He repeated the last two questions as though turning them over in his mind and finding no answer.

Evidently he was talking about his operations in the market which had been so puzzling to Hastings as well as ourselves. I was about to say something that would prompt him to go on with his revelation, when Kennedy’s look halted me. Apparently he did not wish to interfere with the train of thought the doctor’s remark had started, inasmuch as it had been started now.

“Some one—listening—over the telephone,” strove Shelby again. “Yes—how can I do it? No more secrecy—laid up here—I’ll have to use the telephone. Will those Broad Street brokers take orders over long distance? Everybody will know—what I’m doing. They’ll delay—play me for a sucker. What am I to do?”

It was evident now what Shelby had been doing, at least in part. The tragedy to his brother had quite naturally depressed the stock of the company. Indeed, with Marshall Maddox, its moving spirit, gone, it was no wonder that many holders had begun to feel shaky. Once that feeling began to become general, the stock, which had had a meteoric rise lately along with other war stocks, would begin to sag and slump sadly. There was no telling where it would stop if once the downward trend began.

As I looked at the young man I felt a new respect for him. Even though I had not a much clearer idea than at the start of how or by whom Marshall Maddox had been killed, still I do not think any of us had believed that Shelby was capable of seeing such a crisis so clearly and acting upon what he saw. Evidently it was in his blood, bred in the Maddox nature. He was a great deal more clever than any of us had suspected. Not only had he realized the judgment of outsiders about himself, but had taken advantage of it. In keeping the stock up, if it had been known that it was he who was doing it, it would not have counted for half what it did when the impression prevailed that the public was doing it, or even some hazy financial interest determined to maintain the price. Both possibilities had been discussed by the market sharps. It had never seemed to occur to them that Shelby Maddox might be using his personal fortune to bolster up what was now in greater measure his own company.

For a moment we looked blankly at Kennedy. Then Shelby began to talk again.

“Suppose the bear raid continues?” he murmured. “I must meet it—I must!”

The doctor leaned over to Craig. “He can’t go on that way,” he whispered. “It will use up his strength in worry.”

Kennedy was thinking about that, too, as he considered the very difficult situation the telautomaton attack had placed Shelby in. It was more than a guess that the attack had been carefully calculated. Some one else, perhaps some hidden group, was engaged in taking advantage of the death of Marshall Maddox in one way, Shelby in another.

As for Shelby, here he was, helpless, at the Harbor House. Surrounded by spies, as he seemed to be, what could he do? Every message in and out of the hotel was most likely tapped. To use the telephone was like publishing abroad one’s secrets.