"You received a message from me?" she asked when they were seated.

Percy was about to reply that he had and only on that day, but caught himself and replied with a simple affirmative.

"And you acted upon it?" she asked.

"I do not own a single share of Universal," was his answer.

"That is very well," she went on. "Did you advantage yourself of the information to sell short?"

"Let me be frank with you, Mrs. Stanford," said Percy. "I am in a maze in this affair. There is absolutely no reason why Universal should drop in price. I had determined to sell and did sell my holdings before I received your message, because I had learned that which frightened me. I am an instrument in something that is going forward, but what part I am playing I am by no means certain. You, apparently, are better informed than I am, and, therefore, I do not betray confidence when I say that I understand that the stock will be forced down to 40. I was afraid—am afraid that if it is put down to that figure the bottom will drop out of it. So I protected myself."

Mrs. Stanford rested both elbows on the arm of the chair nearest Dunbar, bent her brows in deep thought for a time, giving

Percy an opportunity to study her as a very pretty picture and admire her arms. She roused herself and said:

"I am much better informed than you aremuch better. Indeed, you are an innocent in this matter. You don't know, then, that this is something more than a mere manipulation of the stock for money-making purposes? That it is a direct effort to wreck the company for a reorganization?"

Percy fairly jumped from his seat. But he recovered himself, and, begging her pardon, asked if she were trying to frighten him.

"Yes," she replied, "if the final effect will be to open your eyes and suggest to you a course of action. Of course, I know that you are thinking that I am a woman and do not know what I am talking about. But I do. Now let me say this to you. It is proposed to crowd you out and build up anew under other auspices. You have not been as pliable as has been desired. They did not desire to have you go out empty-handed and so you were given an opportunity to get out with what you had. I hoped you would take the advantage open to you. I am doing so, and shall make a fortune before I am through. To-morrow the stock will be persistently hammered and it is more than probable that selling orders will be pouring in from all the poor lambs who

were unloaded on. It will fall to 60 to-morrow."

She was thoughtful for a time and continued:

"You may wonder why I tell you this. Well, I have my reasons. Go home and think earnestly of what you ought to do. To-morrow you will see that I have predicted truthfully. Then come and see me to-morrow night and tell me what course you have thought out. And don't think for one moment that selling short now is the course. It is the getting together of all the available funds you can and extending your financial resources."

Percy went the long distance to his Manhattan home in such a frame that it might well have been called confusion of mind, for he was hardly conscious of his passage of the bridge and his long trolley rides. He went home and into absorbed thought, and when the morning sun peeped into his windows he was yet thinking and his bed untouched.

CHAPTER VIII

SYMPATHY DIRECTS WHEN JUDGMENT DOUBTS

YET youthful enough to make a cold bath and a complete change of clothing a substitute for a night's sleep, J. Percival Dunbar left his chamber at an early hour the next morning— so early, indeed, that he determined to breakfast downtown.

In the long vigil of the night he had reached conclusions as to what course he ought to pursue. But, as yet, determination waited on perception. In truth, he wished to consult his uncle, William Wiswall. To the entrance of Mrs. Hilary Stanford into his affairs he had given a great deal of thought. Much was contradictory and he could not reconcile her apparent interest in him with her evident acquaintance with schemes antagonistic. Yet he was impressed with her sincerity. question at last figured down to this: Was she so well informed as she assumed to be? And this question he had no means of answering. Dismissing for the time all considera

The

tion of the widow and her suggestions, he devoted earnest thought to his own situation and hit on a plan which certainly would protect his interest and all that he stood for. And, when he thought of the widow's suggestions, he saw they and his plan were not incompatible. It even appeared to him as if the widow had covertly hinted the plan. It might appear to be treachery to C. C. Edgar. Undoubtedly that magnate would so regard it. But, if the widow were right, she must mean that Edgar contemplated treachery to him. Though she had not named the financier, it could be no one else. That being so,

he was relieved of obligations. And after all, what were those obligations? He had carried as much to Edgar as Edgar had brought to

him.

Reaching the vicinity of the City Hall, he turned into a popular restaurant. He saw Joe Hackett at breakfast, and joined him at the table.

"Well," said Joe, "the flurry did not rob you of your night's sleep."

"I was not in bed at all, Joe," replied Percy, simply.

The reporter was surprised and admiringly gazed at the handsome face and tall, strong figure of the man before him who, clear-eyed