Berent. As a general rule a crisis of this sort shows up the unsound elements in a commercial community.

Tjaelde (with a smile). And for that reason this crisis should be allowed to take its natural course, you mean?

Berent. That is my meaning.

Tjaelde. Hm!—In some places it is possible that the dividing line between the sound firms and the unsound may not be very distinct.

Berent. Can there really be any danger of such a thing here?

Tjaelde. Well—you are expecting too much of my knowledge of affairs; but I should be inclined to think that there may. (A pause.)

Berent. I have been instructed by the banks to prepare an opinion upon the situation—a fact which I have, so far, only confided to you.

Tjaelde. I am much obliged.

Berent. The smaller local banks here have combined, and are acting in concert.

Tjaelde. Indeed? (A pause.) I suppose you have seen Mr. Holst, then?