personal use. He gave everything to Prescott, and he rarely, if ever,
saw Prescott except to hand him securities.

One day Prescott walked right into the bank itself and John gave him one
hundred and sixty-five bonds, which he stuffed under his overcoat and
carried away. Remember that this is a _fact_.

The thing, which began in August, 1905, dragged over through the
following year and on into 1907. John weathered two examinations by the
accountants, the last being in October, 1906, when they certified that
the company was absolutely "O.K." and everything intact. On that
particular day John had over three hundred thousand dollars in Overland
4s and 5s scattered over the Street.

In the first six months they lost one hundred thousand dollars in
cotton. Then they played both sides of the market in stocks and got
badly bitten as bears in the temporary bull market in the autumn of
1906, selling Union Pacific at 165, which afterward went to 190,
Northern Pacific at 185, which went to 200, etc., etc. 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. He cited a case in Boston, where a clerk who
was badly "in" was advised by his lawyer to take a hundred and
twenty-five thousand dollars more. Then the lawyer dickered with the
bank and brought it to terms. The lawyer got twenty-five thousand
dollars, the bank