"Read it yet?"

"No, but I've found it. It wasn't hard."

He handed Peter the paper, his thumb crooked to indicate the place, which was superfluous; for near the middle of the front page, top of column and in the strong type of captions, the words leaped out to Peter's eye as though hand-illumined in many colors:

FERRIS STANHOPE OR LAURENCE VARNEY

Mystery Surrounding Young Man On Yacht Near Hunston.

He Says He's Varney—Natives say He's Stanhope
and Trouble Feared—Yacht is Elbert Carstairs's, with
Her Name Painted Out—Mr. Varney's Movements
Unknown to Friends Here.

Peter read the story aloud in a guarded undertone. In general, it closely followed the story in the Gazette; so closely indeed as to show at a glance that both productions came from one brain and pen. But toward the end, the new story took a different turn. It said:

"The above is a sample of the gossip which is agitating this usually quiet little town. Late to-night there are two distinct factions. One holds that the young 'stranger' is Ferris Stanhope, reconnoitring under an alias. The other contends that he is really Laurence Varney, or somebody else, up here on some secret mission. Unless the stranger leaves town before, the facts will doubtless be brought out to-morrow. The gossips promise that a sensation of no mean order is forthcoming."

Below this, some one in the Daily office had added:

"A certain air of mystery surrounds Laurence Varney's recent movements. At his bachelor apartments, in the Arvonia, it was learned last night that Mr. Varney was out of the city, but the man-servant there had no idea of his master's whereabouts. From other sources, however, it was learned that Mr. Varney left New York several days ago on the Cypriani, a handsome steam yacht belonging to Elbert Carstairs of No. 00 Fifth Avenue. An attempt was made to reach Mr. Carstairs at his home, but the hour was late, and he could not be interviewed. A telegram sent to Ferris Stanhope's last known address, Camp Skagway in the Adirondacks, was unanswered up to the hour of going to press."