Covington was surprised that the blow did not fall upon him immediately after the meeting of the committee adjourned. He was ignorant of the exact contents of the papers handed to Gorham by Litchfield, but they could scarcely fail to give his chief all the information necessary to show his connection with the transaction, and he knew well how great would be Gorham's resentment. Yet no mention was made of the matter during the few minutes which remained of the business day after the others had taken their departure. There were two or three routine matters which Gorham turned over to him, with a few words of comment, then he said good-night and left the office. Could it be that something still intervened to keep the real facts covered up?

All doubts were removed the following morning. Gorham sent for him to come to his office, and when he appeared he found that Brady was also present. Covington seemed not to recognize him, but Brady's face assumed a significant and satisfied expression.

"Mr. Brady has been good enough to respond to my request," Gorham began, "and is here to supply me with fuller details concerning the matter which was brought up at the meeting of the committee yesterday. As it interests you even more than it does me, I have asked you to be present during our interview."

Covington seated himself in silence.

"Now, Mr. Brady," Gorham continued, "I understand that you made a statement to Mr. Litchfield to the effect that I had personally secured some of the stock in the New York Street Railways Company, with a view to profiting by the advance in price made inevitable by its proposed merger into the Manhattan Traction Company, of which I was cognizant at the time."

"No, I didn't say all that," Brady protested; "I simply said that a big block of the stock was bought for you. It wasn't necessary to say why."

"But you don't really believe that this stock was purchased for me, or with my knowledge, do you?"

Few men could resist the frank appeal of Gorham's eyes when he chose to exert it, and Brady was not one of these. He moved uncomfortably in his chair, and laughed consciously.

"Why, no, guv'nor, since you put it that way, man to man, I don't."

"Then why did you say what you did? I can't blame you for harboring some resentment against me because I interfered with your plans in that railway deal, but this statement is so easily refuted that I wonder why you made it. It was to discover this that I asked you to come here this morning."