ss me to have the stock hypothecated just
now."

"Very well, then. What do you propose to do? Of course you have a large
block of stock in this bank. Why not put that up as security, and give
yourself all the time you need? Or if you don't want to hypothecate the
stock with this bank, you can arrange a loan on it with Stafford or
Hallam."

Tandy hesitated for a time before answering. At last he said:

"I've only thirty-three shares left. Why shouldn't the bank buy it
outright, putting the loan in as a principal part of the purchase
money?"

"At what price will you sell?"

"At 103. It's worth that and more."

"I'll consider the offer. Come back in an hour for your answer."

Duncan sent at once for Hallam and Stafford, as the principal
stockholders in the bank, other than Tandy, and told them all that had
happened. They advised the purchase, but suggested 102 as the price,
and an hour later Napper Tandy ceased to be a stockholder in the X
National Bank.

A day or two later Stafford learned that by this sale of his bank stock,
Tandy had practically parted with the last investment he had in any
Cairo enterprise.

He greatly wondered at that, and as he sat with Duncan and Hallam in
Hallam's parlor that night, the three indulged in many conjectures
concerning Tandy and his plans. The only conclusion they arrived at was
expressed by Captain Will:

"He's up to mischief of some sort. We must watch him."

XXXI

ONLY A WOMAN

In accordance with his custom, Duncan told Barbara the whole story of
the bank's dealings with Tandy, and explained to her his reasons for
suspecting, as Captain Hallam had said, that Tandy was "up to mischief"
of some kind and needed close watching.

"Perhaps he has lost money heavily," suggested Barbara, "and is
struggling to keep his head above water."

"That is extremely unlikely," answered Duncan, "particularly as his
standing at Bradstreet's is unimpaired. I asked Bradstreet's yesterday
for a special report on him, and they gave him four A's. That means that
he has ample capital and abundant resources somewhere within the
knowledge of Bradstreet's agents. I imagine that he is going quietly
into some big enterprise, and has so far invested his capital in it that
he was sorely embarrassed for ready money when suddenly called upon to
raise it. I would give a tidy little sum to find out what he is up to."

But neither Duncan nor Hallam was destined to make that discovery as
ye