Percy laid back in his chair and roared aloud, as he cried:

"Joe, you'll be true to yourself to the indefinite end.''

"I am one of the fellows that got near enough to the fire to have his finger-tips warmed," laughed Joe. "But, old man, I'm a socialist, all the same, with a tongue hung in the middle."

He went off with his check.

In the months that followed, the constituent companies were lost sight of swallowed up in the Great National, which company filled the public eye. So much was written of it in the daily papers that when the stock and bonds were placed on the market, the stock immediately rose above par and the bonds went to a premium. The great public bought the stock greedily.

All this had its influence upon Percy, bringing a change in his bearing and manner. He moved with a greater air of dignity and authority. He abandoned the horsecars and rode in his private conveyance. Avoided public places and hid himself at his clubs. It no longer was easy to approach him and he was open only to a few. Yet when he was reached there seemed to be no haughtiness or arrogance in his manner. His office was in the apartments of the Great National, where he

devoted much time to the affairs of the company. In the meantime he began the erection of a palace on Fifth Avenue opposite Central Park, of which Mabel was to be mistress, for their nuptials were only awaiting its completion. And he acquired an estate on Long Island, like other millionaires.

In two months time it looked as if Mr. Morton's prediction would be justified. Great National increased in price, but Percy was satisfied that some power was keeping it up. Acquaintance with the affairs of the great corporation did not give him satisfaction. Examination convinced him that the Eastern property especially was not worth the value placed on it, and the National did not measure up to his standard. The Universal plant was largely carrying the whole, and he was far from being satisfied with the administration of the great property. Then, he could not shut his eyes to the fact that there was much water in the stock. He said nothing, but began to unload his own gradually. Indeed, he began early and by the time 120 had been reached had sold 80,000 shares at an average of 110, holding 21,000. When 120 was reached he persuaded Mark Pollock to sell 8,500 shares and place the proceeds, $1,000,000, in a trust for his wife and children, leaving $800,000 yet invested. He advised Doyle Ma

son to sell out entirely, whereby that politician realized half a million, which, he said, he owed to Percy's friendship. This he did with Frank Elbert, who was yet his secretary. "You will be independent, at least," he said to Frank, "and there's safety in it." The six thousand shares of Mabel he sold without consulting her, and turning over the proceeds said: "I'll say to you what I have said to none. Morton, by his power alone, is holding Great National above par. The intrinsic value is not there. The country is prosperous, but if there should be a setback the stock would drop below the line of par."

The summer of 1900 came and passed. Great National reached 125, and held that figure. Percy felt that he was safe housed and could await developments with a stout heart, while he summered in pleasant places with Mabel.

CHAPTER XXV

A MOMENTOUS ENTERPRISE

WHEN, in the middle of September, with other summer idlers, Percy had returned to the city, he was confronted by conditions materially changed from those existing when he had left town.

He was prepared to find business less than was anticipated in the winter-that orders had fallen off, for weekly reports had followed him to his resting-place-but not to find it so bad as it really was. A presidential campaign had been entered on. The vested interests were apprehensive before the apparent rising tide of popularity of the candidate declaiming up and down the country against the money power. Business generally was halted, and the prices of stock had declined. Great National had slipped down to 110. And Henry Morton was abroad. A glance over the financial ground showed him that where the various great groups were not irresolute they,

were placing themselves in a position where they could endure a storm.

Mentally hugging himself that he had been so wise to unload 80,000 shares in the early summer, and laying the flattering unction to his soul that he had exercised a wisdom greater than those with whom he had been in association, he turned to consideration as to how he could advantage himself in the present and impending conditions. In taking account of stock, he determined that he had over 21,000 shares of Great National registered at the Amity Trust Company, the values of which were dependent on the fluctuations of the market; $2,000,000 tied up in outside investments or unavailable; and $7,000,000 in hard cash, which he had not invested after realization in the early summer. The question with him What were the advantages he could What were the impending conditions? Chance threw him into a meeting with Sharpe, the great bear. Leading that power to talk of the prospects, Percy learned that, in the opinion of the shrewd man, the conditions were all making for a bear market, the political situation being the great factorgreater even than the crop reports which were not so promising as those of the summer had led people to believe. This conversation and others he had with men of finance made him

was:

take?