tt
McDermott was far from being out of the reckoning.

"It is rumored," said De Peyster, "that he is trying to elect himself
president of N.C. & T. road. If he succeeds he can control the traffic
in Carolina to such an extent that our line would be a failure, even if
built."

"Then," returned Frank, and any one who loved him would have gloried at
the set of his mouth and chin as he spoke, "he mustn't be allowed to be
president of the N.C. & T. We must buy up the proxies."

Before the end of the week, however, they were surprised again by the
news that McDermott had refused to consider the presidency of the N.C.
& T. road, even if tendered him, and had given out that he would sail
for Europe within a fortnight for an indefinite stay.

"But," De Peyster ended, as he repeated the news to Frank, "if you think
he's whipped you don't know him! I'm more anxious over this last move
than if he stayed right here and fought us openly. There is more to it
than we know."

In silence Frank held the same belief, though he reasoned that
McDermott's European trip could be well explained by his affection for
Katrine; and so the thought of Dermott away from New York disturbed him
far more than it did Philip de Peyster, but for very different reasons.

It was at Bar Harbor that he received the first letter from Katrine, in
accordance with the compact that she should write her benefactor once a
month. The letter had been forwarded from his Paris bankers, enclosed
with business letters in a great envelope.

With a throbbing heart he opened it. She had touched it; it had been
near her; one of those small, soft hands, with the dimples at the base
of the fingers, had penned the strange, small writing:

DEAR UNKNOWN ONE,--There is little to tell. I go every day to
Josef. He thinks it possible I may become a great singer.

I wonder about you, and feel something like Pip in "Great
Expectations," only I know how good and great you must be. Isn't it
fine to be like a fairy princess, who can do anything for people
she chooses? And to have the heart to help--ah, that is the best of
all!

In my mind, for we Irish imagine always, I have made you a stately
lady, perhaps not very strong, who is much alone and has had a
great sorrow, who helps the world because it is good to help. So
every month I will send you letters of what I do and dream to do.
If you are alone much, it may amuse y