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Panic

           Atfifty-sevenyearsofagemenwhoareusedonlytothemostsuccessfulfinancialcalculationsandthecreditthatgoeswithunerringjudgmentdreadtobemadeamarkbychanceorfate.Itopensthewayforcommentontheirpossiblyfailingvitalityorjudgment.AndsoMr.HandsatonthishotAugustafternoon,ensconcedinalargecarvedmahoganychairintheinnerrecessesofhisinneroffices,andbrooded.Onlythismorning,inthefaceofafallingmarket,hewouldhavesoldoutopenlyhadhenotbeendeterredbytelephonemessagesfromArneelandSchryhartsuggestingtheadvisabilityofapoolconferencebeforeanyactionwastaken.Comewhatmightonthemorrow,hewasdeterminedtoquitunlesshesawsomeclearwayouttobeshutofthewholethingunlesstheingenuityofStackpoleandHullshoulddiscoverawayofsustainingthemarketwithouthisaid.WhilehewasmeditatingonhowthiswastobedoneMr.Stackpoleappeared,pale,gloomy,wetwithperspiration.

           "Well,Mr.Hand,"heexclaimed,wearily,"I’vedoneallIcan.HullandIhavekeptthemarketfairlystablesofar.Yousawwhathappenedbetweentenandeleventhismorning.Thejig’sup.We’veborrowedourlastdollarandhypothecatedourlastshare.Mypersonalfortunehasgoneintothebalance,andsohasHull’s.Someoneoftheoutsidestockholders,orallofthem,arecuttingthegroundfromunderus.Fourteenthousandsharessinceteno’clockthismorning!Thattellsthestory.

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