Theory:

     He began to shout as if he had too much to drink. His voice was as loud as he could make it. He danced, he cried out.

     And the cop turned his back to Soapy, and said to a man standing near him, “It’s one of those college boys. He won’t hurt anything. We have orders to let them shout.”

     Soapy was quiet. Was no cop going to touch him? He began to think of the Island as if it were as far away as a star. He pulled his thin coat around him. The wind was very cold.
Explanation:
 
Suddenly, Soapy got an idea to execute his fourth plan. He began to shout as if he had drunk too much alcohol. To seek the attention of the cop, Soapy raised his voice as much as he could. He danced and yelled out loudly. He planned to create trouble and get caught by the police. But the policeman stopped looking at Soapy and said to a man standing near him as “It’s one of those college boys”. 'The boys were from “Yale's College,” which had recently defeated “Hartford College” in a football game. The college students were dancing and making louder noises to celebrate their victory'.* According to the officer, these people will shout louder and will not injure anyone else. The cop also stated that they had received orders from higher-ranking authorities to allow them to enjoy. Unfortunately, the cop had misunderstood "Soapy" as a college student. So he did not arrest him.
 
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Soapy yelled out to seek the attention of the cop

Even after making louder noises, the cop never minded him. So Soapy remained silent. Soapy thought to himself that “Was no cop going to touch him?” Soapy began to imagine the island as if it were as far away as a star. He compared the island to a star that seemed to be far away from him. The stars are miles away from the earth. Likewise, the island appeared to be far away from him. However, if he commits a crime, he will be very close to it. Later, he felt very cold as the cool breeze touched him. So he pulled his thin coat around him.
 
Meaning of the difficult words:
 
S.No
Words
Meanings
1
OrderAn authoritative command or instruction
2
QuietBecome silent, calm, or still
3
Nuisance A person or thing causing inconvenience or annoyance
4
Breeze A gentle wind
5
Shout Of a person utter a loud cry, typically as an expression of a strong emotion
Reference:
National Council of Educational Research and Training (2007). An Alien Hand. The Cop and the Anthem- O. Henry(20-29). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.