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from Mancune. The word lies with you, Mr. Strellenhaus."

Mr. Jack Flynn whispered something to the salesman. "Quite so! Mr. Flynn suggests, gentlemen, that as you are both large buyers, it would, perhaps, be a convenience to you if he was to add the string of Mr. Tom Flynn, which consists of seventy animals of precisely the same quality, making one hundred and forty in all. Have you any objection, Mr. Mancune?"

"No, sir."

"And you, Mr. Strellenhaus?"

"I should prefer it."

"Very handsome! Very handsome indeed!" murmured the salesman. "Then I understand, Mr. Mancune, that your offer of fifty pounds a head extends to the whole of these horses?"

"Yes, sir."

A long breath went up from the crowd. Seven thousand pounds at one deal. It was a record for Dunsloe.

"Any advance, Mr. Strellenhaus?"

"Fifty-one."

"Fifty-five."

"Fifty-six."

"Sixty."

They could hardly believe their ears. Holloway stood with his mouth open, staring blankly in front of him. The salesman tried hard to look as if such bidding and such prices were nothing unusual. Jack Flynn of Kildare smiled benignly and rubbed his hands together. The crowd listened in dead silence.

"Sixty-one," said Strellenhaus. From the beginning he had stood without a trace of emotion upon his round face, like a little automatic figure which bid by clockwork. His rival was of a more excitable nature. His eyes were shining, and he was for ever twitching at his beard.

"Sixty-five," he cried.

"Sixty-six."

"Seventy."

But the clockwork had run down. No answering bid came from Mr. Strellenhaus.

"Seventy bid, sir."

Mr. Strellenhaus shrugged his shoulders.

"I am buying for another, and I have reached his limit," said he. "If you will permit me to send for instructions—"

"I am afraid, sir, that the sale must proceed."

"Then the horses belong to this gentleman." For the first time he turned towards his rival, and their glances crossed like sword-blades. "It is possible that I may see the horses again."

"I hope so," said Mr. Mancune; and his white, waxed moustache gave a feline upward bristle.

So, with a bow, they separated. Mr. Strellenhaus walked, down to the telegraph-office, where his message was delayed because Mr. Worlington Dodds was already at the end of the wires, for, after dim guesses and vague conjecture, he had suddenly caught a clear view of this coming event which had cast so curious a shadow before it in this little Irish town. Political rumours, names, appearances, telegrams, seasoned horses at any price, there could only be one meaning to it. He held a secret, and he meant to use it.

Mr. Warner, who was the partner of Mr. Worlington Dodds, and who was suffering from the same eclipse, had gone down to the Stock Exchange, but had found little consolation there, for the European system was in a ferment, and rumours of peace and of war were succeeding each other with such rapidity and assurance that it was impossible to know which to trust. It was obvious that a fortune lay either way, for every rumour set the funds fluctuating; but without special information it was impossible to act, and no one dared to plunge heavily upon the strength of newspaper surmise and the gossip of the street. Warner knew that an hour's work might resuscitate the fallen fortunes of himself and his partner, and yet he could not afford to make a mistake. He returned to his office in the afternoon, half inclined to back the chances of peace, for of all war scares not one in ten comes to pass. As he entered the office a telegram lay upon the table. It was from Dunsloe, a place of which he had never heard, and was signed by his absent partner. The message was in cipher, but he soon translated it, for it was short and crisp.

"I am a bear of everything German and French. Sell, sell, sell, keep on selling."

For a moment Warner hesitated. What could Worlington Dodds know at Dunsloe which was not known in Throgmorton Street? But he remembered the quickness and decision of his partner. He would not have sent such a message without very good grounds. If he was to act at all he must act at once, so, hardening his heart, he went down to the house, and, dealing upon that curious system by which a man can sell what he has not got, and what he could not pay for if he had it, he disposed of heavy parcels of French and German securities. He had caught the market in one of its little spasms of hope, and there was no lack of buying until his own persistent selling caused others to follow his lead, and so brought about a reaction. When Warner returned to his offices it took him some hours to work out his accounts, and he emerged into the streets in the evening with the absolute certainty that the next settling-day would leave him either hopelessly bankrupt or exceedingly prosperous.

It all depended upon Worlington Dodds's information. What could he possibly have found out at Dunsloe?

And then suddenly he saw a newspaper boy fasten a poster upon a lamp-post, and a little crowd had gathered round it in an instant One of them waved his hat in the air; another shouted to a friend across the street. Warner hurried up and caught a glimpse of the poster between two craning heads—

           "FRANCE DECLARES WAR ON GERMANY."

"By Jove!" cried Warner. "Old Dodds was right, after all."







THE KING OF THE FOXES

It was after a hunting dinner, and there were as many scarlet coats as black ones round the table. The conversation over the cigars had turned, therefore, in the direction of horses and horsemen, with reminiscences of phenomenal runs where foxes had led the pack from end to end of a county, and been overtaken at last by two or three limping hounds and a huntsman on foot, while every rider in the field had been pounded. As the port circulated the runs became longer and more apocryphal, until we had the whips inquiring their way and failing to understand the dialect of the people who answered them. The foxes, too, became mere eccentric, and we had foxes up pollard willows, foxes which were dragged by the tail out of horses' mangers, and foxes which had raced through an open front door and gone to ground in a lady's bonnet-box. The master had told one or two tall reminiscences, and when he cleared his throat for another we were all curious, for he was a bit of an artist in his way, and produced his effects in a crescendo fashion. His face wore the earnest, practical, severely accurate expression which heralded some of his finest efforts.

"It was before I was master," said he. "Sir Charles Adair had the hounds at that time, and then afterwards they passed to old Lathom, and then to me. It may possibly have been just after Lathom took them over, but my strong impression is that it was in Adair's time. That would be early in the seventies—about seventy-two, I should say.

"The man I mean has moved to another part of the country, but I daresay that some of you can remember him. Danbury was the name—Walter Danbury, or Wat Danbury, as the people used to call him. He was the son of old Joe Danbury, of High Ascombe, and when his father died he came into a very good thing, for his only brother was drowned when the Magna Charta foundered, so he inherited the whole estate. It was but a few hundred acres, but it was good arable land, and those were the great days of farming. Besides, it was freehold, and a yeoman farmer without a mortgage was a warmish man before the great fall in wheat came. Foreign wheat and barbed wire—those are the two curses of this country, for the one spoils the farmer's work and the other spoils his play.

"This young Wat Danbury was a very fine fellow, a keen rider, and a thorough sportsman, but his head was a little turned at having come, when so young, into a comfortable fortune, and he went the pace for a year or two. The lad had no vice in him, but there was a hard-drinking set in the neighbourhood at that time, and Danbury got drawn in among them; and, being an amiable fellow who liked to do what his friends were doing, he very soon took to drinking a great deal more than was good for him. As a rule, a man who takes his exercise may drink as much as he likes in the evening, and do himself no very great harm, if he will leave it alone during the day. Danbury had too many friends for that, however, and it really looked as if the poor chap was going to the bad, when a very curious thing happened which pulled him up with such a sudden jerk that he never put his hand upon the neck of a whisky bottle again.

"He had a peculiarity which I have noticed in a good many other men, that though he was always playing tricks with his own health, he was none the less very anxious about it, and was extremely fidgety if ever he had any trivial symptom. Being a tough, open-air fellow, who was always as hard as a nail, it was seldom that there was anything amiss with him; but at last the drink began to tell, and he woke one morning with his hands shaking and all his nerves tingling like over-stretched fiddle-strings. He had been dining at some very wet house the night before, and the wine had, perhaps, been more plentiful than choice; at any rate, there he was, with a tongue like a bath towel and a head that ticked like an eight-day clock. He was very alarmed at his own condition, and he sent for Doctor Middleton, of Ascombe, the father of the man who practises there now.

"Middleton had been a great friend of old Danbury's, and he was very sorry to see his son going to the devil; so he improved the occasion by taking his case very seriously, and lecturing him upon the danger of his ways. He shook his head and talked about the possibility of delirium tremens, or even of mania, if he continued to lead such a life. Wat Danbury was horribly frightened.

"'Do you think I am going to get anything of the sort?' he wailed.

"'Well, really, I don't know,' said the doctor gravely. 'I cannot undertake to say that you are out of danger. Your system is very much out of order. At any time during the day you might have those grave symptoms of which I warn you.'

"'You think I shall be safe by evening?'

"'If you drink nothing during the day, and have no nervous symptoms before evening, I think you may consider yourself safe," the doctor answered. A little fright would, he thought, do his patient good, so he made the most of the matter.

"'What symptoms may I expect?' asked Danebury.

"'It generally takes the form of optical delusions.'

"'I see specks floating all about.'

"'That is mere biliousness,' said the doctor soothingly, for he saw that the lad was highly strung, and he did not wish to overdo it. 'I daresay that you will have no symptoms of the kind, but when they do come they usually take the shape of insects, or reptiles, or curious animals.'

"'And if I see anything of the kind?'

"'If you do, you will at once send for me;' and so, with a promise of medicine, the doctor departed.

"Young Wat Danbury rose and dressed and moped about the room feeling very miserable and unstrung, with a vision of the County Asylum for ever in his mind. He had the doctor's word for it that if he could get through to evening in safety he would be all right; but it is not very exhilarating to be waiting for symptoms, and to keep on glancing at your bootjack to see whether it is

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