waistcoats, and the splendors of his latest bachelors’ dinner at Sherry’s—with such items the public had been kept sufficiently familiar. To it, he stood a perfect symbol of the eider ease and insolent display of inherited wealth. And the great majority of those who had found place in that roomy chamber to listen to the ugly tale of squandered millions, looked at him with a resentment that was sharpened by his apparent nonchalance.

For the failure of the concern upon which a legislature had now turned the search-light of its inquiry, might to him have been a thing of trivial interest, and the present task an alien one, which he must against his will go through with. Often his eyes had wandered to the window, through which came the crisp clip-trip-clop of the cab horses on the asphalt, the irritant clang of trolleys and the monstrous panther purr of motors. Only once had this seeming indifference been shaken: when the figures of the salary voted the Corporation’s chief officers had been sardonically cited—when in the tense quiet a woman had laughed out suddenly, a harsh jeering note quickly repressed. For one swift second then Valiant’s gaze had turned to the rusty black gown, the flushed face of the sleeping child against the tawdry fall of the widow’s veil. Then the gaze had come back, and he was once more the abstracted spectator, boredly waiting his release.

Long before the closing session it had been clear that, as far as indictments were concerned, the investigation would be barren of result. Of individual criminality, flight and suicide had been confession, but more sweeping charges could not be brought home. The gilded fool had not brought himself into the embarrassing purview of the law. This certainty, however, had served to goad the public and sharpen the satire of the newspaper paragraphist; and the examiner, who incidentally had a reputation of his own to guard, knew his cue. There were possibilities for the exercise of his especial gifts in a vice-president of the Corporation who was also Vanity Valiant, the decorative idler of social fopperies and sumptuous clothes.

Valiant took the chair with a sensation almost of relief. Since that day when he had spun down-town in his motor to that sharp enlightenment, his daily round had gone on as usual, but beneath the habitual pose, the worldly mask of his class, had lain a sore sensitiveness that had cringed painfully at the sneering word and the envenomed paragraph. Always his mental eye had seen a white-faced crowd staring at a marble building, a coarsely-dressed woman crossing the street with a handkerchief pressed to her face.

And mingling with the sick realization of his own inadequacy had woven panging thoughts of his father. The shattered bits of recollection of him that he had preserved had formed a mosaic which had pictured the hero of his boyhood. Yet his father’s name would now go down, linked not to success and achievement, but to failure, to chicanery, to the robbing of the poor. The thought had become a blind ache that had tortured him. Beneath the old characteristic veneer it had been working a strange change. Something old had been dying, something new budding under the careless exterior of the man who now faced his examiner in the big armchair that May afternoon.

John Valiant’s testimony, to those of his listeners who cherished a sordid disbelief in the ingenuousness of the man who counts his wealth in seven figures, seemed a pose of gratuitous insolence. It had a clarity and simplicity that was almost horrifying. He did not stoop to gloze his own monumental flippancy. He had attended only one directors’ meeting during that year. Till after the crash, he had known little, had cared less, about the larger investments of the Corporation’s capital: he had left all that to others.

Perhaps to the examiner himself this blunt directness—the bitter unshadowed truth that searched for no evasions—had appeared effrontery; the contemptuous and cynical frankness of the young egoist who sat secure, his own millions safe, on the ruins of the enterprise from which they were derived. The questions, that had been bland with suave innuendo, acquired an acrid sarcasm, a barbed and stinging satire, which at length touched indiscretion. He allowed himself a scornful reference to the elder Valiant as scathing as it was unjustified.

To the man in the witness-chair this had been like an electric shock. Something new and unguessed beneath the husk of boredom, the indolent pose of body, had suddenly looked from his blazing eyes: something foreign to Vanity Valiant, the club habitué, the spoiled scion of wealth. For a brief five minutes he spoke, in a fashion that surprised the court room—a passionate defense of his father, the principles on which the Corporation had been founded and its traditional policies: few sentences, but each hot as lava and quivering with feeling. Their very force startled the reporters’ bench and left his inquisitor for a moment silent.

The latter took refuge in a sardonic reference to the Corporation’s salary-list. Did the witness conceive, he asked with effective deliberation, that he had rendered services commensurate with the annual sums paid him? The witness thought that he had, in fact, received just about what those services were worth. Would Mr. Valiant be good enough to state the figures of the salary he had been privileged to draw as a vice-president?

The answer fell as slowly in the sardonic silence. “I have never drawn a salary as an officer of the Valiant Corporation.”

Then it was that the irritated examiner had abruptly dismissed the witness. Then the ripple had swept over the assemblage, and Katharine Fargo, gazing, had smiled that slow smile in which approval struggled with mingled wonder and question.

The jostling crowd flocked out into the square, among them a fresh-faced girl on the arm of a gray-bearded man in black frock coat and picturesque broad-brimmed felt hat. She turned her eyes to his.

“So that,” she said, “is John Valiant! I’d almost rather have missed Niagara Falls. I must write Shirley Dandridge about it. I’m so sorry I lost that picture of him that I cut out of the paper.”

“I reckon he’s not such a bad lot,” said her uncle. “I liked the way he spoke of his father.”

He hailed a cab. “Grand Central Station,” he directed, with a glance at his watch, “and be quick about it. We’ve just time to make our train.”

“Yessir! Dollar’n a half, sir.”

The gentleman seated the girl and climbed in himself. “I know the legal fare,” he said, “if I am from Virginia. And if you try to beat me out of more, you’ll be sorry.”

Some hours later, in an inner office of a down-town sky-scraper, the newly-appointed receiver of the Valiant Corporation, a heavy, thick-set man with narrow eyes, sat beside a table on which lay a small black satchel with a padlock on its handle, whose contents—several bundles of crisp papers—he had been turning over in his heavy hands with a look of incredulous amazement. A sheet containing a mass of figures and memoranda lay among them.

The shock was still on his face when a knock came at the door, and a man entered. The newcomer was gray-haired, slightly stooped and lean-jowled, with a humorous expression on his lips. He glanced in surprise at the littered table.

“Fargo,” said the man at the desk, “do you notice anything queer about me?”

His friend grinned. “No, Buck,” he said judicially, “unless it’s that necktie. It would stop a Dutch clock.”

“Hang the haberdashery! Read