MARKET MANIPULATION 101 



years, so far as my knowledge goes, as the record 

 amount so paid by any private firm. 



Sometimes other brokers, holding lesser 

 amounts of gold, proposed syndicate arrange- 

 ments under which each of us agreed upon a 

 minimum rate, say an eighth or a quarter per 

 cent per diem, below which we would lend no 

 gold, but would borrow money to carry it if 

 necessary. I fought shy of these alliances and 

 rarely made them, since the stock of gold held by 

 the others being relatively small, they usually 

 loaned it all while I carried over a million or so to 

 maintain rates for their benefit. There were 

 those who appreciated this, who having loaned all 

 their own gold, volunteered to share with me pro 

 rata the loss of premium and cost of carrying the 

 gold that I held over for our mutual benefit. 



My heart warms to the memory of these fair 

 dealing men while it is chilled by the thought of 

 the sanctimonious member of one such group 

 whose interest at that time was next to mine in 

 amount. We were holding the loaning rate by 



