“And so it would have done,” replied the broker, “but Steel and the other stocks that are traveling with it behaved rather better than I had expected. So, as things stand to-night you and Delavan have, perhaps, a few hundred thousand dollars left out of the game. But if P. & Y., at the opening on the Board to-morrow, goes down to 65—well, Oliver, as the head of the bankers’ syndicate that has been furnishing money to the Delavan-Moddridge interests, suppose you tell what must happen.”
“If the stock drops to 65 to-morrow morning,” took up the banker, “our pool will have to call in the loans, Mr. Moddridge. Delavan and yourself will have to heave all your P. & Y. stock overboard in order to meet the call of the loans. Then, but not until then, as I understand Mr. Coggswell’s statement, you will both be cleaned out.”
“But that isn’t going to happen,” declared Francis Delavan, coolly lighting a fresh cigar and puffing slowly. “There have, of course, been all sorts of stories out that I’ve been robbing the P. & Y. railroad and that I’ve smuggled the money out of the country. But Johnson, our vice president, has had a firm of the most respected and trusted accountants in New York going over all the railroad’s accounts. By to-morrow forenoon the reports of the accountants will be ready, and will show that every dollar of the P. & Y.’s money is safe.”
“That will help,” replied Mr. Coggswell, “if the buying and selling public believe the statement at once. But you never can tell how small dealers in stocks will accept any report. They may think the move only a trick to bolster up confidence until the inside operators can slip out of their holdings in P. & Y. If that view is taken, the stock may fall off a dozen points in the first half hour that ’Change is open.”
“It can all be summed up in these words,” announced Banker Oliver, gravely. “Delavan, start P. & Y. going up in the morning, and you’re safe for a while, with a big chance for fortune left. But let the stock start downward at the opening to-morrow morning, and you won’t be able to get the stock up again in season to do you any good.”
Breathing hard, shaking all over, Eben Moddridge rose and left the council, tottering below and seeking his berth.
“Now that the poor, shaken fellow is gone,” murmured Francis Delavan, sending a sympathetic glance in the direction his friend had taken, “I’ll tell you, gentlemen, the plan I have for to-morrow.”
The council did not break up until an hour later.