He indicated some books on a neighboring shelf; and then added, when a clerk appeared:
"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 embarrassing 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 quantity 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 diminishing 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 quantity 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.