"I am not quite a fool, Uncle James," said Gilbert. "I know as well as you how valuable that paper is, and I am not going to risk it."

"You seem to be a remarkably prudent young man," said Mr. Grey, with a sneer—"quite an old head upon young shoulders."

"I ought to be," said Gilbert. "I was educated to the streets of New York. There I had to knock about for myself and earn my own living, at an age when most boys are carefully looked after by their parents. I learned to look out for my own interests there. I am indebted to you for that kind of training. You must not complain now if I use it against you."

Mr. Grey sat a moment in deep and troubled thought. This nephew of his turned out to be a decidedly formidable opponent. How could he cope with him?

"Have you told any one in this city about these false claims of yours?" he asked, after awhile.

"I have not spoken to any one about false claims," said Gilbert, coldly.

"Call them what you will. Have you spoken of having any claims to my brother's property to any one here?"

"I have."

"To whom?"

"To Mr. Ferguson."