A WILY YOUNG MAN.

In a small, but comfortably-furnished house at Feltham, lived Mrs. Hoffman and her son, Felix. She was not a widow, but her husband had left her some years before. At that time her son was seventeen, now he was five-and-twenty, and a sore trial and trouble to her. Felix Hoffman was one of many men who prefer idleness to work, and he took good care not to find any suitable employment. It troubled his mother that he was seldom short of money. How did he obtain it? Not by work of any kind, of that she was certain. Once or twice she questioned him as to how he made sufficient to supply his wants, which were by no means few or inexpensive, but he always flew into a passion on such occasions, and his attitude became so threatening that she forebore to make further inquiries.

Felix Hoffman was not bad looking. He had a Jewish cast of features, black curly hair, and a fierce moustache of the same colour. His eyes were dark brown, shifty and uncertain, and when he conversed he seldom looked his companion in the face.

He did not resemble his mother in the least; she was English, and married Milas Hoffman when quite a girl. Had she been more experienced in the ways of the world he would have had but little chance of winning her. A few months after their marriage she found out her mistake. Milas Hoffman called himself a travelling jeweller. He certainly went about the country with a case packed with glittering ornaments, which he disposed of on most advantageous terms to servant girls, young grooms, and others of the same class in different countries. His profits were large, and he made a very fair income out of the gullibility of his customers. He became more daring in his transactions, and at last came within the grasp of the law. Not wishing to face the charges of swindling brought against him, he left England, and his wife had never heard of him since. She did not mourn over his desertion. She had sufficient money by her to carry on for a time, and she fixed her hopes upon her son Felix. They were doomed to be rudely shattered when he coolly told her there were plenty of ways of making money without working for it. What those ways were he failed to tell her, but it saddened her to see that he was right, and he drew supplies from sources she felt sure she could not approve of.

Felix Hoffman met many men in London in very different positions in life to himself. He was a frequenter of racecourses, one of the undesirables whose presence gives the sport a bad name, and its enemies a handle wherewith to pump obloquy upon all connected with it, the just and the unjust. At first he was a bookmaker's tout, and rushed about the ring watching the fluctuation of the odds, scenting out stable commissions and repeating the same to his employer with lightning speed. It was seldom the bookmaker was let in for a big bet "over the odds" when Felix Hoffman was hovering about with hawk-like keenness. The said bookmaker, whose sham diamonds were the envy of the uninitiated, became so impressed with the fertile resources of Felix Hoffman that he actually ventured to take him into partnership "in the book." This was a grave mistake, for in a very short time the versatile Felix had transformed the firm, and his name alone figured on the bag and tickets. The members of Tattersall's smiled; many of them had seen these mysterious changes before and knew what it meant. Felix Hoffman, in his turn, made a mistake. He handed over the "bag" to two men he fancied he could trust, and proceeded to back horses on his own account. He saw no reason why, with his skill in scenting out commissions and spotting genuinely-backed horses, he should not be able to lay the losers and back the winners. Better men than Felix had endeavoured to accomplish this feat before, and come lamentably to grief, and he followed them into the same quandary. It puzzled Felix not a little to find out the cause of his failure. He had not yet learned that to be successful on the turf a man must be either a backer or a layer, but not both, and in the one capacity a good share of luck must be his to succeed.

Warren Courtly was fond of racing, especially "chasing," and during the off-season he was frequently seen at meetings round London. Even the attractions of the hunting field could not, on many occasions, lure him from the racecourse. Irene knew he frequented such places, but she had no idea of the extent of his gambling transactions, or they would have appalled her. She thought his statement that the Anselm Manor estates required a good deal of looking after was an excuse for his visits to London, but, as a matter of fact, he was correct in his assertion. Everything he could mortgage he did, and even the Manor itself had sundry charges upon it, which he found it difficult to meet. The racecourse is a rare levelling ground, and men of very different types fraternise together with a freedom never seen elsewhere. Warren Courtly had noticed Felix Hoffman's energy in ferreting out information, and on more than one occasion had taken the trouble to find out whether he was right or wrong. In this way he gathered that his advice was generally good. He approached him one day at Hurst Park, and asked his advice about Milander in a hurdle race.

Felix Hoffman was not at all surprised at a stranger speaking to him about such matters. He eyed Warren Courtly over, and came to the conclusion it would pay him to tell him all he knew. As luck would have it, he did know Milander was a very fair thing for the hurdle race.

"I'll make it worth your while if it wins," said Warren.

"What will you put me on?"

"I will lay you the odds to a fiver."