“Accountants have just finished going over the statements of the P. & Y. There’s not a dollar short anywhere. The road is as sound as a good nut.”
That information, backed by the reputation of the accountants, sent a small squad scurrying off to buy if more P. & Y. were offered at low prices.
“A thousand shares at 67!” shouted one of those who offered to buy.
“Wanted, two thousand, at 67½!” called another.
“Bosh! That’s only a trick played by those who are ‘long’ to get a little more for their paper!”
Thus belief and disbelief eddied and surged backward and forward.
Some small sales were made at a fraction above 68. Then, like a thunderclap came the offer:
“Ten thousand P. & Y. at 66!”
Five minutes later the stock was being offered at 65½ with few takers.