Mortimer, as you will see by enclosed copies of correspondence, demands a revaluation which would not be advisable before he will underwrite any of the capital." Deringham laid down the letter, and his daughter turned suddenly at his exclamation.

"The fools should have bought him off!" he said.
Then he took up the telegraphic message and read, "Scheme impracticable.

Cannot compromise with Mortimer.

Harper and the Syndicate against us.

Details following." Deringham said nothing, but sat staring before him with a face that seemed to have grown suddenly grey and haggard, until his daughter spoke to him.
"Have you had bad news, father ?" she said.
The man, who had been sitting so that the light which shone out from the room behind them fell upon him, moved.