line by the leaders, who, as I am very well convinced, are a set of conscienceless demagogues, fighting solely for their own hand."

Ormsby nodded again.

"You are likely to have good hunting this winter, Mr. Kent. It hasn't begun yet, I take it?"

"Oh, no; the Assembly does not convene for a fortnight, and nobody short of an inspired prophet can foretell what legislation will be sprung. But one thing is safe to count on: the leaders are out for spoils. They mean to rob somebody, and, if my guess is worth anything, they are sharp enough to try first to get their schemes legalized by having enabling laws passed by the Assembly."

"Um," said the eastern man. Then he took the measure of his companion in a shrewd overlook. "You are the man on the ground, Mr. Kent, and I'll ask a straightforward question. If you had a friend owning stock in one of the involved railways, what would you advise?"

Kent smiled.

"We needn't make it a hypothetical case. If I had the right to advise Mrs. Brentwood and her daughters, I should counsel them to sit tight in the boat for the present."

"Would you? But Western Pacific has gone off several points already."

"I know it has; and unfortunately, Mrs. Brentwood bought in at the top of the market. That is why I counsel delay. If she sells now, she is sure to lose. If she holds on, there is an even chance for a spasmodic upward reaction before worse things happen."

"Perhaps: you know more about the probabilities than I pretend to. But on the other hand, she may lose more if she holds on."

Kent bit deep into his cigar.

"We must see to it that she doesn't lose, Mr. Ormsby."

The club-man laughed broadly.

"Isn't that a good bit like saying that the shallop must see to it that the wind doesn't blow too hard for it?"

"Possibly. But in the sorriest wreck there is usually some small chance for salvage. I understand Mrs. Brentwood's holding is not very large?"

"A block of some three thousand shares, held jointly by her and her two daughters, I believe."

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