"I'VE SOLD THE TREASURY DRY!" 133 



out big bonuses by locking up gold would have 

 run the price up to the Government limit 

 and a few millions sold by the Treasury would 

 have flooded the loan market and taken from me 

 the liberal profit I was daily securing through 

 the loan of the large amount we were holding. 

 Sometimes I got low in my mind when I thought 

 what a five per cent drop in price would mean to 

 us and then when the reaction came I would buy 

 one or two hundred thousand more. My last 

 large purchase was of one and a half millions of a 

 Vanderbilt house. I was alarmed lest this might 

 be a lot of real gold which would injure the mar- 

 ket for loans and was rejoiced when I had the 

 pleasure of loaning the lot to the house itself at a 

 good stiff rate. 



I had gloomy hours at the office for I was car- 

 rying a heavy load in reliance on economic 

 principles which might well be delayed in their 

 action bv so abnormal an event as Government 

 intervention. My partner had full faith in my 

 management, but he saw my distress and asked 

 what I was looking for to remove the Treasury 



