Then our troubles began. We were obliged to move elsewhere, and to undertake alterations, for which money was indispensable, but we had no money. In that predicament, we began to speculate upon the Exchange, and the Exchange proved a kind mother to us; it sustained us until we were on our feet again. As soon as we had established ourselves upon another site, we proceeded to lose money, so we withdrew.

It is not surprising, therefore, that I have always regarded the Stock Exchange as a philanthropic institution, or that, on the other hand, a church has always seemed a sombre place in which a black priest leaps forth from behind a confessional to seize one by the throat in the dark, and to throttle him.

MY FATHER'S DISILLUSIONMENT

My father was endowed with a due share of the romantic fervour which distinguished men of his epoch, and set great store by friendship. More particularly, he was wrapped up in his friends in San Sebastian.

When we discovered that we were in trouble, before throwing ourselves into the loving arms of the Bourse, my father spoke to two intimate friends of his who were from San Sebastian. They made an appointment to meet me in the Café Suizo. I explained the situation to them, after which they made me certain propositions, which were so usurious, so outrageously extortionate, that they took my breath away. They offered to advance us the money we needed for fifty per cent of the gross receipts, while we were to meet the running expenses out of our fifty per cent, receiving no compensation whatever for our services in taking care of the business.

I was astonished, and naturally did not accept. The episode was a great blow to my father. I frequently came face to face with one of our friends at a later date, but I never bowed to him. He was offended. I was tempted to approach him and say: "The reason that I do not bow to you is because I know you are a rascal."

If either of these friends of ours were alive, I should proceed to mention their names, but, as they are dead, it will serve no useful purpose.

INDUSTRY AND DEMOCRACY

The bakery has been brandished against me in literature.

When I first wrote, it was said: