n and patent to the public, which premature disclosure might have
interfered materially with the preparation of our traffic tables, not
to mention the marketable value of the shares. We therefore kept him
steadily at work out of Glasgow, upon a very liberal allowance, to
which, apparently, he did not object.

"Dunshunner," said M'Corkindale to me one day, "I suspect that there is
something going on about our railway more than we are aware of. Have you
observed that the shares are preternaturally high just now?"

"So much the better. Let's sell."

"I did so this morning, both yours and mine, at two pounds ten shillings
premium."

"The deuce you did! Then we're out of the whole concern."

"Not quite. If my suspicions are correct, there's a good deal more money
yet to be got from the speculation. Somebody had been bulling the stock
without orders; and, as they can have no information which we are not
perfectly up to, depend upon it, it is done for a purpose. I suspect
Sawley and his friends. They have never been quite happy since the
allocation; and I caught him yesterday pumping our broker in the
back shop. We'll see in a day or two. If they are beginning a bearing
operation, I know how to catch them."

And, in effect, the bearing operation commenced. Next day, heavy
sales were effected for delivery in three weeks; and the stock, as if
water-logged, began to sink. The same thing continued for the following
two days, until the premium became nearly nominal. In the meantime, Bob
and I, in conjunction with two leading capitalists whom we let into the
secret, bought up steadily every share that was offered; and at the end
of a fortnight we found that we had purchased rather more than double
the amount of the whole original stock. Sawley and his disciples, who,
as M'Corkindale suspected, were at the bottom of the whole transaction,
having beared to their hearts' content, now came into the market to
purchase, in order to redeem their engagements.

I have no means of knowing in what frame of mind Mr. Sawley spent the
Sunday, or whether he had recourse for mental consolation to Peden;
but on Monday morning he presented himself at my door in full funeral
costume, with about a quarter of a mile of crape swathed round his hat,
black gloves, and a countenance infinitely more doleful than if he had
been attending the interment of his beloved wife.

"Walk in, Mr. Sawley," said I, cheerfully. "What a long time it is
since I hav