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dull noise of the kerbstone market in Broad Street had leapt to a high note of frantic interrogation. From within the hive of the Exchange itself could be heard a droning hubbub of fear, and men rushed hatless in and out. Was it true? asked every man; and every man replied, with trembling lips, that it was a lie put out by some unscrupulous 'short' interest seeking to cover itself. In another quarter of an hour news came of a sudden and ruinous collapse of 'Yankees' in London at the close of the Stock Exchange day. It was enough. New York had still four hours' trading in front of her. The strategy of pointing to Manderson as the saviour and warden of the markets had recoiled upon its authors with annihilating force, and Jeffrey, his ear at his private telephone, listened to the tale of disaster with a set jaw. The new Napoleon had lost his Marengo. He saw the whole financial landscape sliding and falling into chaos before him. In half an hour the news of the finding of Manderson's body, with the inevitable rumour that it was suicide, was printing in a dozen newspaper offices; but before a copy reached Wall Street the tornado of the panic was in full fury, and Howard B. Jeffrey