Apparently it had. A minute later the stock leaped to 61, on large buying. Then it went three-eighths more. A buzz of excitement ran through the office, and the old-timers sat up in their seats. The stock went another quarter.
Montague heard a man behind him say to his neighbour, “What does it mean?”
“God knows,” was the answer; but Oliver whispered in his brother’s ear, “I know what it means. The insiders are buying.”
Somebody was buying, and buying furiously. The ticker seemed to set all other business aside and give its attention to the trading in Transcontinental. It was like a base-ball game, when one side begins to pile up runs, and the man in the coacher’s box chants exultantly, and the dullest spectator is stirred—since no man can be indifferent to success. And as the stock went higher and higher, a little wave of excitement mounted with it, a murmur running through the room, and a thrill passing from person to person. Some watched, wondering if it would last, and if they had not better take on a little; then another point would be scored, and they would wish they had done it, and hesitate whether to do it now. But to others, like the Montagues, who “had some,” it was victory, glorious and thrilling; their pulses leaped faster with every new change of the figures; and between times they reckoned up their gains, and hung between hope and dread for the new gains which were on the way, but not yet in sight.
There was little lull, and the boys who tended the board had a chance to rest. The stock was above 66; at which price, owing to the device of “pyramiding.” Montague was on “velvet,” to use the picturesque phrase of the Street. His earnings amounted to sixty thousand dollars, and even if the stock were to fall and he were to be sold out, he would lose nothing.
He wished to sell and realize his profits; but his brother gripped him fast by the arm. “No! no!” he said. “It hasn’t really come yet!”
Some went out to lunch—to a restaurant where they could have a telephone on their table, so as to keep in touch with events. But the Montagues had no care about eating; they sat picturing the directors in session, and speculating upon a score of various eventualities. Things might yet go wrong, and all their profits would vanish like early snow-flakes—and all their capital with them. Oliver shook like a leaf, but he would not stir. “Stay game!” he whispered.
He took out his watch, and glanced at it. It was after two o’clock. “It may go over till to-morrow!” he muttered.—But then suddenly came the storm.
The ticker recorded a rise in the price of Transcontinental of a point and a half, upon a purchase of five thousand shares; and then half a point for two thousand more. After that it never stopped. It went a point at a time; it went ten points in about fifteen minutes. And babel broke loose in the office, and in several thousand other offices in the street, and spread to others all over the world. Montague had got up, and was moving here and there, because the tension was unendurable; and at the door of an inner office he heard some one at the telephone exclaiming, “For the love of God, can’t you find out what’s the matter?”—A moment later a man rushed in, breathless and wild-eyed, and his voice rang through the office, “The directors have declared a quarterly dividend of three per cent, and an extra dividend of two!”
And Oliver caught his brother by the arm and started for the door with him. “Get to your broker’s,” he said. “And if the stock has stopped moving, sell; and sell in any case before the close.” And then he dashed away to his own headquarters.