ight be; Egbert
would think about that, too.

He did think about it and, as a result of his thinking, he and Kent
bought C. M. Common together. Of course to buy any amount worth while
would be impossible because of the small amount of ready cash possessed
by either. "But," said Phillips, "I seldom buy outright. The latest
quotation of C. M. is at 40, or thereabouts. I intend buying about two
hundred shares. That would be eight thousand dollars if I paid cash, but
of course I can't do that. I shall buy on a ten per cent margin, putting
up eight hundred. If it goes up twenty points I make two thousand
dollars. If it goes up fifty points, as they say it will, why----" And
so on.

It ended--or began--by Phillips and Kent buying, as partners, four
hundred shares of C. M. on a ten per cent margin. George turned over to
Egbert the eight hundred dollars in cash, and Egbert sent to the brokers
six hundred of those dollars and a bond, which he had in his
possession, for one thousand dollars. Yes, Kent, had seen the broker's
receipt. Yes, the bond was a good one; at least the brokers were
perfectly satisfied. Where did Egbert get the bond? Kent did not know.
It was one he owned, that is all he knew about it.

For a week or so after the purchase was made C. M. Common did continue
to rise in price. At one time they had a joint profit of nearly two
thousand dollars. Of course that seemed trifling compared with the
thousands they expected, and so they waited. Then the market slumped. In
two days their profit had gone and C. M. Common was selling several
points below the figure at which they purchased. By the end of the
fourth day, unless they wished to be wiped out altogether, additional
margin--another ten per cent--must be deposited immediately.

And to George Kent this seemed an impossibility because he had not
another eight hundred, or anything like it, of his own.

Why, oh, why, had he been such a fool? In his chagrin, disappointment
and discouragement he asked himself that question a great many times.
But when he asked it of his partner in the deal that partner laughed at
him. According to Phillips he had not been a fool at all. The slump was
only temporary; the stock was just as good as it had ever been; all this
was but a part of the manipulation, the insiders were driving down the
price in order to buy at lower figures. And letters from the brokers
seemed to bear this out. Nevertheless the fact remained that more margin