“By Jove, it is worse than I thought,” cried Malgam, with that certain pleasure bad news gives one when it is impressive and not personal. “Look here—the liabilities are said to amount to ten millions; the assets at present prices would not bring half that sum. The family of Mr. Phineas Tamms profess entire ignorance as to his whereabouts; but telegrams from reliable sources report his arrival at Montreal this morning.”
“No other houses believed to be as yet involved in the failure.” This latter news was read by De Witt with an air of some relief.
“I don’t know about that,” added another. “They held property for a great many people, to my certain knowledge.”
“Tamms was to have been arrested to-night,” Malgam read. “It is believed that a warrant has also been sworn out for Mr. Townley Junior.—I wonder where he is?”
It was noticeable that no one of them had yet mentioned old Mr. Townley’s name. The company broke up into little groups, each discussing the great failure; which were added to from time to time as new men came in with their quota of news. Even the Duval ball had ceased to be talked about; so soon is one man’s glory eclipsed by another man’s disgrace. But Lionel Derwent marked that not one kindly word was said for Tamms.
There was a slight sensation at the door of the room, as young Beverly White entered; for White was Remington’s partner, and had made much money in these last few days. Remington himself was not a member of the club; gossip had said that he could not get in, even though White had proposed him.
“Well, White, what news?” and the young men crowded round him.
“The news is that old Tamms has gone to smash, as I always said he would,” said White; and he sank into an easy chair and called for some soda-water with an air of languid indifference.
“Pshaw! we knew that before——”
“Why did you ask me, then?” said White. “If people will speculate with other people’s money——”