his companion, and not much against him, but devoutly hoped that he would be the winning man in the contest for Miss Wildmere. He also knew that the firm to which Mr. Arnault belonged had held their heads well up in the fluctuations of the street. Both gentlemen deplored the present state of affairs, and hoped that there might soon be more confidence. By the way, Mr. Muir," Mr. Arnault remarked, casually, "if you need accommodation we have some money lying idle for a short time, which we would like to put out as a call loan, and would be glad to place it in good conservative hands, like yours."

"Thank you," said Mr. Muir, with some cordiality.

He went to his office and looked matters over carefully. He was convinced that a crisis was approaching. More money was required immediately, since the securities in which he had invested had declined still further. He had not lost his faith in them at all, knowing that they had a solid basis, and would be among the first to rise in value with returning confidence. He had gone so far and held on so long that it was a terrible thing to give up now. Comparatively little money would probably carry him over to perfect safety, but his means were tied up, the banks stringent, and he had already strained his credit somewhat. Mr. Arnault's proffer occurred to him again, and at last, much as he disliked the expedient, he called upon the broker, who was affable, off-hand, and business-like.

"Yes, Mr. Muir," he said, "I can let you have

thirty thousand just as well as not; as the times are, I would like some security, however."

Certainly, here are bonds marketable to-day, although depressed unnaturally. You are aware that they will be among the first to appreciate." "In ordinary times one would think so."

How soon do you think you may call in this loan?"

"Well, the probabilities are, that you may keep it as long as you wish, at the rates named. They are stiff, I know, but not above the market."

Mr. Muir had thought it over. If he failed he was satisfied that his assets would eventually make good every dollar he owed, with interest, while, on the other hand, even the small sum named promised to preserve his fortune and add very largely to his wealth. The transaction was soon completed. Mr. Arnault was equally satisfied that he also took but slight risk. The loan, however, was made from his own means, and was not wholly a business affair. He had made up his mind to win Stella Wildmere, and would not swerve from the purpose unless she engaged herself to another. Then, even though she might be willing to break the tie through stress of circumstances, he would stand aloof. There was only one thing greater than his persistency, his pride. She was the belle who, in his set, had been admired most generally, and his god was success, success in everything on which he placed his heart, or, rather, mind. For her to become engaged to Graydon, and then, because of his poverty, to be willing to renounce him for a more

h

fortunate man, would not answer at all. He must appear to the world to have won her in fair competition with all others, and the girl had an instinctive knowledge of this fact. The events of the previous day, with her father's note, therefore confirmed her purpose to keep both men in abeyance until the scale should turn.

A

CHAPTER XIV.

MISS WILDMERE'S STRATEGY.

S we have seen, Madge could not resume her old relations with Graydon Muir. Indeed, the turning-point in her life had been the impulse and decision to escape them by going away. She was also right in thinking that this inability would rather help than hinder her cause. If he had come back and realized his expectations, he would have bestowed unstintedly the placid affection of a brother, given her his confidence, his aid, anything she wished, except his thoughts. While she lost much else, she retained these in a way that puzzled and even provoked him, in view of his devotion to Miss Wildmere. The very fact that he resented the way in which he had been treated by Madge, made him think of her, although admitting to himself that it might all turn out for the best. would have soon accepted changes in externals, and her added accomplishments, but there were other and more subtile changes which he could not grasp. It began to pique him that he had already been forced to abandon more than one impression in regard to her character. It was somewhat humiliat

He

ing that he, who had seen the world, especially in its social aspects, should be perplexed by a young girl scarcely twenty, and that this girl of all others should be little Madge. He had intimated that she had become imbued with sentimentality and aspirations after ideals, and was hoping to meet a male embodiment of these traits, which he regarded as prominently lackadaisical. Her merry and half ironical laugh was not the natural response of a woman of the intense and æsthetic type.

"I don't understand her yet," he admitted; and he again assured himself that it was not necessary that he should. She had not merely drifted away from him, but had deliberately chosen that others should guide and help in the new development. The thing for him to do now was to secure the girl of his heart, who was not shrouded in mystery. It was evident that Mr. Arnault had been an urgent suitor, and that she was not already engaged to him proved, as he believed, that she had been under the influence of a restraint readily explained by her more than manner toward himself. "She will have to choose between us soon," he thought. "She understands us both, and her heart will soon give its final verdict, if it has not already done so."

Miss Wildmere's heart would have slight voice in the verdict. Indeed, it never had been permitted to say very much, and was approaching the condition of a mute. She had her preference, however, and still hoped to be able to follow it. She smiled upon Graydon almost as sweetly as ever during the next two days, but he felt that she had grown more