In time of panic, these subordinate dealers in money will always come to the principal dealers.

In ordinary times, the intercourse between the two is probably close enough.

The little dealer is probably in the habit of pledging his 'securities' to the larger dealer at a rate less than he has himself charged, and of running into the market to lend again.

His time and brains are his principal capital, and he wants to be always using them.

But in times of incipient panic, the minor money dealer always becomes alarmed.