The evening world. Newspaper, January 14, 1921, Page 28

QUOTATIONS Sver to the professional traders, and were decidedly irregular, with highly speculative shares show- Mig declines of a point or more. This te technical market condi- it is generally appreciated large part of the short in- been forced to cover their ents during the rise of the early part of the week. + But while highly speculative shares ‘Were displaying a deciining tendency. investment jssues, inchiding both igh grade preferred stook and bonds, ‘were in good demand and their trend Was distinctly upward. Reason for this was to be found fm money conditions. There now ap- to be an abundant supply of atime funde at 6 per cent. and while the call money renewal rate con- inves af 6 per cent. it will not be larly surprising if the rate Me shortly reduced to 5 or 51-2 per “cent. i «Much of the selling which came Gnto the market at the opening was | ‘attributed to rumors of a new bomb ‘Outrage. But the technical position | ‘of the market was the real govern- | ' ‘was & cessation of profes- selling shortly after the noon and standard shares resumed upward movement. This was) f which rose three to 87 1-2. There was a spread rt that the Reading segre- | provides that preferred lers shall not be permitted share neg fl with holders of the stock in id assets, but authoritative in- ion was believed that the matter had decided. J strong forward movement of _ WReading, plus much irresponsible talk “regarding railroad mergers being inspired buying of other rail- particularly the low “priced and in most instances “they were able to close the day with net gains, iH shares participated in the for- E movement which occurred late “a the session, and United States rose to 83 for a fractional gain, 4 the motor, copper, oil and equip- it shares were decidedly irregular, q gains and losses being pretty - ly divided. ‘Were no outside news devel- having an important bear- on prices, and in the most [m- speculative circles the opin- 48 held that inasmuch as a large of the short interest have been warring unforseen devel. will not be much more than -@ traders’ affair for the eee time an ity is had to tak teen, of the industrial ‘witua- and outlook, and until it can be | Mtely | deterinined whether the | improvement in tua ie likely to materialize in the future. t cotton and “wheat markets, —_—_—_—_—__—— BANKING AND FINANCIAL. . es N | If You Ever Study Stocks, Get This Book out the main facts to ‘consider in selecting an industrial, oil or min- ing security, but also analyzes nine different stocks which are now in unusual market Ask for No, E W-339 JONES & BAKER | Specialicts in New York Curb Market Securities 4204 STREET OFFICE 505 Fifth Avenue ‘Telephone Murray Hill 7120 hike the stook market, were compara- lively dul and price changes were uniowportant. Most changes were slightly downward. The sterling ex- change market lost 3-4 of a cent, Wall St. Gossip ot, the year. operating expenses and taxes. selling tn anticipation that the com- pany will be forced to omit preferred dividend payments, A market was created on the Curh to-day for the stock of the n+ Durant Motors Company, Inc. ané during early trading it was 141-2 bid “when issued. It is understood a share and that the company will be capitalized at 1,000,000 shares, It is further understood that the new Proposed Durant car will be offered | to the public under $1,000. ‘On Jan. 14 William A, Read & Co, | sa. will change the firm name to Dillon. Read & Co, ‘Clarence Dillon, the senior partner, has been active head of William A. Read & Co, for about two years, Additional evi the common stock of the United States Stee] Corporation is being steadily ab- sorbed by investors was found In fig- ures issued to-day which showed that any distribution of | at the clos of 1920 only 25.17 per cent, Bu & Superior, of the stock was in the names of brok- regarding the matter was ers and bankers, compared with 58.05 Oss Cut, 00 and in best posted quarters per cent. at the clow of 1916. And it|(#- twee Is generally known that a large per- centage of the stock in the names of banking institutions may properly ov classified as investment holdings. Surprise was not expressed at the decision of directors of Sears buck & Co. to pay the next quar- terly dividend of 2 per cent. in script instead of cash until it became known that for the 1920 year the company earned $11,750,000 net, and that It was able to add approximately $4,000,000 to surplus account after taking care of charges and dividends for the year. In 1920 the American Sugar Refin- ing Company manufactured 23.79 per cen’. of the total consumption of re- fined sugar in the United States, The Packard Motor Car Company to-day decided to omit the dividend on the common stook due to be paid this month. Since July, 1919, the company has been paying 21-2 per cent. quarterly. LIBERTY BONDS. Liberty 31-28 épened 92.40, up .10; lat 4s, 86.90, up .10; 1st 4 1-48, 87.18, up .18; 86.64, up .08; 3d, 89.86, uD .06; 4th, 80; Victory 33-48, 97.02, Up .02; 48-48, 97.10, up 0% | FOREIGN EXCHANGE OPENING. French francs demand .0611, cables 0612, unchanged. Lire demand .0347, cables .0348, unchanged, Marks de- mand .0146. cables .0146, up .0001. Can- ada dollars demand .8735, unchanged. Denmark kroner demand .1770, cables 1775, up .0080, Norway kroner de- mand .1720, cables .1 ‘up .0010, Sweden*kroner demand .2135, cables 2140, Belgian francs demand .0643, cables .0643, Swiss, francs demand +1660, cables .1565, Gulilders demand 3285, cables .3295. Pesctas demand 11335, cables .1330. Argentine pesos demand .7886, cables .7906. Demand merle. opened 3.73 3-4, cables 3.74 1-3, up MAYOR CURBED ON MEMORIAL PLAN tn Curran and Smith Demand Time to Think Before Endorsing Soldier. Monument Proposal An attempt to rush through an en- dorsement of a memorial to New York City’s heroes of the World War was thwarted at this afternoon's meeting of the Board of Estimate by’ Deputy Comptroller Smith and Manhattan Borough President Curran, A letter from Rodman Wanamaker, chairman of the Mayor's Committes on War Memorial, suggested that “there should be immediately erected & reproduction of the Allar of Lib- erty, properly finished, for which funds are now available, this to be consid- ered aus @ preliminary step to the great war memorial.” It was then explained that there is a fund of $200,000 to pay for the “preliminary” memorial, and Mayor Hylan showed a picture of the altar and asked that the proposition to endorae it be immediately added to the calendar, President Curran and Comptrolier Smith, however, demanded time to con- sider the movement, and uction was deferred, the Mayor consenting after 4 spirited argument to refer the matter to committee. a $5,600,000 ASKED FOR ELLIS ISLAND Secretary of Treasury Also Re- quests $1,000,000 Each for Seattle and San Francisco, WASHINGTON, Jan. 14.—Congress was asked to-day by Secretary Hous- ton for $5,600,000 for the enlargement of the Bilis island, N, ¥., Immigration Station. ‘He also, awed for $1,000,000 fbr the sation at San Francisco and a like amount for the Seattle Station, reenameicatipgmeeras w Again 1) ‘The 1 o'clock curfew was again en- forced this morning at resturants furn- ants and'by 2 'AC Meine ineatee ale: 4 7 5 La jeatre trict was practically deserted. According to current Wall Street report, earnings of the American Hide and Leather Company in the Decem- ber quarter of 1920 were the poorest It is expected that the statement, when published, will show that the company failed to fully earn Cur- rent weakness of the stock is due to that the stock Is to be iswued at $10 \m idence of the fact that reed. Am @bip & Com. Am smett & Ref, Ain simolt & Had Am Steel dey Ae Ge We 8 Lovo, Malina 1 1 1% % * p » Arkiyo Meg. ‘Traut 11% 1D ne + %& Uklyn May Tr. tte, 0% 8% Oh Kune Bo Oh inate Gop & “tine - b | duttenck Oo, » » % Gat, docrunsae * | Cat, Hour, pt. » | haeoadion Macstie 5 * | Gent Lawet 1 WH KG Wa tO [ecw teatuer wes, [om oN dL) us GD Ger De Paco. a Candler Mowe. 63% OTS OS + ® Une & Uno. . @ we oO + * © MaavRK 2H Bre a CMA MPM He 4 +h Chile M1 & tas, he WRT EH CHIa&LI pew 4% Wh Eh — le Chl Gk Wetern 8% & Nweta ly, OH Be BR-— & (tale ; ho UN Ih — he ah ww + Be 2 + fF er. | 88% WON + OH 10% 9% WN Cunsol, Cigar a » oso — 3K ‘oonaol, Gee o WK Hh ‘Consol, Textile . ww ye 0 + & Coa, LiCl, Min. 6% OM Com. Candy. ie 4h & Cuno a oat % O% 08% % VO% We we 2% ” wn Bub mo owl Don & Itio Grandé Don & Ito Ge pt. : 19% 18% Kanaaa City Bo... WM 20 OK te Kamas Gity Sa, pf, 40% 40% 4% — ‘Kelly Gpringtiold © 46% 42% 48% + 2% Keaneoatt Comer. 19% 10% 19% = Keywtons Tire 10% 10% 104% — % Lackawanna Steel. 55% THM He — % Loe Hutiber & Tire 1% 17% ITS — NYNHaH. w Norfolk & Werem 10% Norttiera Pacitic Oklatema & BR. . Onheam Cirenit Owen Bottliog . (Peon, Sead, Stee! Veaple’s Gan Vere Marquette . is + © Wail, Company 2% Uiewos Arrow. aN Pherce Amon yl Be m4 —1 Phere Of, 10% 10% — 4% Witting Coal Mime OB + 1 Vite, & Wen Va, WO% 40% | Pond Creek Coal... 1% 1% 134 w Vullman Company.. 107% 107% 17% + 4! Ponta Meg, Sugar. 47% 49% 474 | Mure O0 .,........ 3% We | * Hail, Sinel Spring, 95% 8B % Bond Mines. a = ed 2% | 18% 12% 12 % | Si% BOT + 2% an m 4 + 1 Reading 23 pf. By Sh WH + 1K Remington Type na 30% 31 Meplogle Steal .... I We Ble ‘Hep iro & Steel OO% és OH + Heyublic Motor .. 20 2 20 = % Royal Duteh NY., OTK GN OOH + Sth & Sen Fro, RH Shy ema+ St Le & Southwat 214 BH? StL & South a. 47 a oo o+) Sante Cee Sugar, 4% 1s 41% % Samm Motom .. ch chy 4% % Seaboard Air Lins, 6% 64 6% eam Row inc el a Seneca Coomer ... 19% 18% 19 ut Pel Ta T oe 8% O44 W Binclair Ov 4 24 2h Sonith Pacific 8% wy Souther Ry. he e+ Ow Southem Ry nf .. 15% FAY SB 1% Stan Of of NJ 108% 160% 1984 — 1 Stan Oil of NJ vf 108% Ay 108% n . oy OK 204 ws awh a8 aT 2% Oh B+ & % 9% 9% + 12% 12% 12% 1% 40 48+ 8% SBM St es c. 4 18% 16% ‘Tex, & Pac. Comt,, RR oy Ba++ & ‘Times Sq. Aut. Se 10% 10 wW% + & ‘Tetmory Products... 54% © Me+ % ‘Tranmeon, OF. . 10 9% 10 ‘Tranmic & Willisam 41 4“ 4“ 2 Vo. Bag & Papers 7 2 —8 Ua Ry, Tar. Oo. pt. Un. Retail Searms. . us a 9% — Vanadium Stel... 87% 9 at 4, *Va-Car, Chemical 38 “38 38 4 vactes Chem. yf 100 WM 100 peeses ss cPvecesceereccers” ex White Motor . mo 44 White Oi ., % Willy Overiaad Wille-Overt pt % Wilson 4 Woobwortt % Worth Pump. - 4 "Kat dividend, | rrotat sales 617.400, WOULD OUST CRAIG ‘AS BUDGET MAKER | Hylan and La Guardia Move to Take Work Entirely From Hands of Comptroller. Mayor Hylan, supported by Pres!- dent La Guardia of the Bostd of Al- dermen, launched a movement yes- terday to take the making of the city budget out of the hands of Comp- troller Craig. ‘Work of budget making, up to the time of final passage, bas been in the hands of the Committee on Finance and Budget, of which the Comp- troller is Chairn\an. The Mayor summoned the Committee of the 10-CENT CARFARE SUSTAINED BY COURT Onder Permitting Brooklyn City Railroad to Charge Double Tariff Upheld. The Appellate Pivision of the Su- preme Court denied the application of Corporation Counsel O'Brien for an order suspending the Appellate Division's own order permitting ‘the Brooklyn City Railroad Company to change two fares per passenger on the Flatbush Avenue Hne in Brook- lyn. ‘The Appellate Division also va- cated the stay granted by Justice Page, one of its members, rendering Whole of the Board of Estimate in the morning and it held its usual secret session. The Mayor introduced the resolu tion, which was passed unanimously, The action of the Committee of |the Whole follows u long standing feud between the Mayor and the Comptroller over budget making, It became so bitter last year that the accountants of Commissioner Hirsh- field and the Board of Estimate were duplicating each other’s work in ob- ‘taining information from city de+ | partments, ~— House Passes Bill, WASHINGTON, Jun. 14.—-The Legis- lative, Executive and Judicial Appro-| four days to Investigute the shooting gooily. riation Bill, carrying approxi; Firion , was peaaed by the Hi day and sent to the Senate, Its decision in operative pending & hearing on Mr. O'Brien's motion to nd. The eifect of the two decisions is to make it possible for the Broaklyn City Railroad Company to charge an extra fare to avery ‘passenger cross. Lin ee sxe a chy ein its Mlatbush INQUIRY ORDERED IN LANGDON CASE MANILLA, P, » Jan, 14.—Admiral Albert Greaves, Commander in Chief the remark: proceed with it to Viadivostok within of Lieut. Warren H. Langton of the announced here to-day. FINANCIAL. NEWS AND PRICES 000,000 Sala of the American Asiatic Fleet, will “Do you . ve ve ely appoint a Naval Board of Inquiry and have Wbsolutely no mo) ouse| U.S. 8, Albany at Viadivostok, he emphasie, ‘face with a bit of powder I oo 8h ie 009 ixpeerntans Hitt ln, tam tadn, ‘Yume, e 300 Aetna Cont ¥ cpa iM | 300 Oar taht 3700 Cotuinbia Kamera 200 Durant Mow | 100 Haynes Kult A 100 Haynes Kujt 1 Not Am Paper Perfection ‘Tire Prot a hc M Co, %) Prot 8 HO M Co uF 1800 Madio Com ‘ 1% 0) Hadio pr a 1000 Sweets Co i% te 650) Triangle Pim fete 2000 17 8 Nieam Me 1s NO) U8 Ship C 1% 1M 200 United Met Candy... BM RA STANDAID O11 100 Anglo-Am Ol! ex diy .. 19% 1000 8 © of Indiana nen .. 75% INDEPENDENT O15 Allied O81 " Boston Wyoming . Cand Bnd Denny Oil Kaxioeers Petroleum Federal Ol Pensland Giwnroek Ol. Hudson Oi} Int Petrot Livingston Maracaibo Merritt Oil Moxie OU .ceceeseee Cont 0 & D in Prod. Noble Oi 200 No Am Ol. 1000 Omar Ov at 200 Troducer & tefiners Ited Rock OW Ryan Con 100° Salt Creek TO Simms Pet 100 Bkeltly O . 1000 Trans Cont ris 500 United ‘Tex Ou 200 Woodburn OW oe 1000 1510 20.8 | #t00. od ‘ x dle MINING. $00 AlaeBr Col . 1200 AUanta (00 Bik tedae 1009 Booth 0000 Bom & Mont 16 0 ButteN ¥ 1000 Caled tin 400 Calumet & Jerome. 9000 Candelaria M. 200 Con Virzinia ... 2500 Cortex Silver 1200 Cresson Gold 200 Dundle Arte . 1500 Emma Silver . 5000 Kareka Croesus 1400 Kureke Holly 1500 Gold Cons 1400 Gold Dew 11700 Goldfield Florence . 1300 Gold Kewana ., 2000 Gold Sliver Pick. 4200 Gold Zone 200 Heela Mining 200 Tron lossom 1500 Jumbo Extension , 1500 Knox Divide . 1000°La Rose Mining 10.0 MeNamara 1200 MeNamara_ Crescent 1600 Mara Min , 2 a i 2 14 * 6 5 w 18 M 8 CURB FLUCTUATIONS IN OfL AND INDUSTRIALS THE OUTSIDE MARKET—-2.30 P, mM. QUOTATIONS | |B Winds, tee Lae ois Valley th ws of 1000 Motherlode ut ‘ 460 Motter Lode wow ah » 3 200 Nipheatns m8 * 1500 North Svar 5 560 Opniy Sti . 19 Prinee 4 ‘ 100 Hex 1000 Thocheser Mines 1500 San ‘Tov 1800 Silver Kine Loiyte 200 Bo An TY & © 100 Silver Lead 100 Suepertor & Moston 1500 Sucewm 900 900 Tonopah Belmont "00 Toop Cash Bor 2300 Tomo Divide. es... 10) Tonopah Extension. 1200 Tono-Jim ft... 2500 Tonopah Sildwas 900 Touopah Minka. 1508 Tonopah Miepsh 1200 Tonopah Montana 1900 Tonal Messe 400 Cited Bastern | 1200 vierors 500 West nd 1200 White Cape 1200 Wiibert t ' ' FORKIGN BONDS 1nay 0% “0 10000 Berlin 45. 6000 Densillrk 8s. 10000 Frewch 49 5000 Norway & 2000 Swinw 5 noNps. 50M Allied Packor cs 5000 Ain Tol Ge 13000 Anaconte 7s 5900 Armour de Hanno Beth 2000 Can > ri 101% Ty Ka ts. 1% om 2% 08% 1000 Morris & Co THs 2000 Nat Leather &s | 1000 Hears Mowbuck 7 21... 9aNy On | 170000 Scars 2. fag * 00 89% < TOMS 101% 100% | a0 #0 101 100% 108 | s8000 8 0 100% 10054 100% 2000 $0 «100% 100% 100% nn) & 0 101% 100% 100% | 1090 s 0-8 10% 10% 101% 1000 8 ON 10MM 101 101% 40 $ ON ae 4000 $ ON + 1nd to 18000 Texas Co 99% OO 90% 1000 VacCar Chem 74a. ot OB 7090 Western Eire Logs 100, 100% eS WOUNDED BY DETECTIVE. Alleged Thief Resints Arrest Sleuth Draws Gun. Samuel Napier, thirty-four, of No. /1054 40th Strect, Brooklyn, is a prisoner in Bellevue Hospital with a revolver shot wound in his left wrist | received yesterday afternoon when he attacked Detective Mindheim of the | Clinton Street Police Station, who at- tempted to arrest him. Napier later was taken and a charge of the theft of 125 cases of chocolate from the warehouse of the Nemur Corporation at Nos, 12-14 Flint Street, Brookl$n, lodged against him. James Oliver, | twenty-one, of No. 460 Pearl Street, was arrested and locked up, charged as an accomplice, Instalment No. 56. THE SLIMY TONGUE OF SEAN} DER. | UGH had been in New York H about three weeks when one afternoon Miss Hepsibah Hulse was announced, Mother had gone to her ‘club and I was playing with Marjorie, who had just awakened from her nap, when the maid told me Mis’ Hulse was waiting in the draw- ing room. “Oh, Phyllis, why didn't you tell her that I am not at home?" I exclaimed in exasperation, for Miss Hulse with her prying mind and gossiping tongue, and her taste for everything that was of a malicious nature, though she pre- tended to be the greategt of prudes, was my pet aversion. “I'm sorry, Mrs. Barret,” replied Phyllis; “1 did not know"—— “Of course you didn't," 1 said, turning to the mirror to «freshen my her immediately.” Blowing a kiss to Marjorie, who was being dressed by her nurse for an hour in the open, I descended the stairs and, mustering all the condiial- ity I could, went into the drawing ‘room and held out my hand to Miss se, “My dear,” she exclaimed in her mincing manner, “you look splendid. So sorry your dear mother is not at home, though I dfd come especially to_see you.” Misa iujee's words did not mislead me, From her air of suppressed ex- citement I suspected that she had de- Iigerately chosen this afternoon when she knew mother wuld not be at home, and I recalled that other occa- sion just before my marriage when ¢ hgd slipped in during mother’s absence and had steered the conver- sation around to the point of asking me if 1 knew of gny risque books, ‘That she had made up her mind to say something to me of a decidedly disagreeable nature 1 was convines There was in her eye the expression of a tiger when it is about to spring on its prey. I was to be the victim of her insatiable appetite for scandal- mongering and trouble making. For a time | managed to keep the conver- sation in my own hands, though I knew all the time that sqoner or later ‘the old harpy would close in on me. Seizing the very first advantage, she fired her opening broadside with know, my dear, that men now- adays?’ “Haven't they?” I answered very “it is “ she returned with fa YOU MARRY, (Oa Neen OVER AGAIN EDITH JOHNSON “Ti see | his wife, it is because he has neither temptation nor opportunity.” “Miss Hulse," { replied with rising indignation, “how can you speak that way? It is terrible to have such ideas, If I thought that all men were like that—if I thought that Hugh"— “Well, what would you do?” de- manded Miss Hulse, with a gleam of triumph in her eye, She tossed up her chin with a brown mole on it, out of which grew one long, stiff, bristling hair, Seeing that I did not answer, she went on, “You could do nothing—you would be helpless; you would leave him; you would divorce him, or like so many other women, you would endure,” “Let ua talk about something else, This hardly is what you would cali jeasant subject, don’t you think I suggested, But, with that tenacity which is | sharacteristio of all deliberately cruel beings, she refused to be di- verted. “That's why I came here, my*dear Alma, and when I have a duty to perform, [never shirk |t, no matter how disagrees it may be," she said in the tone né Who makes a | virtue of being viciou “I'm sure 5 don'.” [replied rather curtly, but the irony of my tone was quite lost on her, “It becomes my duty, dear Alma," she persisted, “to tell you that Hugh Barret is interested in another wo- man whom he meets in New York. They say he is gallivanting around every place with her whenever he kes @ trip there. I shouldn't won ler if at thix very moment he"— “Stop, Miss ‘Hulse, 1 almost screamed at her. “1 will not listen to another word about my husband. I believe in him absolutely.” “Then you are the only person who does,” she retorted with an alr of supreme satisfaction in having given me pain. “ft ly common talk that he is having an affair, and that she {s a beautiful creature wears wonder~ ful clothes, and is literally cover with jewels.” Pris For several moments I sat immov- able, Could ‘t be poanible that this wretched old woman who could not endura to contemplate happy mar- riage since she had missed that her- self, was telling me something o1 the truth? Could it be that Hugh, in- toxicated with the possession wealth had succumbed to the allure- ments of some fascinating woman, that, Alma?” “Just this," I answered firmly, the first place, I don’t believe it, I did, the other would represent noth- Then, drawing myself up, I finished triumphantly, “I represent and therefore, the honor house.” pon my soul, | believe | that whenever = man ls feithfu} to (To Be Continued To-Morrow.) (Goperighi, 1991, by the Bell Syndicate, lac.) 4 | or of “Well, what have you to say to “In It ing more than a pin-prick to me." the wife, of my Commit. 1919. oy CHAPTER XTL, ‘ontiourd | hands wee ike fre—but the bur eleared. He cov mor mite to t er auger ho. 8 ever sotit- ny fis Knee The ¢ tle—but it clear @gainst the wall and grasping the casement with his left hand for an- chorage, he bent and worked and twisted the bar outward. Every effort ‘| gave him another graction of an inch At last, by a final te heave, it cleared’ the uppar log. There remaine t j only to lift | out of the lower auger hole, ninute to get his breath; r spent in listentng: worked the loosened 3} lifted out the bar put it back Inte i ling about with his Angers to male |sure there were no scars on the wood bits of chips scraped loose; and stole under the trees v knowing there mv his teail in the mc hot go directly to where his wisgiv- |ings urged him. The Sheriff he | To the Sheriff he was still notorious Red Mask. ‘To the mob was sure to gather would Mask, His escape, with would be eyes ning, he dared | | lock and bolt untouched, would mys- | |} tify both, mob would ascribe with which vested his But in the and Sheriff. it to popular ame ‘They fancy had in- t would curse old jail there bairsof eyes that the bar would not escape; a pa jof eyes that would find it as sure jas the morning came, and read the | riddle at a glance, And they would | es capable of fiz smd following it. Mich against him, therefore, he turned his| steps east’ Instead ‘of west and | plunged in among the clumped under- brush that grew along the top of the | ou, Finally he came to a place where | he dry bed of a rocky washout led} Jown the hillside from the west into i) | t Crossing the River Roud was the! next problem, Choosing a place where the grass came close to the track on each side, a short distance above where the path leaves It at the turn, he leaped across, and, using considerable | care again to hide his trail, picked | his way down aiong the inside of the} brush-tangled fence row. That path! It led out of an old | world into a new. Peering through the bushes, he spared a hurried glance toward the low place in the fence where the path crossed. The stars peopled the place with memgries. A light shone through the front windows of the muin room of the cabin. He wondered at this. It made him uneasy, for the evening was gone and the ripe night come. Not many candles were alight at that hour in the flatwoods. He sank back under the bushes and crawled nearer. The muslin curtains were drawn, but no shadows crossed them. The stillness within vaguely disquieted him. He was searching for a way to crawl a little nearer, when the low tones of the cello broke across the silence; The figure of a man siid into the candle glow that beat tne night back for a space outside the window trim; compact; jaunty—the man hi had expected to find prowlng there. The man in the underbrush stif- fened; slowly rose, nol: ssly a8 | smoke. The man approaching the door | seemed to hesitate; stopped. The | other sank down again in the bushes The head of flowing hair rocked back and forth across the curtains. Who fathoms all that the night holds! Many a shadow lurks outside the window that the contented house- holder knows nothing of! It was a strained moment; 4 three-handed game tn the dark; an intense three- angled drama of life—mayhap of more than life, If the honor of a woman is more than that. The man hesitating before the door had the next play. What held his hand? Perhaps his plans were not yet ripened to the full. He made another step toward the doo! stopped; jerked his shoulders up sa agely; glared about; brought his eyes back ‘to the rocking shadow; swore softly; turned and stalked silently away down the path toward Fallen Rock. For some distance down the branch the Pearlhunter followed the night prowler. It was easy to follow him, for now he crunched his way through the brush as if he imagined he had the whole woods to himself. So much of his life had to be spent in hiding that he seemed to revel in the chance to make as much noise as he pleased. And yet there was more than that in the way he stormbd along—a sort of savage fury, as if certain things were not going quite to. his tin; Within sound of the Pearlhunter followed his. The woodcraft of the Pearlhunter was profound. It about all life had taught him, but |t had taught him that. With the logical precision of a schoolmaster passing from one step of a problem to another, he fol- lowed nolsclessly the trail of the man —which, of course took him in the direction of Fallen Rock, He picked his way through the woods to the edge of the bluffs, stole over and down toward the cabin. He was so carefully guarding his steps that he did not look at the cabin itself until within a fow yards of it. The first glance at the black hulk of it, squatted in the deep gloom under the outstanding rocks, brought him to in- stant pause. The windows hue been covered, but a tiny ray crept through a chink between the logs at the east end. He crouched down in the bushes to consider what this circum- stance meant. No sound came from the cabin, ‘The night was intensely still, Not an oar stirred the river, The waterfall |alone fretted the silence. The Pearl~ hunter flattened himself in the weeds and bushes and crawled guardedly toward that open chink in the east walt. Foot by foot he worked his way until he was able at last to bring hie face level with the Uny opening, With his eye close, the chink afforded a tolerably clear view of the Interior of the cabin. He barely restrained a cry at what he saw. 4 Stooped over the small, hair-cov- ered trunk, his hat off, was the Red Mask. He had just pried open the lid and was laying the contents of the trunk out with seeming care in rather neat heaps upon the floor, In his hand he held the picture of the Iron-Gray Woman. did | he dread powers | , \fast trick the hunter learns; still, a waterfall the | Rothe, Mertilt Oo Into the cabin and sétde hs sebre with the sacrilegious wretch once [and for all, But it was not his to tr jas he pleased that night. Ils a | fivities for the moment niet fart to Use f wer [io keeping his ove pula it was tike an old-tashion - chanical panorama in wh uae drops penny and watenee ble ure w id inate, And ¢ ye nora ne ever singed oo nan thy tha Pew narvow | cari stood looking upon Afier gume mone self, unbuttoned his che « Siraighte e candice The man by d the pioture to t Ne roused hiins vest, nnd pw away in at e Watcher ouisid his lips drew toge winced in a betas: ne But there was te to be seen just then, “Cie mun inaia had risen, ‘crussed the tour, pat th things back in the trunk, viosed tle did and picked up his hat. Nes ment the candle ewas blown ou The Pearinunter barely liad time € creep into the fringe of weeds’ wire the abin door opened and soft closed. With @ brisk stop that {he had flung off 4! | rite no’ ndicated spell of ve past torious renegade walked around est end of the cabin, pis, thy nd straight to the tiny pow ‘all, where the jad st alon i ‘eur | is thi d his Ince comy hunter, north wall of second astounding surprise ng down bluff, Jumping lightly from rock to rook in the shallow water of the pool, thy bandit approached the cataract, ‘thé third leap lunding him upon’ thé flat top of rock almost within the very wash of the falling water. Pausing an instant to pull his bat tight and turn up the collar of bis coat, he sprang straight intd the thin blade of the falls. His leap must have carried him completely through to the other side. It was the first the Pearihunter knew, or even sus pected, that there wus an open space Geyond. So completely did the fall- ing water hide everything back of it (hat probaibi> the man who had just leaped and the man who watched him were the only two who knew there was anything back of it { The Pearlhunter stretched himseit flat under cover of a clump of sprouts growing whout an old white oak stump, and kept his eyes fixed on the waterfall. Time goes slowly to one who watches and waits Patience—the hunter must have it, especially a hunter of men. It was probably not More than ten minutes, though it seemed far longer, when, without 90 much 48 a diverted fieck of spray in warning, the waterfall flung forbi upon the flat-topped rovk a lithe and active figure that sprang lightly to shore over the two intervening stones. = The water eeemed hardly to have touched him. Pausing on the brink of the pool barely long enough te shake his coat by the lapels and ‘to knock his hat aguinst his hand, he immediately set out along the biuffa toward the village, as unconcerned as tt sp ten not eet ee off about e sensational e\unt ever seen by a Phatwoodsman. He passed so close to where the Pearthunter lay that the two could have touched hands. Had he eo much jas dreamed that the man he hed taken puch pains to saddle his crime upon lay @o near, some other aston- ishing things would have happened that night—with the odds againet the man carelessly shaking the spray of the waterfall grom his hat. All_ unsuspecting, the jaunty des- perado passed on. The Pearlhunter Slipped out of the cover and goftly followed; trailed him up the bluffs, through ‘the corner of the woods and out to the River Road where it angles north through the cut in the cliffe: lastened at the fence, near where the path crossed it, till the receding steps were well on their way to the village A dered the scene he had gazed on through the chink in the cabin wall; the man's transfigured face; his actions with the picture~ that above all—the picture. It pup- zled him, angered him. That such © man should have her picture; his mother's—with the darkly beautiful face and wonderful. eyes — warm against his breast! It was another reason why he should hunt him down, What lay back of that thin Bheet of glancing water? He had made up hie mind to find out—and he Was a man who wasted ecant time in speculation, if deeds would serve better Sul, when he had sprang over the wwo intervening rocks to the flat stone directly in front of the) falls, from which the bandit had anade his the caution of the woodsman him, It was enough to halt « a leap square into that blind sheet of water, withmo earthly means of knowing what lay beyond. Another thought. What if there was a con- federate? The Red Mask was said to operate alone, but there was always the possibility of another associat with him, If there should be eome sort of cave, or retreat, back of the fails, as in overwhelming likelihood there was, there might very well pe another—or others—there, It would b- rather awkward to sprawl right in among them. The Pearlhunter was as brave as the woods muke them, but it is no digcredit to his manhood to say that he stepped down off the rock into the water and waded through the fadls. The noise of the water made him safe from listening ears; from prying eyes he must take his chance. Through the fails, and barely out of reach of them, his foot bumped into the edge of flat rock, the inner margin of the. pool, He stepped out of the shallow water up on this rock and stood per- ty etill for a long time until bis ght became accustomed to the dark- ness, Even then he was unable to distinguish anything when he turned his face y from the water. > Moving with all possible stiliness, he began gropingwhis way back under the cliff, The solid rock rose with reaponable smoothness on each side, With @ passageway between wider than an ordinary door, CHAPTER XII. Li, the way back to Fallen Rook the Pearlhunter pon- the ‘top of which he could not touch by reach” ing upward with his hands, “Wi arms spread wide, his feet movi caroful inches, his cane ‘rained Wy is earihunter’se gorge rose at ee be mother’s picture in such bands. and bis breast burned to dash fingers serving for e¥es, he felt way back into the passage. (Read To- Morrow's Fine instalment.» 7 5