hear the cashier shovelling heaps of gold. The people who had placed the
Universal Credit Company on such a footing were either very powerful or
very impudent.

Serge walked in, as he would have done at home, with his hat on, amid a
number of small shareholders, who had come full of anxiety after reading
the accounts in the newspapers, and who felt full of confidence after
seeing the splendor of the place. Panine reached Herzog's office, but
when about to open the door, loud voices struck his ear. The financier
was arguing with a director, and Panine listened.

"The speculation is safe and sure," Herzog was saying. "The shares are
low, I know, because I have ceased to keep them up. I have given orders
in London, Vienna, and Berlin, and we are 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
pu