"Yes," she agreed, "that is the position; but which of the two alternatives appears to you the more probable?"

"That is very difficult to say," I answered. "There is a certain kind of cad who is much given to boastful rhodomontade concerning his conquests. We all know him and can generally spot him at first sight, but I must say that Reuben Hornby did not strike me as that kind of man at all. Then it is clear that the proper course for Walter to have adopted, if he had really heard such rumours, was to have had the matter out with Reuben, instead of coming secretly to you with whispered reports. That is my feeling, Miss Gibson, but, of course, I may be quite wrong. I gather that our two young friends are not inseparable companions?"

"Oh, they are very good friends, but you see, their interests and views of life are quite different. Reuben, although an excellent worker in business hours, is a student, or perhaps rather what one would call a scholar, whereas Walter is more a practical man of affairs—decidedly long-headed and shrewd. He is undoubtedly very clever, as Mrs. Hornby said."

"He takes photographs, for instance," I suggested.

"Yes. But not ordinary amateur photographs; his work is more technical and quite excellent of its kind. For example, he did a most beautiful series of micro-photographs of sections of metalliferous rocks which he reproduced for publication by the collotype process, and even printed off the plates himself."

"I see. He must be a very capable fellow."

"He is, very," she assented, "and very keen on making a position; but I am afraid he is rather too fond of money for its own sake, which is not a pleasant feature in a young man's character, is it?"

I agreed that it was not.

"Excessive keenness in money affairs," proceeded Miss Gibson oracularly, "is apt to lead a young man into bad ways—oh, you need not smile, Dr. Jervis, at my wise saws; it is perfectly true, and you know it. The fact is, I sometimes have an uneasy feeling that Walter's desire to be rich inclines him to try what looks like a quick and easy method of making money. He had a friend—a Mr. Horton—who is a dealer on the Stock Exchange and who 'operates' rather largely—'operate' I believe is the expression used, although it seems to be nothing more than common gambling—and I have more than once suspected Walter of being concerned in what Mr. Horton calls 'a little flutter.'"

"That doesn't strike me as a very long-headed proceeding," I remarked, with the impartial wisdom of the impecunious, and therefore untempted.