Fletcher thought the comparison rather ludicrous for a man standing on such remarkably short pegs, but he said nothing.

“I mean to sell a few shares of stock, and I want you to do the business.  I am not to be known in it.”

Fletcher bowed, and asked what the stocks were.

“No matter; any you can sell to advantage.  I haven’t a share, but I needn’t tell you that doesn’t make any difference.”

“Let me understand you clearly,” said Fletcher.

“Sell under.  For instance, take a stock that sells to-day at ninety-four; offer to deliver it five days hence at ninety.  To-morrow offer it a peg lower, and so on, till the market is easier.  When the first contract is up, we shall get the stock at eighty-eight, or less, perhaps,—­deliver to the buyers, and pocket the difference.”

“But it may not fall.”

“It’s bound to fall.  People that hold stock must sell to pay their notes.  Every day brings a fresh lot of shares to the hammer.”

“But the bulls may corner you; they will try mightily to keep prices up.”

“But they can’t corner, I tell you; there are too many of them in distress.  Besides, we’ll spread; we won’t put all our eggs into one basket.  If I stuck to ‘bearing’ one stock, the holders might get all the shares and break me by keeping them so that I couldn’t comply with my contracts.  I shan’t do it.  I’ll pitch into the ‘fancies’ mainly; they are held by speculators, who must be short, and they’ll come down with a run.”

“How deep shall I go in?”

“Fifty thousand, to begin with.  However, there won’t be many transfers actually made; the bulls will merely pay the differences.”

“Or else waddle out of the street lame ducks.”

Bullion rubbed his hands, while his eyes shone with a colder glitter.

“Well, you are a bear, truly,” said Fletcher, with unfeigned admiration,—­“a real Ursa Major.”

“To be sure, I’m a bear.  What’s the use in being a bull in times like these, to be skinned and sold for your hide and tallow?”

“The market is falling, and no mistake.”

“Yes, and will fall lower.  Stocks haven’t been down since ’37 so low as you will see them a month from now.”

Fletcher bowed——­and waited.  Bullion pointed the eyebrow again.

“You don’t want to begin on an uncertainty.  I see.  Sharp.  Proper enough.  I’ll give you ten per cent. of the profits,—­you to pay the commissions.  Each day’s work to be set down, and at the end of each week I’ll give you a note for your share.  That do?  I thought it would.  I offer a liberal figure, for I think you know something, youngster.  Use your judgment, now.  Consult me, of course; but mum’s the word.  If any stock is pushed in, lay hold, and don’t be afraid.  The holders must sell, and they must sacrifice.  We’ll skin ’em, by G—­,” said Bullion, with an excitement that was rare in a cool, hard head like his.  Then thinking he had been too outspoken, he resumed his former concise manner.