“I know nothing. I think the bonds are very cheap,” said Grinnell impassively.

“I think so too, sir, now. I had begun to fear that they were not cheap, at any price, a few minutes ago.”

“Indeed?” Grinnell was sincerely astonished.

“Yes, sir,” said Mr. Herzog calmly.

“I will give you a check or checks on the Metropolitan National Bank—certified if you wish. Is fifty millions enough margin?”

“We do not take speculative orders.”

“Then, Mr. Herzog, I can only wish you good-morning, and request that you mention this to no one,” and Grinnell rose.

“In this case,” said Mr. Herzog, waving his hand and pointing to the chair from which the young man had risen, “you are conducting a financial operation unparalleled in our history. If you care to have us associated with you in this matter, to share proportionately in the profits—”

“Thank you. We shall consider that later on. I should not be surprised to see bonds rise to the level at which they were before they—ah—”

“Before the misapprehension to which I referred?” prompted Mr. Herzog gravely, but with intention.