"Surely you would not like to lose him?" he replied.

"Certainly not, but I should advise you all the same to take a stiff price."

"Don't you think he will stand training?"

"Not a shadow of doubt about that," was the trainer's reply.

"Then I shall not part with him. Who is the gentleman?"

"I am not quite sure, but I fancy he is rather an exalted person," said Fred, mysteriously.

"You have brought me down on a wild-goose chase," laughed Ulick. "You don't even know the name of the intending purchaser. I am surprised at you, Fred; however, I forgive you. I am always glad of an excuse to run down to Newmarket and have a gallop on the Heath."

The Squire and Eli came by an early train, and arrived at Stanton House, the trainer's residence, unseen by Ulick, who happened to be reading the paper in Fred May's room.

After a few words of welcome with his old patron, the trainer said he would tell Mr. Lanark they were here, and left the room. Eli felt very uncomfortable; he wondered if there would be an explosion. He had agreed with Fred May that it would be better to leave them alone together.

The door opened, and the trainer said, "This is Mr. Lanark, I think you know him?"