Then they shifted
their position, became bulls and went long of stock just at the
beginning of the present slump. They bought Reading at 118, American
Smelters at 126, Pennsylvania at 130, Union at 145, and Northern Pacific
at 180. At one time John had five hundred and fifty thousand dollars in
bonds out of the vaults.
The thing might have been going on still had it not been for the fact
that the anticipated merger between John's company and another was put
through and a new vault in a new building prepared to receive the
securities. Of course, on such an occasion a complete examination would
be made of all the securities and there would be practically no chance
to deceive the accountants. Moreover, a part of the securities had
actually been moved when the worst slump came and they needed more. It
was obvious that the jig was up. A few more days and John knew that the
gyves would be upon his wrists. Prescott and he took an account of the
stock they had lost and went into committee on ways and means. Neither
had any desire to run away. Wall Street was the breath of life to them.
Prescott said that the best thing to do was to take enough more to
"stand off" the company.
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