Somehow they contrived to change places. A sharp rise in the ground had perceptibly slackened the speed of Barraclough's mount and he reduced his lead still further by hanging on to the top gear a couple of seconds too long. The Ford, on the other hand, was beginning to improve and leapt at the hill eagerly. No more than fifty yards separated pursued from pursuer.

Harrison Smith sat on the back of the driving seat and bided his time. A glance ahead showed him the road winding up interminably at the very incline at which a Ford car develops its greatest efficiency and goes sailing past nearly everything else on the road.

"Got him," he said, "got him cold."

This comforting reflection awoke in his breast a sporting fancy. After all it was more fun to shoot a man than to ride him down.

The little twin in front was labouring bravely at the hill, but its muffled exhaust was pleading unmistakably for still another change down. Barraclough knew very well that were he to accept this invitation he would be lost. The only hope was to keep in second and pray hard that the engine wouldn't conk out. A glance over his shoulder revealed the Ford bounding up the hill toward him. Then it was Harrison Smith fired. Barraclough saw the flash out of the tail of his eye and simultaneously his motor cycle seemed to leap forward with a noisy roar. The bullet had struck the exhaust pipe cutting it clear of the silencer and making him a gift of five miles an hour. A new life seemed to run through the veins of the machine and the hill flattened out before him like a level track. As he realised the charity of Fate, Barraclough lifted a gladsome "Yoicks" and waved his right arm above his head. Again the pistol cracked and a red hot knitting needle seemed to pass through the palm of his hand. As he brought it back to the handle bar he saw a pale blue circle between his first and second finger bubble into scarlet and black.

"You scum, you dirty scum," he cried, "but it'll take more than a bullet through the hand to bring down my flag."

He jerked the gear lever back into top and shot full bore at the down grade before him. As the Ford car breasted the top of the hill its passengers were rewarded by the sight of a tiny speck of dust tearing along a ribbon of white in the valley below.

CHAPTER 24.

RIVAL FACTIONS.

Everyone agreed it was a difficult morning on the Stock Exchange, although for that matter a great many mornings during the past three weeks had been the same. The bottom had fallen out of innumerable cans. Persons with scarlet or greenish white faces were waving their hands and calling on the Deity to explain the collapse of cast iron securities. If there had been a threat of war things could hardly have been worse. The worst of it was that none of the big sellers seemed disposed to give their reasons for unloading. Mr. Hilbert Torrington, when asked why he had sold huge quantities of oil shares, courteously replied to all and various that he had no observations to make. The oil market, particularly that controlled by Hugo Van Diest, had slumped fifteen points in three days and the others had fallen sympathetically. And now, as though the oil collapse were not enough, appeared Ezra P. Hipps unloading Estuary Rails at a price that would hardly pay for printing the scrip. Ten days earlier the Estuary had looked like a cinch and Nugent Cassis, who had a reputation for sanity, had been buying it by the yard. Here was stock at nineteen shillings being offered at fivepence, and no rush to take it up even at that price. Everyone knew that Hipps was the moving spirit in the Estuary. His holdings were enormous.