Part 20 (2/2)

I was the first to suggest this feature in conference. The Trescott scare had made me more thoughtful. True, outwardly things were more than ever booming. The very signs on the streets spoke of the boom. It was ”Lumber, Coal, and Real Estate”; ”Burbank's Livery, Feed, and Sale Stable. Office of Burbank Realty Co.”; or ”Thronson & Larson, Grocers.

Choice Lots in Thronson's Addition.” Even Giddings had platted the ”_Herald_ Addition,” and was offering a choice quarter-block as a prize to the person who could guess nearest to the average monthly increase in values in the addition, as shown by the record of sales. Real estate appeared as a part of the business of hardware stores and milliners'

shops, so that one was constantly reminded of the heterogeneous announcements on the signboard of Mr. Wegg. But while all this went on, and transactions ”in dirt” were larger than ever, one could see indications that there was in them a larger and larger element of credit, and less and less cash. So one day, at a syndicate conference, I sought to ease my mind by asking where this thing was to stop, and when we could hope for a time when the town would not have to be held up by main strength.

”Why, that's a very remarkable question!” said Mr. Hinckley. ”We surely haven't reached the point where we can think of stopping. Why, with the history before us of the cities of America which, without half our natural advantages, have grown to so many times the size of this, I'm surprised that such a thing should be thought of! Just think of what Chicago was in '54 when I came through. A village without a harbor, built along the ditches of a frog-pond! And see it now; see it now!”

There was a little quiver in Mr. Hinckley's voice, a little infirmity of his chin, which told of advancing years. His ideas were becoming more fixed. It was plain that the notion of Lattimore's continued and uninterrupted progress was one to which he would cling with the mild and unreasoning stubbornness of gentlemanly senility. But Cornish welcomed the discussion with something like eagerness.

”I'm glad the matter has come up,” said he. ”We've had a few good years here; but, in the nature of things, won't the time come when things will be--slower? We've got our first plans pretty well worked out. The mills, factories, and live-stock industries are supporting population, and making tonnage which the railroad is carrying. But what next? We can't expect to build any more railroads soon. No line of less than five hundred miles will do any good, strategically speaking, and sending out stubs just to annex territory for our s.h.i.+ppers is too slow and expensive business for this crowd. Things are booming along now; but the Eastern banks are getting finicky about paper, and--I think things are going to be--slower--and that we ought to act accordingly.”

There was a long silence, broken only by a dry laugh from Hinckley, and the remark that Barslow and Cornish must be getting dyspeptic from high living.

”Well,” said Elkins at last, ignoring Hinckley and facing Cornish, ”get down to bra.s.s nails! What policy would you adopt?”

”Oh, our present policy is all right,” answered he of the Van d.y.k.e beard--

”Yes, yes!” interjected Hinckley. ”My view exactly. A wonderfully successful policy!”

”--and,” Cornish continued, ”I would only suggest that we cease spreading out--not cease talking it, but only just sort of stop doing it--and begin to realize more rapidly on our holdings. Not so as to break the market, you understand; but so as to keep the demand fairly well satisfied.”

Mr. Elkins was slow in replying, and when the reply came it was of the sort which does not answer.

”A most important, not to say momentous question,” said he. ”Let's figure the thing over and take it up again soon. We'll not begin to disagree at this late day. Mr. Hinckley has warned us that he has an engagement in thirty minutes. It seems to me we ought to dispose of the matter of the appropriation for the interest on those Belt Lines bonds.

Wade's mash on 'Atkins, Corning & Co.' won't last long in the face of a default.”

Mr. Hinckley staid his thirty minutes and withdrew. Mr. Cornish went to the telephone and ordered his dog-cart.

”Immediately,” he instructed, ”over here at the Grain Belt Trust Building.”

”Make it in half an hour, can't you, Cornish?” said Jim. ”There are some more things we ought to go over.”

”Say!” shouted Cornish into the transmitter. ”Make that in half an hour instead of at once.”

He hung up the telephone, and turned to Elkins inquiringly. Jim was walking up and down on the rug, his hands clasped behind him.

”Since we've spread out into that string of banks,” said he, still keeping up his walk, ”and made Mr. Hinckley the president of each of 'em, he's reverting to his old banker's timidity. Which consists, in all cases, in an aversion to any change in conditions. To suggest any change, even from an old, dangerous policy to a new safe one, startles a 'conservative' banker. If we had gone on a little longer with our talk about shutting off steam and taking the n.i.g.g.e.r off the safety-valve, you'd have seen him scared into a numbness. But, now that the question has been brought up, let's talk it over. What's your notion about it, anyhow, Al?”

”I'm seeking light,” said I. ”The people are rus.h.i.+ng in, and the town's doing splendidly. But prices, there's no denying it, are beginning to sort of strangle things. They prevent doing, any more, what we did at first. Kreuger Brothers' failure yesterday was small; but it's a clear case of a retailer's being eaten up with fixed charges--or so Macdonald told me this morning; and I know that frontage on Main Street is demanding fully as much as the traffic will bear. And then our fright over Trescott's gambling gave me some bad dreams over our securities. It has bothered me to see how to adjust our affairs to a stationary condition of things; that's all.”

”Of course,” said Cornish, ”we must keep boosting. Fortunately society here is now thoroughly organized on the principle of whooping it up for Lattimore. I could get up a successful lynching-party any time to attend to the case of any miscreant who should suggest that property is too high, or rents unreasonable, or anything but a steady up-grade before us. But I think we ought to stop buying--except among ourselves, and keep the transfers from falling off--and begin salting down.”

”If you can suggest any way to do that, and still take care of our paper,” said Jim, ”I shall be with you.”

”I've never antic.i.p.ated,” said Cornish, ”that such a ma.s.s of business could be carried through without some losses. Investors can't expect it.”

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