This morning he seems farther from the goal of his hopes than ever. For two years he had been sub-editor of a London daily that had made for itself a great name—of a sort. There were certain reasons which had prompted him to hope, to expect, the actual editorship before long. But now his house of cards had suddenly tumbled about his ears.

A change had recently taken place in the composition of the syndicate that financed the journal. There were wheels within wheels, the existence of some of which he had never once guessed, and which in their whirling had suddenly produced unexpected results. The editor-in-chief had resigned, and the newly elected editor proved to be a man who had, years before, done him, Tom Hammond, the foulest wrong one journalist can do to another.

Under the present circumstances there had been no honourable course open for Hammond but to resign. That morning he had found his resignation not only accepted, but he found himself practically dismissed.

Enclosed in the letter of acceptance of his resignation was a cheque covering the term of his notice, together with the intimation that his services would cease from the time of his receipt of the cheque.

His dejection, at that moment when we meet him, was caused not so much at finding himself out of employment as from the consciousness that the new editor-elect had accomplished this move with a view to his degradation in the eyes of his profession—in fact, out of sheer spite.

To escape the crowd that almost blocked the pavement in front of Swan and Edgar’s windows, he turned sharply into the road, and literally ran into the arms of a young man.

“Tom Hammond!”

“George Carlyon!”

The greeting flew simultaneously from the lips of the two men. They gripped hands.