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Everything's all right. I'm going to turn in now."

      At the foot of the stairs he paused to lay a hand on his nephew's shoulder and there was unwonted gentleness in his manner.

      "Good-night, Philip. And thank you for the—the 'flower of folly,'" he said awkwardly.

      For a moment Kendrick stood watching the Honorable Milton Waring as he mounted the stairs slowly, a heavy hand upon the banister rail. The gray head was bowed. There was an air of dejection in the whole figure as of one who tastes the bitterness of defeat.

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      THE LISTENING STENOGRAPHER

      When Phil opened his eyes on the morning sunshine—both eyes—he was gratified to note a slight improvement in the blackened orb. Before retiring he had sent the newly returned Stinson around to the front of the house to bring in the suitcase left by the verandah and had instructed the valet to bring a piece of raw beefsteak to his room. Nevertheless, as he studied his appearance in the mirror with some anxiety he was glad that he was going to Sparrow Lake and thence to North Bay as fast as he could get there. Thorpe would soon tire of making witty remarks, and the fish would not care whether he had a black eye or not.

      As he dressed leisurely Kendrick's mind reverted soberly to the events of the past twenty-four hours. Reviewing in detail the interview with his uncle, there grew out of his confusion of thought an odd sense of disquiet. Close questioning of Stinson had yielded the information which his uncle had not seen fit to volunteer in regard to last night's clandestine visitors at the Island residence—Nickleby, President of the Interprovincial Loan & Savings Company; Alderson, of the Alderson Construction Company; Blatchford Ferguson, the lawyer. If, as the Honorable Milton had intimated, it had been a business meeting merely, they must be planning a raid on the stock market to account for all the secrecy with which the meeting had been shrouded. His uncle, Phil knew, had invested heavily in mining stocks, and J. Cuthbert Nickleby was the man who had been most closely associated with him in these private investments, while for some time now Ferguson had been favored with Waring's legal patronage in such deals as had come to Kendrick's notice. As for Alderson, he was a comparative stranger to Phil—a contractor who had risen rapidly during the real-estate boom, and who very reasonably might be taking a flyer on the market.

      It must be something of this sort, and in the face of his uncle's evident desire for him to mind his own business Phil was inclined to let it go at that. It was scarcely to be expected that his uncle would break the custom of years in a sudden burst of confidence just because his nephew happened to surprise him in one of his difficult situations. His life was full of such difficult situations, no doubt—had been for years—and the Honorable Milton was accustomed to relying upon himself to surmount them as he saw fit.

      Far from feeling any resentment of his uncle's refusal of his boyish offer of assistance, therefore, Phil now regarded the offer itself as somewhat ridiculous from his uncle's standpoint. To one of such large connections ten thousand dollars was the same as a hundred-dollar bill to the average man. Yet his uncle had thanked him for his good intentions and tactfully had made him feel that the appreciation was sincere. At no time had the two been in closer sympathy than during this unexpected interview. His uncle was not given to sentiment. Perhaps the liquor——

      Phil paused in the act of lacing his boot to frown out the window. The Honorable Milton Waring undoubtedly was greatly worried about something—financial affairs maybe. Or was that only one side of it, incidental to something not so simple of adjustment? The searching look, the solemnity of the words which had followed that sudden outburst against political conditions of the day, that reference to one man fighting a pack of wolves—what about that? No matter what happened he wanted his nephew to continue believing that he had tried to do his duty.

      No matter what happened! It was this remark, more than any other, which fostered Kendrick's disquietude. Something was liable to happen, then?—something calling for a blind exercise of faith in his uncle; something which on the surface might seem to question his—his what? Integrity? Political honor? Social standing? Or was it merely an emphasis of speech with no special significance? Phil shifted uneasily on the chair as he thought of his aunt's position if some catastrophe befell his uncle. If any trouble of that kind were likely to develop, surely his uncle would have told him. Well, there was no use in getting himself all worked up over nothing.

      He began to whistle softly as he rummaged among his ties. Then his thoughts switched to the girl with whom he had talked in the fog. If he had only known then what he knew now! She had been spying upon the Waring residence, upon this secret meeting with the Honorable Milton. That much seemed certain. But why was she interested in what had transpired? Who was she? And what had transpired? It was lack of this information which made it difficult to analyze the situation intelligently.

      Had he done right in withholding from his uncle the fact of his unusual encounter with this girl? He imagined the laugh with which the Honorable Milton would be likely to greet relation of the incident. If it were true that there was no use in sending a boy on a man's errand, what about a woman on a spying expedition in a thick fog at two o'clock in the morning? Perhaps her story of the party at a friend's house was true, after all. Perhaps she and this "Joe" were a pair of sneak thieves——!

      But he knew she wasn't, just as he knew that she was a girl of education and refinement. A tantalizing thing to meet a disembodied voice like that, a low laugh, a mystery! The lady might have a face like a dried prune! (Only he knew that she hadn't!) Voices were not to be relied upon. Take that "hello-girl," for instance; she had had the softest lilting voice over the wire, then when he got a look at her she hadn't been a day under forty-five and her face——! Certainly it hadn't been the fairest that e'er the sun shone on! (Only in this case he knew it must be different!) He was a hopeless fool if ever there was one! The best thing he could do was to forget the whole affair and with this sensible decision he reached into his pocket for the souvenirs, and spent some time in re-examining the little hand-painted shirt-waist pin with which she had fastened his pay to the canoe cushion!

      Phil breakfasted alone. Although the sun had climbed high enough to dispel the fog his uncle still slept the heavy sleep of utter exhaustion. Without disturbing him, therefore, Kendrick had Stinson run the launch over to the city half an hour later. As a concession to the possibility of there being a serious side to the espionage of the girl and her accomplice, he had decided to advise his uncle's lawyer of the adventure; Ferguson then could assume responsibility for the consequences, using his own judgment as to its significance. Also Phil intended to have a chat with President Wade, of the Canadian Lake Shores Railway, if he happened to be in the city; Ben Wade was an old boyhood friend of the Warings and Phil knew that he could talk to him freely without fear of his confidences being abused.

      At the docks almost the first person Kendrick encountered was Chic White. Chic was the more or less renowned sporting editor of the _Morning _Recorder__ and he had a most abominable habit of going through the motions of spitting every little while as he talked, more a matter of nervous habit than saliva. He spat dryly three times as he stared at the approaching Kendrick and greeted the erstwhile captain of the 'Varsity rugby champions with a grin that bared two rows of teeth.

      "Ye gods! What a fall was there, my countrymen! Wow! Who slipped you the haymaker, Ken?"

      "Stick to the quotation, Chic," laughed Phil good-naturedly, barely pausing in his stride. "Got it in the fog last night—Canoe Club stairs in the dark. I had a pretty bad fall."

      "So did Humpty-Dumpty!" Mr. White's grin widened, and with a deliberate wink and a final spit he waved his hand and walked off, laughing loudly.

      The owner of the black eye went his way, face set in abnormally forbidding lines. People smiled as they passed him on the street. He would have given a ten-dollar bill to have met the redoubtable Mr. McCorquodale around the next corner. He thought of buying one of those pink shields; it would not hide it all, but

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