“But,” he cautioned, “I would suggest that you say nothing to the young lady about it, just yet. Wait ’till we find out about that purse.”

Mrs. Pangborn willingly agreed, and, glancing at the check, she instantly thought of Dorothy’s story of the failure of the Marsall firm. How then could they be sending out checks? Why should Jean be profiting when Dorothy was evidently losing?

Mrs. Pangborn had already written a letter of sympathy to Major Dale, and expressed the hope that everything would come out well, finally.

In his reply, the Major stated his grave fears—fears that he would not have Dorothy know of. It seemed strange, indeed, that a purely business matter should so affect two of her pupils, but in her hand was the check stolen from Jean, made out by the company, and Dorothy’s fate, as to her very standing in the world seemed in the balance, held there by the same firm!

No wonder Dorothy could not hide her suspense!

Then, if Major Dale should really be arrested, accused of fraud——

The principal put the blue slip away carefully, but not without a sigh.

“If we all did not have to be so dependent upon mere money,” she thought. “But perhaps it is well we have to struggle for something.”

A light tap at her door interrupted these thoughts. It was Miss Cummings.

“Mrs. Pangborn,” she began, “I feel it my duty to inform you that there is an element of discord among certain cliques in your school. I made up a skating party yesterday, and in a race there was the grossest violation of rules. Simply a defiance of principles.”