xtravagant and much less frank
than he looked; he might have had an object for hiding his promotion.
Thorn understood that Osborn made him some allowance, but it was hard to
see how the young man was able to belong to his rather expensive club.

After a time, Gerald came in and glanced at two or three men who stood
about. At first, Thorn imagined he was looking for him, but saw he was
not. Gerald went into the telephone box close by and shut the door with a
jerky movement. It jarred and then swung back a few inches as if the
shock had jolted the spring. Thorn, whose curiosity was excited, listened
and heard the number Gerald asked for. Then he heard him say:

"Yes--Osborn! Is that Sanderson? Yes--I said _Ermentrudes_. Any chance
of a recovery? What--none at all? Can't hear--oh, sell at once!
Margin's gone."

Next moment Gerald obviously saw that the door was open, for he banged it
noisily and Thorn heard nothing more. He had, however, heard enough to
give him food for thought and waited until Gerald came out. The young man
stood still with his mouth firmly set and his eyes fixed on the wall as
if he saw nobody. His clothes were in the latest fashion, but the look of
fastidious languidness that generally marked him had gone. Turning
abruptly, he went up the stairs, and Thorn entered the telephone box and
opened the directory. When he came out he went up to a man he knew.

"Can you tell me anything about Short and Sanderson, stockbrokers?"
he asked.

"Not much," said the other. "They're outside brokers. I imagine they're
trustworthy, but it's better to do business through a member of the
Exchange. You'll find it a good rule."

"Thank you," said Thorn, who went upstairs to the smoking-room and found
Gerald sitting in front of a table, with a newspaper that dealt with
financial matters.

"Hallo!" said Thorn. "I have been expecting you for some days. I suppose
you got my message?"

Gerald looked up and his smile was strained. "I did, but have been much
engaged. Sit down and join me in a drink."

"What have you ordered?" Thorn asked, and shrugged when Gerald told him.

"That goes better after dinner. I'd sooner have something cool and
light."

"Oh, well," said Gerald. "I felt I needed bracing. The fact is, I've had
a knock--"

He stopped as a waiter came up and said nothing until the man had gone.
Then he drained his glass and turned to Thorn.

"I'm in a hole. Can you lend me two thousand pounds?"

Thorn hid