“DEAR JIM,—On receipt of this get rid of my Wheat Trust shares at whatever figure you can. From the way things pointed in New York”—

“Stop!” interrupted Demorest.

“Well?” said Stacy impatiently.

“Now, my dear Jim,” said Demorest plaintively, “when did you ever know me to write such a sentence as 'the way things pointed'?”

“Let me finish reading,” said Stacy. This literary sensitiveness at such a moment seemed little short of puerility to the man of business.

“From the way things pointed in New York,” continued Stacy, “and from private advices received, this seems to be the only prudent course before the feathers begin to fly. Longing to see you again and the dear old stamping-ground at Heavy Tree. Love to Barker. Has the dear old boy been at any fresh crank lately?

“Yours, PHIL DEMOREST.”

The dictation and copy finished together. Demorest laid the freshly written sheet beside the letter Stacy had produced. They were very much alike and yet quite distinct from each other. Only the signature seemed identical.

“That's the invariable mistake with the forger,” said Demorest; “he always forgets that signatures ought to be identical with the text rather than with each other.”

But Stacy did not seem to hear this or require further proof. His face was quite gray and his lips compressed until lost in his closely set beard as he gazed fixedly out of the window. For the first time, really concerned and touched, Demorest laid his hand gently on his shoulder.