The trader grinned sardonically. "There's a lot in the papers that oughtn't to be there," he rejoined, "and there's a long sight more that isn't there, but ought to be. There's only one explanation of this. The public are ninety-five per cent long of stocks, and the insiders are getting them! That's all; it's the same old game."

Atherton reflected. "But the warships--" he queried.

"All in your eye," was the trader's response. "It will be denied to-morrow. But they're doing just as much damage," he added, with a gesture toward the board, "as if they were real. When the crowd takes fright, it's all over. Down go stocks, and then the big men load up again at the bottom, and sell again at the top. It's what you might call a crime, if you dared to."

At this new view of the stock market, Atherton felt more perplexed than ever. "Then you think they'll rally?" he ventured.

"Sure," his informant agreed, "but you can't tell how much lower they'll go first. It all depends on how heavily the public is in the market. I know what the bears are aiming at, and that's one hundred and twenty on Steel; that was the old low, six weeks ago. If it goes through there, good-night."

Atherton shuddered, for by coincidence this was precisely the point at which his stop order would be reached. Yet he hesitated to put much confidence in this stray acquaintance and his theories. Big men slaughtering the public so wantonly, false reports in circulation, prices being swayed, not by basic conditions, but by manipulation and by such strange fetishes as "new lows"--if all these things were true, his faith in human nature and in the goodness of the world had been sadly misplaced. "But look here," he objected, "Steel _can't_ go down like this. Why, the earnings for the last quarter--"

The trader's grin widened, and for the first time he turned away from the board and gazed squarely at Atherton, as if at some new and interesting specimen of mankind. "Earnings," he repeated vaguely, and still again, more forcibly, "_Earnings!_" And at last, as though realizing the inadequacy of speech, he muttered tolerantly and not unkindly, "Oh, h.e.l.l--" and turning on his heel, walked over toward the board.

Atherton, bewildered and abashed, stole back to his alcove, and sat down to watch the progress of the fight. In his mind, he pictured to himself the rival armies--the bears red-faced, scowling, domineering men, objectionable to a degree, pirates of the Exchange, attempting to wreck a stock like Steel; the bulls sane, conservative men of affairs, shrewd judges of fundamental conditions, men, in fact, much like himself. And he could not doubt that the bulls would win. Up went Steel an eighth, and he thrilled with pride for those who were defending it; down it went a quarter, and he shook with fear of these reckless raiders and highwaymen.

And so the battle raged. Two o'clock came and went, and suddenly Atherton realized the sensations of a wearied fighter in the ring, striving to hold his own until the clanging of the gong to mark the end of the round. "If only it holds another hour," he thought. Then he would at least have a respite until the following morning, a chance to decide matters at his leisure without this frightful accompaniment of sound and fury, this whirling maelstrom of men seeking desperately to make new dollars or trying more desperately still to cling to the dollars they already owned. If the market would only hold--

But even as these thoughts were shaping in his mind, there came a furious onslaught from the bears. One hundred and twenty-three for Steel, twenty-two and a half, twenty-two, twenty-one and three quarters. He could feel the blood surging to his brain, and his hands clenched as though he were fighting physically for victory. Then a rally and a long fight around twenty-three. But he could feel, with a gambler's instinct, that there was no life to the advance, and sure enough, as he had feared, presently the tide began once more to ebb.

Twenty-two again, twenty-one and a half, then suddenly, with a bull-like bellow from Demming, one hundred and twenty-one, twenty and seven-eighths. For the fiftieth time he glanced up at the clock; two, thirty-five; only twenty-five minutes more, but less than a point lay between him and virtual ruin. His lip trembled, his knees shook under him, and without realizing that there was anything incongruous in such a proceeding, he began to pray fervently, imploringly--

In the midst of the group which thronged, five deep, around the ticker, suddenly arose wild commotion. Atherton could discern faces frenzied with joy; other faces torn with anguish; heard, above the tumult, some one cry shrilly, "They've done it!" and the next instant, Demming, in tones of incredulous wonder, was reporting the cataclysm, "Union, forty-eight, seven, six; Reading, ninety-nine, eight, seven and a half; Steel, one hundred and twenty, nineteen, eighteen, seventeen, _sixteen_--"

Atherton stood dazed, benumbed; the blow had fallen so quickly that for a moment he could not grasp the truth. Then all at once he knew--knew that he had lost not only the fortune he had sought but most of the capital which he had risked to gain it. Steel at one hundred and twenty; he would have fifteen thousand dollars left; but instantly he recalled the lightning speed of the sheer drop to one hundred and sixteen, and wondered whether he had been fortunate enough to escape at the stop loss figure. There was but one way to find out, and mingling with the crowd, he fought his way to the order clerk's window, and presently caught the eye of Curtis, his particular friend among the office force. The clerk shook his head dubiously. "No word yet, Mr. Atherton," he called, "everything is away behind." And thus, for ten minutes which seemed unending, Atherton maintained his place until at last Curtis bent quickly forward, scribbled some figures upon a piece of paper, folded it, and handed it through the window.

Atherton seized it, made his way back to the alcove, and tense with excitement, unfolded it to see staring up at him the figures 117-5/8.

His fears were realized--deducting commissions, his account was practically wiped out of existence. And suddenly a frenzied desire seized him to leave the place and never to see the inside of a broker's office again. There was a moment's delay at the cashier's window, and then, residue of the fifty thousand he had staked, there came back to him a check for thirteen hundred and forty dollars and seventy cents. He thrust it into his pocket, and started for the door.

Around the board the storm was still raging, but now a different note was in the air. "Steel, one twenty-one," he heard, "twenty-two, three and a half, twenty-four." The trader whom he had questioned stood in his path, and recognizing Atherton, he said, "They've turned. Just as I thought. Warship story's denied. All a mistake; j.a.pan expresses warm friendship. They'll come back strong now. You can buy 'em right where they are."

Without answer, Atherton pa.s.sed on. In his heart smouldered a fierce resentment--a bitter hatred of everybody and everything connected with the gambler's trade. Forgetting, for the moment, that he had only himself to blame, he felt that he had somehow been tricked, deceived, robbed. And as he opened the door, and banged it to behind him, the last sound which rang in his ears was Demming's frenzied shriek, "Steel, twenty-six and three-quarters, _twenty-seven!_"

Outside, in the street, the world was bathed in sunshine. Overhead the sky was blue. About him, on every side, men and women were going about their appointed tasks, alert, smiling, unbelievably happy. Of a sudden Atherton's vision cleared, and in a flash of readjustment, he realized, for the first time, the incredible folly of what he had done.

CHAPTER V

Fools Rush In

Bellingham was alone in his room. Before him, on his desk, lay letters from his creditors, and beside them a timetable of the local trains. The telephone leading to the stables stood within easy reach of his hand, yet he made no effort to lift the receiver from its resting-place, but remained irresolute and motionless, a picture of indecision. Over and over again, during the last two days, he had tried to make up his mind as to the course he should pursue, but his endeavors had been unavailing, and he was still as far from a conclusion as ever.

Upon one hand, Decency and Caution combined to warn him. Urged Decency, "You are living under Marshall Hamilton's roof; accepting his money; eating his bread. By the merest chance, you have seen something which you were never intended to see. In loyalty to your employer, you should dismiss it from your mind, and never think of it again." And Caution added, "All that Decency says is true, and you must remember that there is a further consideration, which is more important still.

That is your own safety. There is a mystery here, and it is the experience of mankind that mystery, as a rule, goes hand in hand with danger. You may not be satisfied with things as they are, but do not forget that nothing is ever so bad that you cannot make it still worse. Therefore you will be wise to drop the whole affair, once and for all."

Thus argued Decency and Caution, but opposed to them, in Bellingham's troubled mind, were another pair of powerful allies, Desperation and Curiosity. Clamored Desperation, "If you cannot find the money to pay your debts, your creditors will very shortly complain to Mr. Hamilton.

There is no doubt of that; the proof of it lies in black and white on the table in front of you. And when Mr. Hamilton learns of your financial condition, he will discharge you at once; that is one point about which he is most particular. You will lose this position, and you will have difficulty in finding another; and thus you will drag through life a failure, with the millstone of debt bound fast around your neck."

So, with pitiless candor, spoke Desperation, and Curiosity, knowing the glamor of adventure and the charm of the unknown, added alluringly, "This is no ordinary mystery; Marshall Hamilton and Cyrus McKay are two of the biggest men in New York. Opportunity, they say, knocks but once, and this may be your life's turning-point. You cannot disregard it."

Thus the secretary gave ear to all these arguments in turn, but in the end it was the promptings of Caution that he heeded most, for the primary instinct of self-preservation told him that life, even to a man hampered by his debts, was still much to be preferred to death and oblivion. Yet it was hard for him to think of wholly abandoning the undertaking, and presently it occurred to him that there was more than one method of solving the mystery, and that a compromise was not in the least impossible. It was true that Marshall Hamilton had vanished through a picture in the wall, but it was also true that Cyrus McKay had disappeared into the woods adjoining the links; and while Caution counselled him to avoid the gallery, Curiosity, on the other hand, persistently insisted upon a vicarious pursuit of McKay.

Nolan, of course, was clearly the man for the job. He drove his employer to the golf course; therefore he had the opportunity. He was physically strong and courageous; therefore he would not shrink from danger. And he was pleasure-loving and always in debt; therefore a reward would be certain to appeal to him. Beyond question, Nolan was the man.

"But is it right," asked Decency, "to send someone else where you would not venture yourself?" To which query Desperation promptly answered, "Oh, in this world you can't be too particular; it's a case of each man for himself. There probably isn't any danger, anyway, and if you should get hold of anything really valuable, you can make it right with Nolan later."

Thus the discussion ended. "I'll try it," decided Bellingham, and taking the receiver from the hook he telephoned to the stables and ordered the motor in time to catch the next train for town.

An hour later, he emerged from the subway, and made his way rapidly down the street in the direction of the garage where Nolan kept his car. A sense of guilt oppressed him, and though he realized that his fears were wholly groundless, he could not prevent himself from casting occasional furtive glances to left and right, as though apprehensive of pursuit.

At length he came to the garage, and hailing the first workman whom he met, inquired if Nolan were around. The man jerked a thumb over his shoulder. "Back of the shop," he answered briefly. "Sixth floor.

Freight elevator. Run it yourself." And went on with his task.

Bellingham made his way in the direction indicated, entered the elevator and pulled the rope, and began his leisurely ascent past floor after floor littered with cars--cars new and old, cars good and bad, cars whole and cars dismembered--until he came to the sixth story, where he stopped the elevator and to his joy discovered Nolan, cigarette in mouth, seated placidly upon a bench at the end of the room, superintending repairs, real or imaginary, upon Mr. McKay's machine. Thrilling with renewed excitement, the secretary walked over to him, and Nolan, when he recognized his visitor, greeted him cordially.

"h.e.l.lo, Mr. Bellingham," he cried. "Didn't expect to see you quite so soon."

"Oh, just a little business matter," the secretary replied, trying hard to make his voice sound nonchalant and under control. "Walk over as far as the window, and I'll tell you what I want."

Nolan rose at once, and as soon as they were safely out of earshot, Bellingham continued, "Look here, Jim, do you want to make some easy money?"

The chauffeur grinned, and for answer inserted thumb and forefinger in the pocket of his coat, exposing the empty lining. "Ah, say," he rejoined, "don't ask me none of those easy ones. Try me with something hard."

Bellingham felt his spirits rise. "That's the way to talk," he said, "and here's what I want you to do. You remember taking Mr. McKay out to Mr. Hamilton's day before yesterday to play golf. Well, he didn't play; I know that for a fact. And what is more, I believe that he and Mr. Hamilton have some kind of secret meeting-place near the golf links. So the next time you go out there, I want you to drive away as usual, and then, after you round the first curve in the road, you can stop your car, double back along the wall, and trail after him to see where he goes. And for your trouble, Jim, I'm going to be just fool enough to give you fifty dollars."

Nolan deliberated. Fifty dollars was worth making, but his job was a good one, and he had no wish to lose it. "Well," he answered at last, "here's one trouble, right away. The boss is a pretty wise old guy, and this trailing business is a new game for me. The betting is that I trip over a tree, go on my nut, and when his nibs turns around and asks me what the devil I'm doing there, why where's my alibi?"

"Alibi?" echoed the secretary. "Why, that's easy; there's nothing to that at all. Mr. McKay keeps his clubs in the machine, doesn't he?"

"Yes, always," rejoined Nolan. "They're in there now."

"Then that settles it," said Bellingham. "All you need to do is to take out his putter and hide it under the seat. Then when you start after him, take the putter with you, and if by any chance he sees you coming after him, just wave it around your head and tell him it dropped in the car and you knew he needed it. How about that?"

"That," agreed Nolan, "is certainly good. Pretty smooth, I call that."

"Then you'll do it?" asked Bellingham eagerly.

The chauffeur did not hasten his reply. "Well," he said at length, "I suppose I'm taking chances, after all, and I figure that if the job's worth fifty dollars, it's worth a hundred."

The secretary did not stop to argue. "Very well," he a.s.sented, "a hundred it is."

"And it's also worth," the chauffeur continued, "just about twenty dollars down, to bind the bargain."

Bellingham drew out his pocket-book; then hesitated in his turn. "But how do I know," he objected, "when you will be going out there again?"

"That's easy," Nolan answered, "because we're going this very afternoon. So you're bound to get some action for your money, all right."

Bellingham felt his nerves tingle with excitement, and without further protest he handed the money to the chauffeur. "Good for you, Jim," he said. "I'll be here to-morrow, at this same time, and I'll give you the balance then."