This demand was made under the direction of Morning, who did not appear in public, but, from his private office on Broadway, sent orders to a dozen different brokers whose services had not been engaged by the Gray-Claybank-Wolf syndicate. After the first break, Morning was the purchaser of nine-tenths of the stock sold, and after each purchase the money paid for the stock, with the margin added, was locked up in the vaults of one of his brokers, or in banks not under the control of the conspirators. In this way the syndicate had been compelled to add $60,000,000 to the $140,000,000 they had received from the sale of their own stock. On the morning of the second Monday of November, 1895, the “Gold King” was the owner, by purchase, of stocks which had cost him $400,000,000, but which were worth, at the prices which prevailed before the raid, $600,000,000. These stocks had been loaned to the conspirators by Morning, repurchased by him, loaned and repurchased again, until he now held in his control two hundred millions of money, put up by the syndicate as margin, or security, for the delivery to him of stocks which needed only to be restored to their former value to cause the conspirators to lose $200,000,000, and Morning to gain that sum. If, however, prices could be kept at panic figures until the conspirators could turn buyers, and cover their shorts, they would gain $200,000,000, which would be filched from whomsoever had been compelled to sell. There were $400,000,000 at stake on the game. The bear syndicate thought they were playing with loaded dice, and so they were, but the load was against them, instead of being in their favor. On Sunday night a private conference was held at Mr. Claybank’s residence, on Fifth Avenue. “To-morrow,” said Gray, “let us stop selling and begin buying, and cover as rapidly as possible. There are some features of the situation which fill me with uneasiness.” “Ont so I thinks, Misder Gray,” said Wolf. “I don’t gomprehent where the money comes from on Fritay and Saturtay with which our sales were met. As I figure it, we hat every tollar locked up on Thurstay that was anywhere available, but so much as a huntret, or, maby, a huntret and fifty millions of new money came into the street on yesterday and Fritay.” “It probably came from Chicago,” said Claybank. “No,” replied Wolf. “Chicago sent only fifty millions, ont it vas all here by Wednesday. It buzzles me, ont I ton’t like it, ont I believe it is full time to commence closing the deal.” It was, accordingly, agreed to close it, and on Monday morning these three worthies appeared in their seats in the Stock Exchange, for they were all members of that body, although they seldom or never participated in its proceedings, preferring to transact their business through other brokers.