After having delivered this address, Mr Sawley affectionately squeezed the hands of his brother directors, and departed, leaving several of us much overcome. As, however, M'Corkindale had told me that every one of Sawley's shares had been disposed of in the market the day before, I felt less compunction at having refused to allow that excellent man an extra thousand beyond the amount he had applied for, notwithstanding of his broadest hints, and even private entreaties.
"Confound the greedy hypocrite!" said Bob; "does he think we shall let him Burke the line for nothing? No--no! I let him go to the brokers and buy his shares back, if he thinks they are likely to rise. I'll be bound he has made a cool five hundred out of them already."
On the day which succeeded the allocation, the following entry appeared in the Glasgow share-lists. "Direct Glenmutchkin Railway 15s. 15s. 6d. 15s. 6d. 16s. 15s. 6d. 16s. 16s. 6d. 16s. 6d. 16s. 17s. 18s. 18s. 19s. 6d. 21s. 21s. 22s. 6d. 24s. 25s. 6d. 27s. 29s. 29s. 6d. 30s. 31s. pm."
"They might go higher, and they ought to go higher," said Bob musingly; "but there's not much more stock to come and go upon, and these two share-sharks, Jobson and Grabbie, I know, will be in the market to-morrow. We must not let them have the whip-hand of us. I think upon the whole, Dunshunner, though it's letting them go dog cheap, that we ought to sell half our shares at the present premium, whilst there is a certainty of getting it."
"Why not sell the whole? I'm sure I have no objections to part with every stiver of the scrip on such terms."
"Perhaps," said Bob, "upon general principles you may be right; but then remember that we have a vested interest in the line."
"That's very well--at the same time it is no use to kill your salmon in a hurry. The bulls have done their work pretty well for us, and we ought to keep something on hand for the bears; they are snuffing at it already. I could almost swear that some of those fellows who have sold to-day are working for a time-bargain."
We accordingly got rid of a couple of thousand shares, the proceeds of which not only enabled us to discharge the deposit loan, but left us a material surplus. Under these circumstances, a two-handed banquet was proposed and unanimously carried, the commencement of which I distinctly remember, but am rather dubious as to the end. So many stories have lately been circulated to the prejudice of railway directors, that I think it my duty to state that this entertainment was scrupulously defrayed by ourselves, and _not_ carried to account, either of the preliminary survey, or the expenses of the provisional committee.