Raab, "to turn over your check to us for $1,800,000?''

Percy stared at him, bewildered.

Anstruthers laughed aloud.

Mr.

"My dear Mr. Raab," he said, “I fear you are somewhat startling in your communication."

To Percy he said:

"It means that your proposition has been accepted and that I am ready to associate myself with your enterprise."

"And, Mr. Dunbar," added Mr. Raab, "it also means that we have purchased for Mr. Anstruthers' account 65,000 shares of Universal, and for yours 36,000-at the average price of 50."

Percy was dumbfounded.

Reaching out

rather uncertainly, he sat down to regain possession of himself.

CHAPTER XI

A FLEDGLING TRIES HIS WINGS

THERE was consternation in the office of C. C. Edgar & Co. on the afternoon of the day Dunbar had concluded his transaction in the banking house of Cohen, Raab & Co.

With the approval of Mr. Anstruthers, Percy had published a card, addressed "To Whom It May Concern," in which he denied sympathy with or participation in the bear raid on Universal stock, condemned the movement as an unprincipled attack on an excellent property and affirmed, with emphasis, the financial integrity of the Universal Supply Company, the real value of whose stock he declared he believed to be not less than par. It was not this card, however, that caused the anger and dismay of C. C. Edgar. the interview with Percy that Joe Hackett had written. In this, though he mentioned no names, Percy made a direct attack on what he called the forces that had been in control of the company, which, he said, had deliber

It was

ately depreciated the value of its stock in a manipulation of the market for money-making purposes only. He admitted that, in a panic, when he had come to understand the real meaning of the shutting down of the works, against which he had protested, but which had been ordered by the executive committee, he had sold his stock. He declared, however, that he had sought alliances to rescue and preserve the property, and that he could assert, with great satisfaction, that such had been done with the aid of Mr. Samuel Anstruthers and Mark Pollock, since together they owned and controlled more than a majority of the stock. He promised that Universal would not longer be a football in the stock market.

As Mr. Raab had predicted, C. C. Edgar at once appreciated, in its entirety, the meaning of this movement, through the mention of Mr. Anstruthers's name. The interview had not appeared in the paper until after the close of the board for the day, and so had no influence on the stock, which had closed at 44, despite a desperate drive in the closing hours to send it below 40 again.

"I knew something was in the wind,” said Van Zandt to one of Edgar's partners. "Universal was obstinate this afternoon. You couldn't beat it down. Such things get into

the air somehow, no matter how secretly you work. People know while they don't know.'

Mr. Edgar did not rave or rage when he read the interview. He was exceedingly quiet. This was ominous to those who knew him best. To them it meant that he had been hit hard and they knew also that he was never so dangerous as when so mild-mannered and deliberate. It was over small things only that he raged.

"Cohen-Raab is behind this move," he said to Van Zandt, whom he had called to consultation. "That young scamp Dunbar has sold me out. I thought I had him fast. That was my mistake. I should not have unloaded so completely, but I thought I could clean up a million or more on that head. It makes one more long mark against that Cohen-Raab interest. I see Raab's hand in this. I'll crush that popinjay Dunbar, and Raab may find he's bought a load of stone, not a live property. But the first thing, Van, is to attend to present things. How much can we clean up as matters are?"

"What with covering the shorts the first thing and taking advantage of a bull movement-a million. That is, if the bear campaign is over."

"That's done," said the great man. "It will be all over the Street to-morrow that I

have lost control-that it has passed to Cohen-Raab. That interest is strong with the public. It believes in those d-d Jews. They chose their time well to show their hand. The public will have all night to chew over it. The market will open strong in the morning. I'll attend to this printed stuff of this popinjay scamp, Dunbar. You look after the rest. This war has just begun."

For some time he sat with his chin on his breast and the others waited.

"That fellow wants money, that's all," he said at length. "If he'll sell out one he will another. We may save the day yet."

Calling a clerk he told him to get Doyle Mason on the telephone and inform him that Mr. Edgar must see him at the earliest moment. Then he asked if Mrs. Stanford had called on him during the day. On being informed that she was then waiting to see him he dismissed all from the room and directed her admission.

"The old man is not dead yet," whispered one of the younger partners to Van Zandt. "A man

"Dead?" snorted the broker.

who can clean up a million on a deal has not been killed. C. C. has won and lost too many battles to be killed easily. But his pride is hurt. For the first time a property has been