncture meant to Tamms even more certain financial ruin than the firm incurred by making good the Terminal bonds. Despite Charlie's strategy, and the few hundreds he bought with much vocifera tion, the price sagged from 93 to 90 and a fraction; and there was a wild and struggling crowd of panting men about the iron standard that bore the sign of Allegheny Central. Now and then Charlie would elbow his way into the outskirts and make a feeble bid or two; but a good-natured friend volunteered advice that it was no use, and "the best thing he could do was to wait until the Deacon had got his lines well out, and then catch him short," advice which Charlie received with a smile. At all events, the Governor could not say he had not done things well; for even his friend had not suspected that it was he who was selling. Dick Rawson was standing in the middle, red-faced and breathless, his voice already hoarse, like a stag at bay amid a pack of leaping hounds. Charlie looked at him and for a fraction of a second caught his eye. Then Charlie looked at the wall beneath the gallery. That wall is used for members' signals, and as he watched it, a wooden lid fell back, revealing a white placard with the number 449. Now, this was Charlie's number, and it meant that there was someone for him in the lobby; he went out at once, and the number sprang back out of sight with a click, worked by some clockwork mechanism. In the lobby Charlie found a messenger with a sealed note addressed to him. It was a hastily pencilled scrawl from Rawson, the very man who was standing in the focus of the excited throng, but of course had given no sign of any understanding there. "I have sold 11,000. Shall I go on? R." Charlie thought a minute; much of their stock, he knew, had been pledged at about 80, and to drive the stock below this point would cause a call for further margin. And, unless Charlie was very much mistaken, the firm of Townley & Tamms had just then no more securities to pledge. He wrote on the back of Rawson's note: "Sell all you can down to 85. C. T." The boy went back upon the floor of the Exchange. Charlie did not deem it wise to follow him; but in a few minutes a renewed roar from the Allegheny Central crowd told him that his order was being executed. He went back to the office, where he found Mr. Tamms still sitting in his private room, much as he had left him. A certain unusual idleness, a subtile air of expectation pervaded the clerks in the office, which Charlie did not fail to note. Tamms looked up at him, as he entered, but made no remark. "We have sold over ten thousand," said Charlie. "What's the price now?" asked Tamms. "It broke 90," said Charlie, laconically. "We shall know exactly in a few minutes," added Tamms, calmly. "See, I have already got a proof of Mr. Townley's proclamation." And Tamms tossed the paper to Charlie, giving the word Proclamation an accent that was slightly contemptuous. "You will keep the correspondence clerk to see that they are all duly mailed to-night." Charlie went out to get his lunch, as he had had no time to eat since breakfast; and when he hurried back at a quarter after three, Rawson was there with his account. They had sold 16,400 shares at from 93 to 851—an average of nearly 89. "I shall not be in all day to-morrow," said Tamms to Charlie. "You will see to getting in the stock that is out as collateral, and its prompt delivery." "I had arranged to go on my vacation to-day," said Charlie. "May I go to-morrow night?" "Certainly after that is done." And Tamms left the office, to all appearance unshaken by the events of the day. Charlie went to his lodgings and dressed, and then dined at his club alone. Though he had no money stake in the firm, its success or downfall would mean much to him. With its failure went all his future, all his business prospects. And Charlie went over in his mind, for the twentieth time, the extent to which they had been injured. First, there was over four million dollars of the Termi |