hat sells to-day at
ninety-four; offer to deliver it five days hence at ninety. To-morrow
offer it a peg lower, and so on, till the market is easier. When the
first contract is up, we shall get the stock at eighty-eight, or less,
perhaps,--deliver to the buyers, and pocket the difference."

"But it may not fall."

"It's bound to fall. People that hold stock _must_ sell to pay their
notes. Every day brings a fresh lot of shares to the hammer."

"But the bulls may corner you; they will try mightily to keep prices
up."

"But they can't corner, I tell you; there are too many of them in
distress. Besides, we'll spread; we won't put all our eggs into one
basket. If I stuck to 'bearing' one stock, the holders might get all
the shares and break me by keeping them so that I couldn't comply with
my contracts. I shan't do it. I'll pitch into the 'fancies' mainly;
they are held by speculators, who must be short, and they'll come down
with a run."

"How deep shall I go in?"

"Fifty thousand, to begin with. However, there won't be many transfers
actually made; the bulls will merely pay the differences."

"Or else waddle out of the street lame ducks."

Bullion rubbed his hands, while his eyes shone with a colder glitter.

"Well, you are a bear, truly," said Fletcher, with unfeigned
admiration,--"a real Ursa Major."

"To be sure, I'm a bear. What's the use in being a bull in times like
these, to be skinned and sold for your hide and tallow?"

"The market is falling, and no mistake."

"Yes, and will fall lower. Stocks haven't been down since '37 so low as
you will see them a month from now."

Fletcher bowed----and waited. Bullion pointed the eyebrow again.

"You don't want to begin on an uncertainty. I see. Sharp. Proper
enough. I'll give you ten per cent. of the profits,--you to pay the
commissions. Each day's work to be set down, and at the end of each
week I'll give you a note for your share. That do? I thought it would.
I offer a liberal figure, for I think you know something, youngster.
Use your judgment, now. Consult me, of course; but mum's the word. If
any stock is pushed in, lay hold, and don't be afraid. The holders must
sell, and they must sacrifice. We'll skin 'em, by G--," said Bullion,
with an excitement that was rare in a cool, hard head like his. Then
thinking he had been too outspoken, he resumed his former concise
manner.

"All fair, you know. Bargain is a bargain. They must sell; we won't
buy, with