you suppose the papers will do to that? Do you think such things will seem amusing to that rabble down there?” His hand swept toward the window. “It’s been going on for too many years, I tell you! And now some one’ll pay the piper. The lightning won’t strike me—I’m not tall enough. You’re a vice-president.”

“Do you imagine that I knew these things—that I have been a party to what you seem to believe has been a deliberate wrecking?” Valiant towered over him, his breath coming fast, his hands clenched hard.

“You?” The manager laughed again—an unpleasant laugh that scraped the other’s quivering nerves like hot sandpaper. “Oh, lord, no! How should you? You’ve been too busy playing polo and winning bridge prizes. How many board meetings have you attended this year? Your vote is proxied as regular as clockwork. But you’re supposed to know. The people down there in the street won’t ask questions about patent-leather pumps and ponies; they’ll want to hear about such things as rotten irrigation loans in the Stony-River Valley—to market an alkali desert that is the personal property of the president of this Corporation.”

Valiant turned a blank white face. “Sedgwick?”

“Yes. You know his principle: ‘It’s all right to be honest, if you’re not too damn honest.’ He owns the Stony-River Valley bag and baggage. It was a big gamble and he lost.”

For a moment there was absolute silence in the room. From outside came the rising murmur of the crowd and cutting through it the shrill cry of a newsboy calling an evening extra. Valiant was staring at the other with a strange look. Emotions to which in all his self-indulgent life he had been a stranger were running through his mind, and outré passions had him by the throat. Fool and doubly blind! A poor pawn, a catspaw raking the chestnuts for unscrupulous men whose ignominy he was now called on, perforce, to share! In his pitiful egotism he had consented to be a figurehead, and he had been made a tool. A red rage surged over him. No one had ever seen on John Valiant’s face such a look as grew on it now.

He turned, retrieved the Panama, and without a word opened the door. The older man took a step toward him—he had a sense of dangerous electric forces in the air—but the door closed sharply in his face. He smiled grimly. “Not crooked,” he said to himself; “merely callow. A well-meaning, manicured young fop wholly surrounded by men who knew what they wanted!” He shrugged his shoulders and went back to his chair.

Valiant plunged down in the elevator to the street. Its single other passenger had his nose buried in a newspaper, and over the reader’s shoulder he saw the double-leaded head-line: “Collapse of the Valiant Corporation!”

He pushed past the guarded door, and threading the crowd, made toward the curb, where the bulldog, with a bark of delight, leaped upon the seat of a burnished car, rumbling and vibrating with pent-up power. There were those in the sullen anxious crowd who knew whose was that throbbing metal miracle, the chauffeur spick and span from shining cap-visor to polished brown puttees, and recognizing the white face that went past, pelted it with muttered sneers. But he scarcely saw or heard them, as he stepped into the seat, took the wheel from the chauffeur’s hand and threw on the gear.

He had afterward little memory of that ride. Once the leaping anger within him jerked the throttle wide and the car responded with a breakneck dart through the startled traffic, till the sight of an infuriated mounted policeman, baton up, brought him to himself with a thud. He had small mind to be stopped at the moment. His mouth set in a sudden hard sharp line, and under it his hands gripped the slewing wheel to a tearing serpentine rush that sent the skidding monster rearing on side wheels, to swoop between two drays in a hooting plunge down a side street. His tight lips parted then in a ragged laugh, bit off by the jolt of the lurching motor and the slap of the bulging air.

As the sleek rubber shoes spun noiselessly and swiftly along the avenue the myriad lights that were beginning to gleam wove into a twinkling mist. He drove mechanically past a hundred familiar things and places: the particular chop-house of which he was an habitué—the ivied wall of his favorite club, with the cluster of faces at the double window—the florist’s where daily he stopped for his knot of Parma violets—but he saw nothing, till the massive marble fronts of the upper park side ceased their mad dance as the car halted before a tall iron-grilled doorway with wide glistening steps, between windows strangely shuttered and dark.

He sprang out and touched the bell. The heavy oak parted slowly; the confidential secretary of the man he had come to face stood in the gloomy doorway.

“I want to see Mr. Sedgwick.”

“You can’t see him, Mr. Valiant.”

“But I will!” Sharp passion leaped into the young voice. “He must speak to me.”

The man in the doorway shook his head. “He won’t speak to anybody any more,” he said. “Mr. Sedgwick shot himself two hours ago.”

CHAPTER II

VANITY VALIANT

“

The witness is excused.”

In the ripple that stirred across the court room at the examiner’s abrupt conclusion, John Valiant, who had withstood that pitiless hail of questions, rose, bowed to him and slowly crossed the cleared space to his counsel. The chairman looked severely over his eye-glasses, with his gavel lifted, and a statuesque girl, in the rear of the room, laid her delicately gloved hand on a companion’s and smiled slowly without withdrawing her gaze, and with the faintest tint of color in her face.

Katharine Fargo neither smiled nor flushed readily. Her smile was an index of her whole personality, languid, symmetrical, exquisitely perfect. The little group with whom she sat looked somewhat out of place in that mixed assemblage. They had not gasped at the tale of the Corporation’s unprecedented earnings, the lavish expenditure for its palatial offices. The recital of the tragic waste, the nepotism, the mole-like ramifications by which the vast structure had been undermined, had left them rather amusedly and satirically appreciative. Smartly groomed and palpably members of a set to whom John Valiant was a familiar, they had had only friendly nods and smiles for the young man at whom so many there had gazed with jaundiced eyes.

To the general public which read its daily newspaper perhaps none of the gilded set was better known than “Vanity Valiant.” The very nickname—given him by his fellows in facetious allusion to a flippant newspaper paragraph laying at his door the alleged new fashion of a masculine vanity-box—had taken root in the fads and elegancies he affected. The new Panhard he drove was the smartest car on the avenue, and the collar on the white bulldog that pranced or dozed on its leather seat sported a diamond buckle. To the space-writers of the social columns, he had been a perennial inspiration. They had delighted to herald a more or less bohemian gathering, into which he had smuggled this pet, as a “dog-dinner”; and when one midnight, after a staid and stodgy “bridge,” in a gust of wild spirits he had, for a wager, jumped into and out of a fountain on a deserted square, the act, dished up by a night-hawking reporter had, the following Sunday, inspired three metropolitan sermons on “The Idle Rich.” The patterns of his