He took shares also in many new enterprises, speculated in mills, omnibuses, and water-services, without mentioning all the gambling in which he participated with the Banca di Roma, a Catholic institution.

Wonderstruck by his skill, the Pope, who, on his own side, had hitherto speculated through the medium of a confidential employee named Sterbini, dismissed the latter, and entrusted Monsignor Folchi with the duty of turning his money to profit in the same way as he turned that of the Holy See.

This was the climax of the prelate's favour, the apogee of his power.

Bad days were dawning, things were tottering already, and the great collapse was soon to come, sudden and swift like lightning.

One of Leo XIII's practices was to lend large sums to the Roman princes who, seized with the gambling frenzy, and mixed up in land and building speculations, were at a loss for money.