hand as he leaned back in his big leather chair, and cov- 
ered his mouth and chin with it. Over those big knuckles, 
and bigger nose, thick and cartilaginous, his large, shaggy- 
eyebrowed eyes gleamed. His gray, bristly hair stood 
up stiffly in a short, even growth all over his head. 
"So that's it," he said. " You're expectin' trouble to- 
morrow. How are your own affairs ?" 
" I'm in pretty good shape, I think, all told, if the 
money element of this town doesn't lose its head and go 
wild. There has to be a lot of common sense exercised. 
You know we are facing a real panic. It may not last 
long, but while it does it will be bad. Stocks are going 
to drop to-morrow ten or fifteen points on the opening. 
The banks are going to call their loans unless some ar- 
rangement can be made to prevent them. No one man 
can do that. It will have to be a combination of men. 
You and Mr. Simpson and Mr. Mollenhauer might do 
it—that is, you could if you would persuade the big 
banking people to combine to back the market. There 
is going to be a raid on local street-railways. Unless 
they are sustained the bottom is going to drop out. I 
have always known that you were long on those. I 
thought you and Mr. Mollenhauer and some of the others 
might want to act. If you don't I might as well con- 
fess that it is going to go rather hard with me. I am 
not strong enough to face this thing alone." 
Cowperwood looked at Butler, meditating on how he 
should tell the whole truth in regard to Stener. 
" Well, now, that's pretty bad," said Butler, calmly and 
meditatively. He was thinking of how his own affairs 
stood exactly. A panic was not good for him either— 
meant considerable trouble for him, but he was not in a 
desperate state. He could not fail. He might lose some 
money, but not a vast amount—before he could adjust 
things. Still he did not care to lose any money. 
" How is it you're so bad off ?" he asked, curiously. 
He was wondering how the fact that the bottom was