In the last days of the month of delight Thorpe received a second letter from his partner, which to some extent awakened him to the realities.

“My dear Harry,” it ran. “I have made a startling discovery. The other fellow is Morrison. I have been a blind, stupid dolt, and am caught nicely. You can't call me any more names than I have already called myself. Morrison has been in it from the start. By an accident I learned he was behind the fellow who induced me to invest, and it is he who has been hammering the stock down ever since. They couldn't lick you at your game, so they tackled me at mine. I'm not the man you are, Harry, and I've made a mess of it. Of course their scheme is plain enough on the face of it. They're going to involve me so deeply that I will drag the firm down with me.

“If you can fix it to meet those notes, they can't do it. I have ample margin to cover any more declines they may be able to bring about. Don't fret about that. Just as sure as you can pay that sixty thousand, just so sure we'll be ahead of the game at this time next year. For God's sake get a move on you, old man. If you don't—good Lord! The firm'll bust because she can't pay; I'll bust because I'll have to let my stock go on margins—it'll be an awful smash. But you'll get there, so we needn't worry. I've been an awful fool, and I've no right to do the getting into trouble and leave you to the hard work of getting out again. But as partner I'm going to insist on your having a salary—etc.”

The news aroused all Thorpe's martial spirit. Now at last the mystery surrounding Morrison & Daly's unnatural complaisance was riven. It had come to grapples again. He was glad of it. Meet those notes? Well I guess so! He'd show them what sort of a proposition they had tackled. Sneaking, underhanded scoundrels! taking advantage of a mere boy. Meet those notes? You bet he would; and then he'd go down there and boost those stocks until M. & D. looked like a last year's bird's nest. He thrust the letter in his pocket and walked buoyantly to the pines.

The two lovers sat there all the afternoon drinking in half sadly the joy of the forest and of being near each other, for the moon of delight was almost done. In a week the camping party would be breaking up, and Hilda must return to the city. It was uncertain when they would be able to see each other again, though there was talk of getting up a winter party to visit Camp One in January. The affair would be unique.

Suddenly the girl broke off and put her fingers to her lips. For some time, dimly, an intermittent and faint sound had been felt, rather than actually heard, like the irregular muffled beating of a heart. Gradually it had insisted on the attention. Now at last it broke through the film of consciousness.

“What is it?” she asked.

Thorpe listened. Then his face lit mightily with the joy of battle.

“My axmen,” he cried. “They are cutting the road.”

A faint call echoed. Then without warning, nearer at hand the sharp ring of an ax sounded through the forest.