"I did as I was directed by Edgar," replied Percy, surlily. "It is done daily in business."

The elder man sought a match as he replied:

"According to the code of organized society -I do not indorse it-murder is none the less a crime because frequently indulged in. As to that shining light of organized society, Edgar, his responsibility in Universal nowhere appears. It is you who take that oath organized society regards as so sacred, and for the violation of which it assumes the right to punish. Now, all this unwisdom of yours leads to a physical and moral restraint of your liberty, which that lying document, the Declaration of Independence, says is the inalienable right of mankind. You are now morally restrained of your liberty. Edgar has you bound, hand and foot-metaphorically, of course."

"I know, I know," responded Percy impatiently. "That's the real trouble I am in. His name nowhere appears in the affairs of the company, yet he controls every move. It's galling. He is in full control now, and yet, at this moment, I do not believe he owns a share of Universal. Unloaded on an unsuspecting market. He controls by controlling the pigmies who hold the offices."

Percy flirted his hands before taking a

cigar from the box. It was a gesture of indifference. Then he said:

"It is this way. Edgar took over half the shares as payment for financing the project. Pollock and I took 20,000 figured at 30 for our patent-right. The rest, I suppose, was doled out as bonus with the bonds or distributed among Edgar's creatures who are our directors."

"A beautiful system, this modern finance," purred the elder man. "The enterprise built up solely on the proceeds of the bond issueborrowed money-and the property possessed and controlled by those who have invested nothing. Beautiful! Beautiful!"

He laughed aloud, stopping suddenly to

say:

"Percy, what you ought to do is to refuse to be any longer a partner of the scheme. That would be morality. What you will do, my young friend, will be to unload and take the chances of a return. That will be immorality. And that you have determined to do. What troubles you is your slavery to Edgarthe hold he has on you because of those reports. But what about Pollock?”

Up sprang the vision of contented Mrs. Pollock with her surrey full of happy children, and with it the picture of Kitty Van Zandt pleading for pardon because he was so noble

and generous.

spair.

He held up his hand in de

"Oh, don't!" he pleaded.

trusts me-me!"

"And the man

The elder man found his match-box and took a match, pausing to drawl out:

"Ye-es. Great nuisances, these sensations of the obligations of honor."

A thought seemed to strike him, and he stepped to the table where Percy, with both elbows on it, rested his chin on his hands in gloomy discontent, and asked:

"What value would you put on the patentright if some one wanted to buy it?"

"What value?" repeated Percy, without raising his head. "Without it Universal would be worth only some parcels of land, a heap of scrap-iron and some bricks and mortar."

66

Charged up as an asset of $600,000, what they gave you for it when untried.

But now, its great value demonstrated, what about its appreciation?"

Percy looked up wildly.

"I'm a fool!" he exclaimed.

William Wiswall nodded with bright approval.

"I'm not fit to be out of leading strings, Percy went on. "There's a trick of Edgar's. It's not charged as an asset at all."

He rose, his face radiant. He grasped his hat and with a brief good-by hurried from the

room.

William Wiswall smiled at the haste of his nephew, struck the match and lit his cigar.

CHAPTER IV

DRIVEN TO SHELTER

WHEN the president of the Universal returned to his office he found the Brooklyn politician, Doyle Mason, awaiting his return.

Dunbar was not familiar with his personality and perhaps had no impressions concerning him beyond the fact that he was a person of undoubted influence. Yet he was conscious of a sensation of surprise when he saw the well-set-up, carefully-cared-for figure of a man of medium height, approaching middle age, well dressed, but not lavishly, and whose face bore no evidence of his reputation for shrewdness and cunning, unless it was to be found in a pair of bright and alert eyes, in which showed, however, no evasion.

Dunbar did not stop to consider what sort of person he had supposed he would meet, but led him into his private room, where, without ado, he delivered Edgar's message to sell Universal short, adding that if Mason had doubt as to the advice he should go to Edgar.