The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1919-02-11

lou ndVeE clay grO0nod, IF I'd
known that I'd have borrowed it to
yet married on"
'Not in million years." said Bay
ard. "When I've made killing with
this money I'll make you all a pres.
ent, but you couldn't pry this out of
me with a crowbar. 1 wish / knew
where to borrow more. If you can
raise any money, Clay, don't you
spend 1t in matrlmony. A fellow can
get married any time, but it's only
once In ten years that you can climb
aboard market after a panic and
ride In with the tide"
He went to his safe deposit vault,
took out his bonds, carried them to
the vice president Of his bank. and
borrowed all that he could raise on
the securities. The bonds had fallen
below par on account of the depres-
sion, but Bayard was granted so per
cent of their face value, minus 30
days discount at per cent.
His anemic bank acoutt was sud-
denly swollen by three thousand nine
hundred and seventy-nine dollars and
eighteen cents.
He sought out broker, college
friend whom he could trust, to advise
him honestly. They conferred on the
stocks to buy. The old dilemma
could not be escaped: those that Of
fered the most profit offered the most
risk. To buy on margins was further
danger with promise of further profit.
Yet, after all, Bayard felt, to buy
outright, however wise, was tame.
Even If he doubled his money he
would have only eight thousand in
place of his four. And eight thou
sand was no fortune.
The question of what stocks to bet
on was a thrilling one, requiring a
long war council, but at length the
disposition was made and he gave his
broker the command to go forward.
The market crept up and up. Bay
ard turned his profits back into his
speculation. He was growing rich.
He was planning works of lavish
charity, works of art, the purchase
of q great reserve fund of securities.
90 Some years before, when President
AoAt wac ihuu6uhotNut SNShJ
was fine. The weather bureau prom
ised fair weather. There was rSt a
hint Of storm anywhere upon the con-
tinent. And then a blizzard "backed
in" from the ocean and played havoc
with the thrcngs. So upon the era Of
good feeling and democratic equality
and civilized peace the European war
backed In from nowhere.
A young man from Serbia shot q
grand duke Of Austria, and the world
heard of Sarajevo for the first time
but not the last. The bullet that slew
the Austrian heir multiplied itself as
by magic into billions of missiles. A
young shoemaker from Bavaria, to his
great surprise, killed an old Belgian
schookeacher he had never heard of.
The schoolteacher fell into ditch
still clasping his umbrella. The shoe.
maker moved on with a strange ap.
petite for shooting.
Refugees In hordes filled the roads
with new Pharaonic exodus. So
many children plodded along In hun.
CRY flight that Herod might have been
hunting down the innocents again.
With the moral cataclysm went q
financial earthquake. The European
exchanges flung their doors shut. The
American exchanges tried to keep
their shop windows open, but had to
close them down.
Bayard Kip was among the first cas-.
ualtles. Before he could put In stop
order his margins were gone. He had
said that prices, having struck bot
tom, could go no lowera. Now the bot
tom itself was knocked out.
Prices stopped falling at last be
cause OF the closing of the markets.
Europe established a general morato
rum. America established one OF
sentiment. Everybody owed somebody
else, and everybody gave tolerance be
cause everybody needed 1t.
Night fell on the commercial world
a night illumined by horrors unknown
before. Bayard's factory could moi
meet even. its diminished pay roll The
president of the concern could not
borrow penny at the bank of which
he was a director. The factory shut
down, sending all It's workmen into
the hordes of the unemployed. The
office forces were reduced to mini
mum and the salaries Of the minimum
further reduced. Clay was thrown
out Of even his half-job and Bayart
was put on half-paN
Bayard's sober thoughts concerned
themselves with extricatlng himself
from the wreckage. 1t was not pos
slble to debaTass himself Of every,
thing. He could not give up his ex,
penslye apartment. 1t was leased for
yenr and half more. He could moi
dismiss his expensive wife; she was
leased for ninety-nine years. He
could not give up his character, his