minary
negotiations.

On October twelfth the two are to effect a final understanding with the
members of the French syndicate. The newspapers have given an inkling of
the transactions, and have run stories to the effect that Golding is
negotiating with a French banker for rich gold lands in Mexico.

Independently of Nevins, the bond issue plan has been developed by
Golding and the time for announcing the fact is this same twelfth day of
October.

Knowing the result that will be produced on American securities, he
delays the announcement until the London Exchange closes for the day. He
knows that immediately after making the news public, he is to leave
London, for Paris to be gone until the twentieth. Thus he will avoid
being interviewed.

Golding has calculated that the difference in time of five hours between
London, and New York will result in the announcement being cabled for
the opening of the New York Exchange. This would be the result did not a
number of large London speculators, who hold American securities,
determine to hold back the messages until they apprise their New York
representatives of the matter and advise them how to act.

The monopoly of the cable is obtainable by an easy means. All four of
the lines which communicated with the United States are leased. Messages
rumoring important developments in the China alliance question are
transmitted and suffice to explain the cessation of other news--the
Government is supposed to be using the cables.

Despite the efforts of the speculators, an enterprising correspondent of
a New York News Association succeeds in sending the news of the bond
issue announcement, so that it is received on 'Change at two o'clock.
From another source the message of death is cabled fifteen minutes
before the closing of the market.

Golding and Nevins lunch together before starting for Paris.

"I have closed a deal to-day that will net me twenty-five million
dollars within six weeks," Golding confides to Nevins with an air of
satisfaction. He might be a retail merchant discussing trade with a
neighbor and relating the result of a barter which will net him a profit
of a hundred dollars, for there is no stronger emotion in his speech or
manner than would be evoked by such a commonplace transaction. Yet this
man has just arranged a financial deal which is to maintain the
stability of the currency of a Nation of a hundred millions of people.

"Then it is true that you are to s