Теодор Драйзер
The Financier / Финансист
Chapter IV
The appearance of Frank Cowperwood at this time was, to say the least, prepossessing and satisfactory. Nature had destined him to be about five feet ten inches tall. His head was large, shapely, notably commercial in aspect, thickly covered with crisp, dark-brown hair and fixed on a pair of square shoulders and a stocky body. Already his eyes had the look that subtle years of thought bring. They were inscrutable. You could tell nothing by his eyes. He walked with a light, confident, springy step. Life had given him no severe shocks nor rude awakenings. He had not been compelled to suffer illness or pain or deprivation of any kind. He saw people richer than himself, but he hoped to be rich. His family was respected, his father well placed. He owed no man anything. Once he had let a small note of his become overdue at the bank, but his father raised such a row that he never forgot it. “I would rather crawl on my hands and knees than let my paper go to protest,” the old gentleman observed; and this fixed in his mind what scarcely needed to be so sharply emphasized—the significance of credit. No paper of his ever went to protest or became overdue after that through any negligence of his.
He turned out to be the most efficient clerk that the house of Waterman & Co. had ever known. They put him on the books at first as assistant bookkeeper, vice Mr. Thomas Trixler, dismissed, and in two weeks George said: “Why don’t we make Cowperwood head bookkeeper? He knows more in a minute than that fellow Sampson will ever know.”
“All right, make the transfer, George, but don’t fuss so. He won’t be a bookkeeper long, though. I want to see if he can’t handle some of these transfers for me after a bit.”
The books of Messrs. Waterman & Co., though fairly complicated, were child’s play to Frank. He went through them with an ease and rapidity which surprised his erstwhile superior, Mr. Sampson.
“Why, that fellow,” Sampson told another clerk on the first day he had seen Cowperwood work, “he’s too brisk. He’s going to make a bad break. I know that kind. Wait a little bit until we get one of those rush credit and transfer days.” But the bad break Mr. Sampson anticipated did not materialize. In less than a week Cowperwood knew the financial condition of the Messrs. Waterman as well as they did—better—to a dollar. He knew how their accounts were distributed; from what section they drew the most business; who sent poor produce and good—the varying prices for a year told that. To satisfy himself he ran back over certain accounts in the ledger, verifying his suspicions. Bookkeeping did not interest him except as a record, a demonstration of a firm’s life. He knew he would not do this long. Something else would happen; but he saw instantly what the grain and commission business was—every detail of it. He saw where, for want of greater activity in offering the goods consigned—quicker communication with shippers and buyers, a better working agreement with surrounding commission men—this house, or, rather, its customers, for it had nothing, endured severe losses. A man would ship a tow-boat or a car-load of fruit or vegetables against a supposedly rising or stable market; but if ten other men did the same thing at the same time, or other commission men were flooded with fruit or vegetables, and there was no way of disposing of them within a reasonable time, the price had to fall. Every day was bringing its special consignments. It instantly occurred to him that he would be of much more use to the house as an outside man disposing of heavy shipments, but he hesitated to say anything so soon. More than likely, things would adjust themselves shortly.
The Watermans, Henry and George, were greatly pleased with the way he handled their accounts. There was a sense of security in his very presence. He soon began to call Brother George’s attention to the condition of certain accounts, making suggestions as to their possible liquidation or discontinuance, which pleased that individual greatly. He saw a way of lightening his own labors through the intelligence of this youth; while at the same time developing a sense of pleasant companionship with him.
Brother Henry was for trying him on the outside. It was not always possible to fill the orders with the stock on hand, and somebody had to go into the street or the Exchange to buy and usually he did this. One morning, when way-bills indicated a probable glut of flour and a shortage of grain—Frank saw it first—the elder Waterman called him into his office and said:
“Frank, I wish you would see what you can do with this condition that confronts us on the street. By to-morrow we’re going to be overcrowded with flour. We can’t be paying storage charges, and our orders won’t eat it up. We’re short on grain. Maybe you could trade out the flour to some of those brokers and get me enough grain to fill these orders.”
“I’d like to try,” said his employee.
He knew from his books where the various commission-houses were. He knew what the local merchants’ exchange, and the various commission-merchants who dealt in these things, had to offer. This was the thing he liked to do—adjust a trade difficulty of this nature. It was pleasant to be out in the air again, to be going from door to door. He objected to desk work and pen work and poring over books. As he said in later years, his brain was his office. He hurried to the principal commission-merchants, learning what the state of the flour market was, and offering his surplus at the very rate he would have expected to get for it if there had been no prospective glut. Did they want to buy for immediate delivery (forty-eight hours being immediate) six hundred barrels of prime flour? He would offer it at nine dollars straight, in the barrel. They did not. He offered it in fractions, and some agreed to take one portion, and some another. In about an hour he was all secure on this save one lot of two hundred barrels, which he decided to offer in one lump to a famous operator named Genderman with whom his firm did no business. The latter, a big man with curly gray hair, a gnarled and yet pudgy face, and little eyes that peeked out shrewdly through fat eyelids, looked at Cowperwood curiously when he came in.
“What’s your name, young man?” he asked, leaning back in his wooden chair.
“Cowperwood.”
“So you work for Waterman & Company? You want to make a record, no doubt. That’s why you came to me?”
Cowperwood merely smiled.
“Well, I’ll take your flour. I need it. Bill it to me.”
Cowperwood hurried out. He went direct to a firm of brokers in Walnut Street, with whom his firm dealt, and had them bid in the grain he needed at prevailing rates. Then he returned to the office.
“Well,” said Henry Waterman, when he reported, “you did that quick. Sold old Genderman two hundred barrels direct, did you? That’s doing pretty well. He isn’t on our books, is he?”
“No, sir.”
“I thought not. Well, if you can do that sort of work on the street you won’t be on the books long.”
Thereafter, in the course of time, Frank became a familiar figure in the commission district and on ’change (the Produce Exchange), striking balances for his employer, picking up odd lots of things they needed, soliciting new customers, breaking gluts by disposing of odd lots in unexpected quarters. Indeed the Watermans were astonished at his facility in this respect. He had an uncanny faculty for getting appreciative hearings, making friends, being introduced into new realms. New life began to flow through the old channels of the Waterman company. Their customers were better satisfied. George was for sending him out into the rural districts to drum up trade, and this was eventually done.
Near Christmas-time Henry said to George: “We’ll have to make Cowperwood a liberal present. He hasn’t any salary. How would five hundred dollars do?”
“That’s pretty much, seeing the way times are, but I guess he’s worth it. He’s certainly done everything we’ve expected, and more. He’s cut out for this business.”
“What does he say about it? Do you ever hear him say whether he’s satisfied?”
“Oh, he likes it pretty much, I guess. You see him as much as I do.”
“Well, we’ll make it five hundred. That fellow wouldn’t make a bad partner in this business some day. He has the real knack for it. You see that he gets the five hundred dollars with a word from both of us.”
So the night before Christmas, as Cowperwood was looking over some way-bills and certificates of consignment preparatory to leaving all in order for the intervening holiday, George Waterman came to his desk.
“Hard at it,” he said, standing under the flaring gaslight and looking at his brisk employee with great satisfaction.
It was early evening, and the snow was making a speckled pattern through the windows in front.
“Just a few points before I wind up,” smiled Cowperwood.
“My brother and I have been especially pleased with the way you have handled the work here during the past six months. We wanted to make some acknowledgment, and we thought about five hundred dollars would be right. Beginning January first we’ll give you a regular salary of thirty dollars a week.”
“I’m certainly much obliged to you,” said Frank. “I didn’t expect that much. It’s a good deal. I’ve learned considerable here that I’m glad to know.”
“Oh, don’t mention it. We know you’ve earned it. You can stay with us as long as you like. We’re glad to have you with us.”
Cowperwood smiled his hearty, genial smile. He was feeling very comfortable under this evidence of approval. He looked bright and cheery in his well-made clothes of English tweed.
On the way home that evening he speculated as to the nature of this business. He knew he wasn’t going to stay there long, even in spite of this gift and promise of salary. They were grateful, of course; but why shouldn’t they be? He was efficient, he knew that; under him things moved smoothly. It never occurred to him that he belonged in the realm of clerkdom. Those people were the kind of beings who ought to work for him, and who would. There was nothing savage in his attitude, no rage against fate, no dark fear of failure. These two men he worked for were already nothing more than characters in his eyes—their business significated itself. He could see their weaknesses and their shortcomings as a much older man might have viewed a boy’s.
After dinner that evening, before leaving to call on his girl, Marjorie Stafford, he told his father of the gift of five hundred dollars and the promised salary.
“That’s splendid,” said the older man. “You’re doing better than I thought. I suppose you’ll stay there.”
“No, I won’t. I think I’ll quit sometime next year.”
“Why?”
“Well, it isn’t exactly what I want to do. It’s all right, but I’d rather try my hand at brokerage, I think. That appeals to me.”
“Don’t you think you are doing them an injustice not to tell them?”
“Not at all. They need me.” All the while surveying himself in a mirror, straightening his tie and adjusting his coat.
“Have you told your mother?”
“No. I’m going to do it now.”
He went out into the dining-room, where his mother was, and slipping his arms around her little body, said: “What do you think, Mammy?”
“Well, what?” she asked, looking affectionately into his eyes.
“I got five hundred dollars to-night, and I get thirty a week next year. What do you want for Christmas?”
“You don’t say! Isn’t that nice! Isn’t that fine! They must like you. You’re getting to be quite a man, aren’t you?”
“What do you want for Christmas?”
“Nothing. I don’t want anything. I have my children.”
He smiled. “All right. Then nothing it is.”
But she knew he would buy her something.
He went out, pausing at the door to grab playfully at his sister’s waist, and saying that he’d be back about midnight, hurried to Marjorie’s house, because he had promised to take her to a show.
“Anything you want for Christmas this year, Margy?” he asked, after kissing her in the dimly-lighted hall. “I got five hundred to-night.”
She was an innocent little thing, only fifteen, no guile, no shrewdness.
“Oh, you needn’t get me anything.”
“Needn’t I?” he asked, squeezing her waist and kissing her mouth again.
It was fine to be getting on this way in the world and having such a good time.
Chapter V
The following October, having passed his eighteenth year by nearly six months, and feeling sure that he would never want anything to do with the grain and commission business as conducted by the Waterman Company, Cowperwood decided to sever his relations with them and enter the employ of Tighe & Company, bankers and brokers.
Cowperwood’s meeting with Tighe & Company had come about in the ordinary pursuance of his duties as outside man for Waterman & Company. From the first Mr. Tighe took a keen interest in this subtle young emissary.
“How’s business with you people?” he would ask, genially; or, “Find that you’re getting many I.O.U.’s these days?”
Because of the unsettled condition of the country, the over-inflation of securities, the slavery agitation, and so forth, there were prospects of hard times. And Tighe—he could not have told you why—was convinced that this young man was worth talking to in regard to all this. He was not really old enough to know, and yet he did know.
“Oh, things are going pretty well with us, thank you, Mr. Tighe,” Cowperwood would answer.
“I tell you,” he said to Cowperwood one morning, “this slavery agitation, if it doesn’t stop, is going to cause trouble.”
A negro slave belonging to a visitor from Cuba had just been abducted and set free, because the laws of Pennsylvania made freedom the right of any negro brought into the state, even though in transit only to another portion of the country, and there was great excitement because of it. Several persons had been arrested, and the newspapers were discussing it roundly.
“I don’t think the South is going to stand for this thing. It’s making trouble in our business, and it must be doing the same thing for others. We’ll have secession here, sure as fate, one of these days.” He talked with the vaguest suggestion of a brogue.
“It’s coming, I think,” said Cowperwood, quietly. “It can’t be healed, in my judgment. The negro isn’t worth all this excitement, but they’ll go on agitating for him—emotional people always do this. They haven’t anything else to do. It’s hurting our Southern trade.”
“I thought so. That’s what people tell me.”
He turned to a new customer as young Cowperwood went out, but again the boy struck him as being inexpressibly sound and deep-thinking on financial matters. “If that young fellow wanted a place, I’d give it to him,” he thought.
Finally, one day he said to him: “How would you like to try your hand at being a floor man for me in ’change? I need a young man here. One of my clerks is leaving.”
“I’d like it,” replied Cowperwood, smiling and looking intensely gratified. “I had thought of speaking to you myself some time.”
“Well, if you’re ready and can make the change, the place is open. Come any time you like.”
“I’ll have to give a reasonable notice at the other place,” Cowperwood said, quietly. “Would you mind waiting a week or two?”
“Not at all. It isn’t as important as that. Come as soon as you can straighten things out. I don’t want to inconvenience your employers.”
It was only two weeks later that Frank took his departure from Waterman & Company, interested and yet in no way flustered by his new prospects. And great was the grief of Mr. George Waterman. As for Mr. Henry Waterman, he was actually irritated by this defection.
“Why, I thought,” he exclaimed, vigorously, when informed by Cowperwood of his decision, “that you liked the business. Is it a matter of salary?”
“No, not at all, Mr. Waterman. It’s just that I want to get into the straight-out brokerage business.”
“Well, that certainly is too bad. I’m sorry. I don’t want to urge you against your own best interests. You know what you are doing. But George and I had about agreed to offer you an interest in this thing after a bit. Now you’re picking up and leaving. Why, damn it, man, there’s good money in this business.”
“I know it,” smiled Cowperwood, “but I don’t like it. I have other plans in view. I’ll never be a grain and commission man.” Mr. Henry Waterman could scarcely understand why obvious success in this field did not interest him. He feared the effect of his departure on the business.
And once the change was made Cowperwood was convinced that this new work was more suited to him in every way—as easy and more profitable, of course. In the first place, the firm of Tighe & Co., unlike that of Waterman & Co., was located in a handsome green-gray stone building at 66 South Third Street, in what was then, and for a number of years afterward, the heart of the financial district. Great institutions of national and international import and repute were near at hand—Drexel & Co., Edward Clark & Co., the Third National Bank, the First National Bank, the Stock Exchange, and similar institutions. Almost a score of smaller banks and brokerage firms were also in the vicinity. Edward Tighe, the head and brains of this concern, was a Boston Irishman, the son of an immigrant who had flourished and done well in that conservative city. He had come to Philadelphia to interest himself in the speculative life there. “Sure, it’s a right good place for those of us who are awake,” he told his friends, with a slight Irish accent, and he considered himself very much awake. He was a medium-tall man, not very stout, slightly and prematurely gray, and with a manner which was as lively and good-natured as it was combative and self-reliant. His upper lip was ornamented by a short, gray mustache.
“May heaven preserve me,” he said, not long after he came there, “these Pennsylvanians never pay for anything they can issue bonds for.” It was the period when Pennsylvania’s credit, and for that matter Philadelphia’s, was very bad in spite of its great wealth. “If there’s ever a war there’ll be battalions of Pennsylvanians marching around offering notes for their meals. If I could just live long enough I could get rich buyin’ up Pennsylvania notes and bonds. I think they’ll pay some time; but, my God, they’re mortal slow! I’ll be dead before the State government will ever catch up on the interest they owe me now.”
It was true. The condition of the finances of the state and city was most reprehensible. Both State and city were rich enough; but there were so many schemes for looting the treasury in both instances that when any new work had to be undertaken bonds were necessarily issued to raise the money. These bonds, or warrants, as they were called, pledged interest at six per cent.; but when the interest fell due, instead of paying it, the city or State treasurer, as the case might be, stamped the same with the date of presentation, and the warrant then bore interest for not only its original face value, but the amount then due in interest. In other words, it was being slowly compounded. But this did not help the man who wanted to raise money, for as security they could not be hypothecated for more than seventy per cent. of their market value, and they were not selling at par, but at ninety. A man might buy or accept them in foreclosure, but he had a long wait. Also, in the final payment of most of them favoritism ruled, for it was only when the treasurer knew that certain warrants were in the hands of “a friend” that he would advertise that such and such warrants—those particular ones that he knew about—would be paid.
What was more, the money system of the United States was only then beginning slowly to emerge from something approximating chaos to something more nearly approaching order. The United States Bank, of which Nicholas Biddle was the progenitor, had gone completely in 1841, and the United States Treasury with its subtreasury system had come in 1846; but still there were many, many wildcat banks, sufficient in number to make the average exchange-counter broker a walking encyclopedia of solvent and insolvent institutions. Still, things were slowly improving, for the telegraph had facilitated stock-market quotations, not only between New York, Boston, and Philadelphia, but between a local broker’s office in Philadelphia and his stock exchange. In other words, the short private wire had been introduced. Communication was quicker and freer, and daily grew better.
Railroads had been built to the South, East, North, and West. There was as yet no stock-ticker and no telephone, and the clearing-house had only recently been thought of in New York, and had not yet been introduced in Philadelphia. Instead of a clearing-house service, messengers ran daily between banks and brokerage firms, balancing accounts on pass-books, exchanging bills, and, once a week, transferring the gold coin, which was the only thing that could be accepted for balances due, since there was no stable national currency. “On ’change,” when the gong struck announcing the close of the day’s business, a company of young men, known as “settlement clerks,” after a system borrowed from London, gathered in the center of the room and compared or gathered the various trades of the day in a ring, thus eliminating all those sales and resales between certain firms which naturally canceled each other. They carried long account books, and called out the transactions—“Delaware and Maryland sold to Beaumont and Company,” “Delware and Maryland sold to Tighe and Company,” and so on. This simplified the bookkeeping of the various firms, and made for quicker and more stirring commercial transactions.
Seats “on ’change” sold for two thousand dollars each. The members of the exchange had just passed rules limiting the trading to the hours between ten and three (before this they had been any time between morning and midnight), and had fixed the rates at which brokers could do business, in the face of cut-throat schemes which had previously held. Severe penalties were fixed for those who failed to obey. In other words, things were shaping up for a great ’change business, and Edward Tighe felt, with other brokers, that there was a great future ahead.
