MAKING MONEY AT $4 PER DAY.
The men awoke early, and, as Sedgwick had predicted, by six o'clock, the superintendent 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 to the surface and read them?" Mr. Mackay took it and put it in the pocket of the gray shirt which he always wore in the mine, saying jokingly: "Tobacco needed on your watch?" "Worse, even," answered Sedgwick, and walked away.
When the men were allowed to go above ground, five days later, they found that Consolidated Virginia had jumped from $4 to $11 per share. Sedgwick and Browning went straight to the bank and asked how their accounts stood. They found that $2,800 from one credit, and $3,200 from the other had been withdrawn. They looked at each other and smiled, but said nothing. Passing outside, they exchanged opinions and both concluded that if Mackay had bought the stock promptly, it must have doubled already. But both agreed that they would say nothing; rather, would let matters drift. So days and weeks rolled by, until finally the stock touched $30 per share, when one morning each received a note to call at the bank.
They went together, and were informed that 2,000 (old) shares of Consolidated Virginia had been placed to their credit, and that it was at 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 £5,000, the old barrister's step-daughter, and the downs in Devonshire, Jack?" said Sedgwick.
They went to their room in the lodging house to talk over what was best to 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 Virginia office they went at once. They gained an instant interview with Mr. Mackay, and, thanking him warmly, told him they had thought it over, and determined that he was entitled to half their shares.
"That's clever of you, boys," said Mackay, "but that is too big a commission. How much did you say the order on the splinter had brought you?"
Sedgwick replied that they had 2,000 shares, and that the stock was selling 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 account lately, and do not need any ready money at present, but there are a good many sick and bruised miners down in the hospital. If, when you sell, you can see your way clear to send them down a few dollars, that will do more good than to divide with me, for I would be liable to lose the money any day in these crazy stocks."
They thanked him with swimming eyes and broken voices, and started to retire, when he called them back, and said: "I bought that stock because I noticed that you were not just like some of the others down in the mine, and I knew if the money should be lost you would neither of you reproach me. But I called you back to tell you that while I do not think there is any hurry about selling your stocks, dealing in mining shares is a risky business, as a rule, especially when you have nothing but a guess to go on; and I do not believe I would, if in your places, take that up for 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 in the afternoon of that day.
The young men continued their daily toil. After the stock reached $35 per share, it hung at that figure for a long time, but they felt no uneasiness. They saw the hurry of the work in opening the Consolidated Virginia and the C. & C. shafts; they saw a new great quartz mill being erected, but they saw something else which pleased them much more, which was that the more the great ore body was sunk and drifted upon, the bigger it grew. In the early winter of 1874-5, the stock began to climb up. It jumped to $80, then $85; then, almost in a day, to $115, and so on up to $220. The strain on the minds of the two young miners was very great, but they held on. There was another little lull, and then towards spring it started up again.
When it reached $480, Browning said to Sedgwick: "Bless my soul, Jim, I have not slept for three nights. I have been thinking that hundreds of people 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 give us as much money as we can manage."
"I guess you are right, Jack" said Sedgwick. "I believe it will still go a 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 a brave 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 jumped to $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 forty dollars per acre—does it not, Sedgwick?" said Browning.
They ordered $10,000 to be placed to the credit of the hospitals and bought exchange on New York and London for $1,000,000. The rest they took with them in money.
In dividing there was a little dispute. Browning insisted that he was entitled to only forty-six and two-thirds per cent. of the amount, as his money was as seven to eight of Jim's.
"Why will you bother me with those vulgar fractions, Browning? Try to be a gentleman," said Sedgwick. "We share alike on this business, remember that; and say what a country this is to get rich in at four dollars a day!"
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 turned their faces eastward.