"It's horrible—unspeakable!" gasped Mr. Emerson, indignantly.

"Of course. But I want you to understand the kind of crowd that surrounds Farnum. It will be a guide to you in investing with those people. If you go with me, to the appointed place, ahead of time, and we hide close enough to witness the whole transaction, then you'll believe all that I've been telling you, won't you?"

"Of course," nodded Mr. Emerson, speaking thickly. His whole soul revolted at the treachery of such a transaction, which made him add:

"But won't you and your son, Melville, be in as bad a light through profiting by such infernal treachery?"

"We would, if we did profit," replied George Melville, flushing. "However, as soon as Don has dismissed the young blackguard, Benson, my son will touch a lighted match to the papers and burn them all, with yourself looking on. What do you say, Emerson?"

"It's a mean kind of business to take any part in," protested Broughton Emerson, hoarsely. "But—yes, I'll go, for if such things can be done it is my duty to myself to know."

Plans were thereupon made for the meeting in the evening. Broughton Emerson, honorable and broad-minded went away from that meeting heavy of heart. He hated the whole business, and yet he admitted to himself that he must know the truth ere he invested a fortune in other folks' business game. Yet, weighed down by the sickening feeling that, at best, he was about to play the spy, Mr. Emerson presently called up Jacob Farnum on the telephone.

"Farnum," he said, "I understand that something is to happen, to-night, that you and I ought to know."

"What is it?" asked the boatbuilder, alive with curiosity.

"I'll give you a chance to find out, to-night, but you must pledge me your word that you won't breathe a word of this, until afterwards, to anyone, not even to Pollard. Just come along and learn what you learn, then act as you please. Will you agree to that?"