“If he had sold my shares at the same time, there should have been a satisfactory margin?”

“Undoubtedly.  Extensive selling, however, shakes the confidence of speculators, and a man desirous of unloading would accordingly prefer everybody else to hold on.”

“I think I am beginning to understand now,” George said grimly.

“Then,” Singleton went on, “a new company was projected by the promoters of the first one, and I was sent out to report on its prospects.  At the last moment Mr. Lansing withdrew, but his associates sent me south again.  The slump he had foreseen came; nobody wanted rubber shares in any but firmly established and prosperous companies.  Lansing had cleared out in time and left his colleagues to face a crushing loss.”

“I don’t see how all this bears upon the subject,” George interrupted.

“Wait.  You may be thankful Lansing didn’t sell your shares.  I found that the company could be placed upon a paying basis, and, what is more, that the older one possessed resources its promoters had never suspected.  In fact, I discovered how its output could be greatly increased at an insignificant cost.  I came home at once with a scheme which has been adopted, and I’ve every reason to believe that there will be marked rise in the shares before long.  Anyway, there’s no doubt that the company will be able to place high-class rubber on the market at a cost which will leave a very satisfactory margin.”

George was conscious of strong relief.  It looked as if his loss would be small, and there was a chance of his stock becoming valuable; but another thought struck him.

“When was it that Herbert sold his shares?”

“At the beginning of last winter.”

“Shortly before we mentioned that you might come home,” West interposed pointedly.

This confirmed George’s suspicions; he could readily understand Herbert’s preferring that he should stay away, but he remembered that it was Sylvia’s letter which had decided him to remain in Canada.  In the statement left him, he had been charged with half of certain loans Herbert had made to her, and he wondered whether this pointed to some collusion between them.  He thought it by no means improbable.

“I understand that Herbert knows nothing about these new developments, and has no idea that the future of the two undertakings is promising?” he said.

Singleton laughed.

“Not the slightest notion.  If he suspected it, there would be nothing to prevent his buying shares; nothing will transpire until the shareholders’ meeting, which will not be held for some time.  Lansing retired and sold out, because he was convinced that both companies were worthless.”  He paused and added dryly:  “I can’t see why we should enlighten him.”

“Nor can I,” responded George; and West nodded.

“Then,” said Singleton, “when Lansing learns the truth, it will be too late for him to profit by the knowledge.  I believe he has thrown away the best chance he ever had.”