In December Universal shares commanded more than a thousand francs. And in presence of this triumph there was a flutter among the big-wigs of the banking world. Gundermann, who was still to be met at times on the Place de la Bourse entering the confectioner's shop to buy sweetmeats with an automatic step and absorbed air, had paid the eight millions which he had lost without complaining, without a single of his intimates hearing a word of anger or rancour fall from his lips. As a rule, whenever he lost in this fashion, which rarely happened, he would say that it served him right and would teach him to be less careless; and folks would smile at this, for carelessness on Gundermann's part was scarcely to be imagined. But the hard lesson he had received must this time have remained upon his heart; the idea that he, so cold, so phlegmatic, so thoroughly a master of men and things, should have been beaten by that break-neck fellow, that passionate lunatic Saccard, must surely have been unendurable to him. And, indeed, from that very moment he began to watch, certain that in time he should have his revenge. In presence of the general infatuation for the Universal, he at once took up position, knowing, as he did, by long observation, that success achieved with unnatural rapidity, that lying prosperity conduct to the most complete disasters. However, the figure of a thousand francs, at which the shares were now quoted, was still a reasonable one, and he waited for further developments before beginning to 'bear' the stock. His theory was that no man could bring about events at the Bourse, that at the utmost one could foresee them and profit by them when they came to pass. Logic was sole ruler; truth, in speculation as in other things, was an omnipotent force. As soon as the price of Universals should have risen to an unduly exaggerated figure there would come a collapse; a fall would take place, it was a mathematical certainty; and he would simply be there to see his calculations realised and pocket his profits. And he already decided that he would open the campaign when the quotations should have risen to fifteen hundred francs. At that price he would begin selling Universals, moderately at first, but to an increasing extent as each settling day came by, in accordance with a predetermined plan. He did not need to form any syndicate of 'bears,' his own efforts would suffice; sensible people would clearly divine the truth and follow his play. That noisy Universal, that Universal which was so rapidly taking up a big position in the market, which was rising like a menace against the great Jew bankers--he would coldly wait till it should crack of itself, and then with a shove of the shoulder he would throw it to the ground.