And, in effect, the bearing operation commenced. Next day, heavy sales were effected for delivery in three weeks; and the stock, as if water- l ogged, began to sink. The same thing continued for the following two days, until the premium became nearly nominal. In the meantime, Bob and I, in conjunction with two leading capitalists whom we let into the secret, bought up steadily every share that was offered; and at the end of a fortnight we found that we had purchased rather more than double the amount of the whole original stock. Sawley and his disciples, who, as M'Corkindale suspected, were at the bottom of the whole transaction, having beared to their hearts' content, now came into the market to purchase, in order to redeem their engagements.
I have no means of knowing in what frame of mind Mr. Sawley spent the Sunday, or whether he had recourse for mental consolation to Peden; b ut on Monday morning he presented himself at my door in full funeral costume, with about a quarter of a mile of crape swathed round his hat, black gloves, and a countenance infinitely more doleful than if he had been attending the interment of his beloved wife.
"Walk in, Mr. Sawley," said I, cheerfully. "What a long time it is since I have had the pleasure of seeing you--too long indeed for brother directors! How are Mrs. Sawley and Miss Selina? Won't you take a cup of coffee?"
"Grass, sir, grass!" said Mr. Sawley, with a sigh like the groan of a furnace-bellows. "We are all flowers of the oven--weak, erring creatures, every one of us. Ah, Mr. Dunshunner, you have been a great stranger at Lykewake Terrace!"
"Take a muffin, Mr. Sawley. Anything new in the railway world?"
"Ah, my dear sir,--my good Mr. Augustus Reginald,--I wanted to have some serious conversation with you on that very point. I am afraid there is something far wrong indeed in the present state of our stock."
"Why, to be sure it is high; but that, you know, is a token of the public confidence in the line. After all, the rise is nothing compared to that of several English railways; and individually, I suppose, neither of us has any reason to complain."
"I don't like it," said Sawley, watching me over the margin of his coffee-cup; "I don't like it. It savours too much of gambling for a man of my habits. Selina, who is a sensible girl, has serious qualms on the subject."
"Then why not get out of it? I have no objection to run the risk, and if you like to transact with me, I will pay you ready money for every share you have at the present market price."
Sawley writhed uneasily in his chair.
"Will you sell me five hundred, Mr. Sawley? Say the word and it is a bargain."
"A time-bargain?" quavered the coffin-maker.
"No. Money down, and scrip handed over."
"I--I can't. The fact is, my dear young friend, I have sold all my stock already!"
"Then permit me to ask, Mr. Sawley, what possible objection you can have to the present aspect of affairs? You do not surely suppose that we are going to issue new shares and bring down the market, simply because you have realised at a handsome premium?"
"A handsome premium! O Lord!" moaned Sawley.
"Why, what did you get for them?"
"Four, three, and two and a half."
"A very considerable profit indeed," said I; "and you ought to be abundantly thankful. We shall talk this matter over at another time, Mr. Sawley, but just now I must beg you to excuse me. I have a particular engagement this morning with my broker--rather a heavy transaction to settle--and so--"
"It's no use beating about the bush any longer," said Mr. Sawley, in an excited tone, at the same time dashing down his crape-covered castor on the floor. "Did you ever see a ruined man with a large family? Look at me, Mr. Dunshunner--I'm one, and you've done it!"
"Mr. Sawley! Are you in your senses?"
"That depends on circumstances. Haven't you been buying stock lately?"
"I am glad to say I have--two thousand Glenmutchkins, I think, and this is the day of delivery."
"Well, then, can't you see how the matter stands? It was I who sold them!"
"Well!"
"Mother of Moses, sir! Don't you see I'm ruined?"
"By no means--but you must not swear. I pay over the money for your scrip, and you pocket a premium. It seems to me a very simple transaction."
"But I tell you I haven't got the scrip!" cried Sawley, gnashing his teeth, while the cold beads of perspiration gathered largely on his brow.
"That is very unfortunate! Have you lost it?"
"No! the devil tempted me, and I oversold!"
There was a very long pause, during which I assumed an aspect of serious and dignified rebuke.
"Is it possible?" said I, in a low tone, after the manner of Kean's offended fathers. "What! you, Mr. Sawley--the stoker's friend--the enemy of gambling--the father of Selina--condescend to so equivocal a transaction? You amaze me! But I never was the man to press heavily on a friend"--here Sawley brightened up. "Your secret is safe with me, and it shall be your own fault if it reaches the ears of the Session.
Pay me over the difference at the present market price, and I release you of your obligation."
"Then I'm in the Gazette, that's all," said Sawley, doggedly, "and a wife and nine beautiful babes upon the parish! I had hoped other things from you, Mr. Dunshunner--I thought you and Selina--"
"Nonsense, man! Nobody goes into the Gazette just now--it will be time enough when the general crash comes. Out with your cheque-book, and write me an order for four and twenty thousand. Confound fractions! In these days one can afford to be liberal."
