"What!" exclaimed Mr. Drummond, his lower jaw falling, and looking very blank.

"My father made some investments recently that turned out badly."

"But he was worth a very large property,—it can't all be lost."

"I am afraid there will be very little left, if anything. He lost heavily by some mining stock, which he bought at a high figure, and which ran down to almost nothing."

"There's the house left, at any rate."

"My father borrowed its value, I understand; I am afraid that must go too."

Now, at length, it flashed upon Mr. Drummond how he had been taken in. He thought of the attentions he had lavished upon Walter, of the extra expense he had incurred, and all as it appeared for a boy likely to prove penniless. He might even expect to live upon him. These thoughts, which rapidly succeeded each other, mortified and made him angry.

"Why didn't you tell me this before, young man?" he demanded with asperity.

His change of tone and manner showed Walter that Joshua was entirely right in his estimate of his father's motives, and he in turn became indignant.

"When did you expect me to tell you, Mr. Drummond?" he said quickly. "I only arrived yesterday afternoon, and I tell you this morning. I would have told you last night, if you had been in the house."