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The dictation and copy finished together。  Demorest laid the

freshly written sheet beside the letter Stacy had produced。  They

were very much alike and yet quite distinct from each other。  Only

the signature seemed identical。



〃That's the invariable mistake with the forger;〃 said Demorest; 〃he

always forgets that signatures ought to be identical with the text

rather than with each other。〃



But Stacy did not seem to hear this or require further proof。  His

face was quite gray and his lips compressed until lost in his

closely set beard as he gazed fixedly out of the window。  For the

first time; really concerned and touched; Demorest laid his hand

gently on his shoulder。



〃Tell me; Jim; how much does this mean to you apart from me?  Don't

think of me。〃



〃I don't know yet;〃 said Stacy slowly。  〃That's the trouble。  And I

won't know until I know who's at the bottom of it。  Does anybody

know of your affairs with me?〃



〃No one。〃



〃No confidential friend; eh?〃



〃None。〃



〃No one who has access to your secrets?  Nonowoman?  Excuse me;

Phil;〃 he said; as a peculiar look passed over Demorest's face;

〃but this is business。〃



〃No;〃 he returned; with that gentleness that used to frighten them

in the old days; 〃it's ignorance。  You fellows always say 'Cherchez

la femme' when you can't say anything else。  Come now;〃 he went on

more brightly; 〃look at the letter。  Here's a man; commercially

educated; for he has used the usual business formulas; 'on receipt

of this;' and 'advices received;' which I won't merely say I don't

use; but which few but commercial men use。  Next; here's a man who

uses slang; not only ineptly; but artificially; to give the letter

the easy; familiar turn it hasn't from beginning to end。  I need

only say; my dear Stacy; that I don't write slang to you; but that

nobody who understands slang ever writes it in that way。  And then

the knowledge of my opinion of Barker is such as might be gained

from the reading of my letters by a person who couldn't comprehend

my feelings。  Now; let me play inquisitor for a few moments。  Has

anybody access to my letters to YOU?〃



〃No one。  I keep them locked up in a cabinet。  I only make

memorandums of your instructions; which I give to my clerks; but

never your letters。〃



〃But your clerks sometimes see you make memorandums from them?〃



〃Yes; but none of them have the ability to do this sort of thing;

nor the opportunity of profiting by it。〃



〃Has any womannow this is not retaliation; my dear Jim; for I

fancy I detect a woman's cleverness and a woman's stupidity in this

forgeryany access to your secrets or my letters?  A woman's

villainy is always effective for the moment; but always defective

when probed。〃



The look of scorn which passed over Stacy's face was quite as

distinct as Demorest's previous protest; as he said contemptuously;

〃I'm not such a fool as to mix up petticoats with my business;

whatever I do。〃



〃Well; one thing more。  I have told you that in my opinion the

forger has a commercial education or style; that he doesn't know me

nor Barker; and don't understand slang。  Now; I have to add what

must have occurred to you; Jim; that the forger is either a coward;

or his object is not altogether mercenary: for the same ability

displayed in this letter would on the signature alonehad it been

on a check or drafthave drawn from your bank twenty times the

amount concerned。  Now; what is the actual loss by this forgery?〃



〃Very little; for you've got a good price for your stocks;

considering the depreciation in realizing suddenly on so large an

amount。  I told my broker to sell slowly and in small quantities to

avoid a panic。  But the real loss is the control of the stock。〃



〃But the amount I had was not enough to affect that;〃 said Demorest。



〃No; but I was carrying a large amount myself; and together we

controlled the market; and now I have unloaded; too。〃



〃You sold out! and with your doubts?〃 said Demorest。



〃That's just it;〃 said Stacy; looking steadily at his companion's

face; 〃because I HAD doubts; and it won't do for me to have them。

I ought either to have disobeyed your letter and kept your stock

and my own; or have done just what I did。  I might have hedged on

my own stock; but I don't believe in hedging。  There is no middle

course to a man in my business if he wants to keep at the top。  No

great success; no great power; was ever created by it。〃



Demorest smiled。  〃Yet you accept the alternative also; which is

ruin?〃



〃Precisely;〃 said Stacy。  〃When you returned the other day you were

bound to find me what I was or a beggar。  But nothing between。

However;〃 he added; 〃this has nothing to do with the forgery; or;〃

he smiled grimly; 〃everything to do with it。  Hush!  Barker is

coming。〃



There was a quick step along the corridor approaching the room。

The next moment the door flew open to the bounding step and

laughing face of Barker。  Whatever of thoughtfulness or despondency

he had carried from the room with him was completely gone。  With

his amazing buoyancy and power of reaction he was there again in

his usual frank; cheerful simplicity。



〃I thought I'd come in and say goodnight;〃 he began; with a laugh。

〃I got Sta asleep after some high jinks we had together; and then I

reckoned it wasn't the square thing to leave just you two together;

the first night you came。  And I remembered I had some business to

talk over; too; so I thought I'd chip in again and take a hand。

It's only the shank of the evening yet;〃 he continued gayly; 〃and

we ought to sit up at least long enough to see the old snow…line

vanish; as we did in old times。  But I say;〃 he added suddenly; as

he glanced from the one to the other; 〃you've been having it pretty

strong already。  Why; you both look as you did that night the

backwater of the South Fork came into our cabin。  What's up?〃



〃Nothing;〃 said Demorest hastily; as he caught a glance of Stacy's

impatient face。  〃Only all business is serious; Barker boy; though

you don't seem to feel it so。〃



〃I reckon you're right there;〃 said Barker; with a chuckle。

〃People always laugh; of course; when I talk business; so it might

make it a little livelier for you and more of a change if I chipped

in now。  Only I don't know which you'll do。  Hand me a pipe。

Well;〃 he continued; filling the pipe Demorest shoved towards him;

〃you see; I was in Sacramento yesterday; and I went into Van Loo's

branch office; as I heard he was there; and I wanted to find out

something about Kitty's investments; which I don't think he's

managing exactly right。  He wasn't there; however; but as I was

waiting I heard his clerks talk about a drop in the Wheat Trust;

and that there was a lot of it put upon the market。  They seemed to

think that something had happened; and it was going down still

further。  Now I knew it was your pet scheme; and that Phil had a

lot of shares in it; too; so I just slipped out and went to a

broker's and told him to buy all he could of it。  And; by Jove! I

was a little taken aback when I found what I was in for; for

everybody seemed to have unloaded; and I found I hadn't money

enough to pay margins; but I knew that Demorest was here; and I

reckoned on his seeing me through。〃  He stopped and colored; but

added hopefully; 〃I reckon I'm safe; anyway; for just as the thing

was over those same clerks of Van Loo's came bounding into the

office to buy up everything。  And offered to take it off my hands

and pay the margins。〃



〃And you?〃 said both men eagerly; and in a breath。



Barker stared at them; and reddened and paled by turns。  〃I held

on;〃 he stammered。  〃You see; boys〃



Both men had caught him by the arms。  〃How much have you got?〃 they

said; shaking him as if to precipitate the answer。



〃It's a heap!〃 said Barker。  〃It's a ghastly lot now I think of it。

I'm afraid I'm in for fifty thousand; if a cent。〃



To his infinite astonishment and delight he was alternately hugged

and tossed backwards and forwards between the two men quite in the

fashion of the old days。  Breathless but laughing; he at length

gasped out; 〃What does it all mean?〃



〃Tell him everything; Jim;EVERYTHING;〃 said Demorest quickly。



Stacy briefly related the story of the forgery; and then laid the

letter and its copy before him。  But Barker only read the forgery。



〃How could YOU; Stacyone of the three partners of Heavy Treebe

deceived!  Don't you see it's Phil's handwritingbut it isn't

PHIL!〃



〃But have you any idea WHO it is?〃 said Stacy。



〃Not me;〃 said Barker; with widely opened eyes。  〃You see it must

be somebody whom we are familiar with。  I can't imagine such a

scoundrel。〃



〃How did YOU know that Demorest had stock?〃 asked Stacy。



〃He told me in one of his letters and advised me to go into it。

But just then Kitty wanted money; I think; and I didn't go in。〃


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