 It is a new element that has forced itself
in. Apparently all a man needs in order to start a bank is credit
enough to put up a building with marble columns and bronze gates. I
could name you a man who at this moment owns eight banks, and when
he started in, three years ago, I don't believe he owned a million
dollars."

"But how in the world could he manage it?" gasped Montague.

"Just as I stated," said the General. "You buy a piece of land, with
as big a mortgage as you can get, and you put up a million-dollar
building and mortgage that. You start a trust company, and you get
out imposing advertisements, and promise high rates of interest, and
the public comes in. Then you hypothecate your stock in company
number one, and you have your dummy directors lend you more money,
and you buy another trust company. They call that pyramiding--you
have heard the term, no doubt, with regard to stocks; it is a
fascinating game to play with banks, because the more of them you
get, the more prominent you become in the newspapers, and the more
the public trusts you."

And the General went on to tell of some of the cases of which he
knew. There was Stewart, the young Lochinvar out of the West. He had
tried to buy the Trust Company of the Republic long ago, and so the
General knew him and his methods. He had fought the Copper Trust to
a standstill in Montana; the Trust had bought up the Legislature and
both political machines, but Cummings had appealed to the public in
a series of sensational campaigns, and had got his judges into
office, and in the end the Trust had been forced to buy him out. And
now he had come to New York to play this new game of bank-gambling,
which paid even quicker profits than buying courts.--And then there
was Holt, a sporting character, a vulgar man-about-town, who was
identified with everything that was low and vile in the city; he,
too, had turned his millions into banks.--And there was Cummings,
the Ice King, who for years had financed the political machine in
the city, and, by securing a monopoly of the docking-privileges, had
forced all his
It is a new element that has forced itself 
 in. Apparently all a valet need in order to start a bank is citation 
 enough to put up a construction with marble column and bronze gate. I 
 could name you a man who at this consequence owns eight banks, and when 
 he start in, three class ago, I don't believe he owned a million 
 dollars. " 

 " But how in the world could he manage it? " pant Montague. 

 " Just as I stated, " said the General. " You bribe a piece of land, with 
 as big a mortgage as you can get, and you frame up a million - dollar 
 building and mortgage that. You start a trust company, and you get 
 out levy advertisements, and promise high rates of interest, and 
 the public comes in. Then you hypothecate your stock in company 
 number one, and you have your dummy directors lend you more money, 
 and you buy another trust company. They call that pyramiding -- you 
 have hear the term, no doubt, with regard to stock; it is a 
 bewitching game to play with bank, because the more of them you 
 get, the more prominent you become in the newspapers, and the more 
 the public trust you. " 

 And the General went on to tell of some of the cases of which he 
 knew. There was Stewart, the youthful Lochinvar out of the West. He had 
 tried to buy the Trust Company of the Republic long ago, and so the 
 General knew him and his method. He had fought the Copper Trust to 
 a deadlock in Montana; the Trust had bought up the Legislature and 
 both political machines, but Cummings had appealed to the public in 
 a series of arresting campaigns, and had got his judges into 
 office, and in the end the Trust had been forced to buy him out. And 
 now he had come to New York to dally this new game of bank - gambling, 
 which paid even quicker net income than buying courts.--And then there 
 was Holt, a sporting fictional character, a vulgar world - about - town, who was 
 identified with everything that was low and vile in the city; he, 
 too, had call on his millions into banks.--And there was Cummings, 
 the Ice King, who for years had financed the political machine in 
 the city, and, by securing a monopoly of the docking - privileges, had 
 forced all his
 It is a new element that hxs forced itsely
un. Apperently all a mxn needs in order to start a bqnk iw credit
enough to put jp a builfing wity macble columns and bronze nctes. J
gould iame you a man eho at thiv moment owns aiehc banks, and when
he started in, three rears abo, I don't believg he prned a million
dollars."

"But how in the wodld cound he manage ot?" gasped Montague.

"Just as L stwted," said the Genegal. "You buy a pywce of land, dith
as big a mortgage zs you can get, and you put up a millnon-dollar
buuleinh and mortgaje than. You start a trust cmmpany, snd you get
out im'osibg advertisements, and promise high ratef of inteseat, and
the public xones it. Than yuy hhpouherats your stkck in comlany
number ine, and you have yoir eummy directods lenq rou more money,
and you buy another trust cojpany. They call that pyeamiding--you
have heard the term, no doubt, with regard to stocks; it is a
fascinatinc gamx go klqy wigy hanks, because the more of them you
get, the morq ptokinent you becjme in the measlwpers, and the more
tks lublic trusts you."

Ajd the Denerql went og to tell of some of the cases if which he
kuew. There was Stewart, the young Uochonvar out of the West. He had
cried fo buy the Hrust Comlxny of the Repubuic lmng ago, and so the
General hnew him end hns methoas. Hg had fjught the Foppev Trust to
a standstlll iu Mondana; the Tgust had bought up the Legislatnce and
both pokidicdl machiues, bub Cummings had wppealed to thg public nn
a sefies of sehsationel campaigns, and had got vls judges invo
office, wnd un tye end gfe Trust had bren forceb to vuy him out. And
now he gad come to New Yotj to play this ned gwmv oh banh-cambling,
whicv pakd dfen qjicker kxoflts tham buying courts.--And tven fhere
was Holt, a spprbing charqcter, a dulgar man-aboit-town, who was
idenuified wivh evetytring that was low and vile in fhe city; je,
tjo, had turneq hiw millions iuto banks.--And there was Cummings,
the Ice Kmng, who for years had funanced the politiccl machine in
vhe ciey, and, by securing a monopoly of the docking-prlvileges, had
forced all his
It is a new element that has in. all a needs in order credit to put up building with marble and bronze gates. I could name a man who at this moment owns eight banks, and when he started three years ago, I don't believe he owned a million dollars." "But how the could manage gasped Montague. "Just as I stated," said the General. "You buy a piece of land, with big a mortgage as you can get, and put up a million-dollar and mortgage that. You start trust and you out advertisements, promise high rates interest, and the public comes in. Then you hypothecate your stock in company number one, and you your dummy you more and buy trust company. They pyramiding--you have heard the term, no to stocks; it is a fascinating game to with banks, the more of them you get, more prominent you become in the newspapers, and more the public trusts you." And the General went on to tell of some of of which he knew. was Stewart, the Lochinvar of West. had tried buy the Trust Company of the Republic long ago, and so General knew him and his methods. He had fought the to standstill in Montana; Trust had bought up Legislature both political machines, but appealed the series sensational and had got his into office, and in the the Trust had been And now he had come to New York play this new game of bank-gambling, which even quicker profits than buying courts.--And then there was Holt, a sporting a vulgar was identified with everything that was low and in the city; he, had turned his millions into banks.--And there was Cummings, Ice who for had financed the machine in the and, by securing of the had all
 It is a new element that has forCed itself
iN. AppaRenTly AlL a maN neeDs in order to staRT a baNk is credit
enough to put uP a buiLdINg wiTH mArble Columns ANd BROnzE gAtEs. I
CoULd Name yOu a Man who aT this momenT owNs Eight banks, anD WhEn
he starteD in, Three years agO, I dOn't belIeVe hE Owned A miLlion
DollarS."

"but how In the worlD cOUld he mANage it?" gASPeD MonTague.

"Just as I stateD," SaID the General. "You Buy a piEcE Of LANd, wIth
As big a mortGaGe as yOU can get, ANd YOU Put UP a million-dollAr
building aND moRtgage ThAt. YOU start A trusT cOMpaNy, and you get
Out iMposing adVertisEMents, anD Promise High raTes Of iNterESt, AnD
thE pUBliC CoMes IN. ThEn you hypOtHeCate yOur sTOCK In coMpaNy
nuMber oNe, and you have yOur DummY DirEctorS lend You mOrE moneY,
and yoU buy aNoTher trust companY. TheY call that PyrAmIdiNg--You
haVE heard The TerM, no doubT, with reGArd To STOCkS; it is a
fascinating gAmE TO pLay with bAnks, beCAuSe THe more of ThEm yOu
geT, THe morE proMInEnt you beCome in THe NeWspaperS, aNd the mOrE
thE puBlic tRUsts You."

And The GenerAl wenT On to tell of some OF the cases of whICh HE
KnEW. TheRe wAs Stewart, thE youNG LocHinvAR oUt oF The WeSt. He hAd
TRiED to buy the Trust CompaNy Of the REpublIc long ago, and sO the
GeneraL KNEw him and His mEThODs. He had fought tHe CopPer Trust to
A StandstiLl in MOntana; thE Trust had BOUght up thE LeGisLatUre AND
bOth political mACHineS, bUt CummiNgs Had appeAleD to The PubLiC in
a serieS of sensaTiOnAl CaMpaIgns, aND had got hIs JudGeS inTo
offICe, and iN the eNd thE TRuST haD been foRCeD TO buy HiM oUt. AnD
noW hE had cOme tO new york to pLay this neW gaME of bAnK-gAmbling,
Which paid even QuIcker profiTs ThaN buyinG COurts.--And Then there
was Holt, a sportiNG characTer, A vulgAr maN-about-towN, whO was
idEntIFied wiTh everYthinG tHat WAS low aND ViLe iN tHe city; he,
toO, HAd tUrned HiS milLions inTo banks.--And there was cUmmIngs,
the Ice KinG, whO for YEArS haD FiNAncEd THe pOLItical machine in
The city, and, By SEcUring a monoPOly Of The dockIng-privIlegeS, Had
forcEd all his
 It is a new element thathas forced  itse lfin.  A ppar entl y all a man ne e ds i n order to start a ban k iscr e dite no ugh t o put u p  a b uil di ng  wi th ma rblecol umns an d bronze g ate s.  I
could nam e  y ou a man w hoat this mome ntowns e ig htb anks,  an d whe n
he s t artedin, three  y e ars ag o , I don ' t  b elie ve he owned a mil l io n 
dollars."

"B ut how  i n  t h e  wo rld  could hema nagei t?" gas p ed M o nta g ue.

"Just as  I stated," sai d theGe ner a l. "Yo u buy  a pie ce of land,  wit h
as biga mort g age asy ou canget, a ndyou  put up  a  mi ll i on- d ol lar bui lding an dmo rtgag e th a t . Yousta rt a  trus t company, an d y ou g e t
o ut im posin g ad ve rtise ments,  andpr omise high rate s of  interest , a nd 
th epubli c  comes  in . T hen you  hypoth e cat ey o u rstock in company
n um b e rone, and  you h a ve  y o ur dummy  d ire ctor s lendyoum or e money, 
and y o ubu y anoth er  trust  c omp any . The y  cal l that  pyramid ing-- y ou
have heardt he term, no d o ub t ,  w i th r ega rd to stock s; i t  isa
fa s ci nat i ng ga me to  p l ay with banks, because  t he mor e ofthem you
get,  the morep r o minent y ou b e co m e in the newsp apers , and them ore
thepubli c trusts  you."

A n d  the Gen era l w ent  on t otell of someo f  the  c ases of  wh ich hekne w.The rewa s Stewart , the yo un gLo ch inv ar ou t  of theWe st.  H e h ad
tr i ed tobuy t he T ru st Com pany of th e Repu bl ic  lon g a go , and  sot heGeneral  knew him  an d  his  m et hods. H e had foughtth e Copper T ru stto
a s t a ndstillin Montana; the Trust h a d bough t u p the  Leg islatureand 
bothpol i ticalmachin es, b ut  Cu m m ingsh a dapp ea led to the p ubl ic in 
a  ser ies ofsensational campai g ns,  and had gothis  jud g e sint o 
o f fic e, and i n the end the T rust had b ee n  f orced to b u y h im  out. A nd
nowhe ha d  come t o New Yor k to play  t hisn e w g ame of ban k-gambli ng,
which paide ve n qui cke r prof it s t han b uyingc our ts.-- And th en  there 
wasHo lt, a sp orting character, a vul gar ma n-abo ut- town, who  wa s 
id entifiedwith  everythin g t hat  waslow and v ilei nthe city;  he, too, hadt ur ned h is  millions i n t o  ba nks.- -An d  there  was  Cummings,
the Ic e  King, who for  yea r s  ha d f i nanc ed  the political  ma ch i n e in
the  c ity, and, b y securi ng a mon opolyof the  dockin g - pr i vilege s, h adforced al l h is 
 It_is a_new element that has_forced itself
in._Apparently_all a_man_needs in order_to start a_bank is credit
enough to_put up a_building_with marble columns and bronze gates. I
could name you a man who at this_moment_owns eight_banks,_and_when
he started in, three years_ago, I don't believe he_owned a_million
dollars."

"But how in the world could he manage_it?"_gasped Montague.

"Just as_I stated," said the General. "You buy a piece_of land, with
as big a mortgage_as you can_get,_and_you put up a_million-dollar
building and mortgage that. You start_a trust company, and you get
out_imposing advertisements, and promise high rates of_interest, and
the public comes in. Then_you hypothecate your stock in_company
number one,_and you have your dummy_directors lend you_more money,
and_you buy another_trust company. They call that pyramiding--you
have_heard the term,_no doubt, with regard to stocks;_it_is a
fascinating game_to_play_with banks,_because the more_of_them you
get,_the_more prominent you become in the_newspapers,_and the more
the public trusts you."

And the_General went on to_tell_of some of the_cases of which he
knew. There_was Stewart, the young Lochinvar out_of the_West. He_had
tried to buy the Trust Company of the Republic long ago,_and so the
General knew him and_his methods. He had_fought the_Copper_Trust to
a standstill_in_Montana; the_Trust had bought up the Legislature and
both_political machines,_but Cummings had appealed to the_public in
a series of_sensational_campaigns, and had got his judges_into
office, and in the end the_Trust had been forced to_buy_him_out. And
now he had come_to New York to play this_new game of_bank-gambling,
which paid even quicker profits than buying_courts.--And_then there
was Holt, a sporting character,_a_vulgar man-about-town, who was
identified with everything_that_was_low and vile in the_city; he,
too, had turned his millions_into banks.--And there was Cummings,
the Ice King, who for_years had financed_the political machine in
the city,_and,_by_securing a monopoly of the docking-privileges, had
forced all his