nd 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."

"Exactly: not enough to excite anybody's cupidity; and yet enough to turn
the scale if there should ever be a fight for a majority control."

"There is no such fight in prospect, is there?"

"No; not that I know of. But I was thinking of the possibilities. If a
smash comes there will be a good deal of horse-swapping in the middle of
the stream--buying up of depressed stocks by people who need the lines
worse than the original owners do."

"I see," said Ormsby. "Then you would counsel delay?"

"I should; and I'll go a step farther. I am on the inside, in a way, and
any hint I can give you for Miss--for Mrs. Brentwood's benefit shall be
promptly forthcoming."

"By Jove! that's decent," said Ormsby, heartily. "You are a friend worth
having, Mr. Kent. But which 'inside' do you mean--the railroad or the
political?"

"Oh, the railroad, of course. And while I think of it, my office will be
in the Quintard Building; and you--I suppose you will put up at the
Wellington?"

"For the present, we all shall. It is Mrs. Brentwood's notion to take a
furnished house later on for herself and daughters, if she can find one.
I'll keep in touch with you."

"Do. It may come to a bit of quick wiring when our chance arrives. You
know Loring--Grantham Loring