useless, and an efficient contribution to its publication. I shall not talk about a libel suit, although there would be in its publication abundant basis for one. No; I shall convince you that the story should not be published. In order to do this I must tell you another story, which can be, and will be, supported by proof, step by step. But as a first consideration, I must have your assurance that it will be considered by you a confidential communication."

The assurance being given by Joe, Percy, with an art he did not until then know was his, and, with a dramatic power Joe would never have credited him with possessing, told the story of Mabel Stanford's life, her wrongs and her revenges; of C. C. Edgar, his crimes and misdeeds; of Universal and the effort to wreck it, and of himself and the endeavors to ruin him-Percy. There were no reserves , in the telling. Too great an artist, he withheld not a single point. His effort was to impress Joe's mind with the absolute truth of the tale he told.

Joe followed the recital with an interest that was breathless.

"Now you will perceive," said Percy, in conclusion, "wherein your story errs. That Mrs. Stanford operated in the Street and made a large sum of money, is not to be de

nied. It is not. There is no crime in it if she did. No matter what some people may think as to the propriety of a woman engaging in speculation, there is nothing therein which will smirch the character of a woman who does. You talk of Mrs. Stanford's betrayal of Edgar. I have shown you the provocation. If I have gained the right sense of your story, you have set forth-let me face it boldly and courageously-that the betrayal is due to the fact that she had transferred her affections which were illicit to a young man, an enemy of Edgar, and the head of a large property-that's me the insinuation being that she occupied previously such relations with Edgar. That, I have shown you is not true in any way, and James Durbin, the great lawyer, can assure you that when faced by Mrs. Stanford, in his presence and mine, C. C. Edgar did not dare to affirm that Mrs. Stanford was other than a virtuous woman. Now, if you assert that Mrs. Stanford betrayed Edgar, you must state the provocation and the reason. And I say again neither you nor your paper can afford to utter the libel."

"My God! What a story! What a story! What a revelation of crime, trickery, meanness, courage, devotion and triumph it is! Mrs. Stanford is a trump, even if her meth

ods are not at all to be admired, but, old man, you've spoiled a beautiful story."

"You cannot publish the story?"

"The paper can't. When they hear the other side, they won't. Oh, well, hang it, the best story I have had in a year goes by the board. And I can't use the other, which is even better. I tell you, Percy, my theory about newspapers is correct. So far from being institutions for the dissemination of news, newspapers are repositories for the secrets of the elect."

'Are you still of the opinion, Joe, that I can't marry Mrs. Stanford?" asked Percy.

"You'd be a brute if you didn't. But for her you would have been in the dark, dank mud."

"Then you have reparation to make, Joe. You must attend the little dinner Mrs. Stanford wants to give this afternoon to your friends, the Elberts, at the Lake.”

To this, after some demur, Joe consented. Percy had carried both his points, but Joe made him uneasy with the suggestion that there was danger of the story finding its way into print, since Carmack, the Universal director, who had given it to him, seemed anxious to have it published. Percy realized then that it was a movement of Edgar's-a bomb he had left to be exploded after he left these

shores. He saw the sword of Damocles over the head of Mabel Stanford. And he saw what the future had in store for him.

The dinner was held, and all was very merry. The gayest among them was Mabel Stanford, to whom Percy said not a word of the battle he had waged for her. That night he journeyed to the city and when he set out for his return, Carmack had spent an unhappy and frightened half hour. was not certain that he had scotched the snake.

Yet Percy

more than

CHAPTER XVIII

JEW AND GENTILE JOIN HANDS

THE vacation of J. Percival Dunbar was cut short in an unexpected manner. Early in September the stock market discovered signs of unusual activity. In the second week of the month brokers and operators came hurrying in from seaside and mountain-top, while juniors on deck flashed to seniors abroad the tidings of "a bull movement, strongly supported, Universal the leader." The financial columns of the dailies pointed out that, "while the whole list showed a strong disposition to advance, the great industrial, Universal, which had been the object of a bear raid in the spring, was showing great strength. The general advance was attributed to the prosperity of the country and the excellent crops; the leadership of Universal, to the declared policy of the new control to take its stock out of speculation. Among those who returned hastily was C. C. Edgar. He visibly took command of his forces.