Dawson bowed to him, and with his diplomat-at-a-reception smile, replied:

“Good-morning, Mr. Grinnell.”

Mellen used the same words, and no smile.

“Be seated, gentlemen,” said Mr. Herzog with a polite wave of the hand.

“We came over to congratulate Mr. Grin-nell,” said Dawson. “We’ve just seen the Herald.

“Yes,” said Mellen grimly.

“Oh, thanks,” returned Grinnell, very politely.

“Herzog,” said the richest man in the world abruptly, “you have been buying a great many bonds.”

“We have bought some,” assented the banker, with much gravity.

There was a pause. Grinnell glanced at Dawson, who was looking so extremely unconcerned that the young man smiled slightly. Mellen, who had been leaning forward in his chair, straightened himself and asked curtly: “Why?”