"Circulation going down every day," added Petipomme, with an air of wisdom.
"And pray, gentlemen, did you ever know it otherwise at this season?" cried Ralph, eager to score any point an injudicious speaker might put in his way. "Look into the government returns for last year, look into them for any year, and you will find the circulation of the country reaches its lowest points in August and February. It has several weeks to go on diminishing yet, but it is larger than it was this time last year. Wait till September, and you will see it go up and increase steadily till it reaches its highest point in November. The thing is as regular as the seasons, and no resolution this board can pass will alter it."
"All very true, President," said Seebright; "but this drain of the reserve must be stopped somehow. How do you propose to do it? We must contract--realize. Where shall we begin to prune?"
Ralph was silent. He wanted to borrow more, and with the particulars of the account actually on the table, it seemed best not to excite ill-will by proposing to impose a reduction on any one else. Jowler had taken up a share list to cover his chagrin under Ralph's attack; he now laid it down with a loud "Hillo! St. Euphrase mining shares down four per cent since yesterday! What's up, President? Things going badly?"
"I walked down street with old Mr. Premium this morning," said Petipomme--"parted from him not half-an-hour ago. He says there's something up, he could not make out what, but some villager had been to him, eager to sell out at once, and at any price. The man was very close and would say nothing, but he was so eager that Premium grew panicky and was going to unload."
"The bank has made you an advance, President, on some of that stock," cried Jowler. "Four per cent off the security at one drop! I call on you to put up a fresh margin."
"I scarcely think you will consider that necessary, gentlemen, when I tell you that, at the meeting held this morning, the directors have agreed to declare a dividend of five per cent. It will be in all the papers to-morrow. You will find the announcement on your table, Mr. Seebright, when you get back to your office, and an advertisement for to-morrow's issue."
"Five per cent?" said Petitôt, congratulating himself on not having joined in the late attempted onslaught. "Is not that unexpected? I have heard no word of it."
"It was only decided this morning, and we agreed to declare it at once, so that bonâ fide shareholders should reap the advantage rather than mere speculators."
"And it is not known yet?" asked Petitôt eagerly. "But it will be, in an hour's time," he added, answering himself. "Gentlemen! I think there is no other business before the board. I declare the meeting adjourned to this day next week;" and, seizing his hat, Mr. Petitôt was gone, and half-way across the street to his broker's before any of his brethren could have interposed a word, which, however, none of them seemed wishful to do. Such a rush for hats and general stampede had never been seen before; the assistant cashier, who wrote the minutes, found the room deserted, when he laid down his pen, by all but the president, and the roll of bills, which should have been shared among the several gentlemen, still before him--an unprecedented circumstance.