As the four watchers in the gallery looked on, a howl suddenly went up from the floor:
In lower tones men on the floor of the Exchange below were talking over the latest information supplied by the newspapers. It was believed by many that Francis Delavan had looted the railroad of which he was president, and that a vast sum of the stealings was hidden securely abroad.
“It’s a bad stock to deal in anyway, at present,” muttered one of the brokers below. “I have advised all of my clients to keep away from it.”
“If the run is based on false information, someone is going to reap a heavy profit when the stock begins to soar again,” remarked another broker.
“It won’t soar in a year. There’s something peculiar and rotten behind the whole business. The road won’t amount to anything until it has been reorganized by another crowd.”
Just then an agile young man hurried out on the floor, holding in his hand the earliest edition of an evening paper. He called out something to those nearest him. Instantly there was a rush, others crowding about the bearer of the newspaper.
“Accountants have just finished going over the statements of the P. & Y. There’s not a dollar short anywhere. The road is as sound as a good nut.”
That information, backed by the reputation of the accountants, sent a small squad scurrying off to buy if more P. & Y. were offered at low prices.
“A thousand shares at 67!” shouted one of those who offered to buy.
“Wanted, two thousand, at 67½!” called another.
“Bosh! That’s only a trick played by those who are ‘long’ to get a little more for their paper!”
Thus belief and disbelief eddied and surged backward and forward.
Some small sales were made at a fraction above 68. Then, like a thunderclap came the offer:
Five minutes later the stock was being offered at 65½ with few takers.
A man entered the visitors’ gallery, taking a swift, careless look at the others. It was Justin Bolton, but, as he had reason to be sure that Francis Delavan was hundreds of miles out to sea, Bolton nodded coldly to Coggswell, merely glanced at the boys, and turned to a seat at some distance.
Now the Bolton brokers were hurling short stock in, in thousand, two-thousand and five-thousand lots, trying to break the price below 65. There were takers, for the newspaper report made many buyers look upon P. & Y. as a fair bargain at 65.