Night shut down as the train sped on. The lamps within the cars were lighted, but Frank sat with his face pressed against the window, looking out toward the west where a faint streak of golden light lingered in the sky.

He was thinking of Prof. Scotch now. The professor’s letter had indicated that the unfortunate man was nearly distracted, and Merriwell dreaded the meeting between them. There was no bitterness in his heart and no thought of making his speculating guardian suffer for the criminal mismanagement of his fortune.

Frank knew that Prof. Scotch had not been adapted for the position of responsibility and trust imposed upon him by Asher Merriwell. During active life Frank’s uncle had been regarded as unusually shrewd in all his moves, but old age had brought failing abilities, and, happening to take a strong fancy to Merry’s professor at Fardale Academy, where he had studied, he appointed him Frank’s guardian.

The professor had found it necessary to give much of his attention to the management of Frank’s property. At first he had been cautious enough, but in Bloomfield was a man, Darius Conrad, who was interested in Western mining property, and Scotch became very friendly with this Conrad.

Darius Conrad was a rascal, but he had made money and escaped prison, so he was regarded in Bloomfield as a smart business man. He was away a great deal, and, when he became concerned in the Golden Peaks Mining and Smelting Company, it was said that he was destined to become one of the richest men in the country.

Conrad did not find it difficult to convince Horace Scotch that there was a mint of money awaiting every man who bought stock at an early date in the concern. He said, as he was on the inside, he could let a friend in “on the ground floor,” with a sure chance of doubling every dollar invested in six months’ time.

At first Scotch hesitated. He thought of writing to Frank all about it, but he mentioned it to Conrad, who very quickly showed him that it would be folly, as Merriwell really knew nothing of the true standing of the company, and was not competent to judge as to the value of such an investment. But it was certain that any young man would be very grateful toward a guardian who had good sense and good luck enough to double his fortune at one bold stroke.

So Scotch was ensnared. Within six months the Golden Peaks Mining and Smelting Company went into the air. Then it was hinted that the whole scheme had been a fraud, there was talk of investigations and prosecutions, and nothing at all was done.

Driven desperate by his misfortune, and not daring to let Frank know the truth, Prof. Scotch sought to retrieve by plunging in cotton, but the market turned the wrong way, and he saw the last of Frank’s fortune swept away.

Then came the moment when the distracted professor stood before a mirror with a loaded revolver in his hand and selected the spot against which he would place the muzzle when he pressed the trigger.