"Perhaps he has lost money heavily," suggested Barbara, "and is struggling to keep his head above water."

"That is extremely unlikely," answered Duncan, "particularly as his standing at Bradstreet's is unimpaired. I asked Bradstreet's yesterday for a special report on him, and they gave him four A's. That means that he has ample capital and abundant resources somewhere within the knowledge of Bradstreet's agents. I imagine that he is going quietly into some big enterprise, and has so far invested his capital in it that he was sorely embarrassed for ready money when suddenly called upon to raise it. I would give a tidy little sum to find out what he is up to."

But neither Duncan nor Hallam was destined to make that discovery as yet. Soon after the bank matter was settled, Tandy seemed quite at ease again financially. He resumed his purchases of property along the line of the proposed railway, but only along the eastern half of it. He bought none in Cairo or within fifty miles of that city.

Two months later, after Duncan's campaign was over, and the elections had been held, he and Barbara came back to the subject. Duncan told Barbara of the queer provision that Tandy had persuaded the authorities of two counties to put into their bond appropriation, and expressed his curiosity to know the motive.

"He didn't do that thing just for fun, Guilford," the girl said, after she had thought the matter over for twenty-four hours. "He has some interest to serve."

"Of course. I'm very sure of that."

"We must find out what it is," said the girl, whose apprehension was strongly aroused.

"But how, Barbara?"

"I don't know how, at present, but I'm trying to find out a way. I don't know enough about the facts as yet to make a good guess. You must tell me some things."

"Anything you like."