Post

September 1929
_{Fisher or Babson}

NEW YORK, NEW YORK, Paramountica — EVENING
_{YALE CLUB, 50 VANDERBILT AVE}

| FARWELL walked briskly into the Yale Club of New York; it’s Manhattan edifice subtle but important enough for those who notice the small brass plaque near its doorway. You had to be a Yale alumni to be allowed in, or invited be by one. As FARWELL moved from the club’s foray to its second story elevator, he stopped for a moment to notice — the incredible small statue of NATHAN HALE; a class of 1773 American spy executed by the British — most people probably know his last words; |

’I only regret that I have but one life to lose for my country’

| The plaque itself didn’t catch FARWELL’s attention, who held his straw boater hat in his left hand, wearing a dark blue suit; rather, how incredibly small the statue was in comparison to its importance in the foray. |

_{CLUBHOUSE, THE YALE CLUB}

| With its old-world styled club, neoclassical long with fluted corinthian column, fireplaces and oak paneled floors — most members were smoking and drinking, and that’s where we find FAREWELL again, sitting semi-uncomfortably on an armchair across from EDWARDS, a fellow Wall Streeter. |

| They were midway through a conversation when FAREWELL stopped for a moment. |

| _{FAREWELL, Investor} | “. . . I don’t think you’re getting it.”

| _{EDWARDS, Financier} | “Of course I am, but the answer is no.”

| FAREWELL blinked for a moment, shifting uncomfortably in the armchair before— |

| _{FAREWELL, Investor} | “Okay, but the Dow Jones? I got burned badly, there’s a sense of optimistic nihilism when it comes to the street right now.”

| _{EDWARDS, Financier} | “When hasn’t there been?”

| _{FAREWELL, Investor} | “As for the Dow Jones—”

| _{EDWARDS, Financier} | “At 381, two weeks ago.”

| _{FAREWELL, Investor} | “September 3rd, yes. Hasn’t topped since and since June—”

| _{EDWARDS, Financier} | “—20%”

| _{FAREWELL, Investor} | “Yes, how did you—”

| _{EDWARDS, Financier} | “Who doesn’t know? Since June the Dow Jones has grown by 20%, kinda puts a damper on that Fed Reserve scare back in March doesn’t it?”

| _{FAREWELL, Investor} | “Well I wouldn’t know about damper—”

| _{EDWARDS, Financier} | “—When the Feds declared “Excessive Speculation” and every nanny and their grandson tried to dump the market.”

| FAREWELL took another sip of his whiskey. |

| _{FAREWELL, Investor} | “Steel production slumping, construction sluggish, auto sales and consumers debt credit”

| _{EDWARDS, Financier} | “I’m gonna stop you right there. Look out those windows.”

| FAREWELL turns, as EDWARDS adds. |

| _{EDWARDS, Financier} | “Well not that window, we’re on the second floor here, I mean higher than that . . . Do you see construction stopping anytime soon? The Empire and Chrysler’s crews are racing to see who could finish first, I really don’t see how this fear pandering helps—”

| FAREWELL finally interrupts. |

| _{FAREWELL, Investor} | “—Because I need an extension of credit, that’s why.”

| _{EDWARDS, Financier} | “. . . Personal or for the firm?”

| _{FAREWELL, Investor} | “F-Firm— I mean, personal. Personal.”

| _{EDWARDS, Financier} | “If you would have stuck with firm, I wouldn’t said the [Yale] Club was hardly the place to negotiate on behalf of them, especially alone . . . This market is ran off of credit and margin, and then more credit to shore up that margin, you heard what Irving Fisher declared right?”

| _{FAREWELL, Investor} | “No, I barely keep up with what—”

| _{EDWARDS, Financier} | “—‘Stock prices have reached what looks like a permanently high plateau!’ The [New York] Times and [Wall Street] Journal ran it as headlines practically.”

| _{FAREWELL, Investor} | “Okay, sure, what about Roger Babson? The ‘Babson’ break? ‘A crash is coming and it may be terrific’ — he said that!”


| _{EDWARDS, Financier} | “A healthy correction, it doesn’t devoid Fisher’s permanency of a plateau. Neither does that Clarence Harty nonsense going on in the London Exchange.”

| FAREWELL started to settle down a bit, pondering. |

| _{FAREWELL, Investor} | “I’m just worried 381 is the highest the average Dow Jones will see.”

| _{EDWARDS, Financier} | “By October, it’ll be around 400, by December, who knows, I mean look around, we’re entering a new decade — 1930. Hoover’s President, Republican government puts business first where it should be.”

| _{FAREWELL, Investor} | “I guess that’s true, today’s looking up then.”

| _{EDWARDS, Financier} | “Yeah . . . But the answer is still no. We can’t extend another loan, we aren’t really extending anymore credit to outstanding accounts over 200k now.”

| _{FAREWELL, Investor} | “. . . And why’s that?”

| EDWARDS didn’t respond right away, the truth was even loaning banks were becoming uneasy with September 3rd’s 381.17 peak on the DJ average. |

| _{EDWARDS, Financier} | “Look Frank, I hate to be the paranoid spook but those two guys seem very interested in you.”

| FAREWELL suddenly stood up, facing the two men in armchairs. Who looks back at FAREWELL too. |

| _{FAREWELL, Investor} | “Can I help you?”

| The FIRST MAN stood up after making eye contact. |

| _{FIRST MAN, Court Summons} | “I’m sorry if I was staring, but your face looks familiar . . . It’s uh, Yale ’07 right?”

| _{FAREWELL, Investor} | “Yeah, that’s right.”

| _{FIRST MAN, Court Summons} | “I-I— can’t remember your name.”

| _{FAREWELL, Investor} | “Farewell, Frank.”

| FAREWELL extends a handshake as the FIRST MAN pulls out a note from his suit jacket pocket. |

| _{FIRST MAN, Court Summons} | “. . . I thought so.”

| Proceeding to, with a blank expression, handing FAREWELL the notice. |

| _{FIRST MAN, Court Summons} | “Served and witnessed.”

| Pointing to the SECOND MAN behind him, before the two walked away. |

| _{SECOND MAN, Court Summons} | “You have a real good evening.”

| Leaving FAREWELL dumbfounded, not only is he in financial trouble, his wife, DIANE, is seeking a court divorce. EDWARDS, still seated, just looks up at FAREWELL, partly amused. |

| _{EDWARDS, Financier} | “Ouch.”