"JOHN ARMSTRONG."

Drops of perspiration gathered on the brow of Prince Duncan as he read this letter. What would Mr. Armstrong say when he learned that the box had mysteriously disappeared? That he would be thoroughly indignant, and make it very unpleasant for the president of Groveton Bank, was certain. He would ask, among other things, why Mr. Duncan had not informed him of the loss by cable, and no satisfactory explanation could be given. He would ask, furthermore, why detectives had not been employed to ferret out the mystery, and here again no satisfactory explanation could be given. Prince Duncan knew very well that he had a reason, but it was not one that could be disclosed.

He next read the second letter, and his trouble was not diminished. It was from a Wall Street broker, informing him that the Erie shares bought for him on a margin had gone down two points, and it would be necessary for him to deposit additional margin, or be sold out.

"Why did I ever invest in Erie?" thought Duncan ruefully. "I was confidently assured that it would go up—that it must go up—and here it is falling, and Heaven knows how much lower it will go."

At this point the door opened, and Randolph entered. He had a special favor to ask. He had already given his father several hints that he would like a gold watch, being quite dissatisfied with his silver watch now that Luke Larkin possessed one superior to his. He had chosen a very unfavorable moment for his request, as he soon found out.

"Father," he said, "I have a favor to ask."

"What is it?" asked Prince Duncan, with a frown.

"I wish you would buy me a gold watch."

"Oh, you do!" sneered his father. "I was under the impression that you had two watches already."

"So I have, but one is a Waterbury, and the other a cheap silver one."