. In all the bravery of self-assertion, he did
not know when he was beaten; and so he fought against the intangible
spear-points with which Miss Lawrence could surround herself.

Mr. Barringer was called to New York on important business law-suits;
and two days after, Mrs. Minor declared herself wearied out with
Saratoga. Irene felt the walls of fate closing remorselessly about her.
Why should she struggle? she asked herself. After all, what could she do
but marry?

Meanwhile, Hope Mills had been sold. Fred made some inquiries about it.

"A woman--a rich old maid, I believe, by name McLeod, who knows enough
to drive a sharp bargain--has taken it. Some one is to set up the
business, I heard; an impecunious nephew, no doubt. No one but a fool
would make a venture when the market is overstocked with goods. It is a
shame that the estate had to lose such a valuable piece of property; but
there was no income to pay taxes and interest, and, standing empty, it
would soon have eaten itself up."

Fred sighed. For the first time, he wondered how it would have ended if
he had been brought up to some useful business, and perhaps have taken
Eastman's place with his father. As for stock and share jobbing, he was
heartily sick of it. To him it appeared an immense system of swindling
the ignorant and unsuspecting.

However, he was not destined to nurse his disgust very long in brooding
silence. The last of September the great house of Bristol, Stokes, &
Co., collapsed. The wreck was unexpected, the ruin wide-spread. The
house of Minor & Morgan was hard hit, which did not improve Mr. Minor's
temper, though, Spartan-like, he wore a cheerful face, and kept his
losses to himself. Even if it should be his turn next, the world must
not know it.

"There's a letter that concerns you, though it was sent to me as
administrator," said Minor to Fred, as he sauntered in one morning,
tossing the missive over to him.

Fred opened it with languid indifference, and his eye wandered over the
following lines:--

HAMILTON MINOR, ESQ.

_Dear Sir_,--On taking possession of Hope Mills,
for business purposes, I find some personal
property belonging to the late Mr. Lawrence. It
may have a value for the family, and shall be at
your disposal whenever you desire it. Respectfully
yours,

JOHN DARCY.

"As soon as Hope Terrace is dispo