“I will not go into the details of the speculation which we owe to Nucingen’s financial genius.  It would be the more inexpedient because the concern is still in existence and shares are quoted on the Bourse.  The scheme was so convincing, there was such life in an enterprise sanctioned by royal letters patent, that though the shares issued at a thousand francs fell to three hundred, they rose to seven and will reach par yet, after weathering the stormy years ’27, ’30, and ’32.  The financial crisis of 1827 sent them down; after the Revolution of July they fell flat; but there really is something in the affair, Nucingen simply could not invent a bad speculation.  In short, as several banks of the highest standing have been mixed up in the affair, it would be unparliamentary to go further into detail.  The nominal capital amounted to ten millions; the real capital to seven.  Three millions were allotted to the founders and bankers that brought it out.  Everything was done with a view to sending up the shares two hundred francs during the first six months by the payment of a sham dividend.  Twenty per cent, on ten millions!  Du Tillet’s interest in the concern amounted to five hundred thousand francs.  In the stock-exchange slang of the day, this share of the spoils was a ’sop in the pan.’  Nucingen, with his millions made by the aid of a lithographer’s stone and a handful of pink paper, proposed to himself to operate certain nice little shares carefully hoarded in his private office till the time came for putting them on the market.  The shareholders’ money floated the concern, and paid for splendid business premises, so they began operations.  And Nucingen held in reserve founders’ shares in Heaven knows what coal and argentiferous lead-mines, also in a couple of canals; the shares had been given to him for bringing out the concerns.  All four were in working order, well got up and popular, for they paid good dividends.

“Nucingen might, of course, count on getting the differences if the shares went up, but this formed no part of the Baron’s schemes; he left the shares at sea-level on the market to tempt the fishes.

“So he had massed his securities as Napoleon massed his troops, all with a view to suspending payment in the thick of the approaching crisis of 1826-27 which revolutionized European markets.  If Nucingen had had his Prince of Wagram, he might have said, like Napoleon from the heights of Santon, ’Make a careful survey of the situation; on such and such a day, at such an hour funds will be poured in at such a spot.’  But in whom could he confide?  Du Tillet had no suspicion of his own complicity in Nucingen’s plot; and the bold Baron had learned from his previous experiments in suspensions of payment that he must have some man whom he could trust to act at need as a lever upon the creditor.  Nucingen had never a nephew, he dared not take a confidant; yet he must have a devoted and intelligent Claparon, a born diplomatist with a good manner, a man worthy