buying up all shares that are
offered in the market. I shall then run the shares up again, and we shall
realize an enormous sum. It is most simple."

"But it is shady," said the other voice.

"Why? I defend myself as I am attacked. The great banks seek to
deteriorate my stock. I buy in, and take it out of my adversaries. Is it
not just and lawful?"

Panine breathed freely and felt reassured. The depreciation was caused by
Herzog; he had just said so. There was nothing to fear then. It was just
a trick of Herzog's, and the company would come out brighter than ever.

Serge went in.

"Oh! here's Prince Panine," said Herzog. "Ask him what he thinks of the
matter. I defer to his judgment."

"I don't want to know anything," said Serge. "I have full confidence in
you, my dear manager, and our business will prosper in your hands, I am
sure. Besides, I know the manoeuvres of our opponents, and I think every
financial means justifiable to answer them."

"Ah! What did I say to you a few minutes ago?" cried Herzog, addressing
his questioner in a tone of triumph. "Let me act and you will see.
Besides, I don't want to keep you against your will," he added, harshly.
"You are at liberty to withdraw from us if you like."

The other protested that what he had said was for the best interests of
all concerned. He did not dream of leaving the company; on the contrary,
they might rely on him. He appreciated the experience and ability of
Herzog too well to separate his fortune from his friend's. And, shaking
hands with the financier, he took his leave.

"Come! What is all this clamor in the newspapers?" asked Serge, when he
found himself alone with Herzog. "Do you know that the articles published
are very perfidious?"

"All the more perfidious because they are founded on truth," said the
financier, coldly.

"What do you mean?" cried Serge, in alarm.

"The truth. Do you think I am to tell you lies as I did to that idiot who
has just gone out? The Universal Credit has at this moment a screw loose.
But patience! I have an idea, and in a fortnight the shares will have
doubled in value. I have a splendid scheme in hand which will kill the
gas companies. It is a plan for lighting by magnesium. Its effect will be
startling. I shall publish sensational articles describing the invention
in the London and Brussels papers. Gas shares will fall very low. I shall
buy up all I can, and when I am master of the situation, I shall announce
tha