360 WALL STREET AND THE WILDS 



and I was half -happy in the thought that the 

 troubles of the day were over I was startled by 

 the report of a purchase for cash of shares that 

 depleted by from twenty to fifty thousand dol- 

 lars a balance that was already inadequate. For 

 no matter how many shares were offered I must 

 buy them. It would have been instant ruin to 

 let the price decline. 



On the 14th of May the scarcity of money was 

 such that four per cent per diem was paid for a 

 loan secured by government bonds. I dare not 

 risk drawing checks for loans that were called 

 for the following day and in company with other 

 prominent houses announced my suspension on 

 the morning of the 15th. 



The Bankers and Merchants had cash and se- 

 curities of its own and a desperate attempt was 

 made to carry it on which was most unwise for 

 with my failure its fate was a foregone conclu- 

 sion. It met its obligations by borrowing on its 

 bonds w T hich depreciated rapidly, thus cutting 

 out value from under the stock. 



