I handed the man $2 and watched him write down my name, address, and telephone number. "You can't possibly lose," he assured me. "Wait until you hit the top of the list, then watch the money come pouring in."

And so, four days ago, I joined a local pyramid club. I would have to attend three parties and give one of my own before the pay-off came, and I collected the $4096. All I had to do was wait 12 days.

Over 1500 Harvard and Radcliffe students are still waiting. At the most, only a handful will get any profits from the current fad and most of these winners will be the organizers of their own pyramids. The whole setup of the clubs makes it impossible for the gimmick to last long. There just aren't enough people in the world to keep it rolling.

Dean Leighton has already instructed Yard police and proctors to crack down on pyramiders. They are to break up all parties and tell the members to disband. Nevertheless, well over 30 meetings are scheduled for tonight, and it is doubtful whether any will be halted.

My first party was in Boston at a graduate student's apartment. Three days ago I attended a second one in the Yard and brought two new members who were ready to pay their $2 apiece.

We sat around for un hour, rationalized the whole thing to convince ourselves we would win at least $50, and drank beer. Hard drinks are never served at pyramid parties. Heads must be steady when filling out daily charts.

At this point I was sold on the whole deal. I had talked over the phone to the person who was on top of the list the day I joined. He was supposed to receive all the money that new members contributed that evening, and he told me he had already gotten over $300 and expected more tomorrow.

Then In talked to a Law student who had started one with 14 other friends and was already $250 richer. The number one man in that pyramid club was rumored to have picked up over $1000. He wouldn't say how much it really was.

The day before yesterday my $4096 bubble burst. We had another meeting in the Yard and the top man in our separate pyramid admitted that the newest members had been unable to talk anyone else into joining.

Harvard is pretty well turned out and the gullible already belong to one or more pyramids. Then the top man suggested that maybe we could slow everything down a day and thereby have an extra 24 hours in which to find recruits.

We decided that fresh blood outside the University was vitally necessary. We would try maids, ask men on the street, quiz gas station attendants. The top man vowed that the average citizen in lonely nowadays and will leap at any chance to attend parties and pick up easy money.

Last night, still short five new members, we were forced to close up our pyramid, and accept a $2 loss per person.

It could have been an easy way to a pick up $4096. Just go to a few parties and meet people. Why, I even heard of a guy in New York who got in a $5 club and made enough to retire for two years. . . .