Титан

American Match

           AllatonceSchryhart,Arneel,Hand,andMerrillrealizedthattheywereinmoreorlessofatrapinregardtotheirlargeholdingsinAmericanMatch.Havinggatheredvastquantitiesofthisstock,whichhadbeenissuedinblocksofmillions,itwasnownecessarytosustainthemarketorsellataloss.Sincemoneywasneededbymanyholders,andthisstockwassellingattwo-twenty,telegraphicordersbegantopourinfromallpartsofthecountrytosellontheChicagoExchange,wherethedealwasbeingengineeredandwherethemarketobviouslyexisted.Alloftheinstigatorsofthedealconferred,anddecidedtosustainthemarket.Messrs.HullandStackpole,beingthenominalheadsofthetrust,weredelegatedtobuy,theyinturncallingontheprincipalinvestorstotaketheirshare,prorata.Hand,Schryhart,Arneel,andMerrill,weightedwiththisinpouringfloodofstock,whichtheyhadtotakeattwo-twenty,hurriedtotheirfavoritebanks,hypothecatingvastquantitiesatone-fiftyandover,andusingthemoneysoobtainedtotakecareoftheadditionalshareswhichtheywerecompelledtobuy.

           Atlast,however,theirfavoritebankswerefulltooverflowingandatthedanger-point.Theycouldtakenomore.

           "No,no,no!"HanddeclaredtoPhineasHulloverthe‘phone."Ican’triskanotherdollarinthisventure,andIwon’t!It’saperfectproposition.Irealizeallitsmeritsjustaswellasyoudo.Butenoughisenough.Itellyouafinancialslumpiscoming.That’sthereasonallthisstockiscomingoutnow.

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