The evening world. Newspaper, January 26, 1922, Page 24

a t whe ket as it ts senseless. wons will not let his namo be quoted, up of a few industrial shares, his view that the these shares are treadiag on a quick- that they bid fair to be sngulfed by It far as to point out specific instances, it is not difficult person following the stock prices these days to readily <2 eall to mind the stocks or pools be referred to. ‘The fact of the matter ts that these Pools, throwing discretion to the four winds, have marked up a few stocks tn the hope that a gullible public would become excited at the appar- ently easy prospects of making a stock market killing, and by entering the market on a sharply rising scale of prices would enable these pools to dis- powe of their wares. But the general Tun of stock market traders are much more educated in the ways of Wall Stregt than they were a decade ago. As matters now stand these pools have worked up their stocks, but still lack a buying public and have no one to sell. their inflated shares to. With each succeeding day the strain of keeping gas pumped into their finan- cial balloons becomes greater and the more conservative brokers are advis- ing thelr customers to “stand from under.” In the case of Gulf States Steel It is diMcult to find a commission house that will accept buying orders In the stock at less than 80 per cent. margin, or nearly 50 per cent. of its market yalue. Not only that but “stop loss’’ orders in the stock, while possessing some little remaining value, are not recognized by the floor specialist and he has notifled members of the Ex- ebange that such orders are placed at the customer's own risk. While the market, with the excep- tion of a few specialties referred to above, continues extremely dull, com- nd bankers are taking their custom- ary mid-winter vacations. There is a widespread feeling that /with so many Important developments pend- ing a violently active market may get under way any day. Not only may the many proposed mergers become the legitimate basis for active stock speculation at any time, but rea! incentives for making, extensive commitments are likely to be furnished by the results of the ‘Agricultural Conference, the Railroad amor Ponterence, the methods to be decide& upon to raise funds to meet the bonus to soldiers, which is ex- pected to be ordered paid by Con- Sress, and by several other important measures of huge financial impor- tance now before Congress, While it is true that a large and important element in Wall Street ‘view with dismay the rise of the so- sailed farn:ers’ bloc to a position of much power in Government politics, and regard the probable selection of @ “dirt farmer” to the Federal Re serve Board with particular disfavor, there is another and ally impor- ftant element in the finahcial district ‘who view current political proceed- ings with considerable satisfaction. This is because the interest of this element ts largely centred in railroads, and they have received assurances from Washington that in the final This banker, who for obvious rea- states that sustained improvement In stock values is only being deferred by ihe senseless and violent marking It is manipulators of sand, formed of their own folly, and While this banker would not go so for the average movements of paratively few really big operators] ° Market Sidelights | By R. R. Batson. One of the foremost bankers tn)settlement of the railway jabor prob- © Wall Street, a man whose name is “4 one to conjure with in financial cir- cles throughout the country, charac- terizes the manipulative tactics now ‘being employed in the market as “a bit of fool play that is as damaging to the best interests of the stock mar- lem the weight of political influence of the farmer bloc will be thrown m favor of the railroads against labor. It became known this morning that Speyer & Co. and the Equitable Trust Company have purchased from the United States Railroad Administra- tion $8,310,500 St. Lowis and San Fransico Railway Equipment ‘Crust 6 per cent. notes. With this pur- chase over two-thirds of the equip- ment trusts originally held by the Government have been disposed of. As a commentaty on the improve- ment in raflroad credit it is well to point out that less than two months ago, when the equipment trust certiti- cates of the stronger carries were being purchased by bankers, much doubt existed whether the certifica of the weaker roads would tind yy market. Now, however, thes certificates have become as readily salable as those of the stronger rowls and are being offered on practica the same income busis, reat reports to the effect that a reduc- be announced and perhaps before the end of the current week. ala crude is likely to be cut first and the mid-continent market. Tn connection with the possible in- luence such price cuts are likely to have on oil shares it is perhaps well © bear in mind that the announce- ment of the last price cut was entire- ly unexpected, yet was without stocl: market effect. Oi] shares are in 4 strong technical market position and have net been involved in the less manipulation that nily been carried on, It seems not unlikely that the price cut, tf it comes, will be found to have beon discounted. LIBERTY BONDS. Liberty 31-28 opened 96.74, up .14; Ist 4 1-48, 97.68, up .04; 2d, off 02; 3d, 97.56, off .14; 4th, 97.12, off 97, land Motors, 80, off 1-4; Stan a Oi! of Indiana, 851-4, off 1-8; Gien Alden, 45 7-8, up 38-8. ‘OREIGN EXCHANGE OPENIN:i | | Sterling, demand, 4.22; cables, 4.22% off 1-4, French francs, demand, -0816 1-4; cables, .0816 3-4. Lire, de- mand, .0440; cables, .0440 1-2, un- changed. Belgian frances, deman/t, | 0782; cables, .0782 1-2, off .0001 1-2. | Marks, demand an@ cables, .0050, off 0000 1-4. Greek drachmas, 0440; cables, .0445, unchanged. epind, Wiss franes, demand, .1945; cables, unchanged. Guilders, demand, . cables, .3655, off .0003, Pesetas mand, .1501; cables, .1503, up Sweden kronen, demand, .2498; 2503, up .0009. Norway kronen, de- mand, .1568; cables, .1573, off .v003 Denmark kronen, demand, .2001; cables, .2006, off .000 ee ye WANTS GUAT! ALA TO STAY IN, SAN SALVADOR, Republic of Salva- dor, Jan, 26.—The Federal Congress of the Federation of Central American Re- publics haw decided to send a commis sion to Guatemala to endeavor to in- duce the Guatemalan Government to re- verse ita recent decision to secede from the federation, says a despatch received here to-day from Teguelgalpa. BANKING AND FINANCIAL. Measuring Achievement Net earnings are the basis of dividends They demonstrate ability and measure the achievements of companies. pees of earnings are carefully studied by investors and traders. More than thirty of the securities are represented on Curb Exchange show earnings in excess of $1,000,000 a year. These and many other securities of substan- tial worth and sound character are traded on “America’s Second Largest Stock Market.” BANKING AND FINANCIAL. i | Leading oli interests state that cur- | tton in oi prices will probably soon | Pennsylva- | this will naturally weaken prices in | has re- | Vieto: 8-48, 10026, up .10; 48-48, 100.22, up .02, CURB, Opened irregular, Philip Morris, | 4 1-4, up 1-8; Intercontinental Rab- ber, 9, up 1-8; Radio, 41-4, up 1-4; International Petroleum. 14 6-8, off | 1-8; Citles Service, 166, up 1; Clev THE EVENING WORLD, THURSDAY, JAN DORIS CLAIR JOEA. EvisRoiDeR HE « |Adums Expre | Adv Rumels [Aves Rubber Alaska Gold Allls-Chaimers lam Age Chem wh Mag Can pt Car & Fay Cotton Olt Drug Synd HaL. Nal pr International Linseed Olt. An Lin Of pf. [Am Locomotive. Allied Chem Am Safety Ra: m Ship & Com.. Am Sm & Ref ., Am Am Am Am tam Am Am 8m & Ref pf 89 An Sugar Am Sugar pf . Am Sumatra Tob Am Tel & Tel .. Aim Tobacco .... 134 Am Tob pf new.. 100% Am Tob cts B.. 129% Am La France... 9% Am Wool + 8 Am Writing P pf. 28 Am Zinc ... 13 Anaconda 50 Asso Dry Goods... Atchison Ry . Atehison Ry pf. AU Birm & Atl. Atl Gulf & Wi. Baldwin Loco Bar & Ohio Tait & Ohio pf.. Licth Steel B, Fkiyn Rap Tran. Burns Bros A.... Butte & Superior. Uutterick Co , Barnsdale B Calit Packing Cault Pet . anadian Pacific Central Leather.. Cerro De Pasco.. Chandler Motor Ches & Ohio....+ cCMastPRR © M & Bt P pt. Chic RT & Pac.. CRIEP 6 pe pt Chic & North Ry Chile Copper .... Chino Copper Cluett_ & Peabody Coca-Cola, Col Fuel & Iron, Col Gas & Elec.. Columbia Grapho. Comp Tab & Rec Consol Cigar Consol Textile Con Inter-Ca} Min Cont Can . Cosden O11 Corn Products Cructble Steel ... Crucible Steel pt Cuba Cane Sugar Cuba Cane Bu pt Guban-Amer Sug. Davison Chemical, Del & Hudson. ies whose New York From many sources information on New York i Curb Market securities is gathered Baker, and is available to you in their Board Room, over your telephone, or by mail. This great brokerage house has secured nearly 40% of its new customers indicating the servic: ‘information We will send without 5 ipsccontine penyle yr issue of the DYVESTISR 8 TRADER the issue « L2-pege weekly market review New York Offices 30 Browd Street Tel. Beoed 7150 ‘503 Fith Avenue ‘Tel. her. Hall T1209 225 Pith Avenue ‘Tel Mad. Sq. 077 by Jones & old cu e of this unprejudiced nge ; also the latest =e ree Jones & BAKER ‘New York Curb Market Direct Private Wires Mew York Chicege Bentoe Philedeiphia Picubergh Develt Baltimere Cleveland Dome Mines Elkhorn Coal . ‘Bndicott-Johnson. Erle . Erte 1st pf. Famous Players.. Famous Play pt. Freeport Texas... General Asphalt. Gen Asphalt pi General Electric. General Motor Gen Motor Deb.. Goodrich . Gray & Davis. Great Nor Ore... Greene Canane: Guan Sugar Guit States Bteel, Houston Ol Hupp Motors, . Homestake Min. Iilinola Central . Indiahoma Ref Inspiration Cop. Inter Cons Corp. Inter Cons C pf. Inter Inter Inter Inter Inter Inter Inter Inter Nickel Invinelble Ol Inland O11 .. Paper. Mer Marin Manat! suger. Man Bhirt .. Martin Parry Math Alk Work: McIntyre & Miner. Miami Copper Mer M pf.. Kennecott Copper. May Dept Btores, 105% Mexican Peroleum 118% ‘Pen. High. Low. Sa ae 2% BB OBB | OPen. 11 41m 12%, 114 | Middle Staten ON IBM ‘ : Midvale Steel... 31% i " “ 4 B : M44 | Mo & Tes 4 ed oe A 1 | Mo Kan & 2 2 42% 346 40 " 52% Se 35 60 58 18% 80% 31% 72% cry mH 2% BL 43% Pg 68%) 1% % a1 1% om 143% 8% 80% a7 19 Great Northern pf" 73% 33 st 8% T0% MW 38 56 100 3% 40% 2% ™% o% 31% aT 100% 129%) os aN & Pacific. pi Tex & Pac Coal. Sr ot 68 |ahird Avenue . Gti, OS t aaug | Tobacco Product % %|Transcon Oll . ot, BILHOCEITE OF YourR “SWEETHEART ON vou: STOCKING @ Kai en ind Veabent PICTURESQUE FADS OF WOMEN ay ML hal APPMALE SOT ER FLY ox pt ' Mo Pacific % | Mo Pacific pf | Mont Ward . | Mullins Pods 30% | Nat Enam & stp Ge + 96% | National Lead 8914 1462, 14044 1% 2% 3 NYNUEH NY Ont & West, pheum Otis Steel Owens Bottling Pacific Ol . Penn | Peopl | Pere Marquette® ce Arrow ree Arrow pf 00% | 129% |! Remington Type Replogle Steel Rep Iron & Stee! Royal Dutch NY StL @ San Fran St L & Southw.. St L & Southw pt Savage Arms Saxon Motors ... St L & & Fran pf buck Shel T & T. Sinclair Oi .... josa-Shetf Steel. Southern Pacific. thera Ry . Southern Ry pf. Stand Ol of N J 1 8 Ol of N J pf.. 1 Stewart-Warner . Stromberg Studebaker . Submarine Bos Superior Ot Union Ol .. Union Pacific . United Alloy « United Fruit . United Food Prod Un Ry Inv Co pf. Un Retail Stores. U8 C1 Pipe US CT Pips pr. U 8 Ind Alcohol. . U 8 Realty & Imp U8 Rubber «.... U 8 Bteel U B Steel Utah Copper Vanadiumn Bteot Va Caro Chem. Wabash .... Wabash pf A West Maryland. West Tac Corp pt Western Union Westinghouse White Motor White OM .. Wickwire Btee! Willys-Overland Wilson & Co Woolworth .... Worth Pump 16% Charles M. Schwab, at the Hotel Astor, will act as toastinaster, KE BONDS WASHINGTON, Jan. 26,— The Detroit, Toleio and fron ton Railroad applied tu the Interstate Cominerce Commis- sion vesterday for authority to issue $451,000 in 5 per cent. fifty-year gold bonds and to sell them to Henry Ford, Edsel B. Ford and Clara J. Ford. The sale will reimburse the rall- road for expenditures on ad- ditions and betcerments made to the line since it came into the possession of Henry Ford. HOTEL ASSOCIATION BANQUET. George Mc- Aneny, Ogden L. Mills and Augustus ‘Thomas are in for a banquet to-night when they will be the guests of honor of the Hotel Association of New York Thomas D, Green Cn DR OF HIS OWN RAILWAY + Compromise | | | THe on STOC 1 Moos ma: Once NES SES 48% | Punta Aleg Sug. CHINA'S CONSENT TOSHANTUNGPLAN’ i Suggested at White House Would Break Awkward Deadlock. | . WASHINGTON, Jan. 5.—Presi- dent Harding is awaiting a reply to-day from Peking to his plea that China accepts a compromise on the question of the Shantung railway. Under the proposal Japan would abandon her proposition for a loan to China and the latter would pur- chase the road with treasury notes payable at- option five to fifteen years hence. China would receive possession within five years but would with- | draw her opposition to retention of | a Japanese traffic manager and chief | accountant during the period of ; | payment, Mr. Harding's appeal was made di- rect to Minister Sze of the Chinese | delegation, who went toe the White Heuse with Secretary Hughes. Dr. Sze indicated that he had been much impressed by the interview, but declared it had not yet resulted in a settlement. Later the President's views are understood to have been cabled to Peking. Japanese acceptance of the com- promise appeared a foregone con- clusion. The willingness of the Japanese to accept an exercise of “good offices,” hitherto declined when offered by Secretary Hughes and Arthur J. Bal- four, is eaid to have been communi- cated to Mr. Hughes during a call at the State Department of Baron Shide- hara. The impression was given that Baron Shidehara's assurances started the trail of developments which led to the White House, In the expectation that the Shan- tung problem will be solved, and the way opened for a wind-up of all the other conference issues, the arafting experts are working overtime to gather the scattered agreemente, At the Far. Eastern Committee meeting the discussion of China's wireless facilities again revolved about the question of wheiher a policy of competition or co-operation should be adopted for development of @ Chi- nese controlled wireless system, Mr, Root presented a substitute resolution to the committee after one he offered previously had met with | objections from Minister Sze, who suggested that Its provision for a commission to Investigate the Chinese field might lead to “misapprehen- ‘ sion.” Mr. Root’s new tesolution does not UARY 26, 1922. BOTH HERE AND ABROAD ARBE Wea a> Her OAS et waa ON HER aN NS IT Veeve ‘igs EST STUNT, _ UH OMENGS © 4 ncemweoe {IM FOOL TODRINK’ WITNESS CLAIMS MISS REPPE SAD Mways Made Her Ill, He De- clares, Backing Up Story of Arbuckle. SAN FRANCISCO, Jan. 26.--How Virginia Rappe conducted herself at party was the topic of testimouy at the opening of to-day's session tn tlic seeond trial of Roscoe Arbuckle, ac- jcused of manslaught in ynnection | with her dea Mrs, Allen rrie of Hollywood was scheduled to resume |testimony for the defense cnrtailed when court adjourned last night Mrs. Ba?rie said that she and M Rappe attended a party “dunng an eclipse of the moon in 192i, but what happened there was left for later revelation. Considerable evidence tendius to show that Miss Rappe suffered from attacks of seemingly severé ‘lIness was offered yesterday. The deiense is seeking to show that it ‘vas this illness and not any act of Arbucele's which caused the girl's death. Eugene W. Presbray, scenario writer of Hollywood, testified that in March, 1917, at the Hotel Hollywood, Miss Rappe had suffered from an attack of illness after taking two drinks of) liquor, Presbray said he revived her by administering cracked ice. Ar- buckle, at the first trial, testified that he had attempted to revive her in the same way. “I'm a fool to drink, It always does that to me,"’ Presbray quoted Miss Rappe as saying after she be- came conscious again. J. M. Covington, proprietor of the Ship Cafe at Venice, told of seeing Miss Rappo and Henry Lehrman at the cafe in May, 1918. After Miss Rappe had drunk some liquor, he said, she began to cry out and tear her clothing. Lehrman hurried her out of the cafe and took her home in a taxi, he testified. Mrs, Frances Bates, of Santa Ann, who was a saleswoman in a Chicago store in 1913 when Miss Rappe acted as a model for a style show, said she had seen Miss Rappe suffer from similar attacks three times. . Mrs. A. L. Portnell, of Selma, Cal., testified that Miss Rappe had a simi- lar attack while accompanied by Al Semnacher and Mrs. Bambina Maude Delmont on Sept. 3, 1920, while en route to San Francisco a few days before Arbuckle’s party. > Believes All Marines Will Be Taken Away So WASHINGTON, Jan. 26.—Dr. De Cespedes stated to-day that he be- Heved all marines would be with- drawn from Cuba soon. Representations for the withdrawal of marines from Cuba, he added, hed been made to the State Department jome time ago. include a commission proposal, but pledges application of the open door principle to radio facilities, ‘The Japanese delegation is under stood to have completed preparation of a full statement on the re: quest by China for the abrogation of the twenty-one demands treaty of 1915. The statement Is expected to be laid before the Far Eastern Com- mittee of the eonferente as soon as the Shantung question, now the aub- 9 ihc et etn OI | | Hugh Moneyiews: ect Sees Beats ae menricinty qf the ction” fe Uuloert fers’ niin & posttion overboard, On Fesoued, he denounces Sir ‘ murdered’ man ve been the fa! f Gavia | Orme, ‘Carmtatry’s perwonal attorney CHAPTER IX, recentiy betr (Cootinaed.) R. LINDSEY and I then went to the office, and we had not been there long when a | telegram arrived from New- jeastle, Mr. Portlethorpe himself was {coming on to Berwick immediately. |And in the middle of the afternoon jhe arrived, | “What's all this, Lindsey?” asked \Mr. Portlethorpe as soon as he walked in, and without any prelim!- naries. “Your wire says Sir Gilbert and Lady Carstairs have disappeared. Does that mean”-—— Mr. Lindsey gave Mr. Portlethorpe | an epitomized account of the situa. |tion, and Mr. Portlethorpe listened attentively to the end. And without making any comment he said three words: “Well—your questions?” “The first,” answered Mr “ts this—How long is it |saw or heard from Sir Gilbert Car- stairs?” | “A week—by letter,” replied Mr Portlethorpe. “The second,’’ continued Mr. Lint | sey | “is much more important—mw >. What. Portlethorpe, do you know of Sir Gilbert Carstairs Mr. Portlethorpe hesitated mo- jment, Then he replied, frankly and | with evident qandonr. “To tell you the truth, Iindse said, “beyond knowing that he ; Gilbert Carstairs—nothing! ‘ve no objection to telling you an1 Moneylaws what we do kno. ‘| continued Mr, Portlethorpe. “After| all, it is, in a way, common know!-| clge—to some people, at any rate. | You know that old Sir Alexander hav! Mr two sons and one daughter—the [daughter being very much younge! than her brothers. When the two \sons, Michael and Gilbert, were about from twenty-one to twenty-three, | both quarreled with their father, andj [cleared out of this neighborhood al-| | together “Well, that's how things were uvtil about a year before old Sir Alexande:| eied—which, as you know, Is four- | sn months since. As I say, about ix years before his death, formal lrotice came of the death of Michael | Carstairs, who, of course, was next in | succession to the title, It came from | solicitor in Havana, whore Micha:! bad dicd—there were all the formal |proofs. He had died unmarried aa4| intestate, and his estate amounted to about a thousand pounds, “sir Alexander put the affair in our ‘and of course, as he was nex t hands; of-kin to his eldest son, what t! | was came to him. And we then point Jed out to him that now that Mr. | Michael Carstairs was dead, Mr IGiluert came next—he would get the title, In any case—and we earnestly pressed Sir Alexander to make a will And he was always going to, and never did—and he died intestate, as ‘vou know nd at that, of course, s bert Carstairs came forward, and"—— With proof, of course, that he was the man he represented himself to Dh, of course—full proof!” an- swered Mr. Portlethorpe. ‘Papel \tetters, all that sort of thing—all it jorder. He had been living in London | for a year or two at that time; but, laccording to his own_account, he had | gone pretty well all over the world {during the thirty years’ absence. He'd been a ship's surgeon—he'd been at- tached to the medical staff of more than one foreign army, and had seen service—he'd been on one or two voy- {ages of discovery—he'd lived in every continent—In fact, he'd had a very adventurous life, and lately he'd mar- ried a rich American heiress.” “That all?’ asked Mr. Lindsey. Mr. Portlethorpe hesitated a mo- ment—then he glanced at me. “Moneylaws is safe at a secre’ said Mr. Lindsey. “If it ts a secret “well, then," answered Mr. Portle- thorpe, ‘it's not quite all, There is a circumstance which has—I can’t ex- actly say bothered—but has somewhat disturbed me. Sir Gilbert has now been in possession of his estates (or a little over a year, and during that time he has sold nearly every yard of them except Hathercleug’ Mr, Lindsey whistled. It was the first symptom of astonishment that he had manifested, and I glanced quickly at him and saw a look of indesertb- able intelligence and almost undent- able cunning cross his face. But it went as swiftly as it came, and he merely nodded, as if in surprise. ‘Aye!’ he exclaimed. “Quigk work, Portlethorpe. “It's very, very strange—all of 1 agreed Mr. Portlethorpe. | | “Portlethorpe!"’ exclaimed = Mr. Lindsey, ‘that’s no good. Things have gone too far, Whether this man’s Sir Gilbert Carstairs or an im- postor he did his best to murder my clerk, and we suspect him of the murder of Crone, and he's going to be brought toe justice—that’s flat! It was presently settled that Mr. Portlethorpe and Mr, Lindsey should go olf to Newcastle by the next train to see the bank manager. We found him at his private house, outside Newcastle, that evening. He knew beth my companions personally, and he listened with great attention to all that Mr. Lindsey, as spokesman, had to tell. ‘m afraid there's + something wrong, Portlethorpe,"’ he remarked “The truth is I've had suspi- quietly. cions myself lately “Good God! you don't mean tf exclaimed Mr. Portiethorpe. ‘How, then?"" “During the past three or four months," said the bank manager, “Sir Gilbert has regularly drawn very large is atked to convey a message from Jamee ‘On reaching the rendesvous, he finds the latter ya nothing but goes to Sir Gil steward of his ewtate, takes im out on his yacht, and Te vere mrstertous Mtranser mitered. At the, nee "nan whom ead tells what to a large estat Gilbert to a Mr. Lindses Meneaton of who ‘Lindsey cal : 2 cheques in favor of a Mr. John Paley. |‘They have been presented to through the Scottish-American “Bank jat Edinburgh. And,” he added, with a significant look at Mr. Lindsey, ‘T think you'd better go to Edinburgh— and find out who Mr, John Paley is."* Mr. Poftlethorpe got up, looking very white and frightened. 4 “How much of all that moyhy is there left in your hands?’ | hoarsely. hetasked nee “Not more than a couple ofs) sand,’’ answered the bank managé with promptitude. “Then he's paid out—in the you state—what?"’ demanded Mr. Portle- thorpe. "Quite two hundred thousand pounds! And,” concluded our infor mant, with another knowing ‘look, “now that I'm in possession of the facts you've just put before me, f would advise you to go and find’ out if Sir Gilbert Caratairs. and John Paley are not one and the same per- son!" CHAPTER X. As the last stroke of ict? was sounding from the Edinburgh ‘ocks next morning we were walking into the premises of the Scottish-&mert- can Bank. = The manager, who presently re ceived us in his private rooms, looked at Mr. Lindsey and Mr. Portlettlorpe with evident surprise, ee, “Mr. John Paley is a stockbrélWer | he replied to Mr. Lifftfee: Quite well known! 24 Th at is, I—introdut@8 s stairs to him. He hske could recommend him in Edinburgh wits w 6 Gilbert me here it r ighly well acquainted with the very best class of American invest men| nd T at once recommended Mr. John Paley. And—that's all | know, gentlemen.” We were very soon in Mr. Johy Palev's office—a quiet, self-possessec sort of man who showed no surprise at our appearance; indeed, he at once remarked that the bank manager had just telephoned that ‘we were on the way, ana why “Then Tl ask you a quesften once,” said Mr. Lindsey. “Att® T° sure you'll be good enoueh to answ it. When did you last see Sir @itber Carstairs?” * Mr. Paley immediately turnedhto 2 diary which lay on his desk, artidgave one glance at it. “Three daveadae.” he answered promptly, “Wedne: eleven o'clock.” “That would be the vei y mornine jafter the affair of the yacht! Mr Lindsey asked of me. * ves,’ J reniled. ae There are just two auestigns 1 should like to ask—to which nobory can take excention, T thinks! Mri Lindsey said. ‘One is—T eather tha | you've Invested all the monev_whict | Sir Gilbert placed in your hands?” “"Yes—about all,"’ replied Mr, Paley “T have a balance—a small balance."* “And the other is this."* contfnucd Mr. Lindsey: “TI suppose all, these American securities which he now has re of such a nature that they could he turned into cash at any time, janv market?" |_ "That Is so—certainly."” assented | Mr. Paléy, “Yes, certainty so." “Then that's enoueh for me!” claimed Mr. Tindsev, rising * and | “Much; beckoning me to follow. oblived to you, si t ! "Do you know what it is “you're surgesting, Lindsey?” demanded, Mr Portlethorpe, suddenly, after we,had ¥ settled in the smoking room of a,hote! where we had met by arrangement with young Mr. Smeaton “Yon've got the idea into your head now, that | this young man’s father, whom. he’ | always heard of as one Martin Smea- ton, was,in strict truth the, ,late Michael Carstairs, elder son .of. the | late Sir Alexander. a3 } “Tam sot? declared Mr. Lindsey. “That's a fact, Portlethorpe.’” “Then what follows?" asked,-Mr Portlethorpe. ‘If Mr. Smeaton there is the true and lawful son of the-late | Michael Carstairs, his name 4s not Smeaton at all. but Carstairs, .and he's the true holder of the baronete: | and, as his grandfather died intestates the legal owner of the property! I’you follow that?” : “T shauld be a fool if T didn’ torted Mr. Lindsey. ing of it for thirty-six hours.’ “Well—it'll have to be proved, routtered Mr. Portlethorpe. ‘He had been staring hard at Mr. Gavin Smeaton ever since he came ih, and suddenly he let out a frank exclama- tion. ‘There's no denying you've a strong Carstairs look on you!'t ald he. ‘Bless and save me!—this,is th, straneest affair!”’ Smeaton put his hand into his pock- et and drew out a little package which he began to unwrap. I wonder if this has anything to do with it,” he said. “I remembered, thinking things over last night, that I had something which, so the Wat- sons used to tell me, was round my neck when I first came to them, It's a bit of gold ornament, with a, motto on it. I've had it carefully jgcked away for many a long year!"* He took out of his package a heart- shaped pendant, with a much-Wworn gold chain attached to it, and tlirned It over to show an engraved ingerip- tion on the reverse side, i “That's the motto.’ he “Yo |see—Who Will, Shall. Whee ie rn God bless us!" exclaimed Mr. Ro: ethorpe. The Carstairs mottot Ayo! Motto ‘for many a hunpdy years! Tindsey, thie ts an oxtrgor- dinary thing!—I'm tnetined to think you may have some right In 7 tions. We must vethio Do Not Miss To-Morrow's instalment, re- “I've been thiak- |