inder of the financial
community entirely unaware of what is on foot. In the inner circles of
brokerage life rumors were soon abroad that a tremendous boom was in
store for American Match. Cowperwood heard of it through Addison,
always at the center of financial rumor, and the two of them bought
heavily, though not so heavily but that they could clear out at any
time with at least a slight margin in their favor. During a period of
eight months the stock slowly moved upward, finally crossing the
two-hundred mark and reaching two-twenty, at which figure both Addison
and Cowperwood sold, realizing nearly a million between them on their
investment.

In the mean time the foreshadowed political storm was brewing. At first
a cloud no larger than a man's hand, it matured swiftly in the late
months of 1895, and by the spring of 1896 it had become portentous and
was ready to burst. With the climacteric nomination of the "Apostle of
Free Silver" for President of the United States, which followed in
July, a chill settled down over the conservative and financial elements
of the country. What Cowperwood had wisely proceeded to do months
before, others less far-seeing, from Maine to California and from the
Gulf to Canada, began to do now. Bank-deposits were in part withdrawn;
feeble or uncertain securities were thrown upon the market. All at
once Schryhart, Arneel, Hand, and Merrill realized that they were in
more or less of a trap in regard to their large holdings in American
Match. Having gathered vast quantities of this stock, which had been
issued in blocks of millions, it was now necessary to sustain the
market or sell at a loss. Since money was needed by many holders, and
this stock was selling at two-twenty, telegraphic orders began to pour
in from all parts of the country to sell on the Chicago Exchange, where
the deal was being engineered and where the market obviously existed.
All of the instigators of the deal conferred, and decided to sustain
the market. Messrs. Hull and Stackpole, being the nominal heads of the
trust, were delegated to buy, they in turn calling on the principal
investors to take their share, pro rata. Hand, Schryhart, Arneel, and
Merrill, weighted with this inpouring flood of stock, which they had to
take at two-twenty, hurried to their favorite banks, hypothecating vast
quantities at one-fifty and over, and using the money so obtained to
take care of the additional shares which they were compell