“They will not be asked to do so,” said Gray. “The money borrowed can be sealed up and left as special deposits in their vaults as security for itself, with a small margin of one or two per cent to cover interest.” “Dot inderest, of we borrow for thirty days at six per cent, on $150,000,000 will amount to three kevawters of a million of tollars; ont that amount we lose out of our bockets; ont the interest on our own $150,000,000 which will be itle for a month will be another three kevawters of a million. It makes US$500,000 each to lose. It is a great teal of money to lose,” said Wolf. “That,” said Claybank, “is all we lose, and is practically all we risk. It is essential to the success of our plans that for a brief period we shall withdraw from the channels of commerce a large portion of the money of the country. We cannot withdraw it unless we control it; we cannot control it unless we borrow it; and we cannot borrow it without paying bank rates of interest upon it.” “How,” said Gray, “do you propose to supply the necessary margins for the stock which we sell short? When you borrow stock on a rapidly-falling market, the loaner expects at some time a reaction, and an equally rapid advance, and you will have to give him a pretty big margin beyond the money which you receive from a sale of the borrowed stock.” “We shall have for that purpose,” replied Claybank, “the $150,000,000 received from the sale of our own stock. This, at fifty per cent fall in prices, will margin borrowings of three hundred millions of stock, and this money we can arrange to have locked up in special deposits as well as the money we borrow.” “Ont to how low a point shall we put brices before we commence to cover?” said Wolf. “That,” replied Claybank, “will be a matter for future consideration. My present impression is that we can by thus locking up the currency bear the market one-half. We must not proceed so far as we might go, or we will ruin everybody, so that there will be no investors to purchase stocks when we wish to sell them again after we have loaded up for a rise.” “Ont how much we makes by bearing fifty per cent?” asked Wolf.