CHAPTER III.
MAKING MONEY AT $4 PER DAY.
The men awoke early, and, as Sedgwick had predicted, by six o'clock, thesuperintendent of the mine came down and went to the end of the drift.On his return to the lower station of the shaft, Sedgwick approached him,and holding out the bit of lagging, said in a low voice: "Mr. Mackay,there are a few words written on that. Will you not kindly carry them tothe surface and read them?" Mr. Mackay took it and put it in the pocketof the gray shirt which he always wore in the mine, saying jokingly:"Tobacco needed on your watch?" "Worse, even," answered Sedgwick, andwalked away.
When the men were allowed to go above ground, five days later, they foundthat Consolidated Virginia had jumped from $4 to $11 per share. Sedgwickand Browning went straight to the bank and asked how their accountsstood. They found that $2,800 from one credit, and $3,200 from the otherhad been withdrawn. They looked at each other and smiled, but saidnothing. Passing outside, they exchanged opinions and both concluded thatif Mackay had bought the stock promptly, it must have doubled already.But both agreed that they would say nothing; rather, would let mattersdrift. So days and weeks rolled by, until finally the stock touched $30per share, when one morning each received a note to call at the bank.
They went together, and were informed that 2,000 (old) shares ofConsolidated Virginia had been placed to their credit, and that it wasat their discretion to realize upon it, or permit it to remain longer.The news fairly took their breath away.
"How about making $30,000 at $4 per day, Jim?" said Browning.
"How about L5,000, the old barrister's step-daughter, and the downs inDevonshire, Jack?" said Sedgwick.
They went to their room in the lodging house to talk over what was bestto do.
"When we sell," said Sedgwick, "I am going to Ohio."
"And I to old England," said Browning.
"And how can we give any expression of our gratitude to John Mackay?"asked Sedgwick.
"Let us go down and tender him half our stock," said Browning.
"A good thought," said Sedgwick. So down to the Consolidated Virginiaoffice they went at once. They gained an instant interview with Mr.Mackay, and, thanking him warmly, told him they had thought it over, anddetermined that he was entitled to half their shares.
"That's clever of you, boys," said Mackay, "but that is too big acommission. How much did you say the order on the splinter had broughtyou?"
Sedgwick replied that they had 2,000 shares, and that the stock wasselling at $30 on a rising market.
"Well," answered Mackay, "that will be $10 for one, will it not?"
They answered, "Yes."
The Bonanza King thought for a moment, and then said: "It is this way,boys. I have been picking up a few shares of the stock on my own accountlately, and do not need any ready money at present, but there are a goodmany sick and bruised miners down in the hospital. If, when you sell, youcan see your way clear to send them down a few dollars, that will do moregood than to divide with me, for I would be liable to lose the money anyday in these crazy stocks."
They thanked him with swimming eyes and broken voices, and started toretire, when he called them back, and said: "I bought that stock becauseI noticed that you were not just like some of the others down in themine, and I knew if the money should be lost you would neither of youreproach me. But I called you back to tell you that while I do not thinkthere is any hurry about selling your stocks, dealing in mining shares isa risky business, as a rule, especially when you have nothing but a guessto go on; and I do not believe I would, if in your places, take that upfor a business."
Then some one else came in, and the miners retired.
They determined not to sell just then, and both went back to work at 4 inthe afternoon of that day.
The young men continued their daily toil. After the stock reached $35per share, it hung at that figure for a long time, but they felt nouneasiness. They saw the hurry of the work in opening the ConsolidatedVirginia and the C. & C. shafts; they saw a new great quartz mill beingerected, but they saw something else which pleased them much more, whichwas that the more the great ore body was sunk and drifted upon, thebigger it grew. In the early winter of 1874-5, the stock began to climbup. It jumped to $80, then $85; then, almost in a day, to $115, and soon up to $220. The strain on the minds of the two young miners was verygreat, but they held on. There was another little lull, and then towardsspring it started up again.
When it reached $480, Browning said to Sedgwick: "Bless my soul, Jim, Ihave not slept for three nights. I have been thinking that hundreds ofpeople have been waiting for the stock to touch $500, and when it does,they will unload and break it down. Had we not better sell? It will giveus as much money as we can manage."
"I guess you are right, Jack" said Sedgwick. "I believe it will still goa good deal higher, but if it does, let those who buy our stocks make it.As you said, it will bring us as much money as we can manage. It takes abrave man to sell on a rising market. Let us be brave."
So they gave the order for the sale of the stock, but that day it jumpedto $520, and when the returns were made, they found to their credit,$1,040,000. The stock touched $900 per share a few days later.
The result well-nigh paralyzed them. "At $4 per day, this is not bad,Browning," said Sedgwick.
"This secures the hill farm of old Jasper--three hundred acres at fortydollars per acre--does it not, Sedgwick?" said Browning.
They ordered $10,000 to be placed to the credit of the hospitals andbought exchange on New York and London for $1,000,000. The rest they tookwith them in money.
In dividing there was a little dispute. Browning insisted that he wasentitled to only forty-six and two-thirds per cent. of the amount, as hismoney was as seven to eight of Jim's.
"Why will you bother me with those vulgar fractions, Browning? Try to bea gentleman," said Sedgwick. "We share alike on this business, rememberthat; and say what a country this is to get rich in at four dollars aday!"
So it was settled. Their friends were told they had made a little stake,and were going home; the good-byes were spoken, and the young men turnedtheir faces eastward.
The Wedge of Gold Page 3