He went to his club for the night and woke early, eating alone in an almost-deserted breakfast room. The ticker in the lobby sputtered a good morning as he drew on his gloves against the chilly April dawn. He stopped to watch. The ticker began spewing a tale of disaster on the great bourses of Europe, and Mr. Born walked to his office. Brokers a-plenty were arriving early, muttering in little crowds in the lobby and elevators.
"What do you make of it, Born?" one of them asked.
"What goes up must come down," he said. "I'm safely out."
"So I hear," the man told him, with a look that Born decided was envious.
Vienna, Milan, Paris, and London were telling their sorry story on the boards in the customers' rooms. There were a few clients silting up the place already, and the night staff had been busy taking orders by phone for the opening. They all were to sell at the market.
W. J. Born grinned at one of the night men and cracked a rare joke:
"Want to buy a brokerage house, Willard?"
Willard glanced at the board and said: "No thanks, Mr. Born. But it was nice of you to keep me in mind."
Most of the staff drifted in early; the sense of crisis was heavy in the air.
Born instructed his staff to do what they could for his personal clients first, and holed up in his office.
The opening bell was the signal for hell to break loose. The tickers never had the ghost of a chance of keeping up with the crash, unquestionably the biggest and steepest in the history of finance. Born got some pleasure out of the fact that his boys' promptness had cut the losses of his personal clients a little. A very important banker called in midmorning to ask Born into a billion-dollar pool that would shore up the market by a show of confidence. Born said no, knowing that no show of confidence would keep Moon Mining and Smelting from opening at 27 on September llth, 1977. The banker hung up abruptly.
Miss Illig asked: "Do you want to see Mr. Loring? He's here."
"Send him in."
Loring was deathly pale, with a copy of the Journal rolled up in his fist.
"I need some money," he said.
W. J. Born shook his head. "You see what's going on," he said. "Money's tight. I've enjoyed our association, Loring, but I think it's time to end it.
You've had a quarter of a million dollars clear; I make no claims on your process—"
"It's gone," Loring said hoarsely. "I haven't paid for the damn equipment—not ten cents on the dollar yet. I've been playing the market. I lost a hundred and fifty thousand on soy futures this morning.
They'll dismantle my stuff and haul it away. I've got to have some money."
"No!" W. J. Born barked. "Absolutely not!"
"They'll come with a truck for the generators this afternoon. I stalled them. My stocks kept going up. And now—all I wanted was enough in reserve to keep working. I've got to have money."
"No," said Born. "After all, it's not my fault."
Loring's ugly face was close to his. "Isn't it?" he snarled. And he spread out the paper on the desk.
Born read the headline—again—of the Stock Exchange Journal for April 17th, 1975: securities crash in global crisis: banks close; clients storm brokerages! But this time he was not too rushed to read on: "A world-wide slump in securities has wiped out billions of paper dollars since it started shortly before closing yesterday at the New York Stock Exchange. No end to the catastrophic flood of sell orders is yet in sight.
Veteran New York observers agreed that dumping of securities on the New York market late yesterday by W. J. Born of W. J. Born Associates pulled the plug out of the big boom which must now be consigned to memory. Banks have been hard-hit by the—"
"Isn't it?" Loring snarled. "Isn't it?" His eyes were crazy as he reached for Bern's thin neck.
Dominoes, W. J. Born thought vaguely through the pain, and managed to hit a button on his desk. Miss Illig came in and screamed and went out again and came back with a couple of husky customers' men, but it was too late.
THE GOLDEN ROAD
OUT OF THE myth of night and language there come strange tales told over wine. There is a man known as The Three-Cornered Scar who frequents a village spot famed for its wine and raconteurs, both of which are above the average.
The Three-Cornered Scar favored us by a visit to my table and ordering, during the course of his story, five half-bottles of house red to my account. The wine is drunk up and the story told.
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