WAR TIME AND GOLD 71 



Mr. Marquand shook his head when I told him 

 of my bet, and called it pure gambling, but I 

 claimed that it was safer business than buying 

 grain bills on London and selling his own ex- 

 change against them at a half per cent profit. 

 I explained that if gold went to fifty per cent 

 premium and I lost the bet, I should sell at that 

 price the fifty thousand I bought at forty, mak- 

 ing ten per cent, or five thousand dollars, 

 which, after paying my lost bet, would leave me 

 a thousand to the good. 



"But suppose the market tumbles, and you lose 

 five thousand dollars on the gold you bought?" 



"If it tumbles I win my bet of four thousand 

 dollars, which carries the cost of my gold down 

 to thirty-two, at which point I neither lose nor 

 make. But if it rises eight per cent in the few 

 days left of the month I make eight per cent 

 on my purchase, or four thousand dollars, and 

 win the bet in addition, making eight thousand 

 in all." 



"You won't have such luck as that." 



"I don't expect it, but I have a right to figure 



