e
actual loss by this forgery?"

"Very little; for you've got a good price for your stocks, considering
the depreciation in realizing suddenly on so large an amount. I told my
broker to sell slowly and in small quantities to avoid a panic. But the
real loss is the control of the stock."

"But the amount I had was not enough to affect that," said Demorest.

"No, but I was carrying a large amount myself, and together we
controlled the market, and now I have unloaded, too."

"You sold out! and with your doubts?" said Demorest.

"That's just it," said Stacy, looking steadily at his companion's face,
"because I HAD doubts, and it won't do for me to have them. I ought
either to have disobeyed your letter and kept your stock and my own, or
have done just what I did. I might have hedged on my own stock, but
I don't believe in hedging. There is no middle course to a man in my
business if he wants to keep at the top. No great success, no great
power, was ever created by it."

Demorest smiled. "Yet you accept the alternative also, which is ruin?"

"Precisely," said Stacy. "When you returned the other day you were bound
to find me what I was or a beggar. But nothing between. However," he
added, "this has nothing to do with the forgery, or," he smiled grimly,
"everything to do with it. Hush! Barker is coming."

There was a quick step along the corridor approaching the room. The
next moment the door flew open to the bounding step and laughing face
of Barker. Whatever of thoughtfulness or despondency he had carried from
the room with him was completely gone. With his amazing buoyancy and
power of reaction he was there again in his usual frank, cheerful
simplicity.

"I thought I'd come in and say goodnight," he began, with a laugh.
"I got Sta asleep after some high jinks we had together, and then I
reckoned it wasn't the square thing to leave just you two together, the
first night you came. And I remembered I had some business to talk over,
too, so I thought I'd chip in again and take a hand. It's only the shank
of the evening yet," he continued gayly, "and we ought to sit up at
least long enough to see the old snow-line vanish, as we did in old
times. But I say," he added suddenly, as he glanced from the one to the
other, "you've been having it pretty strong already. Why, you both look
as you did that night the backwater of the South Fork came into our
cabin. What's up?"

"Nothing," said Demorest hastily, as he caught a gl