blished are very perfidious?"

"All the more perfidious because they are founded on truth," said the
financier, coldly.

"What do you mean?" cried Serge, in alarm.

"The truth. Do you think I am to tell you lies as I did to that idiot
who has just gone out? The Universal Credit has at this moment a screw
loose. But patience! I have an idea, and in a fortnight the shares will
have doubled in value. I have a splendid scheme in hand which will kill
the gas companies. It is a plan for lighting by magnesium. Its effect
will be startling. I shall publish sensational articles describing the
invention in the London and Brussels papers. Gas shares will fall very
low. I shall buy up all I can, and when I am master of the situation,
I shall announce that the threatened gas companies are buying up the
invention. Shares will rise again, and I shall realize a goodly sum,
which will be for the benefit of the Universal Credit."

"But for such a formidable speculation foreign agents will require
security?"

"I will offer it to them. I have here ten million francs' worth of
shares in the European Credit belonging to Cayrol. We will give the
cashier a joint receipt for them. The speculation will last three days.
It is safe, and when the result is achieved we will replace the shares,
and take back the receipt."

"But," asked Serge, "is this plan of taking the shares which don't
belong to us legal?"

"It is a transfer," said Herzog, with simplicity. "Besides, don't forget
that we have to do with Cayrol, that is to say with a partner."

"Suppose we tell him of it," insisted the Prince.

"No! The deuce! We should have to explain everything to him. He knows
what's what, and would find the idea too good, and want a share of the
spoil. No! Sign that, and don't be alarmed. The sheep will be back in
the fold before the shepherd comes to count them."

A dark presentiment crossed Serge's mind, and he was afraid. At that
moment, when his fate was being decided, he hesitated to go deeper into
the rut where he had already been walking too long. He stood silent and
undecided. Confused thoughts crowded his brain; his temples throbbed,
and a buzzing noise sounded in his ears. But the thought of giving
up his liberty, and again subjecting himself to Madame Desvarennes's
protection was like the lash of a whip, and he blushed for having
hesitated.

Herzog looked at him, and, smiling in a constrained way, said:

"You, too, may give up the affai