The Chicago Stock Exchange.
This was the closest place to hell in the entire American West.
Hundreds of men in black suits crowded into a poorly ventilated, smoke-filled hall.
They had no chairs, no tables, just like a herd of bulls thrown into an arena, fighting for capital with roars and complex gestures only they understood.
At the front of the hall was an enormous blackboard.
Several young men in white shirts stood on ladders, rapidly updating the dense stock codes and prices on the blackboard with chalk.
Every change in a number would cause a more frantic commotion in the crowd.
"Mississippi and Eastern Railroad! 4.5 dollars, I offer 4.5 dollars! I'll take as much as you have!"
A loud-voiced broker representing the Eastern Railroad Alliance was waving his arms and shouting at the top of his lungs.
All eyes in the trading hall focused on this inconspicuous corner.
Everyone knew that a frantic acquisition battle surrounding this nearly bankrupt railroad had entered a white-hot phase.
Meanwhile, on the second floor of the exchange, in a quiet private office overlooking the entire hall.
Allen and his broker, Blackwood, were calmly enjoying the farce they had personally orchestrated downstairs, like two gentlemen watching a play.
"Mr. Williams, your opponent seems to have lost his mind."
Blackwood observed the prices on the blackboard through a monocular, his tone full of exclamation.
"The stock price has been driven up to 4.5 dollars by themselves. They are burning money frantically to stop you."
"These railroad magnates think this is a war of numbers."
Allen waved his right hand, holding a cigar, his tone calm.
"Thinking that whoever has more money wins is a ridiculous idea."
"According to my informant," Blackwood put down his telescope.
"In the past hour, they acquired about ten percent of the company's shares at a price nearly thirty percent higher than the market price. For this, they overspent at least two thousand dollars."
"And five percent of those shares were sold by us. Now they should hold about 13% of the shares, and there are virtually no circulating shares left in the market."
"Isn't that good?" Allen nodded. "Let them bleed. The more they bleed, the weaker they'll become. It's time to end this game."
"You mean?"
"Mr. Blackwood." Allen stood up. "Please submit a formal statement of equity change to the exchange's board of directors on my behalf."
A knowing smile appeared on Blackwood's face.
"It would be my pleasure, sir."
He picked up a document that had already been prepared and left the office.
A few minutes later, in the trading hall, a crisp bell suddenly rang in front of the huge blackboard.
This was the signal from the exchange's board of directors that an important announcement was to be made.
All the noisy brokers temporarily stopped their shouting and curiously turned their gaze to the blackboard.
An official recorder from the exchange, dressed in a white shirt, climbed a ladder.
He used a wet cloth to wipe away all the content in one corner of the blackboard.
Then, stroke by stroke, he wrote a passage that would silence the entire Chicago financial world.
"Statement of Equity"
"This certifies that Mr. Allen Williams from New York has concluded a transaction with the Kansas Ranchers' Association, acquiring thirteen percent of the Mississippi and Eastern Railroad shares held by them. He now holds a total of fifty-one point seven percent of the company's shares."
"Mr. Williams's public tender offer of four dollars per share is hereby terminated immediately."
After ten seconds of deathly silence, the entire hall instantly erupted in a tsunami of exclamations and discussions!
"My God… fifty-one percent… When did he… How did he do it?"
"Damn it! This tender offer… was a smokescreen from the start! A diversion!"
"We all thought he was still struggling for that fifty-one percent controlling stake. But we didn't expect that he had already… already won!"
In the crowd, the chief broker of the Eastern Railroad Alliance, who had just been frantically buying up shares at the high price of four dollars and seventy-five cents, now stood frozen like a stone statue.
All color had drained from his face.
Looking at the text on the blackboard, his lips trembled uncontrollably.
He knew that he and the arrogant bosses behind him had been played for fools.
They had thought they were carrying out a sure-win encirclement.
But they didn't expect that the opponent had already pulled the rug out from under them, destroying their base.
The stocks they bought back at exorbitant prices were just a pile of worthless paper.
Without lingering another second, he let out an unwilling roar, then frantically pushed through the crowd and rushed out of the exchange.
He had to send a telegram, to tell the big shots in New York that they had lost.
Lost completely.
In the office, Blackwood poured two glasses of fine French brandy for Allen and himself.
"To victory, Mr. Williams."
His tone was filled with genuine admiration.
"A perfect battle, worthy of being written into any financial textbook. You exploited their arrogance, public sentiment, and even the credibility of your allies. You made the enemy fight air and pay real money for it."
"I just took one more step than them, Blackwood."
"How did you persuade the ranchers of the Kansas Ranchers' Association to agree to sell nearly thirty percent of their shares for four dollars? They actually passed up on making money?"
To be honest, Blackwood was very curious how Allen managed to convince those people, considering that at the time, the opponent had already offered four dollars and could raise the price at any moment.
Allen took the wine glass, a look of triumph on his face.
"It was nothing major. I simply explained to them the disadvantages of a monopolistic railroad alliance for them, and I also signed an order contract with them. In the future, my food company will purchase the products from their ranches, so what if they earn a few thousand dollars less on their stocks?"
"It seems the magnates of the Eastern Railroad Alliance will have headaches from now on."
Blackwood chuckled. Allen had certainly led the opponent around like a dog this time.
Not only had he acquired over fifty-one percent of the shares early on, but he had even sold five percent at a high price.
"Alright, let's not talk about this. Now, please take care of the last few matters for me."
"Please instruct."
"First, send a letter to my partner, Mr. Charles Reeves. Tell him that the company is safe from today."
"Second, send a telegram to Miss Catherine in New York. Tell her that the worries are gone, and to let the factory's production enter the next stage. Our product line needs to be expanded."
"Third…"
Allen looked at the gradually dispersing crowd downstairs, a slight smile on his lips.
"Also send a telegram to my other partner in New York, Mr. Bill."
"Tell him to come to Chicago as soon as possible. The follow-up matters here still need him to take over."