purposes, Mr. Philips?"

"That is not for me to say, sir. Mr. Whippleton has always been very
kind to me, and I dislike to say anything about this business."

"But, Mr. Philips, you are employed by the firm, of which I am the
senior member. I furnished nearly all the capital--that is, my father
and I together."

"I know it, sir; and I felt it to be my duty to speak, or I should not
have done so. Of course I have drawn a catastrophe upon myself by what
I have done."

"What's that?"

"Mr. Whippleton will hate me, and discharge me at once. I wished to
resign this morning, but he would not allow me to do so."

"I'm glad he did not. If I find you have been mistaken, I shall say
nothing about the matter to him. Mr. Faxon and the invoices will soon
answer me one way or the other. I asked you if you thought Mr.
Whippleton had been using the firm's money for his own purposes. You
did not answer me."

"I think he has, sir. He is engaged in a large land speculation with
Mr. Waterford."

"Waterford!" exclaimed the dignified senior. "He is no better than a
swindler."

"Indeed!" I exclaimed, recalling the fact that I had just seen the
subject of this harsh epithet making an appointment with the beautiful
daughter of Mr. Collingsby.

"Perhaps I know him better than others; but no matter about him."

"He is a very wealthy young man," I suggested.

"No; he made a good thing of one or two speculations, and may possibly
have twenty or thirty thousand dollars, if he hasn't sunk it in some of
his mad schemes. I was foolish enough to indorse one of his notes
without security. He is an unprincipled man; and if Whippleton has been
operating with him, I am not surprised that he is in trouble. Now go,
Mr. Philips, and send Mr. Faxon, with the invoices."

I bowed myself out, and hastened back to the counting-room, where I
found Mr. Whippleton waiting my return with feverish impatience.

"What have you been about, Phil?" he demanded.

"Talking with Mr. Collingsby. He declines to have the stock increased,
and don't approve your proposition."

"He is an idiot!" exclaimed the junior, with a savage oath. "What were
you talking about all this time, Phil?"

"I answered the questions he put to me, and stated your proposition
fully."

Mr. Faxon came in opportunely at this moment to save me from a more
searching examination, and took his place at the desk. The junior
partner was evidently vexed and disconcerted. He looked at his wat