"If you investigate closely I fancy you'll find out why, Hagan. This youngster, Merriwell, who is promoting the scheme, is altogether too finicky about the manner in which the deal shall be financiered. He's old-fashioned in his ideas of honesty and business methods. How Old Gripper can swallow him is more than I can understand, and Gripper has inveigled Warren Hatch and Sudbury Bragg into it. Keep out, Hagan—keep out."

Hagan laughed.

"Thank ye for the advice," he said; "but I have a little trick of my own to turn with those gentlemen. I'm glad to know I'll find them all ready for me. Don't worry about Bantry Hagan. He seldom gets left. So-long, Jerome."

Hagan passed on, with the dark-eyed youth at his heels, and entered the office of Scott & Rand.

The four men left in the private room were settling down to business when the office boy appeared and announced that Mr. Bantry Hagan wished to speak with Mr. Scott at once on very important business.

Old Gripper seldom betrayed astonishment, but he could not conceal it now. There was likewise indignation in his face and voice as he exclaimed:

"Hagan? That man here? Why, confound his cast-iron cheek! how dare he show his face in my office! What do you think of him, Merriwell?"

"It's just what I should expect of him," declared Merry. "He has gall enough for a regiment."

"Many thanks for your fine opinion of me," said the voice of Hagan himself, who had boldly followed the boy. "It's you, Mr. Merriwell, I'm wishing to chat with, too, and I'm lucky to find ye here with Mr. Scott. And here are Mr. Bragg and Mr. Hatch! Come right in, Felipe."

The somewhat shy-appearing youth of the dark eyes followed him into the room as he pushed the office boy aside.