d the signorina, "anyone else in the place would betray
him; he knew Johnny wouldn't if he could help it. He underrated your
powers, colonel."

"Well," said I, "I can't help it, can I? My directors will lose. The
bondholders will lose. But how does it hurt me?"

The colonel and the signorina both smiled gently.

"You do it very well, Martin," said the former, "but it will save time
if I state that both Signorina Nugent and myself are possessed of
the details regarding the--" (The colonel paused, and stroked his
mustache.)

"The second loan," said the signorina.

I was less surprised at this, recollecting certain conversations.

"Ah! and how did you find that out?" I asked.

"She told me," said the colonel, indicating his fair neighbor.

"And may I ask how you found it out, signorina?"

"The President told me," said that lady.

"Did you make him drunk?"

"No, not drunk," was her reply, in a very demure voice, and with
downcast eyes.

We could guess how it had been done, but neither of us cared to pursue
the subject. After a pause, I said:

"Well, as you both know all about it, it's no good keeping up
pretenses. It's very kind of you to come and warn me."

"You dear, good Mr. Martin," said the signorina, "our motives are not
purely those of friendship."

"Why, how does it matter to you?"

"Simply this," said she: "the bank and its excellent manager own most
of the debt. The colonel and I own the rest. If it is repudiated, the
bank loses; yes, but the manager, and the colonel, and the Signorina
Nugent are lost!"

"I didn't know this," I said, rather bewildered.

"Yes," said the colonel, "when the first loan was raised I lent him
one hundred thousand dollars. We were thick then, and I did it in
return for my rank and my seat in the Chamber. Since then I've bought
up some more shares."

"You got them cheap, I suppose?" said I.

"Yes," he replied, "I averaged them at about seventy-five cents the
five-dollar share."

"And what do you hold now, nominally?"

"Three hundred thousand dollars," said he shortly.

"I understand your interest in the matter. But you, signorina?"

The signorina appeared a little embarrassed. But at last she broke
out:

"I don't care if I do tell you. When I agreed to stay here, he [we
knew whom she meant] gave me one hundred thousand dollars. And I had
fifty thousand, or thereabouts, of my own that I had--"

"Saved out of your salary as a prima donna," put in the colon