“Just as I expected!” hissed Eggleston between his teeth: “‘Must decline the loan,’ he says. ‘Thank Mr. Colton for his frankness. Stockton, President.’ Thanks Mr. Colton, does he! If you want my opinion I’ll tell you that by your confounded backing and filling you’ve thrown over the best operation we’ve had since this firm was formed. Find the money somewhere else, Mr. Colton, that I’ve put in, and I’ll draw out. This morning’s work convinces me that no sensible man’s interests are safe in your hands.”
“That will be difficult, sir, when the condition of our firm is known, as it must be. Furthermore, it would be impossible for me to ask it. Since I’ve been here I’ve done my best to look after your interests. Some of our ventures, I regret to say, have been unsuccessful. Instead of releasing your capital I shall need some fifty thousand dollars more to carry us through. The situation is upon us and I might as well discuss it with you now.”
“We don’t owe a dollar we can’t pay,” blurted out Eggleston, picking up his hat and cane.
“That is true to-day, but to-morrow it may not be. The refusal of this loan by the Seaboard will send back to us every copper stock we have borrowed money on. They are good, better than Portage, but the banks won’t believe it. I want this additional money to tide this over.”
“You won’t get a dollar!”
“Then I’ll notify the Exchange of our suspension at once. If we stop now we can carry out your statement and pay every dollar we owe. If we keep on with the market as it is we may not pay fifty cents. Which will you do?”
“Not a dime, sir! Not a cent! Do you hear me—not one cent! You two fools can work it out to suit yourselves. I’m through with you both!” and he slammed the door behind him.
The boys were already crying the news of the downfall of his house when, late that afternoon, Philip pushed aside the velvet curtain and stepped into Adam’s studio. He had bought an extra on his way uptown and held it in his hand. “Failure in Wall Street! Philip Colton & Co. suspend!” the headlines read.