wrinkles about his eyes. There was a telegraphic message, but he put
it aside and opened a bulky envelope whose stamp he recognized. Then
the missive he took out rustled a little in his hand as he read:

"I'm afraid negotiations are not progressing well. Mortimer, as you
will see by enclosed copies of correspondence, demands a revaluation
which would not be advisable before he will underwrite any of the
capital."

Deringham laid down the letter, and his daughter turned suddenly at his
exclamation. "The fools should have bought him off!" he said.

Then he took up the telegraphic message and read, "Scheme
impracticable. Cannot compromise with Mortimer. Harper and the
Syndicate against us. Details following."

Deringham said nothing, but sat staring before him with a face that
seemed to have grown suddenly grey and haggard, until his daughter
spoke to him.

"Have you had bad news, father?" she said.

The man, who had been sitting so that the light which shone out from
the room behind them fell upon him, moved. "I have," he said. "This
message informs me that at least ten thousand pounds have been
virtually taken out of my pocket. As it happened, I wanted the money
somewhat badly."

He rose, and entering the house met Alton coming out of it. The
Canadian brushed past him with a letter in his hand, and Deringham