port. Mrs. Stanley's one million two hundred thousand dollars worth of real estate had been sold to net her—after debts were paid—just ten thousand dollars. She was aghast. It was with the greatest difficulty that she controlled the expression of her face. Boyd smiled at her grimly.
"I know perfectly what you are thinking, Mrs. Stanley," he observed. "I may say that I anticipated it; and it is a matter of indifference to me. I want to call your attention to three things: one is that your original property is intact; the second is that you have made ten thousand dollars out of nothing; and the third is my recommendation to you to observe your friends and see how they come out."
It took Mrs. Stanley a long time to get over the shock, and still longer to come to a realization that she had not been sacrificed. Boyd's third recommendation finally swung her to the truth. Those who decided to sell, as has been said, reduced their prices too slowly to keep down with the dropping demand. They arrived this week where they might have sold last week. And of the few who, as Boyd with Mrs. Stanley's holdings, knew enough to come down to cash prices of from 25 per cent. to 35 per cent. off paper value, many were frustrated by their agents. The latter almost invariably hung on—in secret, of course—hoping to pocket the difference between the old price and the new. Thus time was wasted until it was irretrievably too late.
And now of course money tightened. Huge amounts were still going out for materials on the senseless improvements everywhere being made; greater sums were going for jewels, silks, carriages, furniture, fancy harness and luxuries, long since bought but only now being paid for; and still vaster necessary expenditures for foodstuffs that should have been raised at home. To offset this outflow of cash was one source—the money brought in from outside in the pockets of the tourists. This source suddenly choked up.
And the banks began to press for their money.
Americans are quickly adaptable, and can see the point promptly. They wasted very little time bewailing the situation. Evidently they had to get to work; so to work they got.
