ch a moment ago would have
seemed impossible in at least one of them.

Grey's face worked painfully with suppressed excitement, but he
gripped himself. George Iredale was calm under the effort of swift
thought. He was the first to break the silence, and he did so in a
voice well modulated and under perfect control. But the mouthpiece of
his pipe was nearly bitten through.

"Now I shall be glad if you will go on. You apparently have further
charges to make against me. I hardly know whether I am in the presence
of a madman or a fool. One or the other, I am sure. You may as well
make your charges at once. You will certainly answer for all you have
already said, so make the list of your accusations complete
before----"

"You fool!" hissed Grey, goaded to the last extremity of patience. His
headlong nature could not long endure restraint. Now his words came
with a blind rush.

"Do you think I'd speak without being sure of my ground? Do you think,
because other men who have occupied the position which is mine at
Ainsley have been blind, that I am? Lonely Ranch; a fitting title for
your place," with a sneer. "Lonely! in neighbourhood, yes, but not as
regards its owner. You are wealthy, probably the wealthiest man in the
province of Manitoba; why, that alone should have been sufficient to
set the hounds of the law on your trail. I know the secret of Lonely
Ranch. I have watched day after day the notice you have inserted in
the _Free Press_--'Yellow booming--slump in Grey.' Nor have I rested
until I discovered your secret. I shall make no charge here beyond
what I have said, but----"

He suddenly broke off, awakening from his blind rage to the fact of
what he was doing. His mouth shut like a trap, and beads of
perspiration broke out upon his forehead. His eyes lowered before the
ironical gaze of his companion. Thus he sat for a moment a prey to
futile regrets. His anger had undone him. The sound of a short laugh
fell upon his ears, and, as though drawn by a magnet, his eyes were
once more turned on the face of the rancher.

"I was not sure which it was," said Iredale dryly; "whether you were a
fool or a madman. Now I know. I had hoped that it was madness. There
is hope for a madman, but none for a fool. Thank you, Grey, for the
information you have supplied me with. Your folly has defeated your
ends. Remember this. You will never be able to use the 'Secret'--as
you are pleased to call it--of Lonely Ranch. I will take goo