Chapter 3. Galt 1. It was true of Galt, as Harbinger said, that he had no friends. It was not, therefore, true that his world was full of enemies. He had many acquaintances, and no intimates. He was a solitary worker in the money vineyards, keeping neither feud nor tryst with any clan. His reputation in Wall Street was formless and cloudy. Everybody knew
for 20 years he had been a pestiferous gadfly on the stock exchange, lighting here and there, turning up suddenly in situations where he had to be settled with or bought off, swaggering, bluffing, baiting, playing the greatest of all games of wit with skill and daring, and apparently getting nowhere in the end.
Once he had engaged in a lone-handed fight with a powerful banking group over the reorganization of a railroad, demanding to be elected to the directorate as the largest minority stockholder.
The bankers were indignant. The audacity of a stock market gambler wanting to sit on a railroad board. What would anybody think? He took his case to the courts and was beaten.
Another time he unexpectedly appeared with actual control of a small railroad, having bought it surreptitiously during many months in the open marketplace.
But as he held it mostly with credit borrowed from the banks, his position was vulnerable.
It would not do for a gambler like this to own a railroad, the bankers said.
So his loans were called away from him and he had to sell out at a heartbreaking loss.
He was beaten again.
He took his defeats grimly and returned each time to the practice of freelance speculation
with private brokerage on the side.
The unsuccessful of these two adventures caused him to be thought of as a man whose ambitions
exceeded his powers.
There were a great many facts about him, facts of record and facts of hearsay, but when they
were brought together, the man was lost.
Although he talked a great deal to anyone who would listen, he revealed nothing of himself.
His office was one dark little room full of telephones, and he was never there.
He carried his business in his head.
Nobody positively spoke ill of him, or if one did, it was on ground of free suspicion,
with nothing more specific to be alleged than that he turned a sharp corner.
That is nothing to say.
To go wide around corners in Wall Street is a mark of self-display.
People neither liked nor disliked him.
They simply had no place in their minds to put him.
So they said, oh yes, Harry Galt, and shook their heads.
They might say he was unsafe and take it back, remarking that he had never been insolvent.
What they meant was that he was visionary.
Generally, on the stock exchange, there is a shrewd consensus as to what a man is worth.
Nobody had the remotest notion of what Galt was worth.
It was believed that his fortune went up and down erratically.
Between Galt and the President of the Great Midwestern, there was a strange relationship.
Harbinger had said it was not one of friendship, perhaps not, yet it would be difficult to
find any other name for it.
Their association was constant.
Galt did all of Valentine's private stock exchange business, as Harbinger said.
What Harbinger did not know was that they were engaged in joint speculations under Galt's
advice and direction.
All of this, of course, could be without personal liking on either side.
Galt was an excellent broker and an adroit speculator.
Valentine never spoke of him without a kind of awe and a certain unease of manner.
Galt's references to Valentine were oblique, sometimes irreverent to the verge of disrespect,
but that was Galt.
It did not imply dislike.
On the President's return from Chicago, I mentioned the fact of having refused to give
Galt the earnings.
Quite right, he said.
I ought to have told you about Mr. Galt.
Is it all right to give him anything he wants, I asked.
Remembering what Harbinger had said and wishing to test it for myself?
He did not answer at once, nor directly.
After walking about for several minutes, he said,
Mr. Galt is becoming a large stockholder in the Great Midwestern Railroad.
Why, I don't know.
I cannot follow his process of thought.
Our stock is very low.
I don't know when, if ever, we shall be able to pay dividends on it again.
But I cannot keep him from buying it.
He is obstinate in his opinions.
Is his judgment good in such matters, I asked?
It isn't judgment, he said slowly.
It isn't anything you can touch by reason.
I suppose it is intuition.
Do his intuitions prove in the sequel?
He grew more restless and then stood for a long time gazing out of the window.
It's queer, he said, speaking to himself.
He has extraordinary foresight.
I wish I could see with him now. If he is right, then everybody else is wrong. No, he
cannot be right. He cannot be. Conditions are too plain.
He doesn't see conditions as they are, I said.
As they are, he repeated, starting, and then staring at me out of focus with recollected
astonishment. He doesn't see them at all. They don't exist. What he sees is, is, well,
Well no matter, he said, letting down suddenly and returning to his desk with a large gesture
of sweeping something behind him.
It was difficult to be friends with Henry Galt.
His power of irritation was impish.
None escaped its terrors, least of all those upon whom he bestowed his liking.
He knew all their tender spots and kept them sore.
No word of satire, derision, or petulance was ever restrained or missed its mark.
His aim was unerring, and if you were not the victim, you wickedly understood the strength
of the temptation.
He not only made people feel little, he made them look little.
What saved it, or made it utterly intolerable according to the point of view, was that having
done this, he was scornful of his own ego's achievement, as to say, I may be greater than
2, but that's no sign I am anything to speak of.
There was a curious fact about his exhibitions of ungoverned feeling, either ecstasies or
tantrums.
He had no sense of physical dignity, and therefore no sensation ever of losing it.
For that reason, he could bring off a most undignified scene in a manner to humiliate
everyone but himself.
Having behaved incorrigibly, he would suddenly stalk off in majestic possession of himself
and leave others in a ludicrous plight with a sense of having suffered an unanswerable indignity.
It delighted him to seize you up on some simple declaration of opinion, demand the reason,
then the grounds of the reason, and run you off your wits with endless nagging questions.
On handing him the weekly earnings one afternoon, I passed a word of unconsidered comment.
He impeached it with a question. I defended it foolishly. He impeached the defense with another question. And this went on until I said,
It was nothing in the beginning. I merely meant it to be civil, like passing the time of day. I'm sorry I spoke at all.
Sorry spoils it, he said, otherwise very handsome. And he passed into the president's office for the long conference, which now was a daily fixture.
They went away together, as usual. Presently, Galt alone returned, and said, in a very nice way,
Come and have dinner with me, Coxie.
When we were seated in the 6th Avenue L train, he resumed the inquisitive manner.
Only now he flattered me by showing genuine interest in my answers.
Had I seen the Board of Directors in action? How was I impressed?
Who was the biggest man in the lot at a guess? Why so?
What did I think of Valentine, of this and that one? Why?
He not only made me recall my impressions, he obliged me to account for them, and he listened attentively.
When we descended at 50th Street, he seemed not to notice that it was drizzling rain.
There was no umbrella. We walked slowly south to 48th Street and turned east, talking all the time.
The Galt house was tall, brown and conventional, lying safe within the fringe.
It was near the middle of the block.
Eastward, toward Fifth Avenue, as the scale of wealth ascended, there were several handsome houses.
Westward, toward Sixth Avenue, at the extreme end of the block, you might suspect high-class board.
But it is a long block. One end does not know the other.
About the entrance, especially at the front door as Galt admitted us with a latch key, there was an effective stinted upkeep.
Inside we were putting off our things with no sign of a servant, when suddenly a black and white cyclone swept down the hall,
imperiling in its passage a number of things and threatening to overwhelm its own object,
But instead, at the miraculous moment, it became rigid, gracefully executed, a flying slide on the tiled floor, and came to a perfect stop, with Galt in its arms.
Safe, I shouted, filled with excitement and admiration.
Natalie, said Galt, introducing her.
She shook hands in a free, roguish manner, smiling with me at herself, without really, for an instant, taking her attention off Galt.
You're wet, she said severely.
No I'm not.
You're soaking wet, she insisted, feeling and pinching him at the same time.
You've got to change.
I've got to do nothing of the kind, he said.
We want to talk.
Let us alone.
To me, he said, come up to my room, and made for the stairway.
Natalie, getting ahead of him, barred the way.
You won't have a minute to talk, she said.
Dinner is ready.
Go in there.
Oh, all right, all right, he growled, turning into the parlour.
Almost before he could sit down, she was at him with a dry coat, holding it.
Grumbling and pretending to be churlish, yet secretly much pleased, he changed garments,
saying, Will that do you?
For now, she said, smoothing the collar and giving him a little whack to finish.
Mrs. Galt appeared.
When Galt's mother, introduced simply and sweetly by her nursery name, Grandma Galt,
there was an embarrassing pause.
Where is Vera?
Galt asked.
Vera, I supposed, was the ferryboat girl.
Nobody answered his question.
Mrs. Galt, by an effort of strong intention, moved us silently toward the dining room.
The house seemed bare, no pictures to look at, a few pieces of fine old furniture mixed
with modern things, good rugs worn shabby, and no artistry of design or effect whatever,
except in the middle room, between parlor and dining room, which contained a grand piano,
some art objects, and a thought of color.
Nothing in the house was positively ugly or in bad taste, nor in the total impression
was there any uncomfortable suggestion of genteel poverty.
What the environment seemed to express, all save that one middle room, was indifference.
You will want to talk, said Mrs. Galt, placing me at the left of Galt, so that I faced Natalie,
who sat at his right.
This was the foot of the table.
Mrs. Galt sat at the head of it, with Grandma Galt at her right and a vacant place at her
left.
Where is Vera?
Galt asked again, beginning to develop symptoms.
She isn't coming down, said Mrs. Galt, in a horizontal voice.
Why not?
asked Galt, beating the table.
Why not?
T-U-W, said Natalie, significantly, trying to catch his eye.
But he either didn't hear, or purposely ignored her, and went on.
She does this to spite me.
She does it every time I bring anybody home.
I won't have it.
She's a monkey.
She's a snob.
I'll call her till she comes. Hey, Vera!
Natalie had been shaking him by the arm, desperately trying to make him look at a figure formed with the fingers of her right hand.
Evidently there was a code between them. She had already tried the cipher T-O-W, whatever that meant.
And now this was the sign. If he would only look. But of course he wouldn't.
Suddenly the girl threw herself around him, and though he resisted, she smothered him
powerfully and whispered in his ear.
Instantly the scene dissolved.
She returned to her place, slightly flushed with the exertion.
He sat up to the table, and dinner began to be served as if nothing unusual had taken
place.
Mrs. Galt addressed polite inquiries at me, spoke to the butler, conversed with Natalie,
Not feverishly or in haste, but placidly, in a calm, level voice.
She was a magnificent brunette woman, turning grey at a time of life and in a manner to
make her look even younger and more striking than before.
Her expression was trained, impersonal and weary, as that of one who knows the part too
well to be surprised or taken unawares, and had forgotten what it was like to be interested
without effort.
There were lines suitable to every occasion.
She knew them all and spoke them well, omitting nothing, slurring nothing, adding nothing.
Her conversation, like her expression, was a guise.
Back of that, there dwelt a woman.
No one spoke to the old mother.
I tried to talk to her.
She became instantly rigid and remained so until I turned away, embarrassed.
As I did so, Natalie was looking at me.
Don't mind Grandma
Wolf is truly impervious.
The girl did not mind.
She returned the look with a smile, just a little too winsome, as everything about her
seemed a little too high in key or color, too extraordinary, too unexpected, or, like
the girl in the perfumer's advertisement, a little too much to be true, not in any sense
of being unreal, but as an entity altogether and unfortunately improbable.
She had learned how to get what she wanted, and her way of getting it, one could imagine,
was all that made life bearable in that household.
Its sky was low and ominous, charged with a sense of psychic stress.
I felt two conditions of conflict, one chronic and one acute.
The feeling of there being something acute was suddenly deepened when the old mother
spoke for the first and only time.
Her voice was clear, precise, and commanded undivided attention.
The question, she asked, gave me a queer start.
What is the price of Great Midwestern today?
Eight, said Galt, amid profound silence.
That was all.
Yet it was as if a spark had passed through inflammable gas.
The same feeling was deepened further by another incident.
Coxie, said Galt, addressing me rhetorically, what one thing has impressed you most in Wall
Street?
The unbelief of people in themselves, in each other, and in what they are doing, I replied.
What's that?
Say it again.
I said it again, whereat he burst forth with shrill, discordant, exulting sounds, beating
the china with a spoon and making for one person an incredible uproar.
At the same time, he looked about him with a high air, especially at his wife, whose
expression was perfectly blank.
Natalie smiled grimly.
The old mother was oblivious.
I don't see anything in that, I said, when the racket subsided.
There is, though, he said.
You didn't mean to do it, but you hit him in the eye that time, square in the eye.
Wow!
He was very agreeably excited, and got up from the table.
Come on, he said, we'll talk in my room.
I'll send your coffee up, Mrs. Galt called after us as he bore me off.
This is where I live and play, he said, applying a latch key to a door at the top of the stairway.
He went in first to get the light on, saying, I don't let anybody in here but Natalie.
She can dust it up without touching anything.
The room was a workshop in that state of involved disorder, tools all scattered about, which
which is sign and measure of the craftsman's engrossment.
There was an enormous table piled high at both ends with papers, briefs, maps, charts,
blueprints, files, pamphlets and stuffed envelopes.
Books were everywhere, on the table, on the chairs, on the floor, many of them open, faces
up and faces down, straddled one upon another leapfrog fashion, arranged in series with
with Weights to Hold Them Flat, Books Sprawling, Leaning, Prone, Poors Manual of Railway Statistics,
The Financial Chronicle, Statistical Abstract of the United States, Economics of Railroad
Construction, History of the Erie Railroad, The Yardmaster's Assistant, such were the
titles.
Against the right wall, to a height of six feet, were bookshelves filled with all the
to Contemporary Financial and Commercial Periodicals in Bound Volumes, Almanacs, Endless Books
of Statistical Reference and the Annual Reports of Various Railway Corporations running back
for many years.
On top of the shelves was the only decorative thing in the room, a beautiful working model
of a locomotive, perfect in every intricate part, mounted in brass and set upon a nickel-plated
Section of Railway.
One could have guessed without seeing him that the occupant of this room was restless,
never at physical ease, and worked all over the place, sitting here and there, lying down
and walking about.
On the left side of the room was a couch, and close beside it at one end a Morris chair,
a reading light between them.
Both the couch and the chair showed nervous wear and tear, and beyond the table in the
The clear space, the rug, had been pasted threadbare.
Most of the available wall area was covered with maps and colored charts.
I walked about looking at them.
Galt removed his shoes, put on slippers, got into a ragged lounging jacket and threw himself
on the couch, where he lay for some time watching me with the air of one who waits only to pop
open at the slightest touch in the right place.
What is this? I asked, staring at a large map which showed the Great Midwestern in heavy red lines, as I fairly well knew it, but with such ramified extensions in blue lines as to make it look like a gigantic double-ended animal with its body lying across the continent and its tentacles flung wide in the east and west.
That's crystal gazing, he said. It's what?
What may be, he said, coming off the couch with a spring.
As he passed the table, he snatched up a ruler to point with.
See, there was the Great Midwestern alone, all there was of it, from there to there.
It was like a desert bridge from east to west, or, better still, like a strait connecting
two vast oceans of freight.
It was not so placed as to be able to originate traffic for itself, not profitably, yet that
is what it had always been trying to do instead of attending exclusively to its own unique
function.
Its opportunity was to become the Dardanelles of transcontinental traffic.
To realize its destiny, it must control traffic at both ends.
How?
Why, by controlling railroads east and west that developed and originated freight as a
river gathers water by a system of branches reaching up to the springs.
And those blue lines, see?
They were those other roads which the Great Midwestern should control in its own interest.
He turned to a chart ten feet long by four feet deep, hung level with the eyes on the
opposite wall.
The heavy black line erratically rising and falling against a background of graduated
horizontal lines was an accurate profile of the Great Midwestern for the whole of its
length.
That is, a cross-section of the earth showing the configuration of its surface under the
GM Railroad's ties and rails.
It was unique, he said.
Never had such a thing been done on this scale before.
The purpose was to exhibit the grades in a graphic manner.
There were many bad grades, each one like a hole in the pocket.
His knowledge was minute.
Now from here to here, he said, indicating 100 miles of profile with low grades, it costs
half a cent to move a ton of freight one mile, and that pays.
But from here to here, indicating a sudden rise in the next fifty miles, it costs three
cents per tonne per mile, and all the profit made in the preceding one hundred miles is
lost on that one grade.
What can be done about it, I asked.
Cut that grade down from one hundred fifty to fifty feet in the mile, he said, slicing
It would take a lot of labor and money, wouldn't it?
Well, what of all this unemployment, bellyache you and old bubbly jock are writing pieces
about, he retorted.
You say there is more labor than work.
I'll show you more work to be done on the railroads than you can find labor in a generation
for.
All right, you say, but then it's the money.
The Great Midwestern hasn't got the money to spend on that grade.
True.
Like all other roads with bad grades, it's hard up.
But it could borrow the money and earn big dividends on it.
Track leveling pays better than gold mining.
You and Coxie ought to confer, I said.
You are not so far apart.
He wants the government to create work by the simple expedient of borrowing money to
build good roads.
And here you say the railroads, if they would borrow money to reduce their grades, might
employ all the idle labor there is.
He gave me a queer look, as if undecided whether to answer in earnest.
Coxie is technically crazy, he said, and I'm technically sane.
That may be the principal difference.
Besides, it isn't the government's business.
This diversion gave his thoughts a more general character.
For three hours he walked about talking railroads, how they got built so badly in the first place,
why so many were bankrupt, errors of policy, capital cost, upkeep, the relative merits
of different kinds of equipment, new lines of development, problems of operation.
For this was the stuff of his dreams.
He devoured it.
The idea of a railroad as a means to power filled the whole of his imagination.
It was man's most dynamic tool.
No one had yet imagined its possibilities.
He became romantic.
His feeling for a locomotive was such as some men have for horses.
The locomotive, he said, suddenly breaking off another thought to let that one through,
the locomotive was more wonderful than any automotive thing God had placed on earth.
According to the book of Job, God boasted of the horse.
Well, look at it alongside of a locomotive.
He never went back to finish what he was saying when the image of a locomotive interrupted his
thought. Instead, he became absent and began to look slowly about the room as if he had lost
something. I understood what had happened. He was seized with the premonition of an idea.
He felt it before he could see it. It had to be helped out of the fog. I made gestures of going,
2.
He did not come down with me.
He did not even come to the door of his own room.
As I closed it, I saw his back.
He was leaning over the table in a humped posture, his head sideways and his left hand
Writing or ciphering rapidly on a sheet of yellow paper.
Good for the rest of the night, I thought, as I went down the dimly lighted stairs, got
my things, and let myself into the vestibule.
The inner door came too behind me with a bang, because the outer door was partly open and
a strong draft swept through.
At the same instant I became aware of a woman's figure in the darkness of the vestibule.
She was dry, therefore she could not be just coming in, for a cold rain was falling.
And if she had just come out, why hadn't I seen her in the hallway?
But why was I obliged to account for her at all?
It was unimportant.
Probably she had been hesitating to take the plunge into the nasty night.
I felt rather silly.
First I had been startled and then I had hesitated, and now it was impossible to speak in a natural
manner.
My impulse was to bolt it in silence.
Then to my surprise she moved ahead of me, stood outside, and handed me her umbrella.
I raised it and held it over her.
We descended the steps together.
I'm going toward Fifth Avenue, I said.
She turned with me in that direction, saying, I was waiting for you.
You are Vera?
Yes.
The ferryboat girl, I added.
The what?
Nothing.
Go on.
She did not answer immediately.
We walked in silence to the next light, where she turned and gave me a frankly inquisitive
look.
Oh, she said, oh what, said I, you don't remember me?
Nothing, she answered, giving me a second look, glance-wise.
Two nothings make it even, she added.
There was an awkward pause.
May I ask you something?
You are with the Great Midwestern, in Mr. Valentine's office?
Yes.
I have no one else to ask, she said.
You will be surprised.
It is this.
Do you think Great Midwestern stock a good investment?
I was angry and uncomfortable.
Why was she asking me?
But she wasn't really.
She was coming at something else.
I haven't any opinion, I said, and that isn't what you mean.
We were now in Fifth Avenue and had stopped in the doorway of a lighted shop to be out
of the rain.
She blushed at my answer and at the same time gave me a look of scrutiny.
I had to admire the way she held to her purpose.
I am very anxious to know what Mr. Valentine's opinion is, she said.
That's better, I replied.
But why should you want even his opinion?
Your father knows more about grade Midwestern than its president.
More than any other one person.
Why Not Get His Opinion
Until that moment she had perfectly disguised a state of anxiety verging upon hysteria.
Suddenly her powers of self-repression failed.
My reference to her father caused the strings to snap.
Her expression changed as if a mask had fallen.
The grief muscles all at once relaxed and the pretty frown they had been holding in
the forehead disappeared.
Her eyes flamed.
Her upper lip retracted on one side, showing the canine tooth.
Her giving way to strong emotion in this manner was a kind of pagan revelation.
It did not in the least distort her beauty, but made it terrible.
This, as I learned in time, was the only one of her effects of which she was altogether
unconscious.
We know his opinion, she said.
We take it with our food.
He is putting everything we have into great Midwestern stock.
his own money, the family's money, mother's, Natalie's, grandma's, and now mine.
Without your consent?
I don't understand it, I said.
The money in our family is divided.
Each of us has a little.
Most of it is from mother's side of the house.
My father and grandma are trustees of a sum that will come to me from my uncle's estate
when I am 21.
It is enough to make me independent for life.
They are putting that into this stock.
Is it a proper investment for trust funds, I ask you?
I felt I ought not to be listening.
Still, I had not encouraged these intimate disclosures.
She was old enough to know what she was doing, and most of all, the information was dramatically
interesting.
I was obliged to say that by all the rules, great Midwestern stock would not be considered
a proper investment for trust funds.
I've protested, she said.
I've threatened to take steps.
Poo!
It may turn out well, I said.
It isn't as if this were the first time, she continued.
Twice he has had us on the rocks.
Twice he has lost all our money, all that he could get his hands on in the same way,
Getting it into a railroad that he hoped to get control of or something, and going smash
at the end.
Once when I was a little girl, and again three years ago, today on the train I heard two
men talking about a receiver ship for the Great Midwestern as if it were inevitable.
What would that mean?
It would be very disagreeable, I said.
That's almost the same as bankruptcy, isn't it?
It is bankruptcy, I said, but I added that rumors just then were very wild in Wall Street
and so false in general that the worse they were, the less they were heeded, people reacting
to them in a disbelieving, contrary manner.
She shook her head doubtfully.
Are you going to tell me what Mr. Valentine's opinion is?
He would not recommend anyone to buy the stock just now, I said.
He makes no secret of seeing darkly.
The Rocks again, she said, and no more legacies to save us.
Nearly all of our rich relatives are already dead.
The Realism of Youth
I could not resist the opportunity to ask one question.
I can understand your case, I said, but the others, your mother and grandmother, they
are not helpless.
Why do they hand over their money for these adventures in high finance?
Or perhaps they believe in your father's star?
No more than I believe in it, she replied. No, it isn't that. They can't help it.
She looked at me from afar through a haze of recollections, and repeated the thought
to herself, wondering. They cannot help it. We cannot say no. Even I cannot say it. What
he wants, he gets. She shivered.
Will you walk back with me, please?
It was still raining.
We walked all the way back in silence.
At the step, she reached for her umbrella, said thank you, and stepped inside.
The door closed with a slam.
That could have been the draft again, provided the inner door stood open, which seemed very
improbable.
What left me furious, gave me once more that hot, humiliated feeling which resulted from
our first encounter on the ferry boat, was the same thing again.
She had spoken my name, she had solicited a favor, she had employed blandishments, she
had exposed the family's closet of horrors, and all the time I might have been a person
in a play, a non-existent giraffe, or one of Cleopatra's eunuchs.