the company's monogram on them, answered inquiries with haughty
condescension. Everything foretold success. It was in the air. You
could hear the cashier shovelling heaps of gold. The people who had
placed the Universal Credit Company on such a footing were either very
powerful or very impudent.

Serge walked in, as he would have done at home, with his hat on, amid a
number of small shareholders, who had come full of anxiety after reading
the accounts in the newspapers, and who felt full of confidence after
seeing the splendor of the place. Panine reached Herzog's office, but
when about to open the door, loud voices struck his ear. The financier
was arguing with a director, and Panine listened.

"The speculation is safe and sure," Herzog was saying. "The shares are
low, I know, because I have ceased to keep them up. I have given orders
in London, Vienna, and Berlin, and we are buying up all shares that are
offered in the market. I shall then run the shares up again, and we
shall realize an enormous sum. It is most simple."

"But it is shady," said the other voice.

"Why? I defend myself as I am attacked. The great banks seek to
deteriorate my stock. I buy in, and take it out of my adversaries.
Is it not just and lawful?"

Panine breathed freely and felt reassured. The depreciation was caused
by Herzog; he had just said so. There was nothing to fear then. It was
just a trick of Herzog's, and the company would come out brighter than
ever.