position?"

"My proposition? I want you to pay me the sixteen hundred dollars Kent
put into that C. M. stock deal. If you do that I'll give you his signed
paper turnin' over to you all interest in the deal. You can make all the
profit on it yourself--when it comes. Then in matter of Cordelia's
bonds----"

Phillips lifted a hand.

"The bonds are not to be considered," he said, decisively. "If they are
mine, as I say they are, you have no claim on them. If they are Mrs.
Berry's, as you absurdly pretend to think they are, again you have no
claim. If she says I have stolen them--which she won't--she may
prosecute; but, again, my dear sir, she--ah--won't."

The slight smile accompanying the last sentence troubled the captain. It
was not the smile of a frightened man. Before he could reply Egbert
continued.

"But the bond matter may be settled later," he went on. "So far as I am
concerned it is settled now. For our--ah--foolish young friend, Kent,
however, I feel a certain sense of--shall we say pity?--and am inclined
to make certain confessions. Silly sentimentalism on my part,
doubtless--but pity, nevertheless. If you will give me the paper signed
by him, which you claim to have, relinquishing all share in the stock at
the New York brokers, I will--well, yes, I will pay you the sixteen
hundred dollars."

It was Sears Kendrick who was staggered now. It was his turn to stare.

"You will pay me sixteen hundred dollars--_now_?" he gasped.

"Yes."

"But--but.... Humph! Well, thanks, Egbert--but your check, you know----"

"I have no time to waste in drawing checks. I will pay you in cash."

And, as Sears's already wide-open eyes opened wider and wider, he calmly
took from his coat a pocketbook hugely obese and extracted from that
pocketbook a mammoth roll of bank notes.

Ten minutes later the captain was again moving along the road between
Denboro and Bayport, bound home this time. He was driving mechanically;
the horse was acting as his own pilot, for the man who held the reins
was too much engrossed in thought to pay attention to such
inconsequential matters as ruts or even roads. Sears was doing his best
to find the answer to a riddle and, so far, the answer was as deeply
shrouded in mist as ever a ship of his had been on any sea.

He was satisfied in one way, more than satisfied. His demand for the
full sixteen hundred had been made with no real hope. Had Phillips
consented to return eight hundred dollars of t