Part 31 (1/2)

”Will you bring me the extract of our working expenses that I asked you to make out?”

The clerk came back with a sheet of figures, which Herbert handed to his visitor with one of the books, and the man spent some time carefully examining them.

”Everything looks satisfactory; I've no fault to find,” he said at length. ”But I feel very sore about your giving up the new undertaking.”

”It can't be helped,” explained Herbert. ”If it's any comfort to you, I dropped as much money over preliminary expenses as you did.”

After a little further conversation, his visitor left and Herbert resumed his work. On the whole, the interview had been less embarra.s.sing than he expected, and though it was likely that the rest of his colleagues would call and expostulate, he was ready to meet them. His excuse for abandoning the project was, on the face of it, a good one; but he had no thought of giving these men, who were largely interested in the original company, a word of warning. It was undesirable that they should sell their shares until he had disposed of his. They had, he argued, the same opportunities for forecasting the course of the market and gaging the trend of investors' ideas as he enjoyed, and if they did not make use of them, it was their fault. The stock had reached a satisfactory premium, which was all that he had promised; he could not be expected to guarantee its remaining at the high level.

During the next three or four weeks his broker sold out his shares in small blocks, and when the quant.i.ty had been largely reduced, Herbert decided that he would dispose of those he had purchased on George's account. Though there were signs of a diminis.h.i.+ng interest in such stock, values had scarcely begun to fall, and having made his position secure, he did not wish his cousin to incur a loss. Accordingly he sent instructions to sell another lot of shares.

He was very busy the next day when a telegram was brought him, but he sat still for some minutes considering it. The market, it stated, had suddenly fallen flat, and as prices were giving way sharply, further orders were requested. The change Herbert had foreseen had come a little sooner than he had expected. He still held some shares, which he had thought of keeping, because it might, after all, prove judicious to retain a degree of control in the company, and having sold the rest at a good profit, a moderate fall in their value would be of less consequence. The drop, however, was marked, and he decided to further reduce the quant.i.ty standing in his name, instead of realizing those belonging to his cousin. George must take his chance; and the market might rally. As a result of these reflections he wired his broker to sell, and in a few hours received an answer.

”_Sale effected within limit given, market since broken badly, expect slump_.”

Herbert saw that he had acted with prudence, though it was evident that his cousin had incurred a serious loss. He was sorry for this, but it could not be helped.

A few days later he was sitting beside the fire at home after his evening meal when Sylvia entered the room in his wife's absence. She stood near the hearth, examining some embroidery in her hand, but she looked up presently, and it became evident that she had been reading the papers.

”There seems to be a sharp fall in rubber shares,” she said. ”Will it affect you?”

”No,” replied Herbert, ”not seriously.”

”I suppose that means you must have antic.i.p.ated the fall and sold out--unloaded, I think you call it--in time?”

Herbert did not wish to discuss the matter. He had already had one or two trying interviews with his business colleagues, and the opinions they had expressed about him still rankled in his mind. He was not particularly sensitive, but the subject was an unpleasant one.

”Something of the kind,” he answered. ”One has to take precautions.”

Sylvia laughed.

”One could imagine your taking them. You're not the man to be caught at a disadvantage, are you?”

”Well,” he said dryly, ”it's a thing I try to avoid.”

Sylvia sat down, as if she meant to continue the conversation, which was far from what he desired, but he could not be discourteous.

”Had George any shares in your company?” she asked.

There was no way of avoiding a reply, without arousing her suspicions; Herbert knew that she was keen-witted and persistent.

”Yes,” he said, ”he had a quant.i.ty.”

”Have those shares been sold?”

This was a more troublesome question, but Herbert was compelled to answer.

”No; not yet. It's unfortunate that the market broke before I could get rid of them, but it may rally. I'm rather disturbed about the matter; but, after all, one has to take one's chance in buying shares.

Dealing in the speculative sorts is to a large extent a game of hazard.”