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I said, “Everybody's getting rich. It's the easiest thing in the world. I'll show you how it's done.” So I picked out a stock that was moving--you know, they would move in groups-- and I said, “We're going to lunch. I'll buy you some stock and show you how easy it is.” And I bought him 300 shares of stock--I think it was Chrysler, but I won't swear to it--and we went out to lunch, and when we came back from lunch the stock was up four points. So I sold for him. He still didn't know what it was, but he got a check for $1200 less the commission. This was in April, 1929. In November, 1929, Francis, now an addict of the stock market, got cleaned, wiped out with so many others when the crash came. He only had a few months of fun because it was near the end. It was the most frenetic part of the market. Near the end was when the market was going up eight points a day. It's like what's going on right now. It's a very dangerous market. And to old-timers, this market is very reminiscent of those days, with stocks going up to a hundred times their earning capacity, wild rises and everybody getting rich. The payoff will come. It won'd be as bad as 1929 because there are too many controls on the market.

I have a few questions. One, when you met Boni and Liveright, did you have to find a successor as Dick Simon did or did you try to get somebody in to replace you?

Well, Donald Friede sort of stepped in, but he didn't care about going out to the sticks selling the way I did. I