"No, nonsense! It's not as bad as that. If they're putting out an extra dividend, the stock's going to jump up—for a while. That's all. And then some one else may have a card up his sleeve," said Bojo, fighting against conviction.

"Call up Drake," said Fred.

Bojo hesitated. The situation called for any measure. He went to the telephone, after long minutes getting a response. Mr. Drake was out of town on a hunting trip; was not expected back until the following night. There remained Drake's agent Skelly, but a quick search of the book revealed no home telephone.

"Can you put up more margin?" asked Bojo.

DeLancy shook his head.

"I can, but it may be better to take the loss," said Marsh. "We'll have to wait and see. Quick work to-morrow! By the way, there's a call for you from Forshay to be at the office by eight o'clock to-morrow. Well, let's get a few winks of sleep if we can. Luck of the game!"

"I'm sorry," said Bojo desperately.

"Shut up. We're over age," said Marsh, thumping him on the back, but DeLancy went to his room, staring. The moment he was gone Marsh turned to Bojo. "Look here, whatever we do we've got to save Fred. You and I can stand a mauling. Fred's caught."

"If we can," said Bojo, without letting him know how serious the situation was for him. "How deep in is he?"

"Close to 2,000 shares."